NOTICE OF DISCIPLINARY ACTION

NON-MEMBER:

Ruo Han Ma

CME RULE VIOLATION:

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.

FINDINGS:

Pursuant to an offer of settlement in which Ruo Han Ma neither admitted nor denied the Rule violation or factual findings upon which the penalty is based, on March 22, 2023, a Panel of the Chicago Mercantile Exchange Business Conduct Committee (“Panel”) found that on August 12, 2020, and August 13, 2020, Ma prearranged the execution of round-turn transactions in multiple September 2020 E-mini Nasdaq-100 Options markets between an account owned by Ma and another account owned and funded by the employer of another individual for the purpose of transferring funds from the employer’s account to Ma’s account. The Panel concluded that Ma thereby violated CME Rule 432.G.

PENALTY:

In accordance with the settlement offer, the Panel ordered Ma to pay a $40,000 fine and to serve a five year suspension from 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. The suspension shall begin on the effective date below and continue through and including March 24, 2028. Additionally, the Panel ordered Ma and his co-respondent to jointly and severally pay restitution of $13,150 to the employer who experienced losses as a result of the activity.

EFFECTIVE DATE:

March 24, 2023