Liquidnet gets a slap on the wrist for alleged violations of ICE Futures US rules
ICE Futures U.S. has published a disciplinary notice against Liquidnet, Inc.
On December 4, 2025, a subcommittee of the Exchange’s Business Conduct Committee determined that from October 30, 2024 through November 1, 2024 Liquidnet may have violated Rule 4.02(l)(2) when Liquidnet brokers entered test orders in the Exchange’s Electronic Trading System at off-market prices without the intent to execute bona fide transactions. Liquidnet self-reported the matter to the Exchange.
The affected products are Sugar No. 11 Futures, Sugar No. 11 Options, as well as MSCI Emerging Markets Index Futures.
In accordance with the terms of settlement, in which Liquidnet neither admitted nor denied the alleged rule violation, Liquidnet agreed to pay a monetary penalty of $10,000.
