CFTC ACTION – Oxford Global Advisors et al.
The CFTC charged a Minneapolis money manager and a Burnsville radio personality with running a Ponzi scheme that defrauded at least 1,000 people out of more than $190 million in a bogus currency investment scheme. The CFTC obtained emergency orders freezing the assets held by “self-proclaimed”...South Korea subjects banks to new regulations on forward deals
South Korea has tightened control over foreign exchange liquidity. The Financial Services Commission watchdog said the measures would enhance the soundness of banks’ foreign currency assets but were not intended to curb the won’s advance. One measure called on banks to hold at least 2 percent of...Congress to remove exemption for foreign exchange swaps and forwards from new central clearing requirements
The US Congress will remove the exemption for foreign exchange swaps and forwards from new central clearing requirements when two over-the-counter derivatives reform bills moving through the House of Representatives are reconciled on the House floor early next month. The forex exemption is the legacy of the...Brazil implements new measures for the currency market
Brazil’s Treasury Secretary Arno Agustin confirmed new measures for the currency market are on the way. First, Agustin said “we will resume foreign issues in reais,” as Market News International reported Oct. 9. But he said since interest rates for real-denominated issues have risen since...CFTC ACTION: Trader’s International Return Network
CFTC and SEC filed separate charges against Florida resident David Merrick and Trader’s International Return Network, his Panamanian corporation. The CFTC complaint alleges that “TIRN represented itself as a “private investment club” that provided various investment services, including foreign...National Bank of Hungary proposed restrictions on foreign currency-denominated loans
NFA ACTION: Capital Blu Management LLC
Posted byFelix Shipkevich on Sep 18, 2009 in Forex, National Futures Association, Restricted | 3 comments
Following a complaint filed in June 2009, the NFA’s Buisness Conduct Committee has found that Capital Blu failed to cooperate fully and promptly with NFA in its investigation of the firm’s operations. The NFA issued a Member Responsibility Action (MRA) against the firm in September 2008, and in...NFA ACTION: Global Trading Center LLC
Posted byFelix Shipkevich on Sep 8, 2009 in Forex, National Futures Association, Restricted | 1 comment
Following an October 2008 complaint, the NFA has permanently barred Global Trading Center LLC, a former Introducing Broker located in Florida, from NFA membership. Global Trading’s principal, Harris Shapiro, has been bared for a period of five years as part of a settlement. The Complaint charged...FSA plans to set leverage limits on retail Forex
Japan’s Financial Services Agency is planning to set limits on how much foreign-exchange investors can buy on margin. The FSA unveiled a plan to curb speculative trading in two stages, in order to spread out and neutralize any market impact. The plan calls for the leverage cap to be set at 50 times the...Congress Urged to Close Zelener Loophole
NFA President Daniel Roth and Executive Vice President Daniel Driscoll urged Congress to close the Zelener loophole for non-forex products. In the CFTC vs. Zelener case, the U.S. Court of Appeals for the Seventh Circuit concluded that the rolling spot contracts in question did not qualify as futures...