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Trader Benched

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An ex-manager at Refco’s Winnipeg office has been fined $35,000 and suspended as a participant in trading at ICE Futures Canada for 12 years.

The Winnipeg exchange said Aug. 27 it penalized Paul Erickson for violations of ICE rules and the Commodity Futures Act in 2005 and 2006, such as engaging in pre-execution communications, disclosing limit orders, trading on “non-public” information and disclosing confidential client information. Such activity “removed transparency and competitive processes from the market” and harmed both the market and its participants, ICE said.

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