International derivatives marketplace CME Group has posted a notice of disciplinary action against Xiao Hu Liu, a retail trader located in China.

Pursuant to an offer of settlement in which Xiao Hu Liu, a retail trader located in China, neither admitted nor denied the rule violations or factual findings upon which the penalty is based, on July 22, 2026, a Panel of the Chicago Mercantile Exchange Business Conduct Committee found that effective October 30, 2023, a CME/CBOT Panel in CME/CBOT 21-1502-BC ordered Liu to pay a $150,000 total fine and to serve a permanent suspension from direct and indirect access to any designated contract market, derivatives clearing organization or swap execution facility owned or controlled by CME Group after he failed to submit a written answer to the charges against him and was deemed to have admitted the charges. The permanent suspension began on trade date October 30, 2023.

The Panel further found that seven months into his permanent trading suspension, from trade date July 11, 2024, through August 13, 2024, Liu accessed CME Group’s Globex trading platform and entered orders in the September 2024 E-mini and September 2024 Micro E-mini Nasdaq futures

markets. Liu did not profit as a result of the activity. Liu also failed to pay the regulatory fine of $150,000.

The Panel concluded that as a result of the foregoing, Liu violated CME Rule 432.S.

In accordance with the settlement offer, the Panel ordered Liu to pay a $200,000 fine, to serve a permanent 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, and to be permanently restricted from having a business affiliation with, be employed by or have a financial or beneficial interest in a Member or broker association.

The effective date of the disciplinary action is July 24, 2026.