ICE Futures U.S. announced the settlement of charges against
StoneX Financial Inc. yesterday (Thursday). The charges were related to potential
violations of Exchange Rule, which prohibits trade practices such as wash sales
and prearranged trades.
The statement indicated that no customer harm occurred due
to the incident. As part of the settlement, StoneX will pay a monetary penalty
of $20,000. The firm did not admit or deny the allegations in the settlement
agreement.
Charges Arise from Cocoa Futures
The charges originated from an incident on April 27, 2023.
An employee of StoneX allegedly placed opposing buy and sell orders in the
Cocoa Futures spread market. The Exchange’s Business Conduct Committee found
that the execution of these orders could result in a wash trade. This suggested
that the employee was aware or should have been aware of the implications of
these transactions.
Finance Magnates reached out to StoneX for a comment. At the
time of publication, no response has been received.
Rugby and Payments Unite
StoneX Financial Ltd, based in London and a subsidiary of
StoneX Group Inc., has renewed its partnership
with the UK rugby club Saracens, introducing several new features for the
2024/25 season. The StoneX logo will now adorn the front of both the men’s and
women’s team jerseys, replacing City Index.
Since becoming a partner in 2020, StoneX has supported
Saracens’ success, contributing to league titles for both teams. The
partnership also emphasizes community engagement, with StoneX backing the
Saracens Foundation and providing work experience opportunities for students at
Saracens High School.
In addition, StoneX
has teamed up with NatWest Group PLC to enhance the bank’s international
payments capabilities, as reported by Finance
Magnates. This collaboration allows StoneX Payments to offer third-party
delivery and international FX payment services to NatWest.
It enables corporate clients to transfer funds to more
countries and access an additional 10 currencies, thereby expanding the bank’s
local payment reach and facilitating cross-border transactions.
This article was written by Tareq Sikder at www.financemagnates.com.
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