• #
      • CME-16-0400-BC
      • Effective Date
      • 28 July 2017
    • FILE NO.:

      CME 16-0400-BC


      Gyuris Ferenc Zoltan


      Rule 575 (“Disruptive Practices Prohibited”)

      All orders must be entered for the purpose of executing bona fide transactions. Additionally, all non-actionable messages must be entered in good faith for legitimate purposes.

      A. No person shall enter or cause to be entered an order with the intent, at the time of order entry, to cancel the order before execution or to modify the order to avoid execution.


      Pursuant to an offer of settlement in which Gyuris Ferenc Zoltan (“Zoltan”) neither admitted nor denied the rule violations upon which the penalty is based, on July 26, 2017, a Panel of the Chicago Mercantile Exchange (“CME”) Business Conduct Committee (“Panel”) found that on one or more occasions between August 2015 and December 2015, Zoltan entered orders for various Livestock and Random Length Lumber futures contracts on the Globex electronic trading platform during the pre-opening period that were not for the purpose of executing bona fide transactions, but for the purpose of testing connectivity and latency of his front-end trading workstation. The entry and cancellation of these orders caused fluctuations in the publicly displayed Indicative Opening Price. The Panel thus concluded that Zoltan violated CME Rule 575.A.


      In accordance with the settlement offer and in connection with companion case CBOT 16-0400-BC, the Panel ordered Zoltan to pay a fine of $20,000 ($10,000 of which is allocated to CME), and to have his access to all CME Group trading floors and direct and indirect access to all electronic trading and clearing platforms owned or controlled by CME Group suspended for a period of 10 business days. The suspension shall run from July 28, 2017, through August 11, 2017, inclusively.


      July 28, 2017