ABN AMRO Clearing Chicago LLC provides electronic clearing services for securities and derivatives. The company operates as a general clearing member on various global markets, including the United States securities and derivatives markets. It offers clearing and settlement services for exchange-traded derivatives, commodities, equities, equity options, energies, and treasury products. The company serves professional investors. The company was formerly as Fortis Clearing Chicago LLC and changed its name to ABN AMRO Clearing Chicago LLC in July 2010. The company was incorporated in 1997 and is based in Chicago, Illinois. ABN AMRO Clearing Chicago LLC operates as a subsidiary of ABN AMRO Clear...
175 West Jackson Boulevard
Chicago, IL 60604
Founded in 1997
CFTC Orders ABN AMRO Clearing Chicago LLC to Pay $1 Million to Settle Charges of Segregated and Secured Fund Deficiencies
Jun 19 13
The U.S. Commodity Futures Trading Commission (CFTC) issued an order on June 18, 2013, filing and settling charges against ABN AMRO Clearing Chicago LLC, for failing to segregate or secure sufficient customer funds; failing to meet the minimum net capital requirements, failure to maintain accurate books and records, and failure to supervise its employees. According to the CFTC Order, during the period March 19, 2009, through January 2012, ABN AMRO reported three instances of under-segregated customer funds in violation of Section 4d(a)(2) of the Commodity Exchange Act (CEA), 7 U.S.C. 6d(a)(2) (2006 & Supp. V 2012), and Commission Regulation 1.20(a), 17 C.F.R. 1.20(a) (2011) and one instance of under-secured customer funds in violation of Section 4d(a)(2) of the CEA, 7 U.S.C. 6d(a)(2) (2006 & Supp. V 2012), and CFTC Regulation 30.7, 17 C.F.R. 30.7 (2011). Each of these violations was the result of clerical errors and/or a lack of adequate policies and procedures related to customer movement of funds. The Order finds that each of these violations was a result of ABN AMRO’s insufficient controls, reflecting a lack of supervisory controls over commodity interest accounts and/or other activities of its partners, employees, and agents relating to its business as a Commission registrant in violation of CFTC Regulation 166.3, 17 C.F.R. 166.3 (2011). Based on these violations of the CEA and CFTC Regulations, the Order imposes a $1 million civil monetary penalty, a cease and desist order, and requires ABN AMRO to retain an independent consultant to review and evaluate the effectiveness of its existing internal controls and policies and procedures and adopt any recommendations for improvement made by the consultant.