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December 05, 2007
NFA takes emergency enforcement action against California forex firm, Forex Liquidity LLC
December 5, Chicago - National Futures Association (NFA) announced today that it has taken an emergency enforcement action against Forex Liquidity LLC (FXLQ), a Futures Commission Merchant and Forex Dealer Member, located in Santa Ana, California.
Effective immediately, the Member Responsibility Action (MRA) prohibits FXLQ from soliciting or accepting any additional customer accounts or funds and from accepting or placing trades for any customer accounts. The MRA also prohibits FXLQ from distributing, disbursing or transferring any funds without prior NFA approval. FXLQ must produce financial statements to NFA, including net capital computations, which reflect all assets, liabilities and current capital positions.
NFA has taken this action because FXLQ failed to demonstrate that it meets capital requirements and provided false or misleading information to NFA. The MRA will remain in effect until FXLQ demonstrates that it is in complete compliance with all NFA Requirements. FXLQ 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.