CME Group fines, suspends retail trader for engaging in prohibited disruptive practices

International derivatives marketplace CME Group has published a notice of disciplinary action against Tugba Demiray, a retail trader located in the United States.

On January 15, 2026, the Chief Regulatory Officer of CME Group's Market Regulation Department issued charges against Demiray for violating Rules 575.A., 575.B, and 432.L.1., based on allegations that on one or more occasions from February 20, 2024, to May 14, 2024, Demiray entered or caused to be entered an order with the intent, at the time of order entry, to cancel the order before execution or to modify the order to avoid execution or with the intent to mislead other market participants in the March and June 2024 Nasdaq futures markets.

Specifically, Demiray entered a large order on one side of the market before placing a smaller order on the other side, and she canceled her large order after the small order on the opposite side of the book was executed.

Additionally, Demiray failed to appear at a scheduled staff interview.

On June 24, 2026, a Hearing Panel Chair of the CME Business Conduct Committee found that Demiray failed to submit a written answer to the charges, deeming her to have admitted them, thereby waiving her right to a hearing on the merits.

A BCC Panel, pursuant to CME Rule 408.F., found Demiray guilty of the admitted charges and held a penalty hearing.

The Panel ordered Demiray to pay a $50,000 fine, disgorgement of profits totaling $640, and a permanent suspension from direct access to any CME Group trading floor and from direct and indirect access to any CME Group designated contract market, derivatives clearing organization, or swap execution facility.

The disciplinary notice is effective July 15, 2026.