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December 09, 2015
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 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.