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Notice I-13-16

June 21, 2013

New Filing Requirements for FCMs that Act as a Counterparty to a Forex Transaction with an ECP

As we previously notified Members in Notice I-13-10, NFA has amended NFA Financial Requirements Section 1(a) to set forth an additional alternative minimum adjusted net capital requirement that applies to an FCM that acts as counterparty to a forex transaction with an eligible contract participant (ECP). The amendment, which is effective June 30, 2013, includes a provision that requires an FCM that acts as a counterparty to a forex transaction with an ECP to maintain adjusted net capital of at least $20,000,000. The $20,000,000 requirement is the absolute minimum requirement for those FCMs as they remain subject to the other applicable alternative calculations set forth in Financial Requirements Section 1(a), which may result in a higher adjusted net capital requirement.

For the June 30, 2013 monthly financial filing (due by July 24, 2013), all FCMs will be required to address the following questions in the Supplemental Schedule for the June 30, 2013 date only:

  • Did the firm act as counterparty to a forex transaction with any Eligible Contract Participants (ECP)? (Y/N)
  • If yes, indicate the number of ECPs that the firm acted as a counterparty to a forex transaction(s).

For all subsequent monthly filings, all FCMs will be required to address the above questions for the reporting period ending on the date of the filing.

Questions concerning these changes should be directed to Sarah A. Walsh, Senior Manager, Compliance (sawalsh@nfa.futures.org or 312-781-1202).

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