Washington, D.C. – Commodity futures firm Honouround (HK) International Trade Co. Ltd. has been slapped with a $300,000 penalty by the Commodity Futures Trading Commission (CFTC) for exceeding speculative position limits and failing to report crucial trading data, the agency announced today.
The CFTC alleges that Honouround, based in Hong Kong, China, violated regulations governing soybean futures contracts traded on the Chicago Board of Trade (CBOT) between March and August 2017. The firm allegedly amassed soybean futures positions across multiple brokerage accounts that surpassed the CFTC’s established limit of 15,000 contracts for both single-month and all-month combined speculation.
Beyond exceeding position limits, Honouround is accused of failing to file required CFTC Form 204 reports, which detail fixed price cash positions in soybeans and related products. The agency claims Honouround ignored repeated requests via email to submit the necessary documentation.
The settled order requires Honouround to pay the $300,000 civil monetary penalty and to cease and desist from further violations of the Commodity Exchange Act and related CFTC regulations. Specifically, the firm is prohibited from violating Section 4a(b)(2) and Regulations 150.2 and 19.01.
The investigation was led by CFTC staff members Michael R. Berlowitz, Judith M. Slowly, David Acevedo, Matthew Hunter, Kelly Beck, Janet Briner, Lenel Hickson, Jr., and Manal M. Sultan.
Source: CFTC.gov
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