The US National Futures Association (NFA), the self-regulatory organization for the US derivatives industry, has ordered Futu Futures Inc to pay a $100,000 fine. Futu is an NFA Member futures commission merchant located in Jersey City, New Jersey.
The Decision, issued by NFA’s Business Conduct Committee (BCC), is based on a Complaint issued by the BCC and a settlement offer submitted by Futu, in which the firm neither admitted nor denied the allegations of the Complaint. The BCC found that Futu failed to file various required financial reports and notifications timely with NFA.
The NFA’s Complaint alleged that Futu failed to file timely monthly financial reports and timely notice of material changes in its operations or senior management with the NFA. It also alleged that Futu failed to supervise its employees and agents in the conduct of their commodity interest activities for or on behalf of the firm.
According…
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