NFA bans IBFX from membership

Less than a day after IBFX Inc (TradeStation Forex) was ordered by the CFTC to pay a $1 million civil monetary penalty for violating capital requirements, the broker encountered further sanctions from US authorities.

The U.S. National Futures Association (NFA) announced today that it has ordered IBFX, Inc. (IBFX), an NFA Member registered retail foreign exchange dealer and provisionally registered swap dealer (SD), to permanently withdraw from NFA membership and from acting as a principal of an NFA Member.

The decision made by NFA’s Business Conduct Committee (BCC), stems from a Complaint authorized by the BCC on November 2, 2015, and a settlement offer submitted by IBFX.

The Complaint alleged that IBFX failed to comply with Chief Compliance Officer requirements as a provisionally registered SD and failed to implement an adequate risk management program. The Complaint also alleged that IBFX failed to maintain the required minimum adjusted net capital, failed to notify NFA of the firm’s capital deficiencies, failed to maintain complete and accurate books and records, and failed to adequately supervise the firm’s operations.

The NFA Basic Search system shows IBFX Inc is currently “on withdrawal hold”.

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For the full announcement from the NFA, click here.

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