The Complaint also charged that IKON failed to supervise the MetaTrader platform used for their forex business, and failed to supervise the firm's operations." I wonder if "slippage practices" are what Rockwell Trading CEO is warning us about? Per the NFA release, "The Complaint alleged that IKON engaged in certain price slippage practices on the MetaTrader platform that were favorable to IKON and caused disadvantageous trading conditions for certain customers. Here's another similar NFA fine of $320,000 against New York forex firm IKON Global Markets. 28, 2010 "NFA orders $459,000 monetary sanction against New Jersey forex firm Gain Capital Group LLC." Read the text of the entire Complaint included in the release. We noticed a troubling NFA news release dated Oct. The retail forex industry should be run better with the new rules. Keep in mind that this court case occurred before the new CFTC forex brokerage rules went into effect on Oct. The forex market, which is central to this case, is not a public market, but is instead a "negotiated market," in which-according to the parties-foreign currency prices (the prices used for the trades in this case) are “constructed” by the FCMs using “software to process and distill currency prices offered by numerous banks and come up with an indicative market price.” The CEO of Rockwell Trading brought up this court case and discussed his concerns about forex brokers and their platform markets on our Oct. Click here for recommended buys in Forbes-Lehmann Income Securities Investor.įor warnings about hidden problems with forex brokers, see Erskine vs. Special Offer: Why bother with stocks when you can beat the pants off of them with fixed income while taking on less risk? Earn 8% yields on top of chunky capital gains.