To become a member of ICE Futures Europe, a candidate must complete an application form, undergo a due diligence review and execute an agreement stating he will adhere to all Exchange regulations.
All futures trades executed on the ICE platform are monitored by or attributable to responsible individuals who are accountable for the trading activities of both the member and the member's customers. They are also responsible for the conduct of trades executed in the member's name.
There are three categories of membership that determine the type of business which members may conduct. In addition to Membership category, a member's status as a clearer will also impact the type of business they may conduct.
Transact own** business and business for clients (whether such clients are other Members or non-Members).
General Participants* may trade their own** business and clients' business. They may also do give ups. If the General Participant is a clearing member of ICE Clear Singapore as well, they may clear their own business, clients' business or clear for any other member of the exchange who is not a member of the clearing house.
Transact own** business or affiliate business only.
*General Participant and Trade Participant categories of membership must either be clearing members or, as non-clearing members, must enter into a clearing agreement with a General Participant who is a clearing member. An Individual Participant cannot be a clearing member and, as a non-clearing member, must enter into a clearing agreement with a General Participant who is a clearing member.
**It is understood that "Own" business is business transacted solely for the benefit of that Member, a wholly owned subsidiary of that Member, the parent company of that Member, or a company in that Member's group of companies. Such business undertaken by a Member on behalf of another group company must not in turn be business undertaken on behalf of a third party.
The Membership criteria, which an applicant must meet at the outset and must continue to meet as a Member, are set out below. They are also detailed in the ICE Futures Europe Regulations and Members are expected to inform ICE Futures Europe of failure or anticipated failure to meet the membership criteria.
An Applicant for ICE Futures Europe Membership must:
In order to trade on the electronic platform the Member must register at least one Responsible Individual (RI) with ICE Futures Europe in accordance with ICE Futures Europe Trading Procedures. Responsible Individuals must follow a set of guidelines that govern trading on the Exchange. The full set of requirements for Responsible Individuals should be reviewed by those wishing to register as an RI. Please refer to the Responsible Individual Requirements here.
All UK Members conducting regulated activity in the UK, as defined by Financial Services and Markets Act 2000 ("FSMA"), must be authorised by either the Financial Conduct Authority (“FCA”) or the Prudential Regulatory Authority (“PRA”) unless exempted under the FSMA. Individuals conducting regulated activity in the UK must, where relevant, be registered with either the FCA or the PRA. Overseas Members must have the appropriate regulatory status in the jurisdiction of their incorporation. All Members must check that ICE Futures Europe has the relevant regulatory status in each jurisdiction from which they wish to trade ICE Futures Europe Contracts on the ICE Platform. Where a Member registers a Responsible Individual located in the U.S. who will be executing client business, that Responsible Individual must be employed by a Futures Commission Merchant.