CME Group, the parent company of the Chicago Board of Trade (CBOT), has ordered northwest Ohio-based agribusiness The Andersons Inc. to pay a $2 million fine for violating futures trading rules in late 2017, the exchange said in a statement on June 26.
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," the company stated.
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.
