The international derivatives market The CME Group published a notice of disciplinary measures against Chunyu Mao.
According to a settlement offer in which Chunyu Mao neither admitted nor denied the alleged rule violations, a committee of the Business Conduct Committee of the Chicago Mercantile Exchange (CME) found that from March 8, 2020 to July 17, 2022, Mao used an automated trading system (ATS) to enter orders to be executed at a later date and time.
On several occasions during the review period, Mao orders traded aggressively through several price levels and caused disruptive price movements and reversals in several CME Eurodollar, Currency and Livestock futures markets.
The panel further found that Mao failed to monitor the execution of his orders and failed to consider current market conditions before allowing ATS to submit the orders.
The Panel concluded that as a result of the foregoing, Mao violated CME Rules 575.D. and 432.W.
Under the settlement offer, the panel ordered Mao to pay a $20,000 fine and serve a 30-business-day suspension from access to any trading venue owned or controlled by CME Group and from direct and indirect access to any specified futures market, derivatives clearing or exchange execution facility owned or controlled by the CME Group. The suspension will commence from the effective date (February 29, 2024) and will continue for 30 trading days from the date of payment of the fine ordered.