CME Statement Regarding Braman Suit

In an April 11 complaint filed in Chicago federal court, CME Group Inc. ("CME") was sued by three of its users that alleged CME sold access to order information to its high-frequency traders ("HFTs") ahead of other market participants. In regards to the suit, CME responded that the case is without merit, stating: "The suit is devoid of any facts supporting the allegations and, even worse, demonstrates a fundamental misunderstanding of how our markets operate."

The Plaintiffs allege that throughout the Class Period (2007 through April 10, 2014), CME concealed the fact that it was allowing the HFTs to trade based upon non-public information. Specifically, the HFTs are alleged to have executed trades based upon the non-published and unexecuted orders of all other users of the CME and CBOT. As a result, the Plaintiffs claim that CME failed to provide a marketplace that is free from market manipulation, established a two-tiered marketplace, all the while "inviting and soliciting the use of its financial trading instruments for profit."

The Plaintiffs are seeking recovery of damages for exchange fees paid, and for the recovery of all monies paid to the Defendants for real-time market data and order information during the Class Period.

See: Complaint.