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October 15, 2013
NFA fines Salt Lake City firm Interbank FX LLC $600,000 for failure to report trade data and failure to keep accurate books and records
October 15, Chicago - National Futures Association (NFA) has issued a $600,000 fine against Interbank FX LLC (Interbank), a registered futures commission merchant, Forex Dealer Member and retail foreign exchange dealer Member of NFA located in Salt Lake City, Utah. The Decision, issued by NFA's Business Conduct Committee (Committee), is based on a Complaint filed on October 15, 2013 and a settlement offer submitted by Interbank.
The Committee found that for most of calendar year 2011 Interbank failed to report certain trade execution data to NFA through the Forex Transaction Reporting Execution Surveillance System (Fortress). The Committee also found that during an NFA investigation focused on Interbank's activities throughout 2010 and 2011, NFA was unable to fully evaluate the firm's trade execution practices due to recordkeeping deficiencies at Interbank.
Interbank neither admitted nor denied the allegations.