NOTICE OF SUMMARY ACTION

FILE NO.:

CME RSRH-22-6539

MEMBER FIRM:

ICAP Corporates LLC

CME RULE VIOLATION:

RULE 526.F. BLOCK TRADES

Unless otherwise agreed to by the principal counterparties to the block trade, the seller, or, in the case of a brokered transaction, the broker handling the block trade, must ensure that each block trade is reported to the Exchange within the time period and in the manner specified by the Exchange. The report must include the contract, contract month, price, quantity of the transaction, the respective clearing members, the time of execution, and, for options, strike price, put or call and expiration month. The Exchange shall promptly publish such information separately from the reports of transactions in the regular market.

MRAN RA-2201-5 (in part)

Market participants must accurately report the execution time of the block trade.

FINDINGS:

On six occasions in March 2022, ICAP Corporates LLC did not report block trades in a timely manner nor with an accurate execution time to the Exchange. These block trades were executed in October 2022 – March 2023 Class III Milk Futures, October 2022 – March 2023 Cash Butter Futures, October 2022 – March 2023 Cash-Settled Cheese Futures.

PENALTY:

On May 4, 2022, pursuant to Rule 512, a fine in the amount of $1,500 was assessed against ICAP Corporates LLC for its violations of CME Rule 526 and CME Rule 526.F.

EFFECTIVE DATE:

May 20, 2022