StoneX Financial and ABN Amro Clearing Fined by CME Group for Recordkeeping Violations

CME Group has slapped a fine of $2,500 on StoneX Financial Inc (StoneX) and ABN Amro Clearing Chicago LLC (ABN Amro) for violating Rule 536.F.

Pursuant to CME Rule 536.F, the Market Regulation Department will conduct audits of clearing members to verify the accuracy of recording and submitting of required audit trail information.

According to the results of the back-office CTR audit beginning on 4 November 2020 and completing on 18 November 2020, StoneX was found to have data entry errors for sequenced cards, verbal orders, and floor orders exceeding the 10% error level required by Rule 536.F.

Additionally, the results of the back-office CTR audit from 21 September 2020 to 2 October 2020 find that ABN AMRO's data entry errors for sequenced cards, verbal orders, and floor orders also exceeded the 10% error level mandated by Rule 536.F.

This is the two companies' first violation of Rule 536.F. within 24 months. But earlier in January, StoneX got another fine for violating CME Market Regulation Advisory Notice 2011-5.