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Regulation
NFA proposes new financial requirements for FCM treatment of customer segregated funds
2012-05-30T12:34:43.000+02:00
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Regulation
$140,000 Please -Trading Point gets slap on wrist
2012-05-02T08:53:35.000+02:00
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NFA goes after PAMMs and money managers
2012-04-09T19:18:42.000+02:00
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Regulation
Self Regulation - NFA Standard
2012-04-07T14:00:34.000+02:00
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Regulation
NFA steps up segregation rulemaking
2012-03-13T20:01:36.000+02:00
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NFA fines PFG $700,000; bars it from accepting new IBs for two years for deficient IB practices
2012-02-09T08:57:58.000+02:00
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Brokers
NFA finalizes the Price Slippage and Price Requoting rules
2012-01-27T14:35:40.000+02:00
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Regulation
CFTC announces successful results of limited FCM reviews
2012-01-26T17:14:45.000+02:00
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Brokers
CFTC issues an injunction against InstaTrade Corporation and ZTRADEFX LLC
2012-01-12T15:59:59.000+02:00
Instatrade Corporation, aka Insta Forex, and Ztradefx LLC were two of the 14 firms sued by the CFTC early last year. Ever since most firms didn't bother to settle with the CFTC but some did. Last week we saw that FXOpen settled the case with the CFTC paying $140,000 fine.
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Regulation
CFTC to introduce a rule on investment of customer funds following MF Global's fiasco
2011-12-06T12:23:24.000+02:00
So it only takes half a billion dollars in customer funds to disappear before CFTC takes an action aimed at large FCMs. In the wake of MF Global's fiasco CFTC has finally decided to reintroduce a rule that will limit the investment of customer funds to many instruments thus 'enhancing customer protection'
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Regulation
NFA keeps choking the forex industry - aggressively raises member fees
2011-11-29T09:29:43.000+02:00
NFA is doing an amazingly effective job at spitting in the well it drinks from. In fact NFA behaves not as a regulator but as a controlling shareholder of its members - as it basically does whatever it wants when it comes to requirements and 'membership' fees. NFA just declared a new 'dividend' for itself by aggressively raising membership fees which for some strange reason will now be in the region of 2% of forex broker's gross (!) revenue instead of being a flat yearly fee like up until now. To the best of my knowledge NFA is the only forex dictator regulator charging percentage of volume and/or revenue instead of just charging same membership fee from everyone.
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Analysis
NFA files complaint against Tracy Morgan Spaeth charging him with multiple misleading forex practices
2011-11-23T10:49:15.000+02:00
One of the webinars that Spaeth used to solicit customers promoted a computerized forex trading system, known as Tradestar, that the webinar claimed was almost risk-free and consistently profitable. The Tradestar trading system was developed and/or owned by Trade Star Incorporated, a company controlled by a convicted felon named Robert Mihailovich (Mihailovich), who, in July 2010, was charged by the Commodity Futures Trading Commission (CFTC) with fraudulently soliciting over $30 million from customers for forex and futures investments.
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Brokers
ZuluTrade will pay signal providers only for profitable months, charged by NFA
2011-11-18T10:22:20.000+02:00
ZuluTrade finally made an important update to how it compensates signal providers - from now on those providers will be paid for volume made by their followers only if the month was profitable. This means that if signal provider lost money in a given month - it won't get compensated by Zulu.
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Brokers
ForexFolio, A New Introducing Broker, Makes Its Global Debut; Provides turnkey solutions for the Forex Market in 7 languages
2011-11-09T17:57:20.000+02:00
I'm very excited to see my good friend and colleague Jeff Baskin launching his new IB service and website. Jeff is a well known and respected figure in the forex market and is trying to deliver more honesty and transparency into this market. I'm sure Jeff's existing and future clients will be more than happy with his service.
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Regulation
Federal Court Orders Charlotte, NC, Couple and Their Companies to Pay $24 Million for Defrauding Customers in Forex Ponzi Scheme
2011-11-02T14:34:22.000+02:00
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced it obtained a federal court supplemental consent order requiring defendants Sidney S. Hanson, Charlotte M. Hanson, and their companies, Queen Shoals, LLC, Queen Shoals II, LLC, and Select Fund, LLC, to pay $24 million in restitution and civil monetary penalties for defrauding customers and misappropriating millions of dollars in a foreign currency (forex) Ponzi scheme (see CFTC Press Release 5689-09, August 7, 2009).
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Regulation
NFA finalizes several new rules - requires more reporting, governs US forex M&A deals
2011-11-01T11:24:25.000+02:00
NFA has just published set of new rules it has been working on lately. The result is a daily, monthly and quarterly reporting requirement from brokers regarding client positions. NFA also reminds its members of certain key responsibilities and finally published set of rules governing situations of forex M&As - what happens when a US forex broker buys another one and there's a bulk transfer of accounts. This of course missed quite a few such deals we've witnessed this year such as Gain/CMS and Gain/dbFX.
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Regulation
CFTC Charges Linda Harris, Chance Harris and Two of Their Companies with Forex Fraud
2011-10-25T22:36:11.000+02:00
Linda Harris's name sounded vaguely familiar and I went through all my contacts and emails. And viola! in May 2009 (one month after FM's launch) I found an email exchange with Linda Harris who used the lharris@cdhgroupllc.com email and represented to me that she was a registered CTA offering Forex investment management via Managed Account Program and Forex Investment Advisory service. She also said that she used Advanced Markets for her Managed Accounts Program.
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Brokers
FXCM ordered to pay $6 million more by the CFTC to settle allegations of failure to monitor and maintain its trading systems
2011-10-03T20:04:01.000+02:00
In total FXCM will pay over $16.2 million to settle NFA and CFTC's charges. This is the continuation of the NFA's fine back in August which charged FXCM with retaining gains derived from positive price slippage; failing to adopt or carry out adequate procedures to ensure the efficient execution of all customer orders; failing to treat all customers equally when giving price adjustments; and failing to adequately investigate suspicious activity in all customers’ accounts. The Complaint charged FXCM and Niv with failing to supervise.
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Regulation
FX Introducing Broker gets NFA whip
2011-08-22T16:32:28.000+02:00
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Regulation
Amendments to NFA's Forex Requirements Including NFA's Jurisdiction Over Members Engaging in Forex Activities
2011-08-17T12:59:19.000+02:00
Basically NFA here extends its grip on more retail forex market participants than now. The Commodity Futures Trading Commission (CFTC) recently approved a number of amendments to NFA Requirements that govern the retail forex activities of NFA Members. These amendments to NFA Bylaws 301 and 306, NFA Compliance Rules 2-10, 2-36 and 2-39, Code of Arbitration Section 1 and Interpretive Notices 9053, 9058 and 9060 will become effective October 1, 2011.
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Regulation
CFTC Charges Blue Sky Capital Management and Gregory Schneider with Making False Statements to the NFA
2011-08-12T07:54:43.000+02:00
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CFTC fines FXCM UK $140,000 for acting as a counterparty to US retail forex clients
2011-08-04T00:14:47.000+02:00
Update: FXCM published a statement which explains why this happened - basically FXCM was caught between CFTC's and FSA's rules whereas CFTC required FXCM to shut down US accounts, FSA required FXCM to provide sufficient notice.
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Analysis
Singapore’s SGX, the new home for Asian NDF’s
2011-07-27T10:10:31.000+02:00
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NFA sanctions Capital Market Services $75,000 mainly for multiple platform outages
2011-07-15T08:26:44.000+02:00
National Futures Association (NFA) has imposed a monetary sanction of $75,000 against Capital Market Services LLC (CMS), a Futures Commission Merchant located in New York, New York. The Decision, issued by NFA's Business Conduct Committee, is based on an NFA Complaint filed in May 2011 and a settlement offer submitted by CMS.
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FXCM Reports Monthly Metrics for June 2011 - Retail Customer Trading Volume of $938 billion for Q2/2011 -Highest in FXCM History
2011-07-15T03:20:17.000+02:00
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