CBOE Imposes Sanctions Against T3 Trading Group

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(The following press release from CBOE Holdings Inc., was received by e-mail and was reformatted. The sender verified the statement.)

News Release

For Immediate Release


CHICAGO, IL – January 31, 2013 — The Business Conduct Committee of the Chicago Board Options Exchange, Incorporated (CBOE) today reported that it has imposed sanctions against Nadav Sapeika, Chief Operating Officer, Chief Financial Officer and an associated person of T3 Trading Group, L.L.C., a registered broker dealer and an effective Trading Permit Holder (TPH) of CBOE Stock Exchange (CBSX). Sapeika neither admitted nor denied the violations alleged in the Statement of Charges.

Sapeika is alleged to have established a LinkedIn account and an email address substantially similar to that of a Managing Member of a competitor organization. He also is alleged to have used the alias email address to seek the issuance of a user identification with administrative access to the trading platform from representatives of a trading platform vendor used by the competitor organization. This included login access that had the same permissions as a Managing Member of the competitor organization.

Sapeika entered into an Offer of Settlement with the Exchange that subjected him to the following four sanctions: (i) a censure; (ii) a 90-consecutive-day suspension from association with a Trading Permit Holder or TPH organization, beginning on January 30, 2013; (iii) special supervision for two years by any Trading Permit Holder or TPH organization with which Sapeika is acting as an associated person (the associated Trading Permit Holder must file a plan with the Exchange that is acceptable to the Exchange prior to such association); and (iv) completion of an Ethics class that is acceptable to the Exchange within 90 days from the issuance of the decision.

About CBOE CBOE, the largest U.S. options exchange and creator of listed options, continues to set the bar for options and volatility trading through product innovation, trading technology and investor education. CBOE offers equity, index and ETF options, including proprietary products, such as S&P 500 options (SPX), the most active U.S. index option, and options and futures on the CBOE Volatility Index (the VIX Index). Other products engineered by CBOE include equity options, security index options, LEAPS options, FLEX options, and benchmark products such as the CBOE S&P 500 BuyWrite Index (BXM). CBOE is home to the world-renowned Options Institute and www.cboe.com, the go-to place for options and volatility trading resources. CBOE is regulated by the Securities and Exchange Commission (SEC), with all trades cleared by the OCC.

Media Contacts: Analyst Contact: Gail Osten Gary Compton Debbie Koopman (312) 786-7123 (312) 786-7612 (312) 786-7136 [email protected]@[email protected]


Source: http://www.cboe.com/framed/PDFframed.aspx?content=/publish/DisDecision/12-0007.pdf&section=SEC_ABOUT_CBOE&title=CBOE%20-%20CBOE

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