Alpari US has once again found itself the target of the regulators due to compliance violations as it has received a complaint from the NFA. In its complaint, the NFA is charging that Alpari violated existing NFA rules.
Alpari US has once again found itself the target of the regulators due to compliance violations as it has received a complaint from the Compliance Department of the NFA. In its complaint, the NFA is charging that Alpari violated and failed to supervise existing NFA compliance rules. The allegations become the second time the firm is being accused by the regulator. Back in June 2012, the broker settled a complaint and paid a $200,000 fine. At that time, the firm was charged for cancelling Forex trades and failing to produce timely reports to the NFA.
In the current complaint, the NFA has accused Alpari of once again failing to submit correct reports of forex trades to the NFA’s Forex Transaction Reporting Execution Surveillance System (Fortress). Per NFA rules, FDMs are required to submit a daily electronic report of forex transactions to Fortress. Failure to do so can result in daily accrued fees or other penalties.
The current complaint stems around Alpari’s reporting of trades from its Alpari Direct product, a Currenex white label Trading Platform solution. According to the NFA, the regulator had requested from Alpari logs of trades from Alpari Direct to compare to those that were reported to Fortress. In its analysis of logs from October 16th, 2012,, the NFA found that over 3700 trades were not reported on Fortress. Based on the reporting gap, the NFA requested additional information to compare Alpari Direct records to those from Fortress’s launch in February 2011. After receiving data, the NFA found that only 55% of trades had been submitted to Fortress. Explaining the shortfall, Alpari attributed the gap to limitations of the Currenex platform which could only report a maximum of 1000 orders a day. However, the NFA stated that this explanation was refuted by Alpari’s submission of more than 1000 orders on multiple occurrences.
Following up with Alpari, the NFA complaint stated that the broker had difficulties finding the missing data. The NFA also found that Alpari has incorrectly listed trades from non-retail customers as retail. Based on the above reporting deficiencies, the NFA charged Alpari for violating several of its compliance rules an could be subject to further six figure fines in the future.
Following the exit of GFT, FX Solutions, and Forex Club from the US market over the past year, expectations are that further contraction will take place and more firms will exit the market. In the CFTC’s latest release of financial data from FCMs, Alpari reported Retail Forex Funds of $12,503,088, which was one of the smallest figures among retail forex brokers. As a result, with a small customer base, possible new fines from the NFA, and high capital requirements to operate in the US, Alpari may decide it’s no longer makes economic sense to be regulated in the country.
Forex Magnates reached out to Alpari about the charges and the future of its US business.
According to a representative from Alpari, the broker in unable to comment on the case at this time as it is in ongoing discussions with the NFA.
Alpari US has once again found itself the target of the regulators due to compliance violations as it has received a complaint from the Compliance Department of the NFA. In its complaint, the NFA is charging that Alpari violated and failed to supervise existing NFA compliance rules. The allegations become the second time the firm is being accused by the regulator. Back in June 2012, the broker settled a complaint and paid a $200,000 fine. At that time, the firm was charged for cancelling Forex trades and failing to produce timely reports to the NFA.
In the current complaint, the NFA has accused Alpari of once again failing to submit correct reports of forex trades to the NFA’s Forex Transaction Reporting Execution Surveillance System (Fortress). Per NFA rules, FDMs are required to submit a daily electronic report of forex transactions to Fortress. Failure to do so can result in daily accrued fees or other penalties.
The current complaint stems around Alpari’s reporting of trades from its Alpari Direct product, a Currenex white label Trading Platform solution. According to the NFA, the regulator had requested from Alpari logs of trades from Alpari Direct to compare to those that were reported to Fortress. In its analysis of logs from October 16th, 2012,, the NFA found that over 3700 trades were not reported on Fortress. Based on the reporting gap, the NFA requested additional information to compare Alpari Direct records to those from Fortress’s launch in February 2011. After receiving data, the NFA found that only 55% of trades had been submitted to Fortress. Explaining the shortfall, Alpari attributed the gap to limitations of the Currenex platform which could only report a maximum of 1000 orders a day. However, the NFA stated that this explanation was refuted by Alpari’s submission of more than 1000 orders on multiple occurrences.
Following up with Alpari, the NFA complaint stated that the broker had difficulties finding the missing data. The NFA also found that Alpari has incorrectly listed trades from non-retail customers as retail. Based on the above reporting deficiencies, the NFA charged Alpari for violating several of its compliance rules an could be subject to further six figure fines in the future.
Following the exit of GFT, FX Solutions, and Forex Club from the US market over the past year, expectations are that further contraction will take place and more firms will exit the market. In the CFTC’s latest release of financial data from FCMs, Alpari reported Retail Forex Funds of $12,503,088, which was one of the smallest figures among retail forex brokers. As a result, with a small customer base, possible new fines from the NFA, and high capital requirements to operate in the US, Alpari may decide it’s no longer makes economic sense to be regulated in the country.
Forex Magnates reached out to Alpari about the charges and the future of its US business.
According to a representative from Alpari, the broker in unable to comment on the case at this time as it is in ongoing discussions with the NFA.
Retail FX Deposits Drops 3.6% as IG US Posts Sharp November Decline
Executive Interview with Adam Saward | EC Markets | FMLS:24
Executive Interview with Adam Saward | EC Markets | FMLS:24
Executive Interview with Adam Saward | EC Markets | FMLS:24
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Executive Interview with Adam Saward | EC Markets | FMLS:24
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Executive Interview with Johnny Khalil | Tickmill | FMLS:24
Executive Interview with Johnny Khalil | Tickmill | FMLS:24
Executive Interview with Johnny Khalil, Executive Director at Tickmill during FMLS:24
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Executive Interview with Johnny Khalil, Executive Director at Tickmill during FMLS:24
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How Modern Consumer Habits Are Transforming Global Payments
How Modern Consumer Habits Are Transforming Global Payments
The evolution of consumer expectations is reshaping the payments sphere worldwide. From seamless in-store purchases to instant cross-border transfers, the demand for secure and frictionless payment solutions is transforming how businesses and financial institutions approach transactions. But what does this mean for the future of payments, and how can organizations keep up?
On December 4, 2024, Finance Magnates, in partnership with @Visa Direct, hosted a live webinar dedicated to exploring these pressing questions. Industry experts will provided actionable insights into the trends, challenges, and opportunities in global payments, equipping attendees with the tools they need heading into 2025.
DISCLAIMER:
The views and opinions expressed in this webinar are those of the speakers and do not necessarily reflect the views or positions of any entities they represent (including, but not limited to their respective parent companies or affiliates). The views and opinions expressed are based upon information the speakers consider reliable and are intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. No party (speaker or the entities they represent) makes any warranty or representation as to the completeness or accuracy of the information within this webinar, nor assumes any liability or responsibility that may result from reliance on such information. The information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.
#FinanceMagnates #VisaDirect #GlobalPayments #FutureOfPayments #PaymentsInnovation #CrossBorderPayments #SecurePayments #SeamlessTransactions #FinancialInsights #PaymentsTrends #WebinarRecap #BusinessFinance #DigitalPayments #FintechInsights #Payments2025
The evolution of consumer expectations is reshaping the payments sphere worldwide. From seamless in-store purchases to instant cross-border transfers, the demand for secure and frictionless payment solutions is transforming how businesses and financial institutions approach transactions. But what does this mean for the future of payments, and how can organizations keep up?
On December 4, 2024, Finance Magnates, in partnership with @Visa Direct, hosted a live webinar dedicated to exploring these pressing questions. Industry experts will provided actionable insights into the trends, challenges, and opportunities in global payments, equipping attendees with the tools they need heading into 2025.
DISCLAIMER:
The views and opinions expressed in this webinar are those of the speakers and do not necessarily reflect the views or positions of any entities they represent (including, but not limited to their respective parent companies or affiliates). The views and opinions expressed are based upon information the speakers consider reliable and are intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. No party (speaker or the entities they represent) makes any warranty or representation as to the completeness or accuracy of the information within this webinar, nor assumes any liability or responsibility that may result from reliance on such information. The information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.
#FinanceMagnates #VisaDirect #GlobalPayments #FutureOfPayments #PaymentsInnovation #CrossBorderPayments #SecurePayments #SeamlessTransactions #FinancialInsights #PaymentsTrends #WebinarRecap #BusinessFinance #DigitalPayments #FintechInsights #Payments2025
Executive Interview with Elina Pedersen | Your Bourse | FMLS:24
Executive Interview with Elina Pedersen | Your Bourse | FMLS:24
Executive Interview with Elina Pedersen, Chief Revenue Officer at Your Bourse at the Finance Magnates London Summit 2024
#fmls #fmls24 #fmevents #RetailTrading #FintechInnovation #nvidia #DigitalAssets #GlobalFinance #globalbanking
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Executive Interview with Elina Pedersen, Chief Revenue Officer at Your Bourse at the Finance Magnates London Summit 2024
#fmls #fmls24 #fmevents #RetailTrading #FintechInnovation #nvidia #DigitalAssets #GlobalFinance #globalbanking
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Executive Interview with Rauan Khassan | TradingView | FMLS:24
Executive Interview with Rauan Khassan | TradingView | FMLS:24
Executive Interview with Rauan Khassan from TradingView at the Finance Magnates London Summit 2024
#fmls #fmls24 #fmevents #RetailTrading #FintechInnovation #nvidia #DigitalAssets #GlobalFinance #globalbanking
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Executive Interview with Rauan Khassan from TradingView at the Finance Magnates London Summit 2024
#fmls #fmls24 #fmevents #RetailTrading #FintechInnovation #nvidia #DigitalAssets #GlobalFinance #globalbanking
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