ICE Futures imposes permanent ban on ROC Capital Markets and Keval Patel
ICE Futures U.S. today posted a notice of disciplinary action as to ROC Capital Markets and Keval Patel.
Following ROC Capital Markets’ and Keval Patel’s failure to request a hearing and file an Answer to a Notice of Charges issued by the Exchange’s Market Regulation Department, a Hearing Panel of the Exchange’s Business Conduct Committee found that, between October 2019 and November 2019, the respondents violated Exchange Rules 4.02(l)(1)(A), 4.02(l)(1)(C), 4.02(l)(2), and 4.04.
The Panel found that during the relevant period, ROC Capital Markets and Patel engaged in a pattern of layering orders at various price levels on one side of the orderbook while trading orders of smaller collective volume on the opposite side. Shortly after the opposing smaller volume traded, Respondents deleted the layered orders.
Instead of entering orders with the intent to trade, Respondents were found to have entered the layered orders on one side of the orderbook to create false depth, put pressure on the market, and mislead market participants into trading against, or moving the market closer to, its opposing orders.
The Panel also found that Respondents violated Exchange Rule 21.04 by failing to appear in response to the Exchange’s summons.
ROC Capital Markets and Keval Patel are permanently banned from access to all ICE Futures U.S. electronic trading platforms, including ICE Block.