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2019 CFTC LEXIS 8

Commodity Futures Trading Commission

July 02, 2019

CFTC Docket No. 19-09

Commodity Futures Trading Commission (CFTC) Decisions

Opinion

I. The Commodity Futures Trading Commission ("Commission") has reason to believe that Elephas Investment Management Limited ("Respondent") violated Section 4a(b)(2) of the Commodity Exchange Act ("Act"), 7 U.S.C. § 6a(b)(2) (2012), and Commission Regulation ("Regulation") 150.2, 17 C.F.R. § 150.2 (2018). Therefore, the Commission deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted to determine whether Respondent engaged in the violation set forth herein and to determine whether any order should be issued imposing remedial sanctions.

In anticipation of the institution of an administrative proceeding, Respondent has submitted an Offer of Settlement ("Offer"), which the Commission has determined to accept. Without admitting or denying any of the findings or conclusions herein, Respondent consents to the entry of this Order Instituting Proceedings Pursuant to Section 6(c) and (d) of the Commodity Exchange Act, Making [*2]  Findings, and Imposing Remedial Sanctions ("Order") and acknowledges service of this Order. 1 

The Commission finds the following:

A. Summary

On November 29, 2017, Respondent held a net long position in the Chicago Board of Trade's ("CBOT") December 2017 soft red winter wheat ("SRW") futures contract in excess of the spot month speculative position [*3]  limit established by the Commission, in violation of Section 4a(b)(2) of the Act, 7 U.S.C. § 6a(b)(2) (2012), and Regulation 150.2, 17 C.F.R. § 150.2 (2018).

B. Respondent

Elephas Investment Management Limited is a Hong Kong based hedge fund. It is not registered with the Commission.

C. Facts

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2019 CFTC LEXIS 8 *

In the Matter of: Elephas Investment Management Ltd., Respondent.

CORE TERMS

speculative, spot, commodity, successor