Worldwide derivatives market CME Group has taken a disciplinary motion in opposition to Xiao Hu Liu.
The Chief Regulatory Officer of CME Group’s Market Regulation Division issued fees in opposition to Liu for violating Guidelines 432.C., 432.G., and 432.L.3., based mostly on allegations that from July 7 2021, by way of July 9, 2021, Liu prearranged the execution of transactions in March 2022 E-mini Dow and June 2022 E-mini Dow futures markets for the aim of transferring fairness from buying and selling accounts owned by two different merchants to Liu’s account, utilizing account login data that he had stolen from these merchants.
Liu additionally failed to supply data requested by Alternate workers.
A Listening to Panel Chair of the CBOT Enterprise Conduct Committee (BCC) first decided that Liu, having did not submit a written reply to the costs issued in opposition to him, was deemed to have admitted the costs. Liu due to this fact waived his proper to a listening to on the deserves of the costs.
Pursuant to Rule 408.F., a BCC Panel then discovered Liu responsible of committing the admitted fees and held a penalty listening to thereafter.
Based mostly on the file and the Panel’s findings and conclusions, the Panel ordered Liu to pay a tremendous within the quantity of $150,000 in reference to this case and companion case ($125,000 allotted to CBOT) and completely suspended Liu from direct entry to any buying and selling flooring owned or managed by CME Group and from direct and oblique entry to any designated contract market, derivatives clearing group, or swap execution facility owned or managed by CME Group.
