Page 517 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

Case Background

The order finds from approximately September 2017 to August 2021, CX failed

to comply with multiple aspects of system safeguard regulations applicable to

designated contract markets. In particular, CX failed to conduct controls testing;

failed to conduct sufficient internal and external penetration testing; failed to conduct

adequate enterprise technology risk assessments (ETRA); failed to review ETRAs and

testing results at the board level; and failed to notify the CFTC in a timely manner of

a planned change to its automated systems that may impact the security of such

systems.

In addition, the order finds from approximately November 2017 to at least June

2020, CX failed to report certain data for over 200,000 options transactions to the

CFTC, consisting primarily of weather-related binary options and pari-mutuel options
contracts, in violation of the CFTC’s options reporting regulations. And, from

approximately November 2017 to at least August 2022, CX failed to report certain
data for the same transactions, which were also considered swaps, to a swap data

repository (SDR), in violation of the CFTC’s swap reporting regulations.

The order also finds that in connection with a 2017 request for a no-action letter

regarding its SDR reporting obligations, CX falsely represented to CFTC staff that it

was reporting data to the CFTC as required by CFTC’s option reporting regulations

and would continue to do so. In fact, CX should have known it was not reporting such

data at the time of its request and did not report such data to the CFTC until

approximately June 2020.

In accepting CX’s settlement offer, the CFTC recognizes CX’s substantial

cooperation during the Division of Enforcement’s investigation. The CFTC notes that

CX’s cooperation and remediation are recognized in the form of a reduced civil
monetary penalty.

https://www.cftc.gov/PressRoom/PressReleases/8603-22

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