CFTC

US retail forex capital held by FCMs, RFEDs and FCMRFDs - per CFTC's definitions - grew by most $3 million in November. These deposits describe the amount of retail forex funds held by American brokers - this may include funds not only from American clients.

Friday, 13/01/2012 | 11:59 GMT by Michael Greenberg

Brokers

CFTC issues an injunction against InstaTrade Corporation and ZTRADEFX LLC

Instatrade Corporation, aka Insta Forex, and Ztradefx LLC were two of the 14 firms sued by the CFTC early last year. Ever since most firms didn't bother to settle with the CFTC but some did. Last week we saw that FXOpen settled the case with the CFTC paying $140,000 fine.

Thursday, 12/01/2012 | 13:59 GMT by Michael Greenberg

Brokers

FXCM launches Canadian offering through Friedberg Direct

Wednesday, 11/01/2012 | 21:50 GMT by Michael Greenberg

Brokers

FXOpen settles with the CFTC for accepting US clients

This was one of the biggest news last year - CFTC sued 14 forex firms (and then 11 more) for various infringements of its laws including accepting US clients. Some firms (offshore ones) decided to ignore this all together and keep accepting American clients, some stopped accepting them but didn't settle and some managed to settle the case.

Thursday, 05/01/2012 | 19:25 GMT by Michael Greenberg

Brokers

CFTC orders Gain Capital to pay a client $10,000 for lost profits

CFTC just published its decision in a case of Robert West vs. Gain Capital and Glenn Stevens ordering Gain to pay West $10,000 for lost profits. The whole case is a fascinating read of how a regulated forex broker handles a complete novice in the forex market and how this can sometime backfire

Monday, 19/12/2011 | 08:51 GMT by Michael Greenberg

Brokers

CFTC's Statement Regarding MF Global funds - We are still looking for them

CFTC just released a statement about the final location of the missing MF Global customer funds - basically they say they are making good progress at tracking them but still cannot confirm that all funds are accounted for.

Thursday, 15/12/2011 | 15:34 GMT by Michael Greenberg

Brokers

US retail forex capital grew by $30 million in October 2011

Conversely to the September 2011 where US retail forex deposits shrank by $20 million, in October total amount of retail forex obligations by American FCMs and RFEDs grew by $30 million. It seems there's quite a volatility month on month in terms of how much money retail forex traders (not only American ones) are holding at the American retail forex brokers. This may be due to variety of reasons such as more aggressive marketing, traders' profitability, acquisitions, etc.

Monday, 12/12/2011 | 11:54 GMT by Michael Greenberg

Regulation

CFTC to introduce a rule on investment of customer funds following MF Global's fiasco

So it only takes half a billion dollars in customer funds to disappear before CFTC takes an action aimed at large FCMs. In the wake of MF Global's fiasco CFTC has finally decided to reintroduce a rule that will limit the investment of customer funds to many instruments thus 'enhancing customer protection'

Tuesday, 06/12/2011 | 10:23 GMT by Michael Greenberg

Regulation

CFTC files law suit against unregulated FX managers

Friday, 02/12/2011 | 13:46 GMT by Adil Siddiqui

Brokers

Federal Court Orders Forex Dealer Jacob Juma Omukwe to Pay over $2.6 Million for Forex Scheme

Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) obtained a supplemental consent order requiring defendants Jacob Juma Omukwe and his companies, JadeFX, LTD (JadeFX) and Jade Investments Group, LLC (Jade), jointly and severally to pay over $2.6 million in restitution and civil monetary penalties to settle a CFTC anti-fraud enforcement action filed in March 2011.

Wednesday, 23/11/2011 | 15:09 GMT by Michael Greenberg

Analysis

CFTC Charges Nicholas Trimble and His Two Companies with Million Dollar Forex Scheme

Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) filed a civil injunctive complaint charging defendants Nicholas Trimble and his companies, Capstone FX Quantitative Analysis, Inc. (Capstone) and Beekeepers Fund Capital Management, LLC (Beekeepers), all of Denver, Colo., with fraudulently soliciting at least $1.1 million from customers to trade foreign currency (forex) through pooled and managed trading accounts using a proprietary forex trading system.

Wednesday, 09/11/2011 | 17:03 GMT by Michael Greenberg

Regulation

Federal Court Orders Charlotte, NC, Couple and Their Companies to Pay $24 Million for Defrauding Customers in Forex Ponzi Scheme

Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced it obtained a federal court supplemental consent order requiring defendants Sidney S. Hanson, Charlotte M. Hanson, and their companies, Queen Shoals, LLC, Queen Shoals II, LLC, and Select Fund, LLC, to pay $24 million in restitution and civil monetary penalties for defrauding customers and misappropriating millions of dollars in a foreign currency (forex) Ponzi scheme (see CFTC Press Release 5689-09, August 7, 2009).

Wednesday, 02/11/2011 | 12:34 GMT by Michael Greenberg

Brokers

CFTC-SEC Statement on MF Global, hundreds of millions of client funds may be missing

This story just keeps getting 'better' - since yesterday's post about MF's possible sale, MF has declared bankruptcy and was trying to be bough by IB. However the deal doesn't seem to go through as there are suspicions that huge amount of client funds is missing.

Tuesday, 01/11/2011 | 13:18 GMT by Michael Greenberg

Regulation

CFTC Charges Linda Harris, Chance Harris and Two of Their Companies with Forex Fraud

Linda Harris's name sounded vaguely familiar and I went through all my contacts and emails. And viola! in May 2009 (one month after FM's launch) I found an email exchange with Linda Harris who used the lharris@cdhgroupllc.com email and represented to me that she was a registered CTA offering Forex investment management via Managed Account Program and Forex Investment Advisory service. She also said that she used Advanced Markets for her Managed Accounts Program.

Tuesday, 25/10/2011 | 20:36 GMT by Michael Greenberg

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