It was revealed that RJ O’Brien & Associates Canada Inc. has been fined. $10,000 by ICE Futures US for violating the Code of Business Practices.
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 breach arose from inappropriate cross-trading in Canola futures contracts.
Specifically, RJ 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 this rule, orders allowing price or time estimation must be executed either using a crossover order (CO) or displayed on the electronic trading system (ETS) for a minimum of five seconds before an opposing order is placed.
On November 12, 2024, the company was fined $10,000 for these violations.
RJ O’Brien & Associates Canada is a subsidiary of RJ O’Brien & Associates, a leading independent futures brokerage.