Market Oversight Issues Statement Archives - The Industry Spread

CFTC’s Division of Market Oversight Issues Statement on the Certification of ICE Futures U.S., Inc. Submission No. 19-119

May 19, 2019

On February 1, 2019, ICE Futures U.S., Inc. (ICE or Exchange) self-certified[1] an amendment to ICE Rule 4.26 (Order Execution) (ICE Rule) that would allow ICE to implement a new functionality, named Passive Order Protection (“POP functionality” or “functionality”) (Submission). The POP functionality creates a delay or “speed bump” in the processing of incoming “aggressive” orders that would otherwise execute against “resting” or “passive” orders, but does not delay the processing of passive orders or their cancellations or modifications.