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Relief provided by the Court to CFTC to take a firm stand on the FXCM publications case

Comments (0) Commodities News

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The US Commodity Futures Trading Commision (CFTC) requested more time from the U.S Court of Appeals to decide its stand in a lawsuit that targetted the National Futures Association (NFA). The Court accepted their request shortly.

On the 15th of February 2019 ,The Court agreed that if there is any amicus brief of the Commodity Futures Trading Commision shall be due by 25th of March 2019.This shows that the US Regulator has given a Three- week extention to decide if they should file a brief or not which shows where they stand in the allegations made by Effex Capital. The Effex Capital was a part in the FXCM’s US retail FX market exit, against NFA. Effex states that these allegations caused defamation, and it interefered in its business relations and consisted of some confidential and proprietary information.

Effex also says that it was deprived of procedural due process because as a non- party to the settlement and non- member of the NFA, it had no participation in the settlements between the NFA and FXCM and also didn’t have any opportunity to contest references to it in related settlement documents. Effex demands injunctive relief for the allegation and a financial recovery.

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