StoneX Financial reached a settlement with ICE Futures by agreeing to pay $20,000
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StoneX Financial Inc. recently managed to settle with ICE Futures US by agreeing to pay a monetary penalty of $20,000. The announcement of the settlement came yesterday, September 19.
StoneX Financial Agrees To Pay The Penalty
ICE Futures charges against StoneX Financial related to potential violations of the Exchange Rule. The rule prohibits certain trade practices, such as prearranged trades and wash sales. While ICE Futures alleges that StoneX has broken the rules, its statement also indicated that no customer harm occurred due to the incident.
This is why StoneX was able to settle by paying a monetary penalty of $20,000, although it opted not to admit or deny the allegations listed in the settlement agreement.
The charges against the firm came due to an incident that took place on April 27, 2023. At the time, one employee at StoneX allegedly placed opposing buy and sell orders in the Cocoa Futures spread market. After an investigation, the exchange’s Business Conduct Committee discovered that the execution of the orders could lead to a wash trade.
In other words, the results of the investigation suggested that the firm’s employee knew, or at least should have known of the implications that would follow these transactions.
StoneX Made Multiple Partnerships Despite The Incident
StoneX Financial is a subsidiary of StoneX Group Inc, and it is headquartered in London. The company recently renewed its partnership with Saracens, a well-known UK rugby club. Thanks to the partnership, the StoneX logo will be on the front of both the men’s and women’s team jerseys, instead of City Index.
Initially, the company became a partner of the team back in 2020, and it contributed to its success and league titles for both teams. The partnership also focused on community engagement. StoneX backed the Saracens Foundation, and it provided work experience opportunities for the Saracens High School students.
The partnership represents one of the best examples of the union between rugby and the payments sector, pointing out the opportunities that can emerge from such team-ups.
Apart from the rugby team, StoneX also teamed up with NatWest Group to improve the bank’s international payment capabilities. Through this collaboration, StoneX Payments was able to offer 3rd-party delivery and international FX payment services to the online bank.
The move also allowed corporate clients to move funds to additional countries, and access 10 more currencies. As such, the bank’s own local payment reach was expanded, and it was able to offer cross-border transfers.
