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September 12, 2003
NFA takes enforcement action against California FOREX firm
September 12, Chicago - National Futures Association (NFA) announced today that it has taken a Member Responsibility Action (MRA) against FX First, a futures commission merchant located in Newport Beach, California. FX First's principal business is the handling of customer accounts trading in off-exchange foreign currency transactions (FOREX).
NFA took the action, which is effective immediately, because FX First has failed to maintain minimum financial requirements in accordance with NFA Compliance Rules. The action, among other things, prohibits FX First from soliciting or accepting any additional customer accounts or customer funds, except as security deposits for existing positions.
The MRA will remain in effect until NFA is satisfied that FX First is in complete compliance with all NFA requirements. FX First may petition the Commodity Futures Trading Commission for a stay of this action and may also request a hearing before NFA's Hearing Committee.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.