OTC Asia Commodities PTE Ltd has agreed to pay a $100,000 fine to settle ICE Futures charges in the US.
On 17 April 2024, a sub-committee of the Exchange Business Conduct Commission (BCC) found that on several occasions from May 2022 and August 2022 (Relevant Period), OTC Asia Commodities PTE Ltd may have breached the following Exchange Rules for certain bond trades: 4.07(c) incorrectly reporting execution time and submitting trades beyond the 15 minute reporting window. 4.07(a)(ii)(A) by failing to comply with private trading requirements; 6.07(a)(ii) by failing to keep full, complete and systematic records. 6.07(a)(iii) for failure to comply with general recordkeeping requirements; and 6.08(b)(i) bequest for failure to comply with order ticket requirements.
The BCC further determined that, during the Relevant Period, OTC Asia may have additionally breached rule 4.01(a) by failing to diligently supervise the block trading activities of its employees and rule 4.01(b) by failing to establish, manage and impose supervisory authority systems, policies and procedures, which are reasonably designed to achieve compliance with the Exchange Rules.
Finally, the BCC found that OTC Asia may have violated Rule 21.04 by failing to respond to the Exchange’s inquiries in a timely manner.
The affected products are various Energy Contracts.
Under the terms of the settlement, OTC Asia neither admitted nor denied the alleged rule violations.