ICE Futures US gas posted a notice of settlement of charges against Mulvaney Capital Management, Ltd.

On July 16, 2026, a subcommittee of the Exchange’s Business Conduct Committee (BCC) determined that, on March 3, 2025, Mulvaney Capital Management, Ltd may have violated Exchange Rule 6.19(a) in two instances by establishing positions in the Cotton No. 2 futures contract (CT) that exceeded the CT’s Single-Month and All-Months-Combined position limits on an interday basis.

The BCC additionally found that Mulvaney may have violated Exchange Rule 4.01(b) by failing to establish policies and procedures that were reasonably designed to achieve compliance with Exchange Rules.

In accordance with the terms of settlement, in which Mulvaney neither admitted nor denied the alleged rule violations, Mulvaney agreed to pay a monetary penalty of $50,000 and disgorge $436,530 in benefits gained.