The CBOT's motion to seal the record is based on its contention that the documents included in the record that it has filed are of a confidential and/or investigatory nature and that their disclosure would undermine the CBOT's ability to function as a self-regulatory organization.
CBOT asserts that it submitted that letter to the Commission subject to a petition for confidential treatment and that its release has interfered with and, if a remand is ordered, will continue to interfere with the conduct of its disciplinary proceeding.
We deny CBOT's motion to strike the portions of the Report and its Appendices that CBOT asserts are irrelevant to consideration of the adequacy of the sanctions.
In the Divisions' view, the sanction imposed by the CBOT was not commensurate with the gravity of the alleged violation and otherwise failed to conform to Commission guidance on sanctions.
We direct the CBOT to reopen the proceedings against the respondents and either (1) reach new settlements which reflect the gravity of the violations charged or (2) augment its prior investigations, as appropriate, and conduct full disciplinary hearings consistent with the requirements of Part 8 of the Commission's regulations.
Most notably, the CBOT deleted the provision under which the close of an expiring contract could be extended from one minute to two minutes, thus eliminating potential confusion among floor members about the appropriate duration for a close in an expiring contract.
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