ICE Futures U.S. has posted a disciplinary notice against Retaish Kumar.
A subcommittee of the Exchange’s Business Conduct Committee (BCC) determined that from January 2023 through February 2023 (the “Relevant Period”), Kumar may have violated Exchange Rules 4.02(l)(1)(A), 4.02(l)(1)(C), 4.02(l)(2), and 4.04, and 21.04.
The BCC found that during the Relevant Period, Kumar appeared to have engaged in a pattern of entering a large order at one price level on one side of the orderbook while trading small-quantity order(s) on the opposite side. In each instance, Kumar deleted the larger order shortly after the smaller order(s) traded. Kumar’s activity indicated that the large orders were not entered with the intent to trade.
The BCC further determined that Kumar may have violated Rule 21.04 by failing to appear during the investigation of the case when summoned by the Exchange’s Market Regulation Department.
In accordance with the terms of settlement, in which Kumar neither admitted nor denied the alleged rule violations, Kumar agreed to a permanent suspension from direct and indirect trading access to all ICE Futures U.S., Inc. electronic trading platforms, including ICE Block.
The effective date of the disciplinary notice is June 20, 2024.
