ICE Futures U.S. has posted a disciplinary notice against Tereos Commodities France.

On March 5, 2026, a subcommittee of the Exchange’s Business Conduct Committee determined that, from August 1, 2024 through August 13, 2024 (the “Relevant Period”), Tereos, through the actions of one of its former traders, may have violated Exchange Rules 4.02(l)(1)(A), 4.02(l)(1)(C), 4.02(l)(2), and 4.04.

The Committee found that, during the Relevant Period, the former trader, on behalf of an account owned by Tereos, 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, the former trader deleted the larger order shortly after the smaller order(s) traded. The former trader’s activity indicated that the larger order(s) were not entered with the intent to trade.

The Committee further determined that, during the Relevant Period, Tereos may have violated Rule 4.01(a) by failing to diligently supervise the 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.

In accordance with the terms of settlement, in which Tereos neither admitted nor denied the alleged rule violations, Tereos agreed to pay a monetary penalty of $50,000 and disgorge $65,262.40 in benefits gained.