NOTICE OF DISCIPLINARY ACTION

FILE NO.:

CBOT 13-9687-BC

MEMBER:

Deutsche Bank AG

CBOT RULE VIOLATIONS:

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 Deutsche Bank AG (“Deutsche Bank”) neither admitted nor denied the rule violations upon which the penalty is based, a Panel of the Chicago Board of Trade (“CBOT”) Business Conduct Committee (“Panel”) found that it had jurisdiction over Deutsche Bank pursuant to rules 400 and 402 as Deutsche Bank is a CBOT Member. The Panel also found that on trade date December 12, 2013, Deutsche Bank held an intraday long position of 8,042 March 2014 Soybean Oil futures contracts, which exceeded the single month speculative position limit of 8,000 contracts by 42 contracts, or by .53%. Prior to the close on December 12, 2013, Deutsche Bank sold 10 contracts, giving it an end of day position of 8,032 contracts long. On December 13, 2013, Deutsche Bank sold 32 contracts to bring itself in compliance with the applicable limit. The Panel concluded that as a result of the foregoing, Deutsche Bank violated CBOT Rule 562. This overage was Deutsche Bank’s second position limit violation with the CME Group exchanges in 30 months.

PENALTY:

In accordance with the settlement offer, the Panel ordered Deutsche Bank to pay a fine in the amount of $60,000.

EFFECTIVE DATE:

July 28, 2014