ICE Futures fines StoneX Financial for inaccurate reporting
ICE Futures U.S., Inc. has published a disciplinary notice against StoneX Financial Inc.
Let’s note that in accordance with ICE Futures U.S., Inc. Rule 21.02(e), the Chief Regulatory Officer or his designee may impose a summary fine of no more than $10,000 upon a Member or other market participant for certain minor rule violations.
The rule (in its relevant part) states:
“Each Clearing Member shall report to the relevant Clearing Organization, on each Exchange Business Day, the open Positions it carries in each Commodity Contract (separately by Customer and proprietary account), including Positions carried for other Clearing Members, in accordance with the Clearing Organization Rules and procedures. . .
On each Exchange Business Day, each Clearing Member shall report to the Clearing Organization any adjustments to be made in the open Positions reported on the previous Business Day, in accordance with the Clearing Organization Rules and Procedures. . .”
StoneX Financial Inc. was issued a summary fine in the amount of $10,000 for violating Rule 2.22 by reporting inaccurate open interest for the July 2021 Coffee “C” futures contract. The violation occurred on trade date October 12, 2020.
The Exchange notes that no customer harm was done as a result of the rule violation.