Forex Dealer Accuses CFTC Of Flubbing Hedging Ban

Law360, New York (January 11, 2011, 1:13 PM EST) -- Futures commission merchant Ikon Global Markets Inc. has sued the U.S. Commodity Futures Trading Commission for allegedly failing to enforce a ban on hedged customer transactions and even faulting firms that abide by the new regulation.

The complaint, filed Monday in the U.S. District Court for the District of Columbia, claims the CFTC’s self-regulatory arm, the National Futures Association, has punished Ikon for complying with Wall Street reforms and prohibiting customers from simultaneously taking short and long positions on the same currency transaction.

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Case Information

Case Title

IKON GLOBAL MARKETS, INC. v. COMMODITY FUTURES TRADING COMMISSION


Case Number

1:11-cv-00052

Court

District Of Columbia

Nature of Suit

Other Statutory Actions

Judge

Rudolph Contreras

Date Filed

January 9, 2011

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