National Futures Association (NFA) today announced it has permanently barred TGI Capital Management Limited (TGI), an NFA Member commodity trading advisor (CTA) located in London, England, from membership and from acting as a principal of an NFA Member.
The Decision, issued by NFA’s Business Conduct Committee (BCC), is based on a Complaint authorized by the BCC on November 2, 2015. The BCC found that TGI repeatedly failed to file its quarterly performance (PR) statements on time, and repeatedly failed to respond to NFA’s countless telephone calls, letters, and email messages reminding the firm of its obligation to file its PR statements.
These statements provide NFA with information on a quarterly basis regarding a CTA’s trading program and assets under management, in which the U.S. based trading regulator takes very seriously.
TGI’s willful refusal to file its PR statements in a timely manner and its disregard of NFA’s numerous notifications evidences a serious and ongoing indifference for its responsibilities as an NFA Member.
TGI has been incorporated in the UK since April 7th, 2015.