ICE Futures U.S. has permanently banned Aryan Agarwal for trade practice violations.

The Business Conduct Committee found that Agarwal violated Exchange Rules 4.02(l)(1)(A), 4.02(l)(1)(C), and 4.02(l)(2) from November 7, 2024 through December 20, 2024 (the “Relevant Period”).

The Committee found that during the Relevant Period, Agarwal engaged in a pattern of entering multiple orders at one price level comprised of a large cumulative volume on one side of the market, aiming to entice third-party market participants to trade against pre-positioned orders on the opposite side of the market. In each instance, Agarwal deleted the multiple order(s) shortly after the pre-positioned orders(s) traded.

Agarwal’s activity revealed that the multiple orders were not entered for the purpose of trading but were entered to create a false market depth, influence third-party market participants into bettering the prevailing market, and have them trade against his opposing orders.

On May 5, 2026, Agarwal failed to appear at the Exchange’s Business Conduct Committee meeting to contest the facts set forth in the investigation report prepared by the Market Regulation Department. Agarwal also failed, prior to the BCC meeting, to participate or advise the Market Regulation Department, in writing, of an intent to participate in the disciplinary process.

Agarwal is permanently banned from access to all ICE Futures U.S. electronic trading platforms, including ICE Block.

The ban got into effect on May 7, 2026.