NFA fines Makor Securities London Ltd. $375k for reporting failures

Rick Steves

Makor Securities London Limited provides institutional brokerage services to customers worldwide. The company focus on risk arbitrage, special situations, relative value, and event-driven opportunity.

NFA vs IBFX yet again!

The National Futures Association (NFA) has ordered Makor Securities London Ltd. to pay a $375,000 fine for “allegedly” failing, in its capacity as an introducing broker (IB), to disclose to NFA intra-month transfers of assets with an affiliate between August 2021 and February 2022, which gave the impression Makor was holding the assets at all times during this period.

Makor is no longer an introducing broker (IB) and has provisionally registered as a swap dealer member of the NFA.

The complaint was issued by NFA’s Business Conduct Committee (BCC) and Makor submitted a settlement offer in which the firm neither admits nor denies the allegations.

Makor didn’t give timely notice of capital shortfalls

The regulator also alleged that a former associated person of Makor represented to the NFA that the firm held the assets as inventory when they should have known the firm transferred the assets to its affiliate and, therefore, was not holding them as inventory.

According to the complaint, Makor failed to maintain at all times the required minimum adjusted net capital during various periods since July 2017 and failed to give timely notice to NFA of the firm’s capital shortfalls.

Other failures include lack of proper supervision of its employees and agents in the conduct of their commodity interest activities for or on behalf of the firm.

Makor Securities London Limited provides institutional brokerage services to customers worldwide. The company focus on risk arbitrage, special situations, relative value, and event-driven opportunity.
The firm is a subsidiary of Makor Group, which not only operates its own branded entities, but also cryptocurrency arm Enigma Securities, New York-based broker Oscar Gruss & Son, Inc. and London-headquartered broker Churchill Capital, with offices in New York.

In October 2021, Makor completed its Series A raise at a $200m valuation to support the expansion of Enigma Securities, Makor’s industry leading digital asset brokerage with monthly trading volumes in excess of $2 billion, as well as further Makor’s geographical expansion and M&A activities.

The company also built new strategic partnerships with Algorand – having onboarded CEO Steven Kokinos to its board of directors -, Alan Howard, and several notable US based asset managers.

Makor will take advantage of Algorand’s blockchain expertise to build and distribute digital assets, bridging the gap between Wall Street and the next generation of financial products.

Read this next

Fintech

Ouinex taps Netdania to build institutional-grade crypto trading platform

Ouinex intends to always bring the best of TradFi electronic trading infrastructure to Web3 including innovative universal cross-margining capabilities so that users can trade TradeFi instruments by using their crypto holdings as margin.

Retail FX

BDSwiss Elevates Traders’ Experience with Advanced Trading Tools

In the fast-paced world of financial markets, having access to advanced trading tools and educational resources is crucial for traders aiming to stay ahead of the curve.

Market News

Gold & Silver rally, made in China

Gold prices correlate with the US bond market, and the US Dollar influences the Gold/Silver ratio. Chinese market premiums for Gold and Silver suggest continued uptrends. Inflation-adjusted peaks indicate current prices are not overly expensive, implying potential for further gains.

Market News

Japan’s Monetary Policy and FX Intervention: Key Takeaways from the G20 Meeting

At the G20, BoJ President Kanda and Finance Minister Suzuki emphasized stable exchange rates and cautious FX intervention, signaling imminent action. Softer US inflation data and potential BoJ rate hikes are impacting USD/JPY

blockdag

Top 3 Cryptos of 2024: BlockDAG’s $1 Prediction, Immutable’s Remarkable Price Increase, and Solana’s Promising Future

Explore pivotal changes in the cryptocurrency market through our analysis of Solana, Immutable, and BlockDAG. Explore how BlockDAG raised $34.7M in its presale with advanced technologies.

Fintech

UK bank Kroo bans crypto transactions, warns account closure

London-based digital bank Kroo has imposed a ban on cryptocurrency transactions, another blow for crypto traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class.‎

Web3

MoonPay onboards Gucci, Puma, and Mastercard to Web3 Tools

Blockchain payments infrastructure firm MoonPay has unveiled a new platform to simplify the Web3 experience for brands and consumers. The platform, dubbed Web3 Tools, helps brands provide a less complex Web3 journey.

blockdag

BlockDAG’s Keynote Video Drives $34.7M in Presales, Gaining Traction Among Solana (SOL) Investors and Litecoin Enthusiasts

Discover BlockDAG’s leadership in cryptocurrency, attracting Solana (SOL) investors and Litecoin enthusiasts with its strong growth prospects and groundbreaking mining technology. 

Digital Assets

Mt. Gox users alarmed by $10 billion transfer to unknown wallet

Mt. Gox has transferred 42,830 BTC, worth about $2.9 billion, from its cold wallets, according to Arkham Intelligence data. This marks the first major transfer from the defunct bitcoin exchange in five years.

<