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May 29, 2018
NFA orders Chicago, Ill. introducing broker X-Change Financial Access LLC to pay a $100,000 fine
May 29, Chicago—NFA has ordered Chicago, Ill. introducing broker X-Change Financial Access LLC (XFA) to pay a $100,000 fine.
The Decision, issued by NFA's Business Conduct Committee (BCC), is based on a Complaint issued by the BCC and a settlement offer submitted by XFA. The BCC found that XFA, while registered as a futures commission merchant (FCM), failed to have adequate supervisory procedures to monitor for, and detect, unusual allocation activity and to prevent violations of a Member Responsibility Action issued by NFA. The BCC also found that XFA failed to maintain adequate and complete records.
In December 2015, XFA was also ordered by NFA's BCC to pay a $75,000 fine and withdraw as an FCM for failing to supervise its operations and failing to establish, maintain and adequately enforce a risk management program. See the 2015 Complaint and Decision.