The U.S. Commodity Futures Trading Commission (CFTC) has announced that it has filed a civil enforcement action in the U.S. District Court for the District of Utah against JAFX Ltd. of Sofia, Bulgaria and Kingstown, St. Vincent and the Grenadines. The CFTC Complaint alleges that, from at least September 2016 and continuing to the present, JAFX operates as a…
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Legal website Law360 is reporting that the US CFTC has filed a lawsuit against offshore retail forex broker Tallinex, for illegally taking on US clients. The CFTC also named a US introducing broker of Tallinex, called General Trader Fulfillment LLC. The suit was filed in the U.S. District Court for the District of Utah - apparently because General…
Read moreThe Foreign Exchange Professionals Association (FXPA), a Forex trade body that commenced operations in September 2014, today announces that it has submitted comments to the U.S. Securities and Exchange Commission (SEC) regarding proposed rules governing the “Use of Derivatives by Registered Investment Companies and Business Development Companies”. FXPA is calling for an exemption for FX…
Read moreUS Forex broker IBFX has updated its website, which now shows a brief message in which the company bids goodbye to clients. The announcement from IBFX Inc comes after earlier this month a similar message got published on the website of IBFX Australia. In February this year, OANDA announced the acquisition of the FX accounts…
Read moreLess than a day after IBFX Inc (TradeStation Forex) was ordered by the CFTC to pay a $1 million civil monetary penalty for violating capital requirements, the broker encountered further sanctions from US authorities. The U.S. National Futures Association (NFA) announced today that it has ordered IBFX, Inc. (IBFX), an NFA Member registered retail foreign exchange…
Read moreBarclays PLC (LON:BARC) has just announced that it has reached a settlement with the New York State Department of Financial Services (DFS) in respect of the regulator's investigation into the bank's electronic trading of foreign exchange (FX) and FX electronic trading systems. The probe concerns a five-year period – from 2009 to 2014. The New…
Read moreWe haven't gone back to the events from January 15, 2015, recently but a National Futures Association (NFA) complaint against US Forex broker IBFX, part of Monex Group, Inc. (TYO:8698), has just refreshed our memory of that moment and the consequences it had for numerous Forex brokers. In a complaint, dated November 2, 2015, the…
Read moreThe U.S. Commodity Futures Trading Commission (CFTC) today published the agency’s enforcement results for fiscal year (FY) 2015, which included a record $3.144 billion in civil monetary penalties and $59 million awarded in restitution and disgorgement orders. During FY 2015, over $2.8 billion was collected and deposited at the U.S. Treasury - the highest figures…
Read moreCalifornia-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,…
Read moreSoon after US Forex broker FXCM Inc (NYSE:FXCM) announced it was a victim of a criminal cybersecurity incident involving unauthorized access to customer information, the US financial industry regulators are stepping up their efforts to improve information systems security. The National Futures Association (NFA) announced on Friday that it will tighten the requirements regarding cybersecurity for…
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