US CFTC fines ICE unit $3 mln over data reporting violations

March 16 (Reuters) – U.S. derivatives regulators on Monday ordered a unit of Intercontinental Exchange to pay $ 3 million to settle civil charges that it submitted inaccurate and incomplete data reports over a 20-month period.

The Commodity Futures Trading Commission said that ICE Futures U.S. Inc failed to correct the ongoing errors, even after CFTC staff alerted the exchange operator about the problems.

In addition to the penalty, ICE must create a new chief data officer position and undertake other remedial steps, the CFTC said.

(Reporting by Emily Stephenson)

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