StoneX Financial Inc. has settled with ICE Futures U.S. for a fine of $20,000 following an April 2023 trading incident. No customers were affected by the issue.
ICE Futures U.S. has reached a settlement with StoneX Financial Inc., resolving charges of trade practice violations. The charges stem from an incident on April 27, 2023, involving potentially improper trading practices, though no customer harm was reported.
Incident Involving Cocoa Futures
The issue arose when a StoneX employee allegedly placed conflicting buy and sell orders in the Cocoa Futures spread market. ICE’s Business Conduct Committee determined that this could have resulted in a wash trade, a practice prohibited by the Exchange Rule. The settlement does not require StoneX to admit or deny the allegations, but the company has agreed to pay a $20,000 penalty.
Ongoing Partnerships and Business Expansions
StoneX has continued to strengthen its brand presence beyond financial markets. The company, based in London and part of StoneX Group Inc., has renewed its partnership with the UK rugby club Saracens for the 2024/25 season. The StoneX logo will now feature on both the men’s and women’s team jerseys, replacing City Index, with the company continuing to support Saracens’ on-field success and community initiatives, including work experience programs for local students.
In a separate venture, StoneX has also partnered with NatWest Group PLC to enhance international payment services. This collaboration enables NatWest to expand its global payment capabilities by adding 10 new currencies and offering funds transfer services to more countries. StoneX Payments will handle third-party delivery and cross-border transactions, further boosting NatWest’s reach in the international market.
