ICE imposes fine on TFS Derivatives for block trade violations
ICE Futures U.S. has imposed a fine on TFS Derivatives Ltd for violating Exchange rules.
The relevant Exchange Rule states:
“Rule 4.07(c) – Block Trade Violations
The parties to a Block Trade shall cause the transaction to be reported to the Exchange in accordance with such procedure as are determined by the Exchange from time to time. (Block Trades in MSCI Index Futures Contracts must be reported for posting within 15 minutes from the time of execution; for Block at Index Close (“BIC”) trades on MSCI products, the requirement for posting is by 8:30am New York Time the following business day.)”
The list of affected products includes:
- MSCI Emerging Markets Index Futures
- MSCI Japan NTR Index Futures
- MSCI EAFE Index BIC
TFS Derivatives Ltd. was issued a summary fine of $10,000 for violating Rule 4.07(c) by reporting Block Trades between March and September of 2022 after the Exchange’s required reporting time.