CME Fines Banca Patrimoni Sella for Violating Exchange Rules

CME Group announced that Banca Patrimoni Sella had agreed to the settlement proposal and must pay a USD35,000 fine. Two years ago, the bank’s traders bought and sold options on futures markets that matched opposite each other for jointly beneficial ownership accounts. Traders have opened the opposing orders to transfer positions between accounts held by its clients. In addition, the bank did not supervise its employees well enough, failing to advise and train them properly on exchange rules.