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For Immediate Release
December 11, 2006
NFA settles enforcement action against New York Forex Dealer Member
December 11, Chicago - National Futures Association has ordered Capital Market Services LLC (CMS), a Futures Commission Merchant and a Forex Dealer Member located in New York City, to pay $75,000. The Decision, issued by NFA's Business Conduct Committee, is based on charges contained in a Complaint and a settlement offer submitted by CMS.
The Complaint charged CMS's Non-Member third-party solicitors with using misleading promotional materials in soliciting customers for CMS. Currently, third-party solicitors for retail forex trading are not subject to regulatory requirements. However, NFA rules hold Forex Dealer Members responsible for the activities of any individual that solicits or introduces a customer to the Member unless the person is a Member or Associate of NFA.
The complete text of the Complaint and Decision can be found on NFA's Web site (www.nfa.futures.org).
NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the derivatives markets.