International derivative CME team has published a Disciplinary Action Notice against Liger Investments Ltd.
According to a settlement offer in which Liger Investments Ltd did not admit or denied the rules of the rules or the actual findings on which the penalty was based, a team of CME’s business behavior committee found that on July 27, 2020, the CME Group issued a Mran RA2006-05.
The Mran was issued on the basis of amending Article 575 to adopt a new provision on the prohibition of potentially annoying messages (575.C.2) and to add guidance on it and existing provisions. Previously and simultaneously with the issuance of Mran, Liger dealt with extensive communications with the Market Regulation Department on the content of counseling and his application to Liger’s commercial strategies.
Between September 8, 2020 and June 18, 2021, Liger submitted incomplete data packages to the exchange switch. Specifically, Liger’s trade system began with the construction of an order message for various CME purchases, including e-mini Nasdaq-100, Micro E-MINI NASDAQ-100, E-MINI S&P 500 and Micro E-MINI S&P 500 Futures based on a market signal in the market that showed one event on the market that will He wanted to do trade in response.
If Liger did not receive any information that negates his desire to market during the construction of the order message, the order message will be submitted normally.
However, if Liger received later information during the construction of the order message, which excluded Liger’s desire to complete the trade, Liger’s trading system stopped construction of messages causing an incomplete package to send to the exchange switch.
The incomplete order message will be rejected by the switch according to the regular networking protocol. Although incomplete data packages could, in some cases, be able to disrupt the exchange systems, the incomplete packages submitted by Liger did not cause real disorder in the exchange systems.
Liger dealt with this behavior based on his belief that his practices did not violate Article 575.C.2. and requested clarification from the market regulation on changes to the Mran RA2006-05 prohibited practices (from 10 August 2020).
In addition, Liger worked to reduce the cases of the fell packages, including the detection and development of technical solutions to tackle signals that have led to packages that have been reduced and interrupted the practice described above when CME issued the Mran RA2107-5 exercises (20).
The group found that as a result of the above, Liger violated Article 575.C.2.
According to the settlement offer, the team ordered Liger to pay a fine of $ 50,000.
The start date of the disciplinary notice is September 26, 2025.