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For Immediate Release
November 26, 2003

For more information contact:
Cindy Cain (312) 781-1490,
Larry Dyekman (312) 781-1372,

NFA takes emergency enforcement action against New York FOREX firm

November 26, Chicago - National Futures Association (NFA) announced today that it has taken an emergency action against Coes FX Clearing, Inc., effectively prohibiting the firm from doing business because it has failed to demonstrate compliance with NFA rules. Coes is a futures commission merchant located in New York, New York whose principal business is the handling of customer accounts trading in off-exchange foreign currency transactions (FOREX).

The emergency action, among other things, prohibits Coes from distributing, disbursing or transferring any funds, except to existing customers, without NFA's prior approval. NFA took the action, which is effective immediately, because Coes has failed to maintain and produce to NFA complete books and records and, as a result, cannot demonstrate that it meets the minimum financial requirements in accordance with NFA Compliance Rules.

The action will remain in effect until NFA is satisfied that Coes is in complete compliance with all NFA requirements. Coes may petition the Commodity Futures Trading Commission (CFTC) for a stay of this action and may 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.

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