IBFX, Inc.—a registered retail foreign exchange dealer—settled charges brought by the Commodity Futures Trading Commission that, on three occasions from December 2011 through June 2014, it violated the Commission’s net capital requirement. According to the CFTC, on the first occasion, the firm’s error arose from not taking into account certain uncovered FX positions for which it was required to take a capital charge (but did not). On the second occasion, IBFX’s mistake was because of a typographical error, and on the third occasion, its failure occurred “when software that IBFX installed, but did not fully test prior to installation, resulted in uncovered positions requiring charges to capital” it did not take. The CFTC also charged IBFX with failing to report timely its undercapitalized status on one occasion and failure to supervise. To resolve this matter, IBFX agreed to pay a fine of US $600,000.