ICE Futures US has published a disciplinary notice regarding Sigma Broking Ltd.
On July 12, 2023, a subcommittee of the Exchange’s Business Conduct Committee (BCC) determined that in several instances between August and October of 2021, Sigma Broking Ltd, may have violated the following Exchange Rules for certain block trades:
- 4.07(c) by misreporting the execution time and submitting trades beyond the 15-minute reporting window;
- 6.08(b)(i) by failing to comply with order ticket requirements; and
- 6.07(a)(iii) by failing to comply with general recordkeeping requirements.
The BCC further determined that, during the Relevant Period, Sigma may have additionally violated Rule 4.01(a) by failing to diligently supervise the block trade activities of its employees and Rule 4.01(b) by failing to establish, administer, and enforce supervisory systems, policies and procedures, which are reasonably designed to achieve compliance with Exchange Rules.
The affected products are various energy contracts.
In accordance with the terms of settlement, in which Sigma neither admitted nor denied the alleged rule violations, Sigma agreed to pay a monetary penalty of $125,000.
