Page 30 - 期货和衍生品行业监管动态（2024年8月刊）

期货和衍生品行业监管动态

CMS 的客户主要是旨在对冲风险的丙烷零售商。在典型的交易中，CMS 会

根据客户的要求联系两到三个潜在对手方进行报价。CMS 代表其客户与对手方

进行谈判。如果客户认为报价可以接受，CMS 便代表客户执行互换合约或期权

交易。

CFTC Orders Texas Company to Pay $100,000 for Failing to Register as an

Introducing Broker (2024/8/12)

The Commodity Futures Trading Commission today issued an order

simultaneously filing and settling charges against Cost Management Solutions, LLC

(CMS), a Texas corporation. The order finds the respondent failed to register as an

Introducing Broker (IB) and requires CMS to pay a $100,000 civil monetary penalty.

The CFTC also orders CMS to cease and desist from further violating the CEA, as

charged.

Case Background

The order finds from at least May 2018 through the present, CMS acted as an

unregistered IB by soliciting and accepting orders for swap and options transactions

for its clients. CMS mainly brokered transactions in energy commodities, including

propane, heating oil, and crude oil. CMS’s IB activities included: identifying

counterparties; price discovery; negotiating trades; and trade execution. CMS did not

accept any money, securities, or property to margin, guarantee, or secure these

transactions. CMS received fees from its clients for its brokerage services.

CMS’ clients were primarily propane retailers interested in hedging risk. In a

typical transaction, at its client’s behest, CMS contacted two to three potential

counterparties for a quote. CMS negotiated on behalf of its client with the

counterparties. If the client determined the quote was acceptable, CMS then executed

the swap agreement or option transaction on behalf of the client.

https://www.cftc.gov/PressRoom/PressReleases/8941-24

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