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October 05, 2006
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NFA takes emergency action against Las Vegas FOREX firm
October 5, Chicago - National Futures Association (NFA) announced today that it has taken an emergency action against Spot FX Clearing Corporation (Spot FX) which seriously curtails the business activities that the firm may engage in because it has failed to demonstrate compliance with NFA rules. Spot FX is a futures commission merchant located in Las Vegas, Nevada. Its principal business is the handling of customer accounts trading in off-exchange foreign currency transactions (FOREX).
The emergency action, among other things, prohibits Spot FX from soliciting customer accounts, accepting or placing trades for any customer accounts and distributing any funds without NFA's prior approval. NFA took the action, which is effective immediately, because Spot FX has failed to 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 Spot FX is in complete compliance with all NFA requirements. Spot FX 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.