International derivatives marketplace CME Group has posted a notice of disciplinary action against Kevin Milan, a broker located in the United States.

Pursuant to an offer of settlement, in which Milan neither admitted nor denied the rule violation or factual findings upon which the penalty is based, a Panel of the NYMEX Business Conduct Committee found that on various dates in April 2020, and May 2020, Milan disclosed material non-public information regarding customer orders in Crude Oil futures and Crude Oil futures calendar spreads, to certain market participants.

Specifically, after receiving a large customer order, Milan shared information received by his firm regarding orders that were not immediately executable, and therefore not yet entered into and visible in the Globex order book. Milan disclosed non-public order information such as the order quantity, the side of the market, and the contract months of the customer’s orders to the other traders, prior to the order’s entry on Globex.

The Panel found that as a result of the foregoing, Milan violated NYMEX Rule 532.

In accordance with the settlement offer, the Panel ordered Milan to pay a $40,000 fine and serve a 30-business day suspension from access to any trading floor owned or controlled by CME Group and from direct and indirect access to any designated contract market, derivatives clearing organization or swap execution facility owned or controlled by CME Group.

The suspension will run from trade date February 17, 2026, through, and including, trade date March 30, 2026.