CME RULE VIOLATIONS:
Rule 533 Simultaneous Buy and Sell Orders for Different Beneficial Owners
… On the Globex platform, opposite orders for different beneficial owners that are simultaneously placed by a party with discretion over both accounts may be entered into the Globex platform provided that one order is exposed for a minimum of 5 seconds in the case of futures orders or a minimum of 15 seconds in the case of options orders….
Pursuant to an offer of settlement in which Antoine Vinardi (“Vinardi”) neither admitted nor denied the rule violations upon which the penalty is based, on September 24, 2012, a Panel of the CME Business Conduct Committee found that Vinardi submitted himself to the jurisdiction of the Business Conduct Committee and that on one or more occasions between July 12, 2010 and December 21, 2010, Vinardi failed to wait the requisite 15 seconds before placing simultaneous buy and sell option orders for different beneficial owners on the CME Globex electronic trading platform. The Panel found that in so doing Vinardi violated CME Rule 533.
In accordance with the settlement offer, the Panel fined Vinardi $10,000 and suspended his direct access to any CME Group electronic trading or clearing platform, for 10 business days, beginning on October 1, 2012, and continuing through October 12, 2012, inclusive.
October 1, 2012
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