• Notice of Disciplinary Action

      • #
      • CBOT-17-0758-BC
      • Effective Date
      • 13 December 2018
    • FILE NO.:

      CBOT 17-0758-BC

      NON-MEMBER:

      Arturo Nicolaievsky Spiro

      CBOT RULE VIOLATION:

      Rule 575. Disruptive Practices Prohibited (in part)

      A. No person shall enter or cause to be entered an order with the intent, at the time of order entry, to cancel the order before execution or to modify the order to avoid execution;

      FINDINGS:

      Pursuant to an offer of settlement in which Arturo Nicolaievsky Spiro (“Nicolaievsky”) neither admitted nor denied the rule violations upon which the penalty is based, on December 11, 2018, a Panel of the CME Business Conduct Committee found that on one or more occasions between January 1, 2017 and June 15, 2017, Nicolaievsky entered orders in the E-Mini Dow ($5) futures market on the Globex electronic trading platform during the pre-opening session that were not made for the purpose of executing bona fide transactions. The entry and cancelation of these orders caused fluctuations in the publicly displayed Indicative Opening Price (“IOP”).

      The Panel concluded that Nicolaievsky thereby violated CBOT Rule 575.A.

      PENALTY:

      In accordance with the settlement offer, the Panel ordered Nicolaievsky to pay a total fine in the amount of $15,000 in connection with this case and companion case CME 17-0758C ($7,500 of which is allocated to CBOT). The Panel also suspended Nicolaievsky from access to any CME Group Inc. trading floor, and direct and indirect access to all electronic trading and clearing platforms owned or controlled by CME Group Inc. for 20 business days, beginning on the effective date below and continuing through and including January 11, 2019.

      EFFECTIVE DATE:

      December 13, 2018