JOSEPH BEDORE (MEB)
CBOT RULE VIOLATION:
Rule 521. Requirements for Open Outcry Trades (in part)
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 particular trader….
Pursuant to an offer of settlement in which Joseph Bedore neither admitted nor denied the rule violation upon which the penalty is based, on May 2, 2013, a Panel of the CBOT Business Conduct Committee found that on November 11, 2010, Bedore did not openly and competitively offer for an order traded in the Corn futures pit. The Panel concluded that in so doing, Bedore violated CBOT Rule 521.
In accordance with the settlement offer, the Panel fined Bedore $5,000 and suspended his membership privileges, direct access to any trading floor, and electronic trading or clearing platform owned or controlled by CME Group for 5 business days beginning on May 6, 2013, through and including May 10, 2013.
May 6, 2013
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