The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

NFA penalises another FX FCM

FX Option1: Benji Dayan. He's not the office assistant.

The US National Futures Association has clamped down on yet another FX futures commission merchant, fining and suspending Florida-based FX Option1.

The dry details are as follows: The NFA has suspended the company from NFA membership for one year and fined it $10,000 for failing to list a principal of the firm, maintain required books and records, collect customer security deposits, and adopt and implement an adequate anti-money laundering programme.

Looking through the complaint is quite amusing. “On July 13, 2005, FX1 changed its registration to remove Benji Dayan as a principal and AP of the firm. On July 18, Dayan sent an email message to NFA in which he represented that he had ceased doing business with FX1 and its parent company FX1 LP on July 13 and, thereafter, played no role at either firm.”

The NFA then adds: “NFA commenced an examination of FX1 in October 2005. When NFA arrived at FX1’s offices, it found Dayan occupying the largest office at FX1, which was identified as ‘executive office’ on the firm’s floor plan.”

That kind of gave the fact away that Dayan was actually the 99.9% owner of FX1 LP, not the office assistant, as the company told the NFA on its site visit.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree