NFA Orders Former CPO, CTA And Sole Principal To Withdraw From NFA Membership

Contributor

Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.

Explore Firm Details

ISDA summarized the U.S. requirements for calculating the average aggregate notional amount ("AANA") for Phase Five initial margin ("IM") between June 1, 2019 and August 31, 2019.

United States Finance and Banking

NFA ordered a former CPO and CTA (i.e., Almas Capital Management LLC ("Almas Capital")), along with its former sole principal, not to reapply for NFA membership or act as a principal of a member. NFA's decision was based on a Complaint by NFA's Business Conduct Committee and a settlement offer submitted by Almas Capital and its former principal Mark Nichols in which "neither admitted nor denied the allegations." The Complaint alleged that Almas Capital and Mr. Nichols failed to cooperate with NFA during its 2018 examination.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.