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.
Gain and Stevens neither admitted nor denied the charges. The complete text of the Complaint and Decision are available on NFA's website (www.nfa.futures.org).
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