International derivatives marketplace CME Group has issued a notice of disciplinary action against Rui-Chen Tsai.

The Chief Regulatory Officer issued charges against Tui-Chen Tsai for violating Chicago Mercantile Exchange (CME) Rule 534, based on allegations that on multiple occasions from December 10, 2021, through April 14, 2022, Tsai entered opposing buy and sell orders in various Euro/British Pound futures markets that matched opposite orders he and his wife entered on behalf of accounts with common beneficial ownership.

Tsai placed the orders with the purpose of transferring positions between the accounts and avoiding margin calls. Tsai 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.

On February 19, 2025, a Hearing Panel Chair of the CME Business Conduct Committee (BCC) first determined that Tsai, having failed to submit a written answer to the charge issued against him, was deemed to have admitted the charge. Tsai therefore waived his right to a hearing on the merits of the charge.

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

Based on the record and the Panel’s findings and conclusions, the Panel ordered that Tsai pay a fine of $50,000. The Panel also suspended Tsai for five years 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 effective date of the notice is March 12, 2025.