• NOTICE OF DISCIPLINARY ACTION

      • #
      • CME-18-0976-BC
      • Effective Date
      • 29 November 2018
    • FILE NO.:

      CME 18-0976-BC

      NON-MEMBER:

      Marion Rus

      CME RULE VIOLATION:

      Rule 562 (“Position Limit Violations”) (in part)

      Any positions in excess of those permitted under the rules of the Exchange shall be deemed position limit violations, including positions established intraday.

      FINDINGS:

      Pursuant to an offer of settlement in which Marion Rus (“Rus”) neither admitted nor denied the rule violation upon which the penalty is based, on November 27, 2018, a Panel of the CME Business Conduct Committee (“Panel”) found that at the close of business on June 22, 2018, Marion Rus carried a net futures position of 383 contracts long in June 2018 Live Cattle futures contracts, which was 83 contracts, or 27.67%, in excess of the second step-down spot month position limit of 300 contracts in effect. On June 25, 2018, the next trade date, Rus liquidated his overage to bring his position into compliance and did not profit from doing so. The Panel concluded that Rus thereby violated CME Rule 562.

      PENALTY:

      In accordance with the settlement offer, the Panel ordered Rus to pay a fine of $20,000.

      EFFECTIVE DATE:

      November 29, 2018