ICE Futures U.S. has announced settlement of charges against Pan Capital Management LP.

A subcommittee of the Exchange’s Business Conduct Committee determined that Pan Capital Management LP may have violated Rule 6.20(b) on February 26, 2025, by establishing a position in the March 2025 Henry Swing Future (HHD) that was in excess of the applicable spot month position limit.

The Committee additionally determined that Pan Capital may have violated Rule 6.20(c) on April 25, 2025 and May 23, 2025, by establishing positions in the spot month CME/NYMEX Henry Hub Natural Gas Futures (NG) while holding a position in the spot month Henry LD1 Fixed Price Future that was over the spot month position limit pursuant to a Conditional Limit application.

The Committee also found that Pan Capital may have violated Rule 4.01(a) by failing to diligently supervise the Exchange-related activities of its employees.

In accordance with the terms of settlement, in which Pan Capital neither admitted nor denied the alleged rule violations, Pan Capital agreed to pay a monetary penalty of $50,000.

The effective date of the disciplinary notice is May 6, 2026.