ICE FEU issued circular 24/130 concerning consolidation of the ICE Messaging Policy.
Overview
The circular informs of upcoming changes to ICE Messaging Policy for ICE FEU, ICE FUS, ICE Futures Abu Dhabi, and ICE ENDEX (collectively the ICE Exchanges).
From Nov. 11, 2024, subject to completion of all relevant regulatory processes, ICE Exchanges will no longer administer their own versions of the Messaging Policy.
Instead there will be a consolidated and amended single ICE Exchange Messaging Policy to be administered by the ICE Trade Operations Department/ICE Helpdesk.
General principles of the individual policies will not change, but new Policy will: revise the message thresholds applicable for ICE Exchange contracts subject to the Policy.
Revise message weighting applicable under Policy; and pending a request and subject to approval by ICE, allow trading firms to request the aggregation of messaging activity among commonly owned entities by Company ID for sole purpose of Policy.
Fees resulting from breaches of the Policy will be assessed beginning Jan. 2025.
ICE Messaging Policy is designed to discourage inefficient/excessive messaging on ICE Exchanges without compromising market liquidity, sets out messaging and volume ratio thresholds that consider quality of order measured by depth of the order.
Therefore likelihood of the order to provide liquidity and promote an efficient market.
Effectiveness
The new ICE Messaging Policy takes effect on Nov. 11, 2024.
