ICE Futures fines Goldman Sachs for alleged violations of Exchange rules
ICE Futures US has announced settlement of charges against Goldman Sachs International and Goldman Sachs & Co. LLC.
On September 20, 2023, a subcommittee of the Exchange’s Business Conduct Committee (BCC) determined that Goldman Sachs International (GSI) and Goldman Sachs & Co. LLC (GS&Co.) may have violated Exchange Rule 6.15(a) by misreporting large trader positions in multiple instances in the Henry Penultimate Fixed Price option contract between November 2021 and November 2022.
The BCC separately determined that GSI may have violated Exchange Rule 2.12 by misreporting open interest in multiple instances in the ICE WTI 1st Line Future contract between April 2021 and December 2022.
Lastly, the BCC determined that both entities may have violated Exchange Rule 4.01(b) by failing to establish, administer, and enforce effective supervisory systems, policies, and procedures that are reasonably designed to ensure compliance with Exchange Rules.
The affected products are ICE WTI 1st Line Future and Option on Henry Penultimate Fixed Price Future.
In accordance with the terms of settlement, in which GSI and GS&Co. neither admitted nor denied the alleged rule violations, GSI agreed to pay $105,000 and GS&Co. $70,000 in monetary penalties.