ICE Futures U.S. reached a $3 million settlement with the CFTC over charges that the global futures and options exchange submitted false and incomplete reports and data to the agency for at least 20 months.
The Commodity Futures Trading Commission said that on every trading day from at least October 2012 through May 2014, ICE Futures U.S. submitted reports and data that had errors and omissions, with “thousands” of inaccuracies, said a news release from the CFTC.
Also, ICE Futures U.S. continued to send erroneous and incomplete data despite repeated notifications by the CFTC, the agency said.
As part of the settlement, ICE Futures U.S. agreed to improve its regulatory reporting, including creating a new senior position, chief data officer.
The CFTC said ICE Futures U.S. attributed the errors primarily to “technology upgrades and data migration projects” and said they affected only data provided to the CFTC. Information published by ICE on its website was accurate, according to the news release.
Brookly McLaughlin, ICE Futures U.S. spokeswoman, said the company had no comment.
The U.S.-based exchange is a unit of Intercontinental Exchange.