ICE Futures U.S. has announced a settlement regarding charges against GCB Cocoa Singapore Pte Ltd for violations related to trading practices.
The Business Conduct Committee of the Exchange identified that GCB Cocoa may have breached Exchange Rule 4.02(c) by conducting multiple Exchange for Related Positions (EFRPs) that resulted in wash trades. It was specifically noted that these EFRPs were executed to transfer positions between various accounts that are managed under the same control and ownership, which is against the regulations set by the Exchange.
As part of the settlement agreement, which neither confirms nor denies the alleged violations, GCB Cocoa has consented to pay a financial penalty of $50,000. The disciplinary notice took effect on September 25, 2025.
The decision aims to uphold market integrity and ensure compliance with regulations designed to foster fair trading practices within the futures market.