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For Immediate Release
October 28, 2010
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NFA orders monetary sanction of $320,000 against New York forex firm IKON Global Markets
October 28, Chicago - National Futures Association (NFA) has ordered IKON Global Markets, Inc. (IKON), a forex dealer member to pay a fine of $320,000 as a result of an NFA Complaint issued and a settlement offer submitted by IKON and its principal, Diwakar Jagannath.
The Complaint alleged that IKON engaged in certain price slippage practices on the MetaTrader platform that were favorable to IKON and caused disadvantageous trading conditions for certain customers. The Complaint also charged that IKON failed to supervise the MetaTrader platform used for their forex business, and failed to supervise the firm's operations.
In addition to the fine amount, IKON must provide appropriate refunds to its customers as a result of these asymmetrical slippage practices.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.