Investment Bank Settles CME Charges of Improper "Exchange for Physical" Trade

An investment bank agreed to settle Chicago Mercantile Exchange Business Conduct Committee ("BCC") charges of executing a non-bona fide "Exchange for Physical" transaction in the Eurodollar futures market. The BCC found that the investment bank committed "wash trading" and failed to supervise its employees diligently in connection with the transaction. The investment bank neither admitted nor denied the rule violations.