The CME Group has issued a disciplinary notice against Rui-Chen Tsai, citing violations of Chicago Mercantile Exchange (CME) Rule 534.
According to the allegations, between December 10, 2021, and April 14, 2022, Tsai placed opposing buy and sell orders in Euro/British Pound futures markets that matched trades executed by him and his wife in accounts with shared beneficial ownership. The transactions were reportedly designed to transfer positions between accounts and avoid margin calls, without exposing them to legitimate market risk.
On February 19, 2025, a Hearing Panel Chair from the CME Business Conduct Committee (BCC) determined that Tsai had failed to submit a written response to the charges, thereby admitting guilt and waiving his right to a hearing.
Following a penalty hearing, the BCC Panel found Tsai guilty and imposed a $50,000 fine. Additionally, he received a five-year suspension from direct access to any CME Group trading floor, as well as from direct and indirect access to any designated contract market, derivatives clearing organization, or swap execution facility owned or controlled by CME Group.
