Key Insights
- The NFA fined forex dealer Trading.com Markets Inc. $50,000 for failing to file timely financial and trade reports.
- Trading.com was accused of violating NFA rules by not submitting daily reports on finances.
- The firm agreed to pay the fine and cease violating NFA reporting requirements.
CHICAGO (MarketsXplora) – The U.S. National Futures Association said on Tuesday it has fined forex dealer Trading.com Markets Inc $50,000 after the company failed to file timely financial and trade data reports required by the self-regulator.
In a complaint issued on Feb. 27, the NFA’s Business Conduct Committee (BCC) alleged that Trading.com violated several NFA financial requirements by not submitting daily reports on its finances and trading activity, as well as monthly financial statements.
The complaint also accused the firm of failing to maintain proper internal financial controls and adequate supervisory procedures, the NFA said.
Trading.com, without admitting or denying the allegations, submitted an settlement offer that was accepted by the BCC in a decision dated May 8, according to the NFA.
As part of the settlement, the Auckland, New Zealand-based firm was ordered to pay a $50,000 fine and cease and desist from further violations related to NFA financial reporting requirements and compliance rules.
Trading.com did not immediately respond to a request for comment.
The NFA is an independent self-regulatory organization for the U.S. derivatives industry, including forex dealers servicing American clients.
Last year, it brought over two dozen cases against brokers involving anti-money laundering compliance lapses and other supervisory failures.
The regulator routinely publishes disciplinary notices to inform members and the public about its enforcement actions against firms and individuals violating NFA rules.