June 30th, 2009

CFTC Sanctions Foreign Currency Broker, Interbank FX, LLC, Who Allowed Confidential Personal Information of its Customers to Appear on the Internet

CFTC Sanctions Foreign Currency Broker Who Allowed Confidential Personal Information of its Customers to Appear on the Internet Interbank FX, LLC Ordered to Pay $200,000 and Establish Systems to Ensure the Safety of Consumer Records and Information Washington, DC – The U.S. Commodity Futures Trading Commission today simultaneously filed and settled charges against Interbank FX, [...]

June 23rd, 2009

U.S. regulated Forex Dealer Members required to execute trades on a first-in-first-out basis (FIFO) as per Compliance Rule 2-43 (b).

Effective after July 31, 2009, the National Futures Association (NFA) will require all U.S. regulated Forex Dealer Members to execute trades on a first-in-first-out basis (FIFO) as per Compliance Rule 2-43 (b). FIFO requires that when multiple positions are held on the same currency pair, the position that was first opened will be the first [...]

June 11th, 2009

CFTC Charges SNC Investments Inc., CEO Peter Son, and CFO Jin K. Chung in an $85 Million Forex Ponzi Scam

CFTC Charges California-Based SNC Asset Management, Inc., SNC Investments Inc., CEO Peter Son, and CFO Jin K. Chung in an $85 Million Forex Ponzi Scam Defendants Targeted Korean Community in the San Francisco Bay Area Washington, DC –The U.S. Commodity Futures Trading Commission (CFTC) today announced that it filed an action in federal court in [...]

April 14th, 2009

Effective Date of NFA Requirements Regarding Forex Orders

Notice to Members I-09-10 April 13, 2009 Effective Date of NFA Requirements Regarding Forex Orders NFA has received notice that the Commodity Futures Trading Commission has approved new NFA Compliance Rule 2-43 regarding forex orders. The prohibition on carrying offsetting transactions will be effective for any positions established after May 15, 2009. The requirements regarding [...]