Merc Disciplines Some Traders: The Chicago Mercantile...

Merc Disciplines Some Traders: The Chicago Mercantile Exchange said it is using its computerized trading system to crack down on broker groups that team up to pool their business. Eight people have been disciplined for violating rules that restrict trading between members of the same broker group, the Merc announced. The actions, which range from warnings to fines, included a formal warning letter sent to Harry Lowrance, a prominent trader and former Merc floor chairman, said Merc spokesman Andrew Yemma. Lowrance exceeded the exchange’s 25% limit on intra-association trading when filling customer orders during January in Standard & Poor’s 500 futures, Yemma said.