Credit Suisse Slapped with Fine for Violating ICE Futures Rules

ICE Futures has recently published a notice effective August 19, 2021, issuing Credit Suisse Securities (Europe) Ltd. a summary fine of $2,000 for failing to properly assign each Automated Trading System a unique identification for the purpose of routing orders automatically to the ETS.

According to ICE Futures, Credit Suisse violated the Exchange Rule 4.15(a) through its failure.

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Pursuant to the rule, each individual direct access member, employee of a clearing member or of a direct access member, automated trading system and customer that connects to the ETS by Order Routing must have a unique identification assigned to them in accordance with the procedure adopted by the exchange from time to time in order to utilize ETS. Each Person or automated trading system assigned a unique identification shall be referred to as a “Registered Operator.” The unique identification assigned to a Registered Operator may not be reassigned to another Registered Operator.

Credit Suisse’s violations of the rule affected MSCI Emerging Markets Index futures and MSCI EAFE Index Futures.

Credit Suisse Securities (Europe) Limited is a wholly owned subsidiary of Credit Suisse Investment Holdings (UK) and indirectly wholly owned subsidiary of Credit Suisse Group AG. Following an impressive Q2, Credit Suisse has recently added several executives​ to its management team.