ICE Futures U.S. has filed a notice of settlement of charges against Spectron Energy Asia Pte Ltd.

On December 12, 2022, a subcommittee of the Exchange’s Business Conduct Committee (BCC) determined that in several instances between January and March 2021, Spectron Energy Asia Pte Ltd may have violated the following Exchange Rules for certain block trades:

• 4.07(c) by misreporting the execution time and submitting trades beyond the 15-minute reporting window;
• 6.08(b)(i) by failing to comply with order ticket requirements;
• 6.07(a)(iii) by failing to comply with general recordkeeping requirements; and
• 4.07(a)(ii)(A) by failing to meet the Exchange’s private negotiation requirement.

The BCC further determined that, during the Relevant Period, Spectron may have additionally violated Rule 4.01(a) by failing to diligently supervise the Exchange-related activities of its employees and Rule 4.01(b) by failing to establish, administer, and enforce supervisory systems, policies and procedures, which are reasonably designed to achieve compliance with Exchange Rules.

In accordance with the terms of settlement, in which Spectron neither admitted nor denied the alleged rule violations, Spectron agreed to pay a monetary penalty of $80,000.