• NOTICE OF DISCIPLINARY ACTION

      • #
      • 17-CH-1705
      • Notice Date
      • 28 July 2017
      • Effective Date
      • 28 July 2017
    • CHICAGO BOARD OF TRADE

      NOTICE OF DISCIPLINARY ACTION

      FILE NO.:                     17-CH-1705                              

      MEMBER FIRM:           Credit Suisse Securities (USA) LLC

      CBOT RULES:              930.E. CALLS FOR PERFORMANCE BOND

      3. Clearing members must maintain written records of all performance bond calls issued and satisfied in whole or in part.

      970. FINANCIAL REQUIREMENTS

      A. Subject to exemptions granted by Exchange staff, all clearing members, including non-FCMs, must comply with the requirements set forth in CFTC Regulations 1.10, 1.12, 1.17 and 1.18. This includes, but is not limited to, the following:

      4. Completely and accurately computing and recording the balances in the net capital computation including capital requirements

      FINDINGS: Pursuant to an offer of settlement in which Credit Suisse Securities (USA) LLC neither admitted nor denied the rule violations upon which the penalty is based, on July 27, 2017, the Clearing House Risk Committee found that Credit Suisse Securities (USA) LLC violated CBOT Rules 930.E.3. and 970.A.4.

      PENALTY: In accordance with the settlement offer, the Clearing House Risk Committee imposed a $50,000 fine.

      EFFECTIVE DATE:       July 28, 2017