International derivatives marketplace CME Group has imposed a fine of $150,000 on proprietary trading firm Tanius Technology, LLC.

Pursuant to an offer of settlement in which Tanius neither admitted nor denied the rule violations or factual findings upon which the penalty is based, on January 14, 2026, a Panel of the Chicago Board of Trade (CBOT) Business Conduct Committee found that between January 2020, and December 2022, Tanius employed a strategy in markets subject to a pro-rata matching algorithm where it

would enter multiple maximum quantity orders in an effort to achieve a greater proportion of passive fills.

At times during the Treasury futures roll periods, Tanius had a significant count of these maximum quantity orders resting at the first price levels in each of the 2-Year, 5-Year, and 10-Year spread order books.

While unlikely to have occurred, the immediate execution of Tanius’s orders on one side of the market in any of these products would have required a margin payment, if called at that moment, that would have exceeded the net liquidation value of its accounts at that time.

As a result of its conduct, Tanius received a disproportionate number of fills relative to its ability to take immediate fills on its resting orders, thus having the potential to impact other passive participants in these markets.

The Panel concluded that as a result of the foregoing, Tanius violated CBOT Rules 432.B.2 and 432.Q.

In accordance with the settlement offer, the Panel ordered Tanius Technology, LLC to pay a fine of $150,000.