This Clearly Erroneous Trade Execution Policy (“Policy”) is based on our belief that unjust enrichment by one person because of another person’s mistake is not fair and honorable, and that in such unjust enrichment circumstances, the appropriate trade(s) should be considered for appropriate adjustment including cancellation. All transactions that receive executions through the Liquid Trading Platform are subject to this Policy and are generally considered for review.
A Clearly Erroneous Trade is when there is an obvious error in any term, such as price, number of contracts or other unit of trading defined as an execution at a price, for a quantity of contracts that is substantially inconsistent with the current trading pattern of the issue. A transaction made in clearly erroneous error and cancelled by both parties or determined by UCX to be clearly erroneous will be removed from the Consolidated Tape.
A subscriber that receives an execution on an order that was submitted erroneously to the ICI trading platform for its own or customer account may request that ICI review the transaction. An officer of ICI shall review the transaction under dispute and determine whether it is clearly erroneous, with a view toward maintaining a fair and orderly market and the protection of members of the exchange.
Request(s) for Review
Request(s) for review shall be made in writing via email or by telephone.
Telephone: +91 972 777 3089
Requests for review shall be received by ICI within thirty (30) minutes of execution time and shall include information concerning the time of the transaction(s), contract type(s), price(s), side (bought or sold), and factual basis for believing that the trade is clearly erroneous. Upon receipt of a timely filed request these guidelines, the counterparty to the trade, if any, shall be notified by ICI as soon as practicable, but generally within thirty (30) minutes. ICI may request additional supporting written information to aid in the resolution of the matter. If requested, each party to the transaction shall provide any supporting written information as may be reasonably requested by the ICI to aid resolution of the matter within thirty (30) minutes of ICI’s request. Either party may request the supporting written information provided by the other party on the matter.
Information Required for Filing a Trade Execution Complaint:
- Execution Price(s) or range of execution prices
- Time of trade execution(s)
- Number of contracts executed
- Reason the review is being requested
- Name on the account
- Contact telephone number
- Contact e-mail address