The CFTC has fined Elephas Investment Management Ltd. a Hong Kong based hedge fund, for violating wheat futures speculative position limits on CBOT. The fine was set at $160,000. The CFTC press release can be found here and the order here.
The Order found that on November 29, 2017, “Elephas held a net long position in the Chicago Board of Trade’s December 2017 soft red winter wheat futures contract of more than 1,000 contracts in excess of the spot month speculative position limit established by the CFTC”.
The CME also issued a disciplinary action against Elephas on the same day which can be found here. CME fined Elephas $50,000 and also ordered them to repay the $166,590 benefit in avoided loss attained by exceeding the limit. The CFTC recognised the payments to CME as part of the process.