CME Group Panel Sanctions Trader Over Alleged Wash Trade Violations

CME Group has issued a disciplinary notice against trader Jonathan Jungk following a settlement in which he neither admitted nor denied the alleged rule violations.

According to the Chicago Board of Trade (CBOT) Business Conduct Committee, a panel determined that between September 1, 2022, and March 1, 2024, Jungk placed orders in several markets—including Corn Options, U.S. Treasury Bond Futures and Options, 10-Year T-Note Options, and Soybean Options—opposite another account with the same beneficial ownership. The panel stated Jungk “knew or reasonably should have known” that the orders were intended to avoid taking a legitimate market position exposed to market risk.

The committee concluded that this activity violated CBOT Rule 534, which prohibits wash trades.

Under the settlement terms, Jungk was ordered to pay an $80,000 fine, with $40,000 allocated to CBOT. He was also suspended from accessing any CME Group-owned or controlled trading floors, as well as from direct or indirect access to any of the company’s designated contract markets, derivatives clearing organizations, or swap execution facilities for 10 business days.

The suspension is scheduled to begin on December 19, 2025, and will run through January 5, 2026.