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Firm fined $75,000 for failing to have adequate business continuity and disaster recovery plans

The US National Futures Association (NFA) has imposed a monetary sanction of $75,000 against Capital Market Services LLC (CMS), a Futures Commission Merchant located in New York.

The decision, issued by NFA's Business Conduct Committee, is based on an NFA Complaint filed in May 2011 and a settlement offer submitted by CMS.

The complaint alleged that CMS failed to implement adequate business continuity and disaster recovery plans and that CMS failed to report all system outages experienced by the firm to its customers and NFA. These outages left customers unable to enter new orders or manage their existing orders. In addition, the Complaint charged CMS with failing to adequately supervise the use of its electronic trading platforms.

NFA Compliance Rule 2-38 requires that 'Members establish and maintain a written BCDR plan to be followed in the event of an emergency or significant business disruption'.

More details (PDF)

•Date: 15th July 2011 • Region: US •Type: Article • Topic: Financial sector BC

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