CME Group, an international derivatives marketplace, has announced disciplinary action against Mayur Sharma. The Chief Regulatory Officer of CME Group’s Market Regulation Department charged Sharma with violating Rule 539.A. Allegations state that between June 15, 2022, and July 26, 2022, Sharma prearranged or pre-negotiated purchases or sales, or executed noncompetitive transactions in Crude Oil and Natural Gas options on futures markets with another trader.
Sharma’s involvement in noncompetitive trading began with his first date of trading CME Group products.
On June 4, 2024, the Hearing Panel Chair of the NYMEX Business Conduct Committee (BCC) determined that Sharma, having failed to respond to the charge, was deemed to have admitted guilt. Consequently, he waived his right to a hearing on the merits of the charge. Following Rule 408.F., the BCC Panel found Sharma guilty and held a penalty hearing.
The Panel ordered Sharma to pay a $60,000 fine and imposed a one-year suspension from direct access to any trading floor owned or controlled by CME Group, as well as from direct and indirect access to any designated contract market, derivatives clearing organization, or swap execution facility owned or controlled by CME Group.
Sharma’s suspension began on June 24, 2024, and will continue for one year from the date the fine is paid in full.
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