ICE Consolidated Messaging Policy


On Oct. 2, ICE FEU, ICE ENDEX issued consolidated Messaging Policy.


  • 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.

Regulators ICE ENDEX; ICE FEU; ICE FUS
Entity Types B/D; Depo; Exch; FCM; OTC
Reference Cir 24/130, 10/2/2024
Functions Compliance; Financial; Legal; Operations; Risk; Settlement; Trade Reporting; Trading
Countries EU Exchange; United States of America
Category
State
Products Clearing; Commodities; Derivatives; Fixed Income; Futures
Regions EMEA
Rule Type Final
Rule Date 10/2/2024
Effective Date 11/11/2024
Rule Id 228637
Linked to N/A
Reg. Last Update 10/2/2024
Report Section EU

Last substantive update on 10/07/2024