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CME Group Fines The Andersons for Wheat Trading Violations
USAgNet - 06/30/2020

CME Group, the parent company of the Chicago Board of Trade, has ordered The Andersons Inc. to pay a $2 million fine for violating futures trading rules in late 2017, the exchange said in a statement on Friday.

The Andersons confirmed the settlement in a statement to The Blade.

"Although we cannot comment on the specifics of the investigation, we wish to emphasize that we cooperated with the investigation, and we do not believe we engaged in any wrongdoing. However, we reached a point where we had to decide whether it made business sense to settle and thereby avoid additional expense if this matter were to continue," the statement said. "We look forward to continuing our relationship with the CBOT and to serving our customers with integrity as we have for more than 70 years."

The 6th-largest U.S. commercial grain handler by capacity operates several Ohio grain warehouses that also serve as delivery points for CBOT wheat futures. According to CME, The Andersons registered 2,000 contracts of wheat certificates for delivery against CBOT December 2017 wheat futures on Nov. 29, 2017-- a day before the first notice day for deliveries -- in an effort to manipulate the price difference between futures contracts.

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