Deutsche Bank gets a slap on the wrist for violating ICE trade practice rule
ICE Futures U.S. has published a disciplinary notice regarding Deutsche Bank AG.
The company has agreed to pay a small fine to settle charges related to alleged violations of Exchange Rule 4.02(c) – Trade Practice Violations.
The rule states:
“In connection with the placement of any order or execution of any Transaction, it shall be a violation of the Rules for any Person to execute a wash sale, accommodation Trade, fictitious sale or prearranged Trade”.
On August 31, 2021, a subcommittee of the Exchange’s Business Conduct Committee determined that, on February 28, 2020, Deutsche Bank AG may have violated Exchange Rule 4.02(c) by executing a block trade opposite two accounts that shared the same beneficial owner for the purpose of moving a position from one clearing member to another.
The products affected are Euro currency pairs and Euro/Swedish Krona futures.
The Exchange has determined that no consumer harm was caused.
In accordance with the terms of settlement, in which DB neither admitted nor denied the alleged rule violation. It agreed to pay a monetary penalty of $7,500.
