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CFTC Issues FXDD With $275,000 Penalty For Violating Capital Adequacy Rules
- Regulatory authorities in the United States are becoming notorious for insistance that FX firms maintain sufficient net capital. Today, the CFTC issued FXDD a $275,000 penalty for contravening such rules.
by
Andrew Saks McLeod
CFTC Orders R.J. O'Brien To Pay $125,000 For Misuse Of Omnibus Account
- The US Commodity Futures Trading Commission has issued R.J. O'Brien with a $125,000 fiscal penalty for violation of customer protection regulations, in this case due to funds transferred between omnibus accounts.
by
Andrew Saks McLeod
GTL Tradeup, an Australian FX Broker Goes Belly Up Down Under
- Australian FX broker, GTL Tradeup has filed for bankruptcy. The regulated FX broker contacted the regulator on the 25th of September, informing them that its Board of Directors had resolved to place the business into Liquidation.
by
Adil Siddiqui
Indian Central Bank Gets Tough with FX Traders Using Credit or Debit Card
- India’s central bank, the RBI, has issued a notification which puts further blocks on traders engaging in margin FX trading on-line. Indian banks have been ordered to close clients account if they realise FX trading is taking place.
by
Adil Siddiqui
Pay Up, Says Uncle Sam! FXDD Ordered To Pay Penalties As Case Draws To A Close
- After over a year's worth of legal pursuit by the US authorities, the NFA and CFTC's cases against FXDD have today drawn to a close with FXDD liable for substantial fines and $1.8 million in restitution.
by
Andrew Saks McLeod
Ponzi Scheme Eh? Ontario Regulator To Hear FX Fraud Case Tomorrow at 10.00am
- The Ontario Securities Commission is scheduled to hear the case against FX trader Sylvan Blackett, Rezwealth Financial Services and Tiffin Financial in legal proceedings which have been a somewhat long, drawn-out affair.
by
Andrew Saks McLeod
As China Tests FX Cross Border Possibilities, Deutsche Bank Joins Pilot Scheme
- Attempting to do business in China has often resulted in western firms being thwarted by the country's lack of a free market economy. Today, however Deutsche Bank joins SAFE's pilot of cross border FX pooling.
by
Andrew Saks McLeod
Don't Mess With The U.S. - America Leads The Way in Strict Sentencing For FX Fraudsters
- As worldwide authorities concentrate on firming up the regulatory structure of FX firms, some regimes are stricter than others. The US has demonstrated this by sentencing a Ponzi scheme to 20 years.
by
Andrew Saks McLeod
CFTC Goes In Depth on Risk Control Measures For Automated Trading
- Financial markets regulators in the United States have published a concept release on risk controls and system safeguards for automated trading environments. The CFTC considers this necessary at a time of rapid technological change.
by
Andrew Saks McLeod
HKMA Issues Consultation Paper On OTC Derivatives - IBs & MAMs In Spotlight
- Subsequent to responses from major industry organizations and financial institutions, the Hong Kong Monetary Authority has issued a consultation paper relating to how OTC derivatives should be overseen.
by
Andrew Saks McLeod
Firms Fall Foul of Rulings on Safeguarding Client Funds Resulting in £7.1 Million Fine
- Yesterday, two companies were issued penalties by regulatory authorities on both sides of the Atlantic for transgressing client fund security rulings. In the UK, Aberdeen Asset Management's penalty amounted to $7.1 million
by
Andrew Saks McLeod
BIS Announces Final Report By Basel Committee On Non-Centrally Cleared FX
- The Bank of International Settlements has today released the final report on margin requirements for non-centrally cleared derivatives which was issued by the Basel Committee On Banking Supevision and IOSCO.
by
Andrew Saks McLeod
Largest Ponzi Scheme In New Zealand's History Lands Perpetrator In Jail
- New Zealand fraudster David Ross was sentenced to jail on Thursday last week for orchestrating the largest Ponzi scheme ever to have occurred in New Zealand. The FMA cites a total of $380 million in fraudulent activity.
by
Andrew Saks McLeod
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