NOTICE OF DISCIPLINARY ACTION

MEMBER:          

Jeffrey M. Lake

CME RULE VIOLATIONS:    

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

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

FINDINGS:         

Pursuant to an offer of settlement in which Jeffrey M. Lake neither admitted nor denied the rule violations upon which the penalty is based, on December 9, 2020, a Panel of the Chicago Mercantile Exchange (“CME”) Business Conduct Committee (“Panel”) found that on August 10, 2020, Lake held an intraday position of 960.558 contracts in August 2020 Lean Hog futures, which exceeded the intraday position limit by 10.558 contracts or 1.11%. The Panel concluded that this activity violated CME Rule 562.

PENALTY:          

In accordance with the settlement offer, the Panel ordered Lake to pay a fine in the amount of $5,000.

EFFECTIVE DATE:                

December 11, 2020