Chicago Stock Exchange Reaches Settlement; Stocchero Barred From Trading

The Chicago Stock Exchange (CHX) announced today that Joseph Stocchero, a former member, was barred from associating or seeking to become associated with a member or member organization of the Exchange for a period of three (3) years, with the right to re-apply after that time, based on violations of Just and Equitable Trade Principles, a violation of Exchange rules.

Specifically, the Exchange found that Stocchero, during the period June 2001 through December 2001, while acting as an unregistered market maker for an Exchange member firm, used improper and deceptive name changes in order to divert trade profits for his own benefit and to avoid trading losses to the detriment of another Exchange member in violation of Exchange Article VIII, Rule 7.

Mr. Stocchero submitted an offer of settlement, which was accepted by the Exchange, in which he neither admitted nor denied the charges filed against him.

David Whitcomb, CHX Chief Regulation Officer, said, "The settlement reached with Mr. Stocchero is one more example of the commitment CHX has made to build trust among the investing public. Through many proactive steps, such as upgrading the Exchange's surveillance efforts and bringing an independent consultant on board to review our regulatory programs, CHX is dedicated to ensuring the Exchange remains a highly reputable place to transact customer business."

The Chicago Stock Exchange was founded May 15, 1882. The CHX is a strong force for competition to all U.S. markets. The CHX trades more than 3,500 NYSE, AMEX, NASDAQ and CHX-exclusive issues.