CME fines trader for use of undue force during verbal dispute
CME Group has posted a notice of summary action against Benjamin Lichstein (CHE) for violations of its rules.
In particular, Lichstein violated Rule 514, which concerns Trading Infractions. In relevant partm the rule states:
A. The following shall constitute trading infractions: 7. (“use of undue force while on, entering or leaving the trading floor”).
A panel of the Floor Conduct Committee has found that on January 26, 2022, Lichstein used undue force while engaged in a verbal dispute with another member in the Eurodollar/ SOFR options pit. The Panel found that in so doing, Lichstein violated CME Rule 514. A.7.
The Panel imposed a fine of $7,500. The notice is effective February 18, 2022.
In January, CME announced another fine for similar violations – it was imposed on Peter Kosanovich (MGLA). The reason for the action was Mr Kosanovich’s misconduct on the trading floor.