International derivatives marketplace CME Group has published a notice of disciplinary action against Tugba Demiray, a retail trader located in the United States.

On January 15, 2026, the Chief Regulatory Officer of CME Group’s Market Regulation Department issued charges against Demiray for violating Rules 575.A., 575.B, and 432.L.1., based on allegations that on one or more occasions from February 20, 2024, to May 14, 2024, Demiray entered or caused 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 or with the intent to mislead other market participants in the March and June 2024 Nasdaq futures markets.

Specifically, Demiray entered a large order(s) on one side of the market before placing a smaller order on the other side of the market. Demiray canceled her large order(s) after her small order on the opposite side of the book was executed.

Additionally, Demiray failed to appear at a scheduled staff interview.

On June 24, 2026, a Hearing Panel Chair of the CME Business Conduct Committee (“BCC”) found that Demiray failed to submit a written answer to the charges issued against her and that Demiray was deemed to have admitted the charges. Demiray therefore waived her right to a hearing on the merits of the charges.

Pursuant to CME Rule 408.F., a BCC Panel found Demiray guilty of committing the admitted charges and held a penalty hearing thereafter.

The Panel ordered Demiray to pay a $50,000 fine, disgorgement of profits totaling $640, and be permanently suspended from direct 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.

The disciplinary notice is effective July 15, 2026.