ICE Futures US has posted a disciplinary notice against Vantage Capital Markets LLP (“VCM LLP”).

On December 4, 2025, a subcommittee of the Exchange’s Business Conduct Committee determined that in several instances from May 2024 through October 2024 (Relevant Period), Vantage Capital Markets LLP may have violated Rule 4.07(c) by submitting block trades with incorrect execution times and submitting these beyond the 15-minute reporting window.

The Committee further determined that, during the Relevant Period, VCM LLP may have violated Rule 4.01(a) by failing to diligently supervise the block trade activities of its employees, and Rule 4.01(b) by failing to establish, administer, and enforce supervisory systems, policies and procedures reasonably designed to achieve compliance with Exchange Rules.

The affected products are MSCI India NTR Index and MSCI Emerging Markets Selection Index Futures.

In accordance with the terms of settlement, in which VCM LLP neither admitted nor denied the alleged rule violations, VCM LLP agreed to pay a monetary penalty of $30,000.