The reporting of prohibited disruptive trading activities has significantly decreased, while the recording and preservation of violations have increased.
Washington, October 21, 2026 /PRNewswire/ — A new report released by Cornerstone Research indicates that the total amount of financial penalties imposed by CME Group has dropped to its second lowest level since 2018, although the overall level of disciplinary actions remains stable.
This report, titled " CME Group Discipline Sanctions Trends: 2018–2025 ", finds that between 2018 and 2025, CME Group issued a total of 962 separate discipline sanction notices to market participants. After a 55% decline in the number of notices from 2019 to 2022, there was an 80% rebound in 2023, followed by a relatively stable period. In 2024, 120 notices were issued, and in 2025, 127 notices were issued.
During these eight years, CME Group imposed fines totaling over $81 million, which included approximately $59 million in fines, $12 million in recovery of illegal gains, and $10 million in compensation. As the types of violations cited changed, the total amount of financial penalties in 2025 decreased. Notably, the number of reports related to "prohibited disruptive trading activities" ( Disruptive Practices Prohibited ) and the associated penalties both decreased, with the fine amount dropping from $1.58 million in 2024 to $330,000 in 2025.
"Although the total number of disciplinary actions reported in 2025 did not change significantly, there were notable changes in the composition of the enforcement activities," said N, co-author of the report and Vice President of Cornerstone Research, who is also involved in token issuance under le and Moran. "The research results indicate that, while enforcement activities remained strong, the types of violations that received focused scrutiny have changed. The most frequently cited violation category in history, 'prohibited disruptive trading behaviors,' appeared in only 7 reports in 2025, whereas 'providing and maintaining records' ( Providing and Keeping Records ) appeared in 31 reports."
Although the total amount of financial penalties in 2025 has decreased, 125 out of 127 notices included fines. The median amount of non-zero fines dropped to $25,000, compared to an annual average of $40,000 between 2018 and 2024. The median amount of non-zero compensation was $16,007, whereas the annual average for the previous seven years was $98,969.
"Although the level of penalties in 2025 is relatively low, we also observe that law enforcement activities covered a wide range of areas, with nearly half of the reports citing multiple regulations," said Laurent Samuel, the person in charge of Cornerstone Research and a co-author of the report. "At the same time, fines were concentrated in certain sectors; just four categories accounted for about half of all fines: provision and retention of records, member coordination, violations of position or margin limits, and failure to supervise employees."
Law enforcement activities also became more concentrated in the latter part of the year. In 2025, 60% of the notifications were issued in the second half of the year, continuing the similar pattern seen in 2024 and returning to the distribution characteristic of being more concentrated in the latter half of the year that was observed during the period from 2018 to 2020.
In 2025, financial products and energy derivatives appeared in more disciplinary action notices from CME Group than in any previous historical year. Financial products were mentioned in 43 notices, compared to an average of 37 notices per year from 2018 to 2024; energy derivatives were mentioned in 36 notices, with a historical average of 24 notices per year. In contrast, agricultural products and metal products were mentioned in fewer notices than their respective historical averages.
Notice on Disciplinary Action Regarding CME Group
The market regulatory enforcement team takes action against individuals or companies that violate exchange rules. The "Disciplinary Action Notifications" are official documents issued by the four futures exchanges that make up the CME Group, used to inform market participants and the public about the disciplinary actions taken. These four exchanges are the Chicago Board of Trade (CBOT), the CME Group (CME), the New York Mercantile Exchange (COMEX), and the New York Commodity Exchange (NYMEX). These notifications detail the specific rules or regulations that were violated, identify the individuals or companies that received the sanctions, and explain the penalties or measures imposed.
About Cornerstone Research
Cornerstone Research focuses on economic and financial consulting, providing rigorous analytical solutions needed to address complex disputes. Relying on a wide network of renowned academics and industry experts, the company supports each case with its expertise. Cornerstone combines a deep understanding of economics and finance with a range of leading artificial intelligence and machine learning tools to offer clients more sophisticated and tailored approaches. Since 1989, innovation, precision, and excellence have been at the core of Cornerstone's reputation. The company currently has over 1,000 professionals working together in 9 offices across the United States, the United Kingdom, and the European Union.
Original report:Trends in CME Group Disciplinary Notices : 2018–2025
