NICOLA VITALE (NCLA)
CME RULE VIOLATION:
CME RULE 532 (DISCLOSING ORDERS PROHIBITED)
No person shall disclose another person’s order to buy or sell except to a designated Exchange official or the CFTC, and no person shall solicit or induce another person to disclose order information. An order for pit execution is not considered public until it has been bid or offered by open outcry. No person shall take action or direct another to take action based on non-public order information, however acquired. The mere statement of opinions or indications of the price at which a market may open or resume trading does not constitute a violation of this rule.
On March 4, 2010, a panel of the CME Business Conduct Committee found that on June 11, 2008, Vitale disclosed a customer’s Dollar denominated Nikkei futures spread order before bidding the order in the pit. The Panel found that Vitale’s disclosure did not harm his customer or preclude any other traders from trading opposite the order. In so doing, Vitale violated CME Rule 532.
The Panel ordered Vitale to Cease and Desist from any further violation of CME Rule 532.
March 8, 2010
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