ICE Futures U.S. proposed amendments to a rule and guidance effective November 8 that would clarify that firms that execute or clear exchanges for related position transactions for customers who have no ongoing obligation to assess a customer’s suitability to engage in such transactions. Instead, such firms may have liability if they have actual or constructive knowledge of a customer’s execution of a non-bona fide EFRP. These amendments conform ICE Futures U.S. provisions to equivalent CME group provisions that were recently adopted. (Click here for background in the article “CME Group Proposes to Eliminate Requirement for Clearing Members to Detect Non-Bona Fide EFRPs; Cautions Traders on Orders During the Globex Pre-Open” in the October 22, 2017 edition of Bridging the Week.)