ICE Futures U.S. has announced the settlement of charges against Anthony Scigliano and Excelia Investments Limited.
On January 22, 2025, a subcommittee of the Exchange’s Business Conduct Committee (“BCC”) determined that from July 2023 through May 2024 (the “Relevant Period”) Anthony Scigliano may have engaged in different coordinated schemes each designed to facilitate the improper transfer of equity into Scigliano’s firm, Excelia Investments Limited, at the cost of different entities.
First, the BCC found that Scigliano, while trading for Excelia, may have coordinated trades with a former associate of Excelia, who, at the time, was trading on behalf of another firm (“Firm A”) and a personal account.
The coordinated trading occurred in the Cotton No. 2 (“CT”) October 2023/December 2023 (“V23/Z23”) Futures spread market on July 13 and 14, 2023, resulting in disruptions to the CT V23/Z23 market…
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