California-based brokerage MB Trading had its status as Retail Foreign Exchange Dealer (RFED) and Forex Dealer Member (FDM) of the National Futures Association (NFA) withdrawn on Thursday, November 5th.
The news hardly surprises anyone, as the brokerage has announced earlier that effective October 23, 2015, it will cease retail Forex operations. In August this year, MB Trading reached an agreement to be acquired by TradeKing.
MB Trading Desktop Pro forex accounts were migrated to the TradeKing ForexTrader platform, whereas MB Trading MetaTrader 4 Forex account balances were moved to a new TradeKing Forex MetaTrader 4 (MT4) server last month.
TradeKing Forex acts as an introducing broker to GAIN Capital Group. GAIN Capital Group, LLC, retains custody of MB Trading FX clients’ accounts, acts as counterparty, and handles clearing related to their trading activities.
The “Current Status” information window on NFA’s website shows that MB Trading remains an NFA member, an introducing broker and an approved Forex firm.