International derivatives marketplace CME Group has issued a notice of disciplinary action against Marcello Curvello, an institutional trader located in Brazil.

Pursuant to an offer of settlement in which Curvello neither admitted nor denied the rule violations or factual findings upon which the penalty is based, a Panel of the Chicago Mercantile Exchange

Business Conduct Committee found that on September 16, 2024, and September 19, 2024, Curvello entered buy and sell orders in September 2024 E-mini S&P 500 Friday Weekly Put and Call options on futures markets that matched opposite each other for accounts with common beneficial ownership.

Curvello entered the opposing orders to minimize margin requirements in the accounts, which he was authorized to trade by his employer. Curvello knew or reasonably should have known that the purpose of the orders was to avoid taking a bona fide market position exposed to market risk.

The Panel concluded that Curvello thereby violated CME Rule 534.

In accordance with the settlement offer, the Panel ordered Curvello to pay a $10,000 fine. The Panel also suspended Curvello 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 10-business days, continuing through and including trade date July 10, 2026.