The exchange said the broker "failed to diligently supervise employees"
CME Group has fined broker JB Drax
$125,000 for failing to supervise employees who were violating
a CME rule by directing brokers to execute a minimum number of
opposing JB Drax buy and sell orders in one of the main CME
CME Group issued a notice that said: "The
CME Business Conduct Committee found … that between at
least July 8 2013 and September 25 2013, two of its employees,
a desk clerk and a desk supervisor, engaged in a pattern of
conduct whereby they directed brokerage groups to
noncompetitively cross a minimum percentage of opposing JB Drax
buy and sell orders in the Eurodollar options on futures
This article is available exclusively to subscribers
Please log in to continue reading.
Not yet a subscriber?
Click here to take a free trial.
Already have an account? |
Please fill in your details below and a customer service representative will contact you.