Washington, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) announced a settlement with Australia and New Zealand Banking Group Ltd. (ANZ) on September 27, 2012, for violations of speculative position limits on wheat and cotton futures contracts. The charges stem from trading activity on the Chicago Board of Trade and the IntercontinentalExchange U.S. (ICE Futures US) in 2010 and 2011.
According to the CFTC order filed September 26, 2012, ANZ exceeded established limits on multiple occasions in August 2010, holding net positions exceeding the 6,500 contract limit for wheat futures traded on the Chicago Board of Trade. The order also found that on a single day in February 2011, ANZ held an excessive net short position in Cotton No. 2 futures traded on ICE Futures US, surpassing the 5,000 contract limit.
The settlement requires ANZ to pay a $350,000 civil monetary penalty. Additionally, ANZ must cease and desist from any further violations of the position limits provisions outlined in the Commodity Exchange Act and associated CFTC regulations. These limits are designed to prevent market manipulation and ensure fair trading practices.
The CFTC’s Division of Enforcement conducted the investigation, with staff members Lara Turcik, Manal M. Sultan, Lenel Hickson, Jr., Stephen J. Obie, and Vincent A. McGonagle leading the case. The investigation focused on ANZ’s trading patterns and whether they complied with established position limits designed to maintain market integrity.
The case highlights the CFTC’s ongoing commitment to monitoring and enforcing compliance with position limit regulations, particularly in key agricultural commodity markets.
Source: CFTC.gov
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