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NFA orders $459,000 monetary sanction against New Jersey forex firm Gain Capital Group LLC
October 28, Chicago - National Futures Association (NFA) has ordered Gain Capital Group LLC (Gain), a forex dealer member located in Bedminster, New Jersey, to pay a $459,000 fine as a result of an NFA Complaint issued and a settlement offer submitted by Gain and its chief executive officer, Glenn H. Stevens.
NFA's Business Conduct Committee alleged that Gain engaged in abusive margin, liquidation and price slippage practices that benefited Gain to the detriment of its customers. The Committee also alleged that Gain failed to maintain records for certain unfilled orders, failed to adequately review the activities and promotional material of the firm's unregistered solicitors, and failed to supervise the firm's operations.
In addition to the fine amount, Gain must also provide appropriate refunds to its customers as a result of these detrimental margin, liquidation and asymmetrical slippage practices.
However, orders involving greater than five standard contracts were blocked when the slippage was favorable to the customers but filled when the slippage was unfavorable to the customers and favorable to Gain.
As a result, from May 1, 2009 through July 31, 2009, customers trading greater than five standard contracts on the retail server experienced $169,502 in losses due tounfavorable slippage, yet never received any gains when favorable slippage occurred.
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How many traders were cheated and they didn't noticed because their order size was too small ??
Can you help answer these questions from other members on NexusFi?
Posts in reply to MetalTrader's comments have been removed. See post #6.
-- Big Mike
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
Posts in reply to MetalTrader's comments have been removed. See post #6.
-- Big Mike
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
