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ARTICLE · 28 JUNE 2019

CME Sanctions Traders In Separate Trading-Related Actions

Hogan Lovells Cadwalader
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The Chicago Mercantile Exchange (CME) Business Conduct Committee ("BCC") fined and barred two traders for disruptive trading and wash trade rule violations.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The Chicago Mercantile Exchange (CME) Business Conduct Committee ("BCC") fined and barred two traders for disruptive trading and wash trade rule violations.

The BCC ordered trader Markus Groebner to pay $50,000 for disruptive actions under CBOT Rule 575, which caused fluctuations in the publicly displayed Indicative Opening Price in the Wheat futures market by executing non-bona fide transactions.

In a separate action, the BCC ordered trader Howard Norman Stark to pay $90,000 for numerous Exchange trading rule violations based on attempting to avoid: (i) taking a bona fide market position exposed to market risk and (ii) maintenance margin requirements. The BCC found that Mr. Stark:

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