CME Group has published a notice of disciplinary action against Mark Van Keirsbilck, who is suspended due to violations of CME rules.

Let’s note that Rule 575 states:

(“Disruptive Practices Prohibited”) (in part)

A. No person shall enter or cause to be entered an order with the intent, at the time of order entry, to cancel the order before execution or to modify the order to avoid execution.

Pursuant to an offer of settlement in which Mark Van Keirsbilck neither admitted nor denied the rule violations upon which the penalty is based, a Panel of the Chicago Mercantile Exchange (CME) Business Conduct Committee found that on several occasions between September 1, 2019, and January 7, 2020, Van Keirsbilck entered and canceled orders in the December 2019, February 2020, April 2020, and June 2020 Live Cattle futures markets without the intent to trade.

Specifically, Van Keirsbilck entered either a larger order or several layered orders on one side of the market and then canceled those orders after his smaller resting orders on the opposite side of the book were executed. The Panel concluded that this activity violated CME Rule 575.A.

In accordance with the settlement offer, the Panel ordered Van Keirsbilck to pay a fine in the amount of $10,000 and suspended him 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 for 40 business days, beginning on the effective date below, and continuing through and including August 18, 2021.