NFA orders Plantation, Florida retail foreign exchange dealer and swap dealer IBFX to permanently withdraw from NFA membership
March 15, Chicago—National Futures Association (NFA) has ordered IBFX, Inc. (IBFX), an NFA Member registered retail foreign exchange dealer and provisionally registered swap dealer (SD) located in Plantation, Florida, to permanently withdraw from NFA membership and from acting as a principal of an NFA Member.
The Decision, issued by NFA's Business Conduct Committee (BCC), is based on 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. In addition, the Complaint 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.