NOTICE OF SUMMARY ACTION

FILE NO.:

DQA-20-0285

MEMBER FIRM:

DIRECT ACCESS USA, LLC

RULE VIOLATION:

Rule 576. IDENTIFICATION OF GLOBEX TERMINAL OPERATORS

Each Globex terminal operator shall be identified to the Exchange, in the manner prescribed by the Exchange, and shall be subject to Exchange rules. If user IDs are required to be registered with the Exchange, it is the duty of the clearing member to ensure that registration is current and accurate at all times. Each individual must use a unique user ID to access Globex. In no event may a person enter an order or permit the entry of an order by an individual using a user ID other than the individual’s own unique user ID.

FINDINGS:

During the period of October 1, 2019 through December 31, 2019, Direct Access USA, LLC violated Rule 576 by submitting a Tag 50 ID used by multiple individuals.

PENALTY:  

On February 26, 2020, Direct Access USA, LLC pursuant to Rule 512 (“Reporting Infractions”), was issued a $4,000 fine for its violation of Rule 576. The allocation of the fine across exchanges is based on the activity at each Designated Contract Market.

CME           $1,000

NYMEX      $2,000

COMEX      $1,000

Total Fine   $4,000

EFFECTIVE DATE:

March 17, 2020