Braemar Securities is in the
spotlight after the National Futures Association (NFA) imposed a fine of
$140,000 against the London-based broker. This penalty is in response to Braemar Securities’ alleged
failure to meet communication recordkeeping obligations and the improper
disclosure of customers’ confidential information.
In an email to Finance Magnates, the NFA’s Business
Conduct Committee highlighted that Braemar Securities’ failure to comply with
communication recordkeeping obligations violated the regulator’s rules. The policies require that companies maintain transparent and accurate
communication records.
Additionally, Braemar Securities allegedly failed to disclose customers’ confidential non-public
information. The NFA has reportedly found
merit in these charges. The regulator has emphasized the importance of
safeguarding clients’ sensitive data and the potential consequences of
compromised confidentiality.
The third charge against Braemar Securities involved the failure to supervise, which violated the NFA’s compliance requirements. The regulator’s
decision highlighted the responsibility of financial institutions to ensure
supervision protocols, maintain compliance, and uphold the integrity of the
financial markets.
NFA orders London, United Kingdom introducing broker Braemar Securities LTD to pay a $140,000 fine https://t.co/NhPQpe9TdT pic.twitter.com/AKe1RC1EFj
— NFA News (@NFA_News) November 15, 2023
At the beginning of the year, the NFA fined StoneX $1 million for a series of alleged compliance
Compliance
In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a
In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a
Read this Term failures. The regulator
issued the fine after StoneX Markets agreed to settle the charges, neither
accepting nor denying the allegations. This followed a separate fine by the NFA
imposed on GAIN Capital, another subsidiary of StoneX Group.
NFA Fines Impact Multiple Firms
The NFA’s Business Conduct Committee raised four charges against StoneX Markets, accusing the company of failing to
provide timely and complete disclosure to counterparties, neglecting customary
procedures for initial margin calculation, and inadequately enforcing risk
management programs.
The committee identified a
system malfunction on the Forex.com trading platform
Trading Platform
In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
Read this Term, lasting from March 31,
2021, to April 1, 2021. Customers could execute stop and limit orders during
this period, but the platform allegedly failed to display the current published prices.
GAIN Capital reportedly incurred a loss of approximately $3 million
due to this malfunction.
The NFA’s enforcement action against GAIN Capital
and its CEO was based on several compliance violations. These included improper
adjustments to customer accounts, inadequate treatment of customers affected by
the system malfunction, and submitting inaccurate and incomplete information to
the NFA, Finance Magnates reported.
Braemar Securities is in the
spotlight after the National Futures Association (NFA) imposed a fine of
$140,000 against the London-based broker. This penalty is in response to Braemar Securities’ alleged
failure to meet communication recordkeeping obligations and the improper
disclosure of customers’ confidential information.
In an email to Finance Magnates, the NFA’s Business
Conduct Committee highlighted that Braemar Securities’ failure to comply with
communication recordkeeping obligations violated the regulator’s rules. The policies require that companies maintain transparent and accurate
communication records.
Additionally, Braemar Securities allegedly failed to disclose customers’ confidential non-public
information. The NFA has reportedly found
merit in these charges. The regulator has emphasized the importance of
safeguarding clients’ sensitive data and the potential consequences of
compromised confidentiality.
The third charge against Braemar Securities involved the failure to supervise, which violated the NFA’s compliance requirements. The regulator’s
decision highlighted the responsibility of financial institutions to ensure
supervision protocols, maintain compliance, and uphold the integrity of the
financial markets.
NFA orders London, United Kingdom introducing broker Braemar Securities LTD to pay a $140,000 fine https://t.co/NhPQpe9TdT pic.twitter.com/AKe1RC1EFj
— NFA News (@NFA_News) November 15, 2023
At the beginning of the year, the NFA fined StoneX $1 million for a series of alleged compliance
Compliance
In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a
In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a
Read this Term failures. The regulator
issued the fine after StoneX Markets agreed to settle the charges, neither
accepting nor denying the allegations. This followed a separate fine by the NFA
imposed on GAIN Capital, another subsidiary of StoneX Group.
NFA Fines Impact Multiple Firms
The NFA’s Business Conduct Committee raised four charges against StoneX Markets, accusing the company of failing to
provide timely and complete disclosure to counterparties, neglecting customary
procedures for initial margin calculation, and inadequately enforcing risk
management programs.
The committee identified a
system malfunction on the Forex.com trading platform
Trading Platform
In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
Read this Term, lasting from March 31,
2021, to April 1, 2021. Customers could execute stop and limit orders during
this period, but the platform allegedly failed to display the current published prices.
GAIN Capital reportedly incurred a loss of approximately $3 million
due to this malfunction.
The NFA’s enforcement action against GAIN Capital
and its CEO was based on several compliance violations. These included improper
adjustments to customer accounts, inadequate treatment of customers affected by
the system malfunction, and submitting inaccurate and incomplete information to
the NFA, Finance Magnates reported.