CME RULE VIOLATIONS:
Rule 432. General Offenses (in part)
It shall be an offense:
G. to prearrange the execution of transactions in Exchange products for the purpose of transferring equity between accounts.
Pursuant to an offer of settlement in which Yumin Li neither admitted nor denied the rule violations upon which the penalty is based, on December 19, 2017, a Panel of the Chicago Mercantile Exchange Business Conduct Committee (“Panel”) found that between March 17, 2015, and May 6, 2015, Li executed multiple round-turn transactions in back-month Eurodollar futures spread markets on the CME Globex platform between an account she traded for her employer (“employer account”) and a non-member account over which she had trading discretion and control. As a result of these round-turn transactions, the non-member account profited while the employer account suffered a corresponding loss. The Panel found that Li thereby violated CME Rule 432.G.
In accordance with the settlement offer, and after considering that Li was previously ordered to pay restitution to the employer account, the Panel ordered Li to serve a six-year suspension from: (1) access to any CME Group Inc. trading floor; (2) access to all electronic trading and clearing platforms owned or controlled by CME Group Inc., including Globex; (3) having a business affiliation with, be employed by, or have a financial or beneficial interest in a Member or broker association; and (4) any or all other privileges of membership as defined in Rule 121. The suspension shall run from December 21, 2017, through December 21, 2023, Inclusive.
December 21, 2017