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FX news: Gain Capital settles with NFA

The National Futures Association announced on Thursday that they have ordered Gain Capital to pay a $459,000 fine as a result of an NFA complaint issued on June 30 (National Futures Association serves complaint to Gain Capital).

The NFA alleges that Gain flouted five rules, including engaging in abusive margin, liquidation and price slippage practices that benefitted Gain to the detriment of its customers.


Although Gain said at the time that it was “surprised and disappointed” to receive the NFA complaint, they neither denied nor admitted the charges. The NFA said that Gain could expect to up to $250,000 for each charge. It is unclear which of the five charges the firm was found guilty of.

Given that FSA and CFTC fines can run into the millions, Gain’s fine looks like a slap on the wrist. It may also be indicative of the flimsiness of the evidence presented.

Meanwhile, as Gain continues to expand – the latest move being its recent acquisition of CMS retail accounts ( Gain CMS), we hope that Gain is paying its hard-pressed compliance guys well.

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