NOTICE OF DISCIPLINARY ACTION

NON-MEMBER:          

Mateusz Świerczyński

CME RULE VIOLATIONS:    

Rule 575. A. 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:         

On August 3, 2020, the Chief Regulatory Officer of the CME Group’s Designated Contract Markets charged Mateusz Świerczyński with violating CME Rule 575.A. based on allegations that between August 1, 2018, and December 1, 2018, Świerczyński entered and canceled orders in the September 2018-October 2018, October 2018-November 2018, November 2018-January 2019, and the January 2019-March 2019 Feeder Cattle futures spread markets without the intent to trade. Specifically, Świerczyński entered either a larger order or several layered orders on one side of the market and then canceled these orders after his smaller resting orders on the opposite side of the book were executed.

On November 18, 2020, a Hearing Panel Chair of the CME Business Conduct Committee (“BCC”) found that Świerczyński failed to answer the charge issued against him. In failing to answer the charge, the Hearing Panel Chair further found that Świerczyński was deemed to have admitted the charges issued and waived his right to a hearing on the merits of the charges.

Pursuant to CME Rule 407.C., a penalty hearing was held before a Panel of the BCC (“Panel”) on November 18, 2020. The Panel found Świerczyński guilty of committing the admitted charges.

PENALTY:          

Based on the record and the Panel’s findings and conclusions, the Panel ordered that

Świerczyński pay a fine in the amount of $60,000. The Panel further suspended Świerczyński’s access to any trading floor owned or controlled by CME Group and from direct and indirect access to any designated contract market, derivatives clearing organization or swap execution facility owned or controlled by CME Group for a period of five years, beginning on the effective date and continuing for five years from the date that the ordered fine is paid in full.

EFFECTIVE DATE:                 

December 10, 2020