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Tag: NFA

FXCM gets $7 mln fine from CFTC, sells US business to Gain Capital

Feb 07 2017 08:31:03 Jonathan Smith in Brokers

In a surprising twist of regulatory fate, FXCM – the largest US retail forex broker – got banned from doing business there and was fined $7 million by the CFTC, all in the fateful afternoon of February 6, 2017. The reason: misleading customers and regulators. Read more

US forex traders to have greater transparency with respect to execution data

Jan 06 2017 08:34:24 Jonathan Smith in Market

The National Futures Association (NFA), the self-regulatory organization overseeing the activities of the US forex brokers, said its new rules on disclosure of transaction data have been approved by the Commodity Futures Trading Commission (CFTC) and will come into effect as of March 31, 2017... Read more

NFA orders US forex brokers to raise margin requirements for GBPUSD

Nov 07 2016 15:27:54 Stanimir Zhelev in Market

The US National Futures Association (NFA), the self-regulatory organization overseeing the activities of the US forex brokers, said it is raising the required minimum security deposit for transactions with the GBP from 2% to 5%. Read more

NFA fines FXDD $500,000 for inadequate anti-money laundering program

Dec 13 2014 12:05:11 Stanimir Zhelev in Brokers

National Futures Association (NFA) has fined New York firm FXDirectDealer LLC $500,000 for inadequate anti-money laundering program and failure to supervise. The fine comes seven months after FXDD US retail forex acccounts were acquired by FXCM. Read more

ILQ to compensate its US clients over forex hedging

Aug 14 2014 08:46:48 Yassen Vassilev in Brokers

Institutional Liquidity (ILQ) LLC, an ex-US forex broker, which terminated operations in April 2014, has agreed with NFA to compensate all their former US clients who have suffered losses due to hedging. Hedging is prohibited in US. Read more

NFA Prohibits US Forex Brokers From Accepting Credit Cards

Jun 24 2014 08:32:57 Stanimir Zhelev in Brokers

Just a couple of days after it became clear that traders' deposits with US Forex brokers have hit a record low, the US retail forex industry is about to take another blow. If NFA ban on credit card deposits get CFTC approval, brokers will likely hit another hurdle attracting new clients. Read more

ILQ Issues Notice to Clients on Business Liquidation

Apr 10 2014 07:19:08 Maria Nikolova in Brokers

Institutional Liquidity (ILQ) LLC, the US futures commission merchant (FCM) which a couple of days ago stunned the trading community by announcing the transfer of its US futures business to rival Advantage Futures, has just published a notice to its clients concerning the liquidation of the b... Read more

CFTC Slaps $275,000 Penalty on CMS Forex over Capitalization Flaws

Apr 08 2014 06:10:20 Maria Nikolova in Market

The United States Commodity Futures Trading Commission (CFTC) on Monday imposed a $275,000 penalty on Forex broker Capital Market Services, LLC (CMS) over failures to meet requirements for the capitalization of Futures Commission Merchants (FCM), Retail Foreign Exchange Dealers (RFED) and FDMs. Read more

CFTC Takes Action against $1.15M Fraudulent Forex Scheme

Mar 21 2014 07:00:03 Maria Nikolova in Market

The United States Commodity Futures Trading Commission (CFTC) announced on Thursday that it had taken enforcement action against Dallas citizen Steven Lyn Scott over soliciting clients to pump funds into a fraudulent Forex scheme. Read more

CFTC Presses Charges against Forex Fraudsters over $2.3M Scam

Feb 20 2014 07:21:18 Maria Nikolova in Market

The United States Commodity Futures Trading Commission (CFTC) on Wednesday announced that it had pressed charges against two residents of North Carolina over numerous violations of the Commodity Exchange Act (Act) and the CFTC regulations. Read more

NFA Announces New Reporting Demands for US Forex Brokers

Feb 13 2014 08:05:13 Maria Nikolova in Market

At the end of 2013 we informed you about a proposal by the National Futures Association (NFA), the United States' self-regulatory body, that alters the Financial Reporting rules for Forex Dealer Members (FDMs). Read more

NFA Proposes Extra Record-Keeping Requirements for PAMM Accounts

Dec 16 2013 07:11:07 Maria Nikolova in Market

The closer we are to the winter festivities, the more active US regulators get in terms of new rules for the Forex sector with the latest series of these coming from the National Futures Association (NFA). Read more

Forex Fraudster, Scam Firm to Pay $192m after US Court Ruling

Dec 10 2013 07:29:09 Maria Nikolova in Market

A Federal Court in Austin, Texas, has ordered Senen Pousa and his Forex firm Investment Intelligence Corporation (IIC) to pay a total of $192 million over a fraudulent scheme that affected 960 traders from the United States and abroad.    The order came after a complaint by the U.S. Read more

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