Notice of Disciplinary Action

MEMBER:

Vitol Inc.

CME RULE VIOLATION:

Rule 562. Position Limit Violations (in part)

Any positions 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 Vitol Inc. neither admitted nor denied the rule violation or factual findings upon which the penalty is based, on August 23, 2023, a Panel of the Chicago Mercantile Exchange (“CME”) Business Conduct Committee (“Panel”) found that at the close of trading on December 5, 2022, Vitol held a long position of 771 contracts in December 2022 Live Cattle futures, which was 171 contracts (28.5%) over the spot month position limit. Upon the market opening on December 6, Vitol promptly liquidated its overage to bring its position into compliance, which resulted in a profit of $1,570.

The Panel concluded that Vitol thereby violated CME Rule 562.

PENALTY:

In accordance with the settlement offer, the Panel ordered Vitol to pay a $45,000 fine and to disgorge profits in the amount of $1,570.