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.
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...
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%.
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.
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.