ICE works with regulators and policy makers around the world to ensure supervision, compliance and reliable operation of markets. As a catalyst in the development of transparent, global markets, ICE works proactively to maintain the confidence of participants and the integrity of markets.
ICE Futures Europe is a London-based Recognised Investment Exchange, supervised by the U.K. Financial Conduct Authority (FCA). U.S.-linked contracts, including WTI crude oil, are subject to further oversight by the Commodity Futures Trading Commission (CFTC).
ICE Futures Europe Market Supervision is responsible for the monitoring and regulation of all trading activity for ICE's European futures markets. Operating around-the-clock, the team provides both front-line trading and back office support, and generates daily settlement prices.
As a recognised investment exchange under the Financial Services and Markets Act 2000 (“FSMA”), ICE Futures Europe (the “Exchange”) must put in place effective arrangements for the investigation and resolution of complaints arising in connection with the performance of, or its failure to perform, any of its regulatory functions (any such matter, a “Complaint”). These arrangements must include procedures for a Complaint to be fairly and impartially investigated by a person independent of the Exchange (the “Investigator”) and for the Investigator to report on the result of his investigation to both the Exchange and the person making the Complaint (“Complainant”). The arrangements must also confer on the Investigator the power to recommend, if appropriate, that the Exchange: (i) makes a compensatory payment to the Complainant; and/or (ii) remedies the matter complained of.
As the administrator of a registered commodity benchmark under Regulation (EU) 2016/1011 (the “Benchmarks Regulation” / “BMR”) the Exchange must have in place and publish and complaints handling policy setting out procedures for receiving, investigating and retaining records concerning complaints made about an administrator’s calculation process.
ICE Futures Europe has adopted the Complaints Resolution Procedures (the "Procedures"). The key stages of the Procedures are:
(a) an Eligible Complaint (as defined in section 2) must be submitted in writing;
(b) at first instance, the Exchange will investigate the Complaint and attempt to resolve it. If the Complainant is dissatisfied with the Exchange’s response or proposals to redress the Complaint, the Complainant may request that the Exchange refer the Complaint to an independent Complaints Commissioner (the “Commissioner”) appointed by the Exchange;
(c) the Commissioner, if he determines that the referral is of an Eligible Complaint, will investigate the matter in accordance with the Commissioner’s Terms of Reference;
(d) following due consideration, the Commissioner will produce a report outlining his recommendations which will be copied to the Exchange and the Complainant; and
(e) if the Commissioner recommends a compensatory payment and/or remedial action, the Exchange will consider and may act upon such recommendation.
There is no restriction on who can bring a complaint against the Exchange, although any complaint handled in accordance with the Procedures must be an eligible complaint as defined in the Procedures. Broadly, this includes complaints concerning alleged breaches of statutory duty, the Exchange's rules or the proper operation of the market in relation to: the regulatory functions of the Exchange; business transacted on the Exchange; transactions cleared through the Exchange; and Exchange contracts.
In referring the complaint, or by asking the Exchange to refer the complaint to the Commissioner, the complainant agrees to be bound by the Procedures and accepts that any recommendation made by the Commissioner to the Exchange shall, if adopted by the Exchange, be a full and final resolution of the complaint and all associated rights and claims.
All complaints should be made in writing, marked "Complaints Resolution Procedure" and sent to:
Complaints Handling Officer
ICE Futures Europe, 5th Floor, Milton Gate, 60 Chiswell Street, London EC1Y 4SA
The complaint should be signed by the complainant, and, where it is made by a company, it should be signed by a Director or appropriate senior officer. The written complaint should include sufficient information to allow the Exchange to properly identify the trade(s) or activities complained of, and establish the basis for any alleged loss by the complainant. If insufficient information is provided, the Exchange may request further information. ICE Futures Europe will not make any charges to complainants in relation to the complaint, and the Commissioner's costs will be paid by the Exchange. For additional information on the Exchange's Complaints Handling Procedures, please email the Complaints Handling Officer or call +44 (0)20 7065 7700*.
*ICE Futures Europe telephone lines are recorded and may be monitored.