Craig Anthony Batina (CBA)
CBOT RULE VIOLATIONS:
Rule 521. Requirements for Open Outcry Trades
In open outcry trading, bidding and offering practices must at all times be conducive to the competitive execution of transactions. All open outcry transactions, including spread and combination transactions, shall be made openly and competitively in the pit designated for the trading of the particular transaction. No bid or offer shall be specified for acceptance by a particular trader. Transactions may take place only at the best price available in the open outcry market at the time the trade occurs.
(Legacy) Rule 432. General Offenses (in part)
B. It shall be an offense to engage in fraud, bad faith or in conduct or proceedings inconsistent with just and equitable principles of trade.
Rule 539. Prearranged, Pre-negotiated and Noncompetitive Trades Prohibited (in part)
A. General Prohibition
No person shall prearrange or pre-negotiate any purchase or sale or noncompetitively execute any transaction.
Pursuant to an offer of settlement in which Craig Anthony Batina (CBA) neither admitted nor denied the rule violations upon which the penalty is based, on January 26, 2016, a Panel of the CBOT Business Conduct Committee (“Panel”) found that it had jurisdiction over Batina pursuant to CBOT Rules 400 and 402 as the conduct occurred while he was a CBOT member. The Panel also found that on one or more occasions from April 9, 2009, through May 6, 2010, Batina engaged in trades as a local in the Corn futures pit that were not competitively executed by open outcry, and realized $1,837.50 in profits as a result of such trades as a local. The Panel concluded that Batina thereby violated CBOT Rules 521, (legacy) 432.B., and 539.A.
In accordance with the settlement offer, the Panel ordered Batina to serve a 30 business day suspension from accessing any trading floor owned or controlled by CME Group and all electronic trading and clearing platforms owned or controlled by CME Group, including CME Globex. The Panel also ordered Batina to pay $1,837.50 in disgorgement. The suspension shall begin on January 28, 2016, and continue for 30 business days after the disgorgement is paid in full.
January 28, 2016
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