Some CME Group disciplinary committee decisions may be reviewed by a separate panel through the appellate process. Market Regulation may appeal a final decision or a sanction imposed by the Business Conduct Committee, or any refusal by the Chief Regulatory Officer to issue the charges requested by Market Regulation.

Although a respondent has no right to appeal the issuance of charges, respondents do have the right to appeal a final decision of the BCC if the decision included a fine greater than $25,000, and/or imposed an access denial or suspension of any membership privileges for greater than 10 business days.

However, a respondent may not appeal a Panel’s settlement hearing decision, since the respondent waives the right to appeal when he or she submits an offer of settlement.

Market Regulation and the respondent have 10 business days after receiving notice of a decision to file a written Notice of Appeal with the CME Group Legal Department.

A Notice of Appeal must specify the grounds for the appeal and the specific error or impropriety of the original decision.

The Appeal is made to a hearing panel of CME Group’s Board of Directors, known as the Appellate Panel.

The Chairman of the Board of Directors appoints a director to serve as the Appellate Panel Chair, and two other directors to serve on the Appellate Panel. One of the directors is a non-member of the CME Group exchanges.

In conjunction with the CME Group Legal Department, a briefing schedule is set. The Appellate Panel Chair then determines whether to hold oral argument on the appeal, or whether the Appellate Panel will decide the appeal on the papers submitted by the parties.

Should the Appellate Panel Chair decide to hear oral arguments, the Legal Department will schedule the matter for hearing. Following the hearing or review of the parties’ written submissions, the Appellate Panel issues a written decision, and the parties are notified.

The Appellate Panel’s decision is deemed a decision of the Board and shall be a final decision of CME Group. The Appellate Panel shall not set aside, modify or amend the appealed decision or the refusal to issue charges unless it determines, by a majority vote, that the decision or the refusal to issue charges was:

  • Arbitrary, capricious, or an abuse of the committee’s discretion
  • In excess of the committee’s authority or jurisdiction -or-
  • Based on a clearly erroneous application or interpretation of Exchange rules.

If a disciplinary sanction results from the Appellate Panel’s decision, the party against whom such sanction was imposed shall be notified of its potential ability to appeal to the Commodity Futures Trading Commission. Market Regulation has no right of appeal to the CFTC.

For additional information regarding CME Group’s Disciplinary or Enforcement process, please consult the Exchange Rulebooks for official regulatory guidance.

Test your knowledge


In case you didn’t know, the CFA Institute allows its members to self-determine and report continuing education credits earned from external sources. CFA Institute members are encouraged to self-document such credits in their online CE tracker. CME Institute offers a variety of courses, webinars, and white papers to support your professional education.

What did you think of this course?

To help us improve our education materials, please provide your feedback.

Extend your learning

Put your knowledge into practice with the Trading Simulator

Get hands on experience with the latest Trading Challenge

CME Group is the world’s leading derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). 
Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

© 2022 CME Group Inc. All rights reserved.