ICE Futures U.S. has published a notice of settlement of charges against GCB Cocoa Singapore Pte Ltd.
A subcommittee of the Exchange’s Business Conduct Committee determined that GCB Cocoa Singapore Pte Ltd may have violated Exchange Rule 4.02(c) by executing multiple Exchange for Related Positions (EFRPs) that resulted in wash trades.
Specifically, GCB Cocoa executed the EFRPs to move positions between accounts under common control and ownership.
In accordance with the terms of settlement, in which GCB Cocoa neither admitted nor denied the alleged rule violations, GCB Cocoa agreed to pay a monetary penalty of $50,000.
The effective date of the disciplinary notice is September 25, 2025.
