ICE Futures US has posted a notice of settlement of charges against StoneX Financial Ltd.

On September 24, 2025, a subcommittee of the Exchange’s Business Conduct Committee determined that StoneX may have violated Exchange Rules by brokering or executing a series of non-bona fide Exchange for Related Position (EFRP) transactions.

The Committee found that StoneX may have violated Rule 4.02(c) by, at the direction of its client, brokering multiple opposing EFRP transactions between accounts held at different clearing firms and in the name of different entities, but ultimately controlled by a single client, resulting in wash trades.

In those instances, StoneX should have conducted due diligence to ascertain whether the EFRPs satisfied the Rule’s “independently controlled” requirements, particularly given that the client’s purpose of the EFRPs was to move a futures position from one account to another.

Additionally, the Committee determined that StoneX may have violated Rule 4.06(b)(v) by executing non-bona fide EFRPs without generating the customary OTC documentation in accordance with the relevant market practices.

The Committee also found that StoneX may have violated Rule 4.01(a) by failing to diligently supervise its employees’ Exchange-related activities, and Rule 4.01(b) by failing to establish, administer, and enforce supervisory systems, policies and procedures related to EFRP requirements.

Finally, the Committee concluded that StoneX may have violated Rule 4.04 by failing to comply with various Rules and procedures of the Exchange.

In accordance with the terms of settlement, in which StoneX neither admitted nor denied the alleged rule violations, StoneX agreed to pay a monetary penalty of $100,000.

The effective date of the notice is September 24, 2025.