Both ICE Futures U.S. and ICE Futures Europe have updated their policies regarding block trades. In general, block trades are permitted off-exchange transactions between eligible contract participants (in the United States) at specified times involving certain prescribed minimum quantities of designated futures and options contracts. Block trades on the two ICE Futures exchanges must be executed at prices that are fair and reasonable at the time, be reported accurately within prescribed time frames, and comply with certain record preparation and retention requirements (e.g., all order tickets must reflect that the transaction may be executed as a block trade). Block trades may be executed between accounts of affiliated persons provided the price is a fair and reasonable market price, each party has a separate and independent legal business purpose for entering into the trade and each party’s decision to enter into a block trade was made by a separate and independent person. There are strict requirements for revealing certain customer information in connection with block trades. Front running or pre-positioning in connection with block trades is not permitted. ICE Futures U.S. issued frequently asked questions regarding block trades on June 19, while ICE Futures Europe issued guidance last week.