NOTICE OF DISCIPLINARY ACTION

FILE NO.:

CBOT 11-8055-BC

NON-MEMBER:

Ben Farley
 

CBOT RULE VIOLATIONS:

Rule 432. General Offenses (in part)

It shall be an offense:

I. To make a verbal or written material misstatement to the Board, a committee, or Exchange employees.

FINDINGS:

Pursuant to an offer of settlement in which Ben Farley (“Farley”) neither admitted nor denied the rule violations upon which the penalty is based, on May 7, 2013, a Panel of the CBOT Business Conduct Committee (“Panel”) found that Farley is subject to the Panel’s jurisdiction because the conduct at issue occurred while he was employed by a member firm. The Panel also found that on October 25, 2010, Farley knowingly misreported a block trade’s true and accurate time of execution in order to give the appearance that the transaction was reported to the Exchange within the applicable time limit following execution. In so doing, the Panel concluded, Farley violated CBOT Rule 432.I.

PENALTY:

In accordance with the settlement offer, the Panel fined Farley $10,000.

EFFECTIVE DATE:

May 9, 2013