The Commodity Futures Trading Commission (CFTC) issued an order charging Swiss financial services firm UBS AG with unlawfully exceeding position limits on certain energy and metal futures contracts on the New York Mercantile Exchange (Nymex). The CFTC imposed a $130,000 civil penalty on UBS for exceeding position limits on certain Nymex natural gas, heating and platinum futures contracts on more than one occasion from about December 2006 through March 2008. UBS was ordered to cease and desist from such violations of the Commodity Exchange Act. According to the order, UBS exceeded Nymex position limits for the Michigan Consolidated Gas Co. Natural Gas Basis Swap futures contract, the Transcontinental Gas Pipe Line Co. Zone 4 Index Natural Gas Basis Swap futures contract, the New York Harbor No. 2 Heating Oil futures contract and the Platinum futures contract. The CFTC said it was assisted by Nymex in resolving the matter and that it took into account the cooperation of UBS.

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