Notices on prohibited disruptive practices fell sharply, while recordkeeping violations increased.
The CME Group imposed the second-lowest level of aggregate monetary penalties since 2018, while disciplinary activity remained steady, according to a new report by Cornerstone Research.
The report, Trends in CME Group Disciplinary Notices: 2018–2025, found that the CME Group issued 962 unique disciplinary notices against market participants between 2018 and 2025. After declining 55% from 2019 through 2022, the number of notices increased 80% in 2023 and has since remained relatively steady, with 120 notices issued in 2024 and 127 in 2025.
Over the eight-year period, the CME Group imposed more than $81 million in monetary penalties, including about $59 million in fines, $12 million in disgorgement, and $10 million in restitution. Aggregate monetary penalties fell in 2025 amid shifts in the types of violations cited. Most notably, both the number of notices citing violations of Disruptive Practices Prohibited and their associated penalties declined, with fines falling from $1.58 million in 2024 to $330,000 in 2025.
“While the overall number of disciplinary notices changed little in 2025, the composition of enforcement activity shifted considerably,” said Nicole Moran, a report coauthor and vice president at Cornerstone Research. “The findings suggest that while enforcement activity remained robust, the types of violations drawing scrutiny changed. Disruptive Practices Prohibited, historically the most frequently cited violation category, appeared in only seven notices in 2025, while Providing and Keeping Records was cited in 31 notices.”