Notice of Disciplinary Action

NON-MEMBER:

INBUM JO

CBOT RULE: 539. Prearranged, Pre-Negotiated and Noncompetitive Trades Prohibited (In Part)

539.A. General Prohibition

No person shall prearrange or pre-negotiate any purchase or sale or noncompetitively execute any transaction.

FINDINGS:

On April 17, 2023, the Chief Regulatory Officer of CME Group’s Market Regulation Department issued a charge against Inbum Jo for violating Rule 539.A. based on allegations that in April 2022, Jo prearranged the purchase or sale or noncompetitively executed transactions in the U.S. Treasury Bond futures markets.

On September 6, 2023, a Hearing Panel Chair of the CBOT Business Conduct Committee (“BCC”) first determined that Jo, having failed to submit a written answer to the charge issued against him, was deemed to have admitted the charge. Jo therefore waived his right to a hearing on the merits of the charge. Pursuant to Rule 408.F., a BCC Panel then found Jo guilty of committing the admitted charge and held a penalty hearing thereafter.

PENALTY:

Based on the record and the Panel’s findings and conclusions, the Panel ordered Jo to pay a fine in the amount of $80,000 in connection with this case and companion cases CME 22-1546-BC, NYMEX 22-1546-BC, and COMEX 22-1546-BC ($10,000 allocated to CBOT) and permanently suspended Jo from direct 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.