La Commodity Futures Trading Commission a publié un communiqué de presse dans lequel elle annonce la condamnation de FC Stone pour absence de contrôle des risques.
Selon la plainte déposée par la CFTC, FC Stone, un négociant-commissaire en contrats à terme dont le siège est basé à New York aurait omis de superviser avec diligence ses dirigeants et ses employés par rapport à ses obligations liées à ses activités.
FCStone a échoué à mettre en œuvre des politiques de crédit, de concentration de crédit et de contrôle adéquat pour ses clients au cours de l'année 2008 et en partie de l'année 2009. Ces erreurs ont ouvert la porte à l'acquisition de positions importantes sur les options que FCStone ne pouvait pas se permettre de maintenir.
En fin de compte, FCStone a été contraint de les abandonner et a perdu environ 127 millions de dollars.
The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against FCStone LLC, a Futures Commission Merchant (FCM) headquartered in New York, New York, for failing to diligently supervise its officers and employees relating to its business as an FCM in violation of Commission Regulation 166.3, 17 C.F.R. § 166.3 (2008). FCStone failed to implement adequate customer credit and concentration risk policies and controls in 2008 and part of 2009, allowing one account (Account) to acquire a massive options position that it could not afford to maintain. Ultimately, FCStone was forced to take over the Account, and lost approximately $127 million. The CFTC Order requires FCStone to pay a civil monetary penalty of $1.5 million, retain an independent consultant to review its internal controls and procedures, and cease and desist from violating its supervisory obligations.
The Order finds that from January 1, 2008 through March 1, 2009, FCStone failed to diligently supervise its officers’ and employees’ activities relating to risks associated with its customers’ accounts, and with the Account, which was primarily controlled by two individuals who traded natural gas futures, swaps, and option contracts. Because FCStone did not have adequate credit and concentration risk policies and controls, the two Account owners accumulated a massive position -- more than 2.5 million relatively illiquid commodity option contracts, which the Account owners could not afford to maintain. After the value of the positions deteriorated over the course of 2008, the Account owners were unable to meet their financial obligations with respect to the Account. As FCMs are required to do in that situation, FCStone assumed the financial obligations to the clearing house that carried the positions. Unable to successfully manage the positions, FCStone ended up suffering $127 million in losses. The Commission found that FCStone violated Regulation 166.3 by failing to diligently supervise in a manner designed to mitigate risks associated with customer accounts, such as the risks arising from unsatisfied margin obligations, negative account balances, and the handling of large relatively illiquid positions.
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