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April 30, 2018

Posted  April 30, 2018

The CFTC issued an order filing and settling charges against Glencore Agriculture B.V.,f/k/a Glencore Grain B.V. (Glencore B.V.), located in Rotterdam, the Netherlands, and Glencore Ltd., located in Stamford, Connecticut, finding that on multiple trading days during May 2013, June 2013, May 2014, and June 2014, Glencore B.V. and Glencore Ltd. held net positions in the ICE Futures Cotton No. 2 contracts (cotton futures) that, on an aggregated basis, exceeded the speculative position limits established by the CFTC. In addition, the CFTC Order finds that on twenty-four occasions between January 2013 and November 2015, Glencore B.V. and Glencore Ltd. executed exchange of futures for physical transactions (EFPs) opposite each other’s cotton futures trading accounts, even though their accounts were not independently controlled as required for such transactions not to constitute illegal wash trades. And, on at least two occasions in 2013 and 2014, Glencore B.V. submitted to the CFTC a Form 304 that failed to represent accurately all required information, including its short cash sales commitments, according to the CFTC Order. The CFTC Order requires Glencore B.V. and Glencore Ltd., jointly and severally, to pay a $2 million civil monetary penalty and to cease and desist from further violations of the Commodity Exchange Act (CEA) and CFTC Regulations, as charged. CFTC