Tullett Prebon Energy Singapore gets a slap on the wrist for ICE rule violations
ICE Futures U.S. has posted a disciplinary notice against Tullett Prebon Energy Singapore Pte. Ltd.
On October 18, 2023, a subcommittee of the Exchange’s Business Conduct Committee (BCC) determined that in multiple instances between November 2021 and February 2022, Tullett Prebon Energy Singapore Pte. Ltd. (TP Energy) may have violated the following Exchange Rules for certain block trades: 4.07(a)(ii)(A) by failing to comply with private negotiation requirements; legacy 6.08(b)(i) by failing to comply with order ticket requirements; 6.07(a)(iii) by failing to comply with general recordkeeping requirements; and 4.07(c) by misreporting execution time and submitting trades beyond the 15-minute reporting window.
The BCC further determined that, during the Relevant Period, TP Energy may have additionally violated Rule 4.01(a) by failing to diligently supervise the block trade activities of its employees and Rule 4.01(b) by failing to establish, administer, and enforce supervisory systems, policies and procedures, which are reasonably designed to achieve compliance with Exchange Rules.
In accordance with the terms of settlement, in which TP Energy neither admitted nor denied the alleged rule violations, TP Energy agreed to pay a monetary penalty of $40,000.