CME fines Peter Kosanovich (MGLA) for “use of undue force”
CME Group has posted a notice of summary action regarding Peter Kosanovich (MGLA). The reason for the action is Mr Kosanovich’s misconduct on the trading floor.
In particular, he violated Rule 514, which concerns trading infractions. The rule states:
“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 found that on January 6, 2022, Mr Kosanovich used undue force while engaged in a trade dispute with another member in the Eurodollar Options Pit. The Panel found that in so doing Kosanovich violated CME Rule 514.A.7.
As a result, the Panel imposed a fine of $1,000 on Mr Kosanovich.
The effective date of the notice is January 31, 2022.