JONATHAN ARMSTRONG (JAR)
LEGACY CBOT REG. VIOLATION:
9B.13 Trading Against Customer Orders and Crossing Orders
(c) Pre-Execution Communications Prohibited
(i) Pre-execution communications are communications between two
market participants for the purpose of discerning interest in the
execution of a transaction prior to the entry of an order
(ii) Pre-execution communications and transactions arising from such
communications are prohibited….
Pursuant to an offer of settlement in which Jonathan Armstrong neither admitted nor denied the rule violations upon which the penalty is based, on October 6, 2010, a Panel of the CBOT Business Conduct Committee found that on February 7, 2007, Armstrong engaged in pre-execution discussions concerning 11 different transactions in various electronically traded CBOT products. In so doing, the Panel found that Armstrong violated legacy CBOT Regulation 9B.13.
In accordance with the settlement offer the Panel fined Armstrong $10,000.
October 8, 2010
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