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CFTC Orders AMP Global Clearing LLC to Pay $100,000 for Supervision Failures Related to Cybersecurity of its Customers’ Records and Information
Washington, DC*– The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against*AMP Global Clearing LLC*(AMP), a registered Futures Commission Merchant since 2010, for its failure between June 21, 2016 and April 17, 2017 to supervise diligently the implementation of critical provisions in AMP’s information systems security program (ISSP). As a result of this failure, a significant amount of AMP’s customers’ records and information were left unprotected for nearly ten months. In April 2017, as a result of this failure, a third party unaffiliated with AMP (Third Party) accessed AMP’s information technology network and copied approximately 97,000 files, which included customers’ records and information, including personally identifiable information. The Third Party thereafter contacted federal authorities about securing the copied information, and subsequently informed AMP that the copied information had been secured and was no longer in the Third Party’s possession. After becoming aware of the vulnerability and unauthorized access, AMP cooperated with the CFTC and worked diligently to remediate the issue.
CFTC’s Director of Enforcement Comments
James McDonald, the CFTC’s Director of Enforcement, commented: “Entities entrusted with sensitive information must work diligently to protect that information. That’s not only good business, but when it comes to registrants in our markets, it’s the law. As this case shows, the CFTC will work hard to ensure regulated entities live up to that responsibility, which has taken on increasing importance as cyber threats extend across our financial system.”
Specifically, the Order finds that AMP failed to supervise its IT Provider’s implementation of ISSP provisions it was delegated with implementing under AMP’s supervision, including identifying and performing risk assessments of access routes into AMP’s network, performing quarterly network risk assessments to identify vulnerabilities, maintaining strict firewall rules, and detecting unauthorized activity on the network. This failure left a significant amount of AMP’s customers’ records and information vulnerable to cyber-exploitation for nearly ten months, until the Third Party accessed AMP’s network.
The Order finds that the vulnerability in AMP’s network involved an open access route in a network attached storage device (NASD). Three successive quarterly network risk assessments failed to identify this vulnerability. Indeed, the Order finds that, before the Third Party accessed the NASD’s contents, the media had reported three other incidents of unauthorized access of NASDs used by organizations other than AMP, including some from the same manufacturer of AMP’s NASD. Yet AMP did not detect the vulnerability until its network was accessed and customer records and information compromised.
The Order requires AMP to pay a $100,000 civil monetary penalty and cease and desist from violating the CFTC regulation governing diligent supervision. The Order further requires AMP to provide two written follow-up reports, within one-year of entry of the Order, to the CFTC verifying AMP’s ongoing efforts to maintain and strengthen the security of its network and its compliance with its ISSP’s requirements.
The Order recognizes AMP’s substantial cooperation and remediation during the CFTC’s Division of Enforcement’s investigation of this matter, which included providing important information and analysis to the Division that helped the Division to efficiently and effectively undertake its investigation. The Order notes that the civil monetary penalty imposed on AMP reflects AMP’s cooperation.
The CFTC thanks the Securities and Exchange Commission for its assistance in this matter.
Jeremy Christianson and Christopher Beatty from the CFTC’s Office of Data and Technology also provided assistance in this matter.
CFTC Division of Enforcement staff members responsible for this action are Harry E. Wedewer, Trevor Kokal, Candice Aloisi, Lenel Hickson, Jr., and Manal M. Sultan.
Just my two cent opinion, but seems like amp made out well w this.
I believe they had to show what they will do from now on to improve internal oversight and show compliance w that plan out into the future, which is easy enough to facade actually. Ensuring compliance w the internal security procedure is difficult for an agency to enforce unless the agency outsources that task to a better security firm than the FCM hires.
This was a lucky and friendly warning shot; and amp should realize that this could've been worse. In fact, the argument is that the friendly researcher was not the only person to get the sensitive info...which I believe to be the case but also that the stolen info wasn't uber sensitive or useable in the end.
AMP charge me data fees that I had never subscribed.
I found that at the monthly statement.
I had never subscribe EUREX and DOW index data.
But AMP charged me there cost.
I understand you don't believe me.
But it is really happened. Unbelievable.
Yesterday I sent the email for [email protected] about refund.
But they still ignore my email.
AMP Dan reply to me. My futures.io post was works fine, thank you Mike.
Summery :
First reply he did not say "sorry" for me. I think this is should be a first words.
He has proud this horrible back end system.
He acknowledged this type of problem sometimes happen.
He will nothing to do for better back end system.
This time my problem come form Setup instruction mail form. This mail form is completely not working for my environment.
But my small suggestion "just renewal the mail form" was rejected.
He mentioned "You will see the credit for the reversal of these exchange data fees on your statement tonight" reply was 17 hours ago. now is 23:25 EST. I still not get the refund.
And I have to fight again about next month's Exchange fee that I've not subscribe.
I might be missing something but how is AMP the cheapest broker out there?
I have tried them and I paid over 7,5 USD / round turn on YM.
Also why do they charge clearing fees if they clear the trades
These are not even close to what AMP charges in terms of commissions when they have their default margins of $500 on YM (at least not our customers). Check what margins you set yourself up with.
Thanks,
Matt Z
Optimus Futures
There is a substantial risk of loss in futures trading. Past performance is not indicative of futures results.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
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btw. The clearing fee is because it is not free to clear those trades (for amp) and as in every business you have to make some profits so there is a reason to do the business. Go for foundations if you are not interested in profits. Right ?
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I am very well aware the AMP customer service is not the best available in the industry and if you have a 10000 customer base it is for sure some of them will have bad expericeces. After trading the futures markets over 10 years now with many different brokers I know they all have their weak points. For me 7 years with AMP has really been a great time so if you ask me I really can recommend their service. But as allways be cautious and manage your risk. Nothing is 100% bullet proof.
Yeah, if they had proper customer support I wouldn't be asking this question here.
To be fair I have tried the 300 margin out of curiosity.
As you can see clearing, exchange fees (plus NFA, CQG) is 3.56 USD / RT
PLUS commissions which in case of using 300 margin is 6 USD / RT (9.56 USD / RT in total)
While at the link with 500 margins it is 2.03 USD / side or 7.62 USD / RT in total
For whom they charge 0.15 USD / side is totally unclear to me and not stated on their website.