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August 18, 2022
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NFA orders London, U.K. firm Makor Securities London Ltd. to pay a $375,000 fine
August 18, Chicago—NFA has ordered Makor Securities London Ltd. (Makor) to pay a $375,000 fine. Makor is a former introducing broker (IB) and current provisionally registered swap dealer Member of NFA located in London, U.K.
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 Makor, in which the firm neither admitted nor denied the allegations in the Complaint. The BCC's Complaint alleged that Makor, in its capacity as an IB, failed to disclose to NFA intra-month transfers of assets with an affiliate between August 2021 and February 2022, which gave the impression Makor was holding the assets at all times during this period. The Complaint also alleged that Makor represented to NFA, through a former associated person (AP) of Makor, that the firm held the assets as inventory when the AP should have known the firm transferred the assets to its affiliate and, therefore, was not holding them as inventory. In addition, the Complaint alleged that Makor failed to maintain at all times the required minimum adjusted net capital during various periods since July 2017 and failed to give timely notice to NFA of the firm's capital shortfalls. Lastly, the Complaint alleged that Makor failed to adequately supervise its employees and agents in the conduct of their commodity interest activities for or on behalf of the firm.
In its Decision, the BCC found that Makor violated NFA Compliance Rules 2-4 and 2-9(a) and NFA Financial Requirement Sections 4, 5(a) and 5(c).
The complete text of the Complaint and Decision can be viewed on NFA's website.