Service Providers
NFA Shuts Down Tradex Group
February 1, 2007
The National Futures Association has permanently barred Tradex Group, a Boston-based CTA, for allegedly soliciting retail investors to trade off-exchange foreign currency futures and options with its parent company, Tradex Handel & Beratungs.
The Commodity Exchange Act explicitly prohibits the offering of forex transactions to retail investors, unless the counter-party is a regulated entity as defined in the act. Tradex AG was not registered as a counter-party.
In addition to the permanent ban, Tradex was also orders to pay $22,000 in restitution to its customers in the United States.
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