International derivatives marketplace CME Group has published a notice of disciplinary action against David Hall.
Pursuant to an offer of settlement in which David Hall neither admitted nor denied the rule violations or factual findings upon which the penalty is based, a Panel of the Chicago Mercantile Exchange (CME) Business Conduct Committee found that on July 2, 2021, in August 2021 Brazilian Real futures, and on January 27, 2022, in March 2022 E-mini Russell 2000 Index futures, Hall, with reckless disregard for the adverse impact on the orderly conduct of trading or the fair execution of transactions, entered aggressive buy orders without adequately considering the depth of the markets that far exceeded the quantity at the best offer and beyond.
The orders traded immediately through multiple price levels and resulted in disruptive price movements and reversions.
Further, Hall entered the orders using the operator ID assigned to his client.
The Panel thereby concluded that Hall violated CME Rules 575.D. and 576.
In accordance with the settlement offer, the Panel ordered Hall to pay a $30,000 fine and suspended him from all direct and indirect access to any designated contract market, derivatives clearing organization, or swap execution facility owned or controlled by CME Group Inc. for five business days.
