CME fines Citi for CBOT rules violations

CME Group has posted a notice of disciplinary action regarding Citigroup Global Markets Inc, whereby Citi agrees to pay a fine under a proposed settlement.

The settlement stems from Citi’s alleged violations of several CBOT rules. In particular, the rules state:

Rule 971. SEGREGATION, SECURED AND CLEARED SWAPS CUSTOMER ACCOUNT REQUIREMENTS

  • A. All clearing members must comply with the requirements set forth in CFTC Regulations 1.20 through 1.30, 1.32, 1.49 and 30.7, and Part 22 of the CFTC Regulations. This includes, but is not limited to, the following:

1. Maintaining sufficient funds at all times in segregation, secured 30.7 and Cleared Swaps Customer accounts;

  • E. All disbursements not made for the benefit of a customer from a segregated, secured 30.7 or Cleared Swaps Customer account which exceed 25% of the FCM clearing members excess segregated, secured 30.7 or Cleared Swaps Customer of the respective origin must be preapproved in writing by the clearing member’s Chief Executive Officer, Chief Financial Officer or their authorized representative with knowledge of the firm’s financial requirements and position.
  • F. All clearing members must provide written notice to the Financial and Regulatory Surveillance Department of a failure to maintain sufficient funds in segregation, secured 30.7 or Cleared Swaps Customer accounts. The Financial and Regulatory Surveillance Department must receive immediate written notification when a clearing member knows or should have known of such failure.

Pursuant to an offer of settlement in which Citigroup Global Markets Inc. neither admitted nor denied the rule violations upon which the penalty is based, the Clearing House Risk Committee found that Citigroup Global Markets Inc. violated CBOT Rules 971.A.1., 971.E. and 971.F.

In accordance with the settlement offer, the Committee imposed a $50,000 fine.

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145 Replies to “CME fines Citi for CBOT rules violations”

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