R.J. O’Brien & Associates Canada Inc. has been fined $10,000 by ICE Futures U.S. for breaching trade practice rules, it was revealed.
R.J. O’Brien & Associates Canada Fined By ICE Futures For Minor Violations
The penalty was issued under the exchange’s Rule 21.02(e), which allows the Chief Regulatory Officer to impose summary fines of no more than $25,000 for minor violations without a formal disciplinary hearing.
ICE Futures explained that the violation stemmed from improper cross trading in Canola Futures contracts.
Specifically, R.J. O’Brien was found to have violated Rule 4.02(g)(3) by failing to follow required procedures when handling two client orders for different beneficial owners.
According to the rule, orders that permit price or time discretion must either be executed using a Crossing Order (CO) or exposed on the Electronic Trading System (ETS) for a minimum of five seconds before placing an opposing order.
On November 12, 2024, the firm was fined $10,000 for these breaches.
R.J. O’Brien & Associates Canada is a subsidiary of R.J. O’Brien & Associates, a leading independent futures brokerage.
