NOTICE OF DISCIPLINARY ACTION

MEMBER:

Dale William Fisher II

CBOT RULE VIOLATIONS:

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 Dale William “Bill” Fisher II (“Fisher”) neither admitted nor denied the rule violations upon which the penalty is based, on July 12, 2016, a Panel of the Chicago Board of Trade (“CBOT”) Business Conduct Committee (“Panel”) found that Fisher was subject to the jurisdiction of the Exchange pursuant to Rules 400 and 402, as the conduct occurred while Fisher was a CBOT member. The Panel further found that on one or more occasions between August 2013 and September 2014, Fisher entered orders in Oats futures contracts on the Globex electronic trading platform during the pre-opening session that were not made in good faith for the purpose of executing bona fide transactions. The entry and cancellation of these orders caused fluctuations in the publicly displayed Indicative Opening Price (“IOP”). The Panel concluded that Fisher thereby violated CBOT Rules 432.Q. and 432.T.

PENALTY:

In accordance with the settlement offer, the Panel ordered Fisher to pay a fine of $17,500 and suspended his direct access to any trading floor or electronic trading or clearing platform owned or operated by CME Group, including CME Globex, for 20 business days. The suspension shall run from July 14, 2016, through August 10, 2016, inclusive.

EFFECTIVE DATE:

July 14, 2016