CME Group issued its annual reminder that members, member firms and broker associations, as well as employees of such entities and individuals, may not give or receive gifts or gratuities in excess of $100 within any 12-month period to or from any employee of any such other organization or individual.
My View: CME Group’s requirement is similar to a standard securities industry requirement set forth in Rule 3220 of the Financial Industry Regulatory Authority (click here to access). Two years ago, FINRA sought comments on this rule to assess its continued relevance. FINRA subsequently issued a report confirming its ongoing usefulness, but acknowledged that the $100 threshold was likely antiquated since it was first adopted last century, in 1992 (click here to access the report). However nothing has changed yet either regarding the FINRA rule or the relevant CME rule. Even the Board of Governors of the Federal Reserve System finally increased its benchmark interest rate last week!