NFA Charges FCM with Failing to Report Customer Balances at Depositories

NFA issued a Complaint and Decision charging an NFA-member futures commission merchant ("FCM") with failing to report balances of its customers' segregated funds accounts to NFA through the daily confirmation system.

NFA Financial Requirements Sections 4(c) and 4(d) require an FCM that holds customer segregated funds and customer secured amount funds to instruct the depositories that hold such funds to report the balances to NFA, or a third party designated by NFA, on a daily basis.

Pursuant to a settlement offer submitted by the FCM, the firm was ordered to pay a $17,500 fine to NFA.

See: NFA Complaint; NFA Decision.