NFA ACTION: Carlo Scevola
Felix Shipkevich - May 17, 2010The NFA commenced an inquiry into Scevola’s operations Based on information that a former Lake Shore Asset Management Limited principal, Laurence Rosenberg, was affiliated with Scevola and Resolute Capital.
FSA ACTION: Alpari (UK) Ltd
Felix Shipkevich - May 5, 2010The FSA imposed a financial penalty of £140,000 on Alpari (UK) Ltd, an online provider of foreign exchange services for speculative trading, for failing to have in place adequate anti-money laundering systems and controls.
MAS reviews the regulatory regime for financial intermediaries
Felix Shipkevich - April 27, 2010The Monetary Authority of Singapore is reviewing the regulatory regime for financial intermediaries conducting fund management activities and the exemption regime for financial intermediaries engaged in leveraged foreign exchange trading. A consultation paper has been issued to seek comments from the public on proposed enhancements and changes to the regulatory regime.
NFA ACTION: AVS Carter Financial, Inc.
Felix Shipkevich - April 27, 2010The NFA permanently barred AVS Carter Financial, Inc. from NFA membership. AVS Carter Financial is a Commodity Trading Advisor located in Chicago, Illinois.
CFTC ACTION: Weber Capital Management
Felix Shipkevich - March 11, 2010The CFTC filed a complaint against Helmut H. Weber and Weber Capital Management of Scottsdale, Arizona, charging Weber with operating a fraudulent off-exchange foreign currency scheme.
CFTC Seeks Public Comment on Proposed Regulations Regarding Retail FOREX Transactions
Felix Shipkevich - January 13, 2010Proposed regulations would require the registration of counterparties offering retail foreign currency contracts as either futures commission merchants (FCMs) or retail foreign exchange dealers (RFEDs), a new category of registrant created by the Farm Bill.
HSBC launches Bangladeshi Taka – US dollar derivative
Felix Shipkevich - December 9, 2009HSBC has transacted two US dollar-taka options for Viyellatex, one of the largest garment exporters, and Coats Bangladesh, a leading supplier of yarn and raw materials. The US dollar-taka derivative helps exporters and importers hedge their forex exposures effectively, Tarique I Khan, head of global markets of HSBC, Bangladesh, told reporters at the launch of [...]
NFA guidelines on the use of social networking groups
Felix Shipkevich - December 8, 2009On-line Social Networking Groups – Proposed Amendments to NFA’s Compliance Rule 2-29(h) and Adoption of Interpretive Notice
On-line social networking groups have changed the way people make trading decisions. A number of NFA Members sponsor blogs, chat rooms, and forums (also called message or bulletin boards), and some use sites like Facebook or Twitter for business [...]
NFA proposes amendments to the Interpretive Notice regarding Forex Transactions
Felix Shipkevich - December 3, 2009NFA Bylaw 1301(e) requires Forex Dealer Members to pay annual dues that are
graduated according to the firm’s gross annual revenue from customers (e.g.,
commissions, mark-ups, mark-downs) for its forex activities. Profits and losses
from proprietary trades are not to be included. To calculate dues:
• Start with the FCM dues imposed by NFA Bylaw 1301(b)(ii);
• Add $44,375 if [...]
NFA ACTION – James C. Morton
Felix Shipkevich - November 25, 2009The NFA barred James C. Morton from acting as a principal of an NFA Member for a period of five years and also ordered him to pay a fine of $10,000 in the event that he reapplies for NFA membership or associate membership. The
Decisionas to Morton, which was issued by an NFA Hearing Panel, accepted [...]
