NFA

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

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

NFA keeps choking the forex industry - aggressively raises member fees

NFA is doing an amazingly effective job at spitting in the well it drinks from. In fact NFA behaves not as a regulator but as a controlling shareholder of its members - as it basically does whatever it wants when it comes to requirements and 'membership' fees. NFA just declared a new 'dividend' for itself by aggressively raising membership fees which for some strange reason will now be in the region of 2% of forex broker's gross (!) revenue instead of being a flat yearly fee like up until now. To the best of my knowledge NFA is the only forex dictator regulator charging percentage of volume and/or revenue instead of just charging same membership fee from everyone.

Tuesday, 29/11/2011 | 07:29 GMT by Michael Greenberg

Analysis

NFA files complaint against Tracy Morgan Spaeth charging him with multiple misleading forex practices

One of the webinars that Spaeth used to solicit customers promoted a computerized forex trading system, known as Tradestar, that the webinar claimed was almost risk-free and consistently profitable. The Tradestar trading system was developed and/or owned by Trade Star Incorporated, a company controlled by a convicted felon named Robert Mihailovich (Mihailovich), who, in July 2010, was charged by the Commodity Futures Trading Commission (CFTC) with fraudulently soliciting over $30 million from customers for forex and futures investments.

Wednesday, 23/11/2011 | 08:49 GMT by Michael Greenberg

Brokers

ZuluTrade will pay signal providers only for profitable months, charged by NFA

ZuluTrade finally made an important update to how it compensates signal providers - from now on those providers will be paid for volume made by their followers only if the month was profitable. This means that if signal provider lost money in a given month - it won't get compensated by Zulu.

Friday, 18/11/2011 | 08:22 GMT by Michael Greenberg

Brokers

ForexFolio, A New Introducing Broker, Makes Its Global Debut; Provides turnkey solutions for the Forex Market in 7 languages

I'm very excited to see my good friend and colleague Jeff Baskin launching his new IB service and website. Jeff is a well known and respected figure in the forex market and is trying to deliver more honesty and transparency into this market. I'm sure Jeff's existing and future clients will be more than happy with his service.

Wednesday, 09/11/2011 | 15:57 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

Regulation

NFA finalizes several new rules - requires more reporting, governs US forex M&A deals

NFA has just published set of new rules it has been working on lately. The result is a daily, monthly and quarterly reporting requirement from brokers regarding client positions. NFA also reminds its members of certain key responsibilities and finally published set of rules governing situations of forex M&As - what happens when a US forex broker buys another one and there's a bulk transfer of accounts. This of course missed quite a few such deals we've witnessed this year such as Gain/CMS and Gain/dbFX.

Tuesday, 01/11/2011 | 09:24 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

Brokers

FXCM ordered to pay $6 million more by the CFTC to settle allegations of failure to monitor and maintain its trading systems

In total FXCM will pay over $16.2 million to settle NFA and CFTC's charges. This is the continuation of the NFA's fine back in August which charged FXCM with retaining gains derived from positive price slippage; failing to adopt or carry out adequate procedures to ensure the efficient execution of all customer orders; failing to treat all customers equally when giving price adjustments; and failing to adequately investigate suspicious activity in all customers’ accounts. The Complaint charged FXCM and Niv with failing to supervise.

Monday, 03/10/2011 | 18:04 GMT by Michael Greenberg

Regulation

FX Introducing Broker gets NFA whip

Monday, 22/08/2011 | 14:32 GMT by Adil Siddiqui

Regulation

Amendments to NFA's Forex Requirements Including NFA's Jurisdiction Over Members Engaging in Forex Activities

Basically NFA here extends its grip on more retail forex market participants than now. The Commodity Futures Trading Commission (CFTC) recently approved a number of amendments to NFA Requirements that govern the retail forex activities of NFA Members. These amendments to NFA Bylaws 301 and 306, NFA Compliance Rules 2-10, 2-36 and 2-39, Code of Arbitration Section 1 and Interpretive Notices 9053, 9058 and 9060 will become effective October 1, 2011.

Wednesday, 17/08/2011 | 10:59 GMT by Michael Greenberg

Regulation

CFTC Charges Blue Sky Capital Management and Gregory Schneider with Making False Statements to the NFA

Friday, 12/08/2011 | 05:54 GMT by Michael Greenberg

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