International derivatives marketplace CME Group has imposed a fine of $120,000 on Jae Jun Kim for engaging in prohibited disruptive practices.
On December 11, 2023, the Chief Regulatory Officer of CME Group’s Market Regulation Department issued charges against Jae Jun Kim for violating Rules 575.B. and 432.L.1. based on allegations that, from March 17, 2021, through May 16, 2022, Kim entered layered orders on both sides of the Copper, Silver, and Gold futures markets and modified these orders in and out of the top of the order book with the intent to mislead other market participants.
Kim layered orders for various quantities and prices on both sides of the market. He subsequently modified these orders to create a disproportionate quantity of contracts on one side of the best bid and offer in the affected market, which resulted in an imbalance that was many times greater…
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