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For more information contact:
Kristen Scaletta, 312-781-7860, kscaletta@nfa.futures.org
Karen Wuertz, 312-781-1335, kwuertz@nfa.futures.org

NFA bars Chicago, Illinois futures commission merchant X-Change Financial Access LLC from acting as an FCM, and orders it to pay a $75,000 fine

December 9, Chicago—National Futures Association (NFA) has barred Chicago, Illinois futures commission merchant (FCM) X-Change Financial Access LLC (XFA) from operating as an FCM, allowing XFA to only operate as an NFA Member introducing broker. In addition, NFA has ordered XFA to pay a $75,000 fine.

The Decision, issued by NFA's Business Conduct Committee (BCC), is based on a Complaint authorized by the BCC on September 29, 2015, and a settlement offer submitted by XFA and two of its principals.

The BCC found that XFA's risk management policy failed to adequately address all risk areas, including capital risk. In addition, the BCC found that XFA failed to take adequate steps to assess and monitor the risks associated with the accounts of customers who trade in volatile markets, where losses may accumulate quickly and generate margin calls.

The complete text of the Complaint and Decision can be viewed on NFA's website.