IFUS Releases Financial Reporting Requirements Reminder to all Members

ICE released an exchange notice reminding members of Rules 2.28 and 2.34. Rule 2.28 requires member firms to immediately notify the Exchange in the event of a material adverse change in financial condition, defined as a 20% or more reduction in net capital or tentative net capital if the firm is a Futures Commission Merchant (FCM) or Introducing Broker. Rule 2.34 requires FCMs and Clearing Members to submit an audited financial statement to the exchange within 90 days of the close of the firm's fiscal year, or 60 days if the FCM is also a registered broker dealer.

Click here to view notice in full (links externally to IFUS website).