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January 12, 2023
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NFA orders Chicago, IL swap dealer StoneX Markets LLC to pay a $1,000,000 fine
January 12, Chicago—NFA has ordered Chicago, Illinois swap dealer Member StoneX Markets LLC (Stone) to pay a $1,000,000 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 Stone. In the settlement offer, the firm neither admitted nor denied the allegations in the Complaint.
In its Decision, the BCC found that Stone violated NFA Compliance Rule 2-4 by failing to provide timely and complete disclosure to its counterparties that the firm was not calculating initial margin (IM) according to its customary procedures; violated NFA Compliance Rule 2-49(a) by failing to maintain and enforce an adequate risk management program with respect to the firm's value-at-risk calculation and daily IM determination, and by failing to retain required records and provide pre-trade mid-market marks to counterparties; and violated NFA Compliance Rules 2-9(d) and 2-49(a) by failing to supervise the firm's operations.