The Chicago Mercantile Exchange ("CME") Business Conduct Committee ("BCC") charged a broker-dealer with exceeding the spot month position limit in August 2018 Soybean Meal futures contracts.

According to the BCC's findings, the broker-dealer held a net futures position of 875 contracts short in August 2018 Soybean Meal futures contracts, which the BCC stated was 155 contracts in excess of the spot month position limit of 720 contracts. In order to bring his position into compliance, the BCC found, the broker-dealer liquidated his overage the next day, resulting in a profit of $16,560.05.

As a penalty, the BCC (i) ordered a fine of $40,000, (ii) disgorgement of $16,560.05, and (ii) suspended the broker-dealer for 10 business days.

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