JOHN FLANAGAN MATRE
LEGACY CBOT RULE VIOLATION:
500.00 (Inequitable Proceedings)
It shall be an offense against the Exchange to . . . engage in fraud, dishonorable or dishonest conduct, or in conduct or proceedings inconsistent with just and equitable principles of trade. . . .
After a full evidentiary hearing on the merits, on March 3, 2010, a Panel of the CBOT Business Conduct Committee (“Panel”) found that non-member clerk John Matre, on August 25, 2006, facilitated the pre-arranged matching of two customer orders that had opposing order instructions by disclosing order information to two brokers that executed the orders and by instructing those when to execute their trades. The Panel found that in so doing, Matre violated legacy CBOT Rule 500.00.
In accordance with the Panel’s findings, it fined Matre $5,000 and suspended his access to any CME Group trading floors for 10 business days, beginning March 25, 2010, and continuing through April 7, 2010, inclusive.
March 25, 2010
Register for regular updates here and manage your email preferences.