ICE Futures US has issued a disciplinary notice against Retaish Kumar.
A sub-committee of the Exchange Business Conduct Commission (BCC) determined that from January 2023 to February 2023 (the “Relevant Period”), Kumar may have breached exchange rules 4.02(l)(1)(A) , 4.02(l)(1 )(C), 4.02(l)(2) and 4.04 and 21.04.
BCC found that during the Relevant Period, Kumar appeared to have engaged in a pattern of entering a large order at a price level on one side of the order book while trading small quantity orders on the opposite side. In each case, Kumar deleted the largest order shortly after the smaller orders were traded. Kumar’s activity showed that the large orders were not entered for the purpose of trading.
The BCC further held that Kumar may have violated Rule 21.04 by failing to appear during the investigation of the case when summoned by the Market Regulation Department of the Stock Exchange.
Under 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, Inc. electronic trading platforms, including ICE Block.
The effective date of the disciplinary notice is June 20, 2024.