FM: NFA’s lack of intelligence strikes again: Alpari fined $200,000 for cancelling illicit traders

NFA’s lack of intelligence strikes again: Alpari fined $200,000 for...
by Michael Greenberg at Forex Magnates
Reading the details of this case you just can’t help but wonder what is NFA all about? NFA is simply doing what it wants, interprets the rules only in the way that suits it and basically does anything it can to impede its own members – the forex brokers.
If anything, NFA and CFTC (or as we call them ‘the post-factum regulators’) are jointly responsible for the American forex industry’s descent. American brokers could have, and should have, become the largest brokers in the world bringing worldwide customers to the US instead of scaring them off – which is what currently happens. Not only this, but both NFA and CFTC failed time and time again in preventing fraud by brokers they are in charge of regulating (MF Global and PFG) proving that they don’t have the skills to do their jobs.

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