The National Futures Association (NFA) fined Oanda Corporation 600,000 for multiple organizational violations, including violations of capital requirements and supervisory failure.
Foreign retail dealer for retail in New York, owned by the FTMO Royal Trading Company, agreed to settle without admitting or rejecting allegations, according to a decision published by the NFA Business Committee (BCC) on Wednesday.
BCC found that Oanda failed to properly increase its capital according to the opponents due to the qualified opposite parties, incorrectly calculated capital positions by compensating for exposure to the start of foreign currencies with a subsidiary, and failed to collect the necessary security deposits from that dependent.
The procedures are said to have a low minimum capital requirements, which penetrates several sections of NFA’s financial requirements.
NFA also cited Oanda due to additional violations, including Failure to collect the correct security deposits from customers in certain transactions, and the failure to monitor fair and equitable principles due to the problem of pricing that affected some customers, using incomplete promotional materials and a failure to supervise.
In addition to the fine, BCC Oanda ordered the payment of the affected customers.