Deutsche Bank Hit by ICE for Breaching Trade Practice Rule

The ICE Futures U.S. announced on Tuesday it has charged against Deutsche Bank AG (Deutsche Bank) due to its violation of Exchange Rule 4.02(c) .

Pursuant to Rule 4.02(c), in connection with the placement of any order or execution of any Transaction, it shall be a violation of the Rules for any person to execute a wash sale, accommodation trade, fictitious sale or prearranged trade.

As detailed on the announcement, on August 31, 2021, a subcommittee of the Exchange’s Business Conduct Committee determined that, on February 28, 2020, Deutsche Bank may have violated Exchange Rule 4.02(c) by executing a block trade opposite two accounts that shared the same beneficial owner for the purpose of moving a position from one clearing member to another.

The exchange noted that the products affected were Euro currency pairs and Euro/Swedish Krona futures, and that no consumer was harmed.

In accordance with the terms of settlement, in which Deutsche Bank neither admitted nor denied the alleged rule violation. It agreed to pay a monetary penalty of $7,500.