ICE Futures US permanently suspends trader for alleged violation of exchange rules

ICE Futures US has issued a disciplinary notice against Retaish Kumar.

A subcommittee of the Business Conduct Committee (BCC) of the Exchange determined that from January 2023 to February 2023 (the “Relevant Period”) Kumar may have violated Exchange Rules 4.02(l)(1)(A), 4.02(l)(1). )(C), 4.02(l)(2), 4.04 and 21.04.

The BCC found that during the relevant period, Kumar appeared to have adopted a pattern of entering a large order at a price level on one side of the order book while trading small quantity orders from the other side. In each case, Kumar deleted the larger order shortly after trading the smaller orders. Kumar's activity indicated that the large orders were not entered with the intention of trading.

The BCC further determined that Kumar may have violated Rule 21.04 by failing to appear during the investigation of the matter when he was summoned by the Market Regulation Department of the Exchange.

Pursuant to the terms of the settlement, in which Kumar neither admitted nor denied the alleged rule violations, Kumar agreed to a permanent suspension of direct and indirect trading access to all ICE Futures US electronic trading platforms, Inc., including ICE Block.

The effective date of the disciplinary notice is June 20, 2024.