Shipkevich Bitcoin and ICO Attorney


Felix Shipkevich September 8, 2009

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 that Global Trading and Shapiro used high-pressure sales tactics, […]

Felix Shipkevich July 6, 2009

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 amount […]

Felix Shipkevich June 4, 2009

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 contracts and that the CFTC therefore lacked […]

Felix Shipkevich May 5, 2009

The NFA will require that FDMs close trades on a first-in first-out basis beginning July 31, 2009. This effectively prevents them from facilitating the practice known as hedging, where a trader opens two canceling positions in the same account. Rule 2-43(b) is as follows: Forex Dealer Members may not carry offsetting positions in a customer […]

Felix Shipkevich February 23, 2009

FDMs must collect security deposits of 1% of notional value on major currency pairs and 4% on other currency pairs. FDMs that maintain 150% of their capital requirement will be exempted. The Interpretive Notice cites customer safety as a reason for the leverage restrictions. It also notes that the new standards bring security deposit requirements […]

Felix Shipkevich February 23, 2009

In addition to the $20 million required by the CFTC Reauthorization Act of 2008, FDMs with over $10 million in customer liabilities and will be subject to capital requirements that take into account their total liabilities. FDMs that execute customer transactions exclusively via STP will be exempted. In general, the following formula will apply: Amount […]

Felix Shipkevich September 4, 2008

NFA Announcement: Definition of a Forex Dealer Member: Proposed Amendments to NFA Bylaw 306, NFA Financial Requirements Section 11(a), and the Interpretive Notice Regarding Forex Transactions

Felix Shipkevich August 8, 2008

NFA Announces Increase to FDM Capital Requirements On August 27, 2008, NFA announced that the capital requirements for Forex Dealer Members (FDMs) imposed by CFTC Reauthorization were approved by NFA’s Board of Directors. Particularly Section 1, 11, and 12 will be modified pursuant to CFTC approval.

Felix Shipkevich July 27, 2008

On July 23, 2008, NFA released a statement to their Forex Dealer Members (”FDMs”) advising that pursuant to CFTC Reauthorization 2008, the adjusted net capital will be increased to $20 million. The current adjusted net capital requirement for FDMs is $5 million. The increase will be phased in through $5 million increments. The first increase […]