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NFA ACTION: Carlo Scevola

Felix Shipkevich - May 17, 2010

The 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.

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FSA ACTION: Alpari (UK) Ltd

Felix Shipkevich - May 5, 2010

The 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.

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The 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.

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NFA ACTION: AVS Carter Financial, Inc.

Felix Shipkevich - April 27, 2010

The NFA permanently barred AVS Carter Financial, Inc. from NFA membership. AVS Carter Financial is a Commodity Trading Advisor located in Chicago, Illinois.

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CFTC ACTION: Weber Capital Management

Felix Shipkevich - March 11, 2010

The 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.

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Proposed 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.

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HSBC launches Bangladeshi Taka – US dollar derivative

Felix Shipkevich - December 9, 2009

HSBC 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 [...]

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NFA guidelines on the use of social networking groups

Felix Shipkevich - December 8, 2009

On-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 [...]

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NFA 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 [...]

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NFA ACTION – James C. Morton

Felix Shipkevich - November 25, 2009

The 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 [...]

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