US regulators have fined ICE Futures US $3 million for data reporting violations over a 20-month period.
The U S Commodity Futures Trading Commission (CFTC) issued the charges for ICE submitting inaccurate and incomplete reports and data from at least October 2012 through at least May 2014.
“Today’s action makes clear that registrants who fail to meet their reporting obligations will be held accountable and that the CFTC takes a particularly dim view of reporting violations that continue over many months, especially after CFTC staff has repeatedly alerted the registrant in question to the problems in its reporting,” said CFTC director of enforcement Aitan Goelman.
The CFTC’s order said that it repeatedly notified ICE of the problems with its reports and data and requested that ICE take action to correct the mistakes, but that ICE continued to submit inaccurate reports and data.
Along with the monetary penalty, the US watchdog has also ordered ICE to comply with undertakings to improve its regulatory reporting.
The CFTC is forcing ICE to create and maintain a new senior position of Chief Data Officer, who will have direct responsibility for systems and procedures relating to regulatory reporting.
“The CFTC cannot carry out its vital mission of protecting market participants and ensuring market integrity without correct and complete reporting by registrants, including DCMs [designated contract market],” added Goelman.