Canada IIROC

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CFTC ACTION: Scotia Capital Inc.

Prior to the trades being entered on the NYMEX, SCI employees arranged for the trades to be executed with a minimal price difference between long and short positions by seeking trades such that there was no more than a half a cent price differential between the buy and sell orders.

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CFTC ACTION: Pinemore, L.P. and Birchmore, L.P.

According to the order, on one or more occasions in November and December 2006, Pinemore and Birchmore ordered through their broker certain natural gas futures trades on the NYMEX that were wash sales. Because the trades ordered by Pinemore and Birchmore were designed to give the appearance of submitting trades to the open market, while negating the risk incident to the market and producing a virtual financial nullity, they constituted wash sales in violation of the CEA.