GAIN Capital Holdings, Inc. Opens Hong Kong Office, Expands Asian Presence
GAIN Capital Announces New Hong Kong Office and White Label Agreement with Polaris Securities
GAIN Capital Holdings, Inc. (operator of well-known site forex.com) has expanded its presence in Asia by opening a new office in Hong Kong. It currently has offices in Tokyo and Seoul, as well as in New York, New Jersey, and London.
The CEO [...]
New IB Coalition Challenges Guaranteed Introducing Broker Requirement, Among Others
Forex IB Firms Form IB Coalition to Challenge CFTC Proposal, Cite Contradictions Between Futures and Forex Regulations
We recently wrote an article on the new guaranteed introducing broker (IB) proposed rule with regard to the CFTC’s Forex Proposal because we were curious as to why little was being said about this significant change for IBs. Evidently, [...]
Frontline Financial, Inc. Permanently Banned From NFA; Owner Charles G. Rice Must Withdraw from NFA for 5 Years
Dallas CPO/CTA Frontline Financial, Inc. & Owner Charles G. Rice Charged with NFA Compliance Violations
On February 18, NFA issued a press release detailing its settlement with Dallas-based commodity pool operators (CPOs) and commodity trade advisors (CTAs) Frontline Financial, Inc. (FFI), Frontline Advisors LLC (FAL), and Charles G. Rice (Rice). FFI and FAL agreed to be [...]
Recent Issues with NFA Annual Questionnaire | Forex Law Blog
As we discussed in an earlier post on NFA Annual Questionnaire, NFA Member Firms are required to complete the questionnaire on an annual basis. The information helps the NFA in a variety of ways and the NFA encourages members to update their questionnaire on a regular basis, although firms are only required to complete it, at a [...]
NFA Talks with CFTC about Proposed Forex Leverage Reduction
President of NFA Dan Roth and CFTC Commissioner Jill Sommers Discuss Leverage Proposal
On Friday, Dan Roth, the president and CEO of the National Futures Association met with CFTC Commissioner Jill Sommers regarding the proposed forex regulations. According to the text of the CFTC comment file regarding the meeting, the discussion primarily centered around the reduction [...]
New Forex Regulations: Overview of Public Comments
Leverage, Inaccessibility for Smaller Traders, and Offshore Threat are Focus of Public Comments
As we’ve discussed in related posts, the CFTC has proposed rules regulating the off-exchange spot forex industry (see Retail FOREX Registration Regulations Proposed). The CFTC has requested comments from the public and there are currently about 100 public comments on CFTC’s website written [...]
Mallon P.C. Creates NFA Self-Exam Checklists for Forex CTAs, CPOs, and IBs
Forex CTAs, CPOs, and IBs Will Benefit From Mallon P.C.’s User-Friendly Self-Examination Checklists
The information in the following press release from hedge fund law firm Mallon P.C. applies equally to forex commodity trading advisors (CTAs), commodity pool operators (CPOs), and introducing brokers (IBs).
The full text of the Mallon P.C press release is reprinted below and can [...]
Updates to BSA E-Filing System for FinCEN Suspicious Activity Reports
FCMs and IBs Can Use BSA E-Filing System To File Several FinCEN Forms, Namely Suspicious Activity Reports
FinCEN (Financial Crimes Enforcement Network) recently improved its online BSA (Bank Secrecy Act) e-filing system. The security-enhanced site can be used for free and allows users (such as FCMs and IBs) to submit FinCEN forms more efficiently. Your firm’s [...]
Forex Fraudster Jailed For Violating Court Orders in CFTC Anti-Fraud Action
Minnesota Federal Judge Throws Trevor G. Cook in Jail For Dissipating Funds and Failing to Surrender $35 Million+ in Assets
In November 2009, the U.S. Commodity Futures Trading Commission (CFTC) ordered an emergency freeze of assets belonging to Minnesota residents Trevor G. Cook and Patrick Kiley and their trading companies. Cook and Kiley, who were charged [...]
Foreign Exchange Dealers Coalition (FXDC) Evaluates New CFTC Rules On New Website
FXDC Supports Registration Requirement, Strongly Opposes 10:1 Leverage Limit
On January 27, 2010, the Foreign Exchange Dealers Coalition (FXDC) launched its first website which focuses on the new CFTC forex proposals, particularly the new 10:1 leverage limit requirement. FXDC formed in 2007 as an alliance of the largest U.S. forex dealers (GFT, Oanda, IBFX, Gain Capital, [...]