CHICAGO Dec 15 Archer Daniels Midland Co
, one of the world's biggest agricultural trading houses,
has agreed to pay $25,000 to settle charges it broke rules in
the U.S. corn futures market, exchange operator CME Group Inc
said on Thursday.
The violations appeared to document rare instances in which
ADM, one of the biggest U.S. grain exporters, has been penalized
by the CME, which owns the Chicago Board of Trade and other
markets. An online search of disciplinary records showed no
An ADM spokeswoman had no immediate comment. The company did
not admit or deny committing violations, according to a CME
A CME panel found that ADM, through two of its subsidiaries,
improperly executed transactions in December 2014, the notice
ADM "maintained ownership and control of the accounts on
both sides of the transaction" and executed the orders "for the
purpose of transferring positions between ADM subsidiaries,"
according to CME.
The process in which a trader buys and sells futures
contracts to himself or an entity he controls is known as wash
trading, and is banned under U.S. futures law.
The fine for settling the charges is tiny for ADM, which has
a market capitalization of about $26 billion.
(Reporting by Tom Polansek; Editing by Meredith Mazzilli)