Interactive Brokers Fined $2,000 for Violating CME Rules

CME Group has released on Friday a notice concerning a small penalty of $2,000 fine to its member firm Interactive Brokers LLC, citing rules violation regarding the submission of operator ID.

Specifically, the derivatives marketplace found that during the periods of August and September 2021, Interactive Brokers violated Rule 576 by submitting default Operator IDs that represented multiple individuals.

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​CME's Rule 576 is about identification of global terminal operators. Pursuant to it, each Globex terminal operator shall be identified to the Exchange, in the manner prescribed by the Exchange, and shall be subject to Exchange rules. If user IDs are required to be registered with the Exchange, it is the duty of the clearing member to ensure that registration is current and accurate at all times. Each individual must use a unique user ID to access Globex. In no event may a person enter an order or permit the entry of an order by an individual using a user ID other than the individual's own unique user ID.