NOTICE OF SUMMARY ACTION

FILE NO.:

CME-RSRH-21-6304

MEMBER FIRM:

SOCIETE GENERALE SA

CME RULE:

561.A. REPORTS OF LARGE POSITIONS (In pertinent part)

Clearing members, omnibus accounts and foreign brokers shall submit to the Exchange a daily report of all positions required to be reported as set forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations Section at the end of Chapter 5.

Positions at or above the reportable level in a particular expiration month of a futures contract, or in all puts or in all calls of a particular option contract expiration month, are required to be reported. For an account with reportable positions in a particular contract, all positions, regardless of size, in any contract month and in any contract that aggregates with that contract must be reported…

The Exchange may require that more than one large trader position report be electronically submitted daily. The Business Conduct Committee or the Market Regulation Department may require reports or additional account identification from any clearing member, omnibus account or foreign broker on a lesser number of positions than reflected in the Position Limit, Position Accountability and Reportable Level Table…

Clearing members, omnibus accounts and foreign brokers must provide the Market Regulation Department with the required CFTC Form 102 (“Identification of Special Accounts”) accurately identifying the owners, controllers, controlled accounts and any additional information required for each reportable account within three Business Days of the first day that the account in question becomes reportable.

FINDINGS:

Societe Generale SA failed to identify an account as an omnibus account on the CFTC Form 102A it submitted to the Market Regulation Department and, as a result of this misconfiguration, failed to accurately report to the Exchange its large trader positions on several occasions during the period of March 2019 through June 2021 in various Equity products in violation of Rule 561.

PENALTY:

On August 10, 2021, pursuant to Rule 512, a fine in the amount of $2,500 was assessed against Societe Generale SA for its violation of Rule 561.A.   

EFFECTIVE DATE:

August 26, 2021