Bloomberg News

ICE Futures Europe Fines NewEdge Because of 2010 Gasoil Trade

September 28, 2011

Sept. 28 (Bloomberg) -- The IntercontinentalExchange Inc.’s ICE Futures Europe exchange fined NewEdge Group’s U.K. branch $13,140 today for what it said was a failure by NewEdge client AOT Trading AG to take delivery of gasoil in January 2010.

NewEdge, the clearing house for AOT, was found to be in default on 20 contracts, or 2,000 metric tons, according to a disciplinary notice issued by the exchange.

The barge Arnaud, nominated to take delivery of the gasoil, arrived after the Jan. 31, 2010, nominated delivery date, according to notice issued in May.

Bill Ferri, a NewEdge spokesman in New York, declined to comment on the fine or the incident. NewEdge is a joint venture between Credit Agricole SA and Societe Generale SA.

Lee Underwood, an ICE spokesman based in Atlanta, declined to comment beyond the statement.

--Editors: David Marino, Charlotte Porter

To contact the reporter on this story: Margot Habiby in Dallas at mhabiby@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus