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November 22, 2005
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NFA takes emergency enforcement action against New Jersey FOREX firm
November 22, Chicago - National Futures Association (NFA) announced today that it has suspended FX Trading, LLC and its principal Shaheryar Khan (Khan), effectively prohibiting the firm from doing business because it has failed to demonstrate compliance with NFA rules. FX Trading is a futures commission merchant located in Iselin, New Jersey. Its principal business is the handling of customer accounts trading in off-exchange foreign currency transactions (FOREX).
The emergency action, among other things, prohibits FX Trading from distributing any funds without NFA's prior approval. NFA took the action, which is effective immediately, because FX Trading has failed to demonstrate that it meets the minimum financial requirements in accordance with NFA Compliance Rules. Furthermore, FX Trading and Khan failed to cooperate with NFA, provided false and misleading information to NFA, and failed to prepare and maintain required financial records.
The action will remain in effect until NFA is satisfied that FX Trading is in complete compliance with all NFA requirements. FX Trading 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.