Maria Fernandez (VIVA)
CME RULE VIOLATIONS:
432. O. GENERAL OFFENSES
It shall be an offense for a Member to permit the use of its facilities or membership privileges in a manner that is detrimental to the interest or welfare of the Exchange or results in a violation of Exchange Rules or the Commodity Exchange Act.
Pursuant to an offer of settlement in which Maria Fernandez neither admitted nor denied the findings and conclusions herein, a panel of the CME Business Conduct Committee found that on October 15, 2008, Maria Fernandez, as an employee of X-Change Financial Access, LLC (“XFA”) and a Member of the Exchange, permitted Joseph Luizzi, at the time a Member with no affiliation to XFA, to use XFA’s facilities and phone lines to transmit his personal orders into the Standard and Poor’s 500 Stock Index Futures (“S&P”) pit. The use of XFA’s facilities and phone lines created a misperception as to the ownership of the orders that Luizzi was placing into the pit since the orders were transmitted from XFA’s telephone lines. By engaging in the foregoing conduct, the panel found that Fernandez violated CME Rule 432.O.
The Panel fined Maria Fernandez $7,500 and suspended her direct access to any trading floor or electronic trading or clearing platform owned or operated by CME Group, including CME Globex® for 10 business days.
The suspension shall run from August 16th 2010, through August 27th, 2010 inclusive.
August 13, 2010
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