PENSON FINANCIAL SERVICES, INC.
CME RULE VIOLATION:
Rule 432 – GENERAL OFFENSES
It shall be on offense to:
L.3. fail to produce any books or records requested by duly authorized Exchange staff, in the format and medium specified in the request, within 10 days after such request is made or such shorter period of time as determined by the Market Regulation Department in exigent circumstances.
Pursuant to an offer of settlement in which Penson Financial Services, Inc. (“Penson”), neither admitted nor denied the findings or any rule violation upon which the penalty is based, on June 6, 2012, a Panel of the CME Business Conduct Committee (the “Panel”) found that from July 2010 through November 2011, the CME Group Inc. Market Regulation Department issued requests to Penson for the production of records, documents, and information pertaining to three separate open investigations. Penson failed to produce the requested material in a timely fashion in violation of CME record- keeping rules.
The Panel found that in so doing, Penson violated CME Rule 432.L.3. (“General Offenses”)
In accordance with the settlement offer, the Panel ordered Penson to pay a fine of $15,000 and Cease and Desist from further violation of CME Rules and the rule it is found to have violated.
June 8, 2012
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