NOTICE OF DISCIPLINARY ACTION

MEMBER:

Matthew Garber

CBOT RULE VIOLATION:

Rule 432 (“General Offenses”) (in part)

It shall be an offense:

Q. to commit an act which is detrimental to the interest or welfare of the Exchange or to engage in any conduct which tends to impair the dignity or good name of the Exchange;

T. to engage in dishonorable or uncommercial conduct.

FINDINGS:

Pursuant to an offer of settlement in which Matthew Garber (“Garber”) neither admitted nor denied the rule violation upon which the penalty is based, on November 4, 2015, a Panel of the Chicago Board of Trade (“CBOT”) Business Conduct Committee (“Panel”) found that it had jurisdiction over Garber pursuant to Rules 400 and 402 as the conduct occurred while Garber was a CBOT member. The Panel further found that on one or more occasions between July 2011 and September 2011, Garber entered orders in various Agriculture contracts on the Globex electronic trading platform during the pre-opening period that were not made in good faith for the purpose of executing bona fide transactions. The entry and cancelation of these orders caused fluctuations in the publicly displayed Indicative Opening Price. The Panel concluded that Garber thereby violated CBOT Rules 432.Q. and 432.T.

PENALTY:

In accordance with the settlement offer, the Panel ordered Garber to pay a fine in the amount of $20,000 and serve a 15 business day suspension from access to any CME Group Inc. trading floor and direct and indirect access to any electronic trading and clearing platform owned or operated by CME Group Inc., including CME Globex. The suspension shall run from November 6, 2015, through November 27, 2015, inclusive.

EFFECTIVE DATE:

November 6, 2015