NFA Takes "Emergency Enforcement Action" against New York FX Dealer Member

NFA has ordered FX Direct Dealer, LLC ("FXDD") - a New York-based FCM, retail forex dealer and forex dealer member of NFA - to either post a bond or place funds in an escrow account to ensure that the firm can meet its obligations under any restitution order that may result from a related NFA disciplinary action. The customer restitution is estimated to be $3.3 million. NFA issued a Complaint against earlier this year charging that FXDD engaged in price slippage practices that benefited FXDD to the detriment of customers.

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