COVID and reopening the trade floor - once again the difference in the exchange's enforcement rights
As we all work towards the "new normal" (whatever the heck that might be and mean), we still have this transition where we so want to get away from all of what we see as restrictions from COVID and go back to the way things were. This includes the new exchange rules on social distancing and face shields.
Along come four summary actions from the exchange a week ago Friday. Four different floor traders were given summary action fines of $500 each for:
"On numerous dates in February 2021, (name of offender) violated socialdistancing and face shield guidelines after repeated warnings by Exchange staff."
All four traders got the same fine with exactly the same cause.
Now, if a cop wanted to give you a ticket for failing to wear a mask, you would see a concerted effort against the action and, possibly, the news covering it. The exchange is different - as DCM has repeatedly mentioned, its enforcement is a contract law action.
So, you don't follow the rules, you get written up and a summary action. I think the phrase is "pour encourager les autres" covers the intent.
Just a lighter enforcement coverage with the same message - the US exchanges regulatory regime is different than many other national enforcement regimes. It assigns personal responsibility and liability in a way that many others don't. And since it is in the contract, you can't say that it doesn't apply since you are in the US. Because it does.