CME Group suspends Vietnamese retail trader for five years for violations of wash trades prohibition
International derivatives marketplace CME Group today published a notice of disciplinary action against Van Thi Quy for violating the wash trades prohibition.
On August 29, 2025, the Chief Regulatory Officer of CME Group’s Market Regulation Department issued a charge against Van Thi Quy for violating Rule 534, based on allegations that on one or more occasions in in November 2023 and December 2023, Quy, a retail trader located in Vietnam, entered orders in various Soybean Futures, and January 2024 Soybean Meal Futures where she knew or reasonably should have known the purpose of the orders was to avoid taking a bona fide market position exposed to market risk.
Specifically, Quy entered a large order on one side of the market. After letting the order rest in the market, Quy then traded into that resting order via multiple one-lot orders at the same price. Quy monitored her resting orders from another tab within her mobile trading application and received simultaneous trade confirmations from the application for opposing orders executed at the same price and time.
Quy therefore knew or reasonably should have known that her opposing orders matched, resulting in prohibited wash trades.
On January 27, 2026, a Hearing Panel Chair of the CBOT Business Conduct Committee first determined that Quy, having failed to submit a written answer to the charge issued against her, was deemed to have admitted the charge. Quy therefore waived her right to a hearing on the merits of the charge.
Pursuant to Rule 408.F., a BCC Panel then found Quy guilty of committing the admitted charge and held a penalty hearing thereafter.
The Panel ordered Quy to pay a $50,000 fine and serve a five-year suspension 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 suspension begins on February 25, 2026, and will continue for five years from the date that payment of the fine is received in full.
