The CME Group re-emphasized prior lessons in two disciplinary actions published last week—that trading should not be done to transfer funds or spoof the market. In one action, the New York Mercantile Exchange and the Commodity Exchange, Inc. fined Daniel Masters in aggregate US $35,000 for engaging in pre-arranged transactions on the Globex platform from August 19 to 22, 2013, to transfer funds from one account to another account he owned. Mr. Masters also agreed to be suspended for 10 business days from trading CME Group products to resolve this matter. Separately, Michael Simonian was fined US $35,000 for engaging in acts detrimental to the interests of the exchange when, on various trade dates between March 2013 and January 2014, he entered large manual orders on one side of the silver futures market to encourage market participants to trade opposite his iceberg orders resting on the other side of the market. As soon as his iceberg orders were hit, Mr. Simonian cancelled his resting large orders—typically within one second. (Iceberg orders on Globex are orders that expose to the market only part of the overall order.) Mr. Simonian also agreed to a 15-day suspension from trading CME Group products to resolve his disciplinary action.