Taking Responsibility - NFA style
Leave it to the NFA to take responsibility for PFG's disaster (not that we expected it would). After all, why would you take the fall if you can keep chasing brokers instead? So the NFA/CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term didn't verify PFG's bank statements for 20 years, so what... Instead of firing everyone responsible at the NFA/CFTC why not hire an external audit firm that will certify that you didn't do anything wrong but may guide you to introduce "new" requirements (the known outcome of this audit):
"Today, NFA's Chairman has requested that the Special Committee for the Protection of Customer Funds, consisting of the public representatives on NFA's Board of Directors, retain the services of Jenner and Block, a national law firm, to conduct a careful internal review of NFA's audit practices and procedures, and the Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term of those procedures in the specific instance of PFG, to assure that the right procedures are in place and that they are being properly followed. NFA intends to identify and implement any regulatory oversight changes that may be necessary to improve the detection of fraud and protection of segregated customer funds. The Special Committee is authorized to retain outside professionals to assist in that review, and will review any recommendations made regarding NFA's audit practices and procedures and make a report to NFA's Board of Directors."
Leave it to the NFA to take responsibility for PFG's disaster (not that we expected it would). After all, why would you take the fall if you can keep chasing brokers instead? So the NFA/CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term didn't verify PFG's bank statements for 20 years, so what... Instead of firing everyone responsible at the NFA/CFTC why not hire an external audit firm that will certify that you didn't do anything wrong but may guide you to introduce "new" requirements (the known outcome of this audit):
"Today, NFA's Chairman has requested that the Special Committee for the Protection of Customer Funds, consisting of the public representatives on NFA's Board of Directors, retain the services of Jenner and Block, a national law firm, to conduct a careful internal review of NFA's audit practices and procedures, and the Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term of those procedures in the specific instance of PFG, to assure that the right procedures are in place and that they are being properly followed. NFA intends to identify and implement any regulatory oversight changes that may be necessary to improve the detection of fraud and protection of segregated customer funds. The Special Committee is authorized to retain outside professionals to assist in that review, and will review any recommendations made regarding NFA's audit practices and procedures and make a report to NFA's Board of Directors."