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Exclusive: ILQ Chief Executive Talks About What's Next After Exit From U.S. Forex Market
- Following the news that Institutional Liquidity LLC will discontinue its RFED license, Forex Magnates followed up with Jason Tanner, the firms CEO, to find out why the exit came, and what's next for ILQ's future.
Wednesday, 09/04/2014 | 17:07 GMT by
Steven Hatzakis
Capital Markets Services To Pay CFTC $275,000 For Allegedly Failing Minimum Financial Requirements
- The company's adjusted net capital dropped below capital requirement by as much as $13 million at one point. The CFTC settled with the company as it provided complete cooperation in regards to the matter.
Tuesday, 08/04/2014 | 00:29 GMT by
Victor Golovtchenko
CFTC Revokes Registrations of Forex CTA Veruus Wealth Management after Theft
- The Denver-based Forex CTA and CPO just lost its titles as the CFTC yanked back its registrations after civil theft was found to have been committed, involving a Forex Managed account with some $339,517 of investors funds.
Thursday, 20/02/2014 | 22:31 GMT by
Steven Hatzakis
American Regulatory Overreach? ILQ Stands Up to the NFA
- Two former employees of the NFA now at ILQ, accuse the agency of trying to use them as scapegoats as NFA Associate General Counsel said: "you should receive $50,000 bonuses for taking the bullet on this."
Thursday, 20/02/2014 | 17:00 GMT by
Avi Mizrahi
NFA Announces Additional FOREX Reporting Requirements for FDMs
- In part of the NFA’s initiative to improve is monitoring of member risk, the regulatory body has announced additional reporting requirements for FDMs, which will include identifying new products and funding types.
Thursday, 13/02/2014 | 12:11 GMT by
Ron Finberg
Alpari US Fined $50,000 by NFA for Insufficient Compliance with Fortress
- Failure to submit complete trade reports to the NFA's Forex Transaction Reporting Execution Surveillance System and failure to maintain required trade records, cost the former US retail broker $50,000.
Thursday, 30/01/2014 | 11:38 GMT by
Avi Mizrahi
ILQ Cans Hedging as NFA Files Complaint Against Firm for Failure to Co-Operate
- ILQ has issued a notice to its client base removing the 'hedging' facility that it had previously provided, subsequent to a complaint by the NFA which levels allegations at the company's method of operation.
Wednesday, 29/01/2014 | 14:47 GMT by
Andrew Saks McLeod
US Considers Stringent Capital Adequacy Requirement for CPOs & CTAs
- Following in the footsteps of the FX industry's regulations on net capital adequacy, US financial regulatory authorities are investigating the possibility of implementing a net capital requirement on CPOs and CTAs
Thursday, 23/01/2014 | 18:25 GMT by
Andrew Saks McLeod
Citi VP of FX Prime Brokerage Michael Mirarchi Joins ATC Brokers Ltd as CEO for UK Launch
- Owners of Avail Trading Corp (ATC) operating in Forex and Futures markets as an IB in the US, had just registered a UK-FCA authorised brokerage last August and recently appointed a new Chief Executive Officer to that entity.
Wednesday, 08/01/2014 | 10:47 GMT by
Steven Hatzakis
NFA Reminds Members of New Year's Day Holiday Related Reporting and 2014 Schedule
- The independent self-regulatory organization of the U.S. Futures, Commodities, Derivatives and Foreign Exchanges Markets, has issued its latest update to members regarding holiday reporting requirements.
Friday, 27/12/2013 | 12:58 GMT by
Steven Hatzakis
More Misappropriation Found by NFA as R2 Capital Gets Served MRA
- The NFA has announced that it is taking emergency action against R2 Capital Group LLC. A CPO, R2 Capital recently became an NFA Member in September and is accused of misappropriating $1.2 million.
Tuesday, 24/12/2013 | 11:29 GMT by
Ron Finberg
FCM October Data Shows Uptake in Retail FX Funds
- FX brokers regulated under the Commodity Futures Trading Commission have reported their monthly financial data for October. Overall funds were up $10.4 million with 50% of brokers witnessing an increase in Retail Forex funds.
Friday, 13/12/2013 | 23:59 GMT by
Adil Siddiqui
NFA Issues Proposal On Further Account & Client Information To Be Submitted By FX Firms
- The NFA has released a proposal aimed at stepping up the amount of reporting that FCMs, FX companies and IBs must submit as part of the mandatory reports, including customer account data and risk management procedure.
Sunday, 08/12/2013 | 11:51 GMT by
Andrew Saks McLeod
NFA Arbitrators Side with FXCM in Twin Cases, Award them $100
- FXCM comes out on top yesterday after the NFA ruled in two arbitration claims against the broker. Allegations by claimants of fraud and breach of contract were dismissed, while FXCM was compensated on its counterclaim.
Thursday, 21/11/2013 | 13:51 GMT by
Ron Finberg
CFTC Publishes Final Rules Pertaining to How FCMs and DCOs Hold Customer Funds
- The Financial watchdog of the the U.S Commodity Futures and Derivatives markets has published a set of finalized rules - some of which go into effect on January 14, 2014 and referencing others that are already in effect.
Friday, 15/11/2013 | 00:35 GMT by
Steven Hatzakis
NFA Files Complaint Against Euro Pacific Holdings For Fraud & Deception
- The NFA has charged Euro Pacific Holdings and its CEO Alexander Blum with fraudulent business activities, providing false information, conducting FX business with non-Members of NFA, and using a deficient disclosure document.
Saturday, 09/11/2013 | 16:52 GMT by
Andrew Saks McLeod
AlphaMetrix Saga Continues, CFTC Obtains Restraining Order Over Fraud
- After falling under the NFA's wrath for failing to pay rebates to fund partners, the CFTC has received a court order against AlphaMetrix Group for its involvement of misappropriation and financial fraud.
Thursday, 07/11/2013 | 09:35 GMT by
Ron Finberg
CFTC Issues $400,000 Penalty For FX Fraud and Misappropriation of Funds
- The US Commodity Futures Trading Commission has today announced the citation of three individuals and their associated firms for committing FX fraud and misappropriating customer funds.
Tuesday, 29/10/2013 | 17:53 GMT by
Andrew Saks McLeod
NFA Putting the Squeeze On AlphaMetrix, Forced to Pay $600,000 By November 1st
- Following last week’s report that the NFA was removing AlphaMetrix360 as its third party vendor, the regulator has now notified its parent company, AlphaMetrix Group LLC that it has until November 1st to repay $600,000
Tuesday, 22/10/2013 | 09:16 GMT by
Ron Finberg
NFA Issues IBFX With $600,000 Penalty For FX Execution Reporting Inadequacies
- Signaling a return to work for the NFA, IBFX has been censured for failing to report trade execution data between 2010 and 2011, a period in which it had applied to withdraw from NFA membership pre-Monex acquisition.
Wednesday, 16/10/2013 | 06:02 GMT by
Andrew Saks McLeod
NFA Ousts AlphaMetrix 360 Due to Financial Woes, Monitoring System in Question
- In a letter to FCMs, the NFA announced that it will no longer be using AlphaMetrix360 to collect segregated funds data. This occurs as AlphaMetrix is in the midst of a credit crunch, with its clients funds in question.
Monday, 14/10/2013 | 08:21 GMT by
Ron Finberg
Effects of US Government Shutdown on FX Industry: CFTC Asks NFA to Update Members
- The CFTC is currently operating with limited scope following the governmental shutdown, and has informed NFA to send a message on its behalf to members. Antideficiency Act provides relief for CFTC & SEC Continuity.
Tuesday, 08/10/2013 | 14:10 GMT by
Steven Hatzakis
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