CME fines StoneX Financial for alleged rule violations
International derivatives marketplace CME Group has posted a notice of disciplinary action against StoneX Financial Inc.
Pursuant to an offer of settlement in which StoneX neither admitted nor denied the alleged rule violations, a Panel of the Chicago Mercantile Exchange (CME) Business Conduct Committee found that from September 6, 2022, through September 28, 2022, StoneX submitted block trades to the Exchange with inaccurate execution times and failed to report block trades to the Exchange within the required time period following execution in Three-Month SOFR futures and Eurodollar options on futures markets.
Additionally, the Panel found that StoneX failed to diligently supervise, monitor, and sufficiently train its employees as to relevant Exchange rules and Market Regulation Advisory Notices in a manner sufficient to ensure compliance with the same.
The Panel thereby concluded that StoneX violated CME Rules 526, 526.F., and 432.W.
In accordance with the settlement offer, the Panel ordered StoneX to pay a $70,000 fine.