Tag50 (log in) issues again - this time person using it maybe did bad things, trader loses log in for almost a month
The CME just fined a trader $25K and suspended trading privileges for 25 days after the the fine is paid. I frequently talk to clients about the importance the exchanges (and the CFTC) place on proper use of the trader log in (referred by the CME as Tag50 to reflect where in the order and transaction message the trader ID appears. One of the points i raise is that the trade oversight mechanisms start from the Tag50 and the deal with aggregated data from there.
In this case, the CME emphasized that point.
"Yang’s conduct impeded the Exchange’s ability to further investigate potentially violative messaging activity by one or more individuals who utilized Yang’s Tag 50"
The actions were not undertaken by the trader but the use of the Tag50 made an investigation harder. The trader paid a significant penalty and a suspension. This should be a caution to all firms and traders that you are responsible for any mistake someone else makes using your id - just don't lend it out. The order is here
I hope everyone has a great Thanksgiving (if in the US).