The Regulatory Division of Bourse de Montréal Inc. has settled a complaint lodged against Steve Metaxas, a restricted trading permit holder of the Montreal Exchange.

Metaxas agreed to pay a fine of $20,000 and has agreed to pay the cost of the investigation in the amount of $5,000.

Metaxas was alleged to have engaged in manipulative trading methods. During the period of November 2000 to April 2001, on eight occasions, Metaxas executed transactions for the purchase or sale of Ten-year Canadian Government Bond futures contracts and of Three-month Canadian Bankers’ Acceptance futures contracts that triggered stop orders in a manner contrary to ME regulations.

At the time of these violations, Steve Metaxas was a restricted trading permit holder.