ICE Futures Europe issued a disciplinary notice last week to a firm for not following their procedures for entering two crossing orders for execution. Just like in the US, a broker must enter one side and then wait a period of time (for ICE Futures Europe, that is five seconds) before entering the other side. In this case, the broker did not wait the required time and trades executed without other market participants having the stated time to execute the orders away from the cross.
That is not an uncommon scenario for a summary action by the disciplinary committee for a US exchange. It is the settlement in this case that indicates the differences.
First, the fine was for £60,000 - that is much greater than allowed for a summary disciplinary action by US exchanges in most cases. Second, the fine was reduced to £40,000 - which represents a "discretionary discount" for early settlement. That type of early payment discount is never noticed in the US even if it happens. Finally, ICE Futures Europe noted that one employee had already received additional training.
There was also no "failure to supervise" action singled out in the notice - this "failure to supervise" has been a common addition to a disciplinary action, especially where there are indications that an employee had not been sufficiently trained regarding their interaction with the market.
This is both a good example of the differences that a US firm has in dealing with non-US futures, such as the base Brent contract in oil, as well as an illustration of how the US disciplinary actions differe for firms trading US futures, such as WTI.