International derivatives marketplace CME Group has posted a notice of disciplinary action against Riccio Holding Limited, a proprietary trading firm located in Thailand.

Pursuant to an offer of settlement, Riccio 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 has found that from April 9, 2024, through April 25, 2024, Riccio entered buy and sell orders via an automated trading system in various Micro Ether Euro and Micro Bitcoin Euro futures markets that matched opposite each other on more than an incidental basis for Riccio-owned accounts.

Specifically, Riccio tested a strategy wherein it entered opposing buy and sell orders with prices that it frequently modified to maintain a buy-sell quote difference. Instead of maintaining this quote difference, in these instances the strategy failed to modify the prices of orders on both sides of the market, which resulted in the orders matching.

Additionally, the Panel found that Riccio received notifications regarding the simultaneous executions of opposing buy and sell orders at the same price. Despite this notice, Riccio failed to investigate or identify the wash trades.

Therefore, the Panel further found that Riccio knew or reasonably should have known that the execution of the orders would result in a prohibited wash result.

The Panel further found that Riccio failed to diligently supervise its employees by not properly advising and training them as to Exchange rules pertaining to wash trades in a manner sufficient to ensure compliance with the same.

The Panel concluded that Riccio thereby violated CME Rules 534 and 432.W.

In accordance with the settlement offer, the Panel ordered Riccio to pay a $35,000 fine.

The effective date of the disciplinary notice is May 14, 2026.