RULE 2-44. FOREX CUSTOMER STATEMENTS
[Adopted effective June 1, 2009.]
Forex Dealer Members must provide customers with confirmations, daily statements, and monthly statements as provided in this rule.
(a) Confirmations
Written confirmations must be provided to customers within one business day after any activity in the customer's account, including offsetting transactions, rollovers, deliveries, option exercises, option expirations, trades that have been reversed or adjusted, and monetary adjustments. The confirmations must contain the following information regarding the transaction and the funds in the account:
(1) Transaction date;
(2) Transaction type (e.g., new position, offsetting position, rollover, adjustment);
(3) Currency pair
(4) Buy or sell (if a new or offsetting position);
(5) Size
(6) Price or premium (for new or offsetting positions or price adjustments);
(7) Price or premium change (for price adjustments);
(8) Monetary adjustments (debit or credit);
(9) Net profit or loss for offsetting positions; and
(10) Charges for each transaction (e.g., rollover interest and/or fees).
(b) Daily Statements
Daily statements must show the account equity as of the end of the previous day. The daily statements may be provided electronically as long as they are readily accessible to customers. The daily statements may be combined with the confirmations but, in that event, they may not be provided electronically without the customer's consent.
(c) Monthly or Quarterly Statements
Monthly statements are required for all accounts that have open positions at the end of the month or changes in the account balance or equity since the prior statement. Quarterly statements are required for all other open accounts. The monthly or quarterly statements must contain the following information regarding the transactions during the reporting period and the funds in the account:
(1) The account equity at the beginning of the reporting period;
(2) All initiating or offsetting transactions, deliveries, option exercises, or option expirations that occurred during the reporting period, with the following information for each: date, currency pair, buy or sell, size, and price or premium (with any price or premium adjustment noted);
(3) All open positions in the account, with the following information for each position: date initiated, currency pair, long or short, size, price or premium at which it was initiated (with any price or premium adjustment noted), and the unrealized profit or loss;
(4) All deposits and withdrawals during the reporting period;
(5) All other monetary adjustments (debits and credits) to the account;
(6) The amount of cash in the account (excluding non-cash collateral and unrealized profits and losses);
(7) A breakdown by type of all fees and charges during the period, including commissions and interest expense or rollover fees; and
(8) The account equity at the end of the reporting period.
(d) Options
For options transactions, Forex Dealer Members must provide the following additional information:
(1) On confirmations and monthly or quarterly statements, strike price and expiration date; and
(2) For open positions on monthly or quarterly statements, the value of the option marked to the market.
(e) Account Equity
Each daily, monthly, or quarterly statement must prominently display the account equity. The account equity is the sum of all realized profits and losses, all unrealized profits and losses, and any other cash and collateral in the account.
(f) Electronic Delivery
Daily statements may be provided on-line or by other electronic means as long as they are readily accessible to customers. Confirmations and monthly/quarterly statements may be provided on-line or transmitted by other electronic means if the customer consents to the specific method used.
(g) Adjustments
For purposes of this Rule, the term "adjustment" means any change to the price or premium of an initiating or offsetting transaction and any debit or credit to the account that has the same effect (monetary adjustment).