Ikon Global Markets, Inc., settled charges brought by the Commodity Futures Trading Commission that, from approximately February 9, 2012, through the present, the firm failed to keep and promptly produce as per the CFTC’s subpoena required records related to exchange for physical trades entered on NASDAQ OMX Futures Exchange, Inc. (“NFX”). According to the CFTC, Ikon, formerly registered as a futures commission merchant, executed “thousands” of EFPs from February 9 through September 12, 2012, involving gold and the cash-settled spot futures contract listed on NFX. Under CFTC rule, FCMs are required to “keep full, complete and systematic records… of all transactions related to its business of dealing in commodity interests and related cash or forward transactions.” (Click here to access CFTC Rule 1.35(a)(1).) The firm agreed to pay a fine US $200,000 to resolve the CFTC’s complaint. Ikon withdrew as a member of the National Futures Association in January 2013, and subsequently agreed never to reapply as an NFA member, to resolve NFA charges that it failed to cooperate in connection with a 2012 NFA audit. (Click here to access the relevant NFA complaint, and here to access the relevant NFA decision.)