On December 7, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) announced the results of its rule enforcement review of ICE Futures U.S. The review covered a one-year target period and evaluated ICE’s compliance with Designated Contract Core Principles 2 (Compliance With Rules) and 12 (Protection of Markets and Market Participants).
Based on its review, DMO determined that ICE has an adequate trade practice surveillance program subject to a series of recommendations with respect to ICE’s proactive reviews of trade practice violations, automated trade surveillance system and trade practice investigations. However, DMO determined that ICE was deficient in meeting its obligations under CFTC regulation 38.158(b), which requires a designated contract market to complete investigations in one year or less, absent mitigating circumstances.
A copy of the results is available here.
A copy of the release is available here.