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NFA Fines X-Change Financial Access

NFA has ordered Chicago, Ill. introducing broker X-Change Financial Access LLC (XFA) to pay a $100,000 fine. 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 XFA. The BCC found that XFA, while registered as a futures commission merchant (FCM), failed to have adequate supervisory procedures to monitor for, and detect, unusual allocation activity and to prevent violations of a Member Responsibility Action issued by NFA. The BCC also found that XFA failed to maintain adequate and complete records. In December 2015, XFA was also ordered by...