NFA suspends California FX firm

FX First, which managed off-exchange FX market accounts, was suspended for its failure to maintain a minimum net capital amount of $250,000 in accordance with NFA Compliance Rules, said an NFA spokesperson. The firm is now prohibited from ‘acting in any manner which requires registration under the Commodity Exchange Act and from disbursing any funds without approval from NFA’.

All trading has ceased in FX First’s customer accounts and the firm is liquidating its accounts. The firm has also de