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NFA fines CMS for multiple VT trading platform crashes

Jul 14 2011
By
Forexbrokerz.com

Related news: Take the New Virtual Trader for a Spin

 

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

 

CMS operated three trading platforms for its customers during the time it was registered as an FDM: VT Trader (VT), Metatrader 4 (MT4) and Currenex. As of August 2010, when CMS was still registered as an NFA FDM, it had almost 40 000 customers using VT, 375 customers using MT4 and 227 customers using Currenex

 

In the following five instances, CMS Forex failed to give notice to its customers and NFA:

 

June 20, 2010: The VT platform was unavailable for seven hours and all customers who utilized the VT platform were either unable to log on or were kicked out of the VT system. (CMS never ran a query to determine the exact number of affected customers.)

 

November 26, 2009: The VT platform was unavailable for just over two hours and approximately 200 customers were either unable to log on or were kicked out of the VT system.
 
January 24, 2010: The VT platform was unavailable for just under two hours and 700 customers were either unable to log on or were kicked out of the VT system.
 
April 18, 2010: The VT platform was unavailable for 34 minutes and 550 customers were either unable to log on or were kicked out of the VT system.
 
April 23, 2010: The VT platform was unavailable for eighteen minutes and 280 customers were either unable to log on or were kicked out of the VT system.
TAGS: cms  cms forex  cms forex broker  nfa  fine  vt  virtual trader 

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