ICE Futures U.S. has posted a notice of disciplinary action against Rabah Djennane, a former trader at Tereos Commodities France.

The Exchange’s Business Conduct Committee determined that, from August 1, 2024 through August 13, 2024 (the “Relevant Period”), Djennane may have violated Exchange Rules 4.02(l)(1)(A), 4.02(l)(1)(C), 4.02(l)(1)(D), 4.02(l)(2), and 4.04.

The Committee found that on several occasions during the Relevant Period, Djennane appeared to engage in a pattern of entering large orders on one side of the market while trading smaller-quantity orders on the opposite side. In each instance, Djennane deleted the larger order shortly after the smaller order(s) traded. Djennane’s activity indicated that the larger order(s) were not entered with the intent to trade.

The Committee further concluded that Djennane may have violated Rule 4.00(b) by initially furnishing false information to Market Regulation Staff. Specifically, Djennane first claimed that he had a bona fide trading strategy and intended for the large orders to trade, but he later admitted that the orders were not bona fide and were instead designed to lead market participants into trading against his pre-positioned opposing order(s).

In accordance with the terms of settlement, in which Djennane neither admitted nor denied the alleged rule violations, Djennane agreed to pay a monetary penalty of $75,000 and serve an eight-week suspension from direct and indirect trading access to all ICE Futures U.S., Inc. electronic trading platforms, including ICE Block.

These penalties were increased based on the alleged – but not admitted or agreed -violation of Exchange Rule 4.00(b).

The suspension will run from March 19, 2026, through and including May 14, 2026.