The International Derivatives Market The CME Group has published a notice of disciplinary action against David Hall.
According to a settlement offer in which David Hall neither admitted nor denied the rule violations or the factual findings on which the penalty is based, a Chicago Mercantile Exchange (CME) Business Conduct Committee panel found that on July 2, 2021, Aug. 2021 Brazilian Real Futures, and January 27, 2022 March 2022 E-mini Russell 2000 Index Futures, Hall, with reckless disregard for adverse effects on the orderly conduct of business or the fair execution of business , entered aggressive buy orders without adequate consideration of the depth of the purchases that far exceeded the quantity at the best offer and beyond.
Orders immediately traded through multiple price levels and led to disruptive price movements and reversals.
In addition, Hall entered the orders using the operator ID assigned to his customer.
The Committee concluded that Hall violated CME Rules 575.D. and 576.
According to the settlement offer, the commission ordered Hall to pay a $30,000 fine and suspended him from any direct or indirect access to any designated futures market, derivatives clearing house or swap execution facility owned or controlled by CME Group Inc. for five business days.