NOTICE OF DISCIPLINARY ACTION

FILE NO.:

CME 09-06429-BC

NON-MEMBER CLERK:

CARL MAAS

CME RULE VIOLATIONS:

532. Disclosing Orders Prohibited
No person shall disclose another person's order to buy or sell except to a designated Exchange official or the CFTC, and no person shall solicit or induce another person to disclose order information. An order for pit execution is not considered public until it has been bid or offered by open outcry. No person shall take action or direct another to take action based on non-public order information, however acquired. The mere statement of opinions or indications of the price at which a market may open or resume trading does not constitute a violation of this rule.

529. Withholding Orders Prohibited
A Member (as defined in Rule 400), or any person entering orders on the Globex® platform, shall not withhold or withdraw from the market any order, or any part of an order, for the benefit of any person other than the person placing the order.

536.A.1. Recordkeeping Requirements for Pit, Globex, and Negotiated Trades

At the time of execution, every order received from a customer must be in the form of a written or electronic record and include an electronic timestamp reflecting the date and time such order was received on the floor of the Exchange and, except as provided in Section C., must identify the specific account(s) for which the order was placed. Such record shall also include an electronic timestamp reflecting the date and time such order was modified, returned, confirmed or canceled.

FINDINGS:

Pursuant to an offer of settlement in which Carl Maas (“Maas”) neither admitted nor denied the rule violations upon which the penalty is based, on March 29, 2012, a Panel of the CME Business Conduct Committee found that on February 19, 2009, Maas withheld a customer order for over a minute after receipt of the order and failed to properly timestamp the order. Mass then disclosed the terms of the order to another member prior to relaying the order to the pit. Additionally, on March 2, 2009, Maas disclosed the terms of his customer’s order to another market participant prior to the exposure of the order into the pit. The Panel found that in so doing, Maas violated CME Rules
532, 529 and 536.A.1.

PENALTY:

In accordance with the offer of settlement, the Panel fined Maas $7,500 and suspended his access to the trading floor and his direct access to any electronic trading or clearing platform owned or controlled by CME Group 15 business days, beginning on the effective date below.

EFFECTIVE DATE:

April 2, 2012