Comment Text:
Dear Sir/Madam
Let me first tell you that both NFA and CFTC absolutely and totally failed in your main job,which is protecting individual trader.
Instead of concentrating on coming out with silly rules to lower leverage to 50:1,FIFO and no Hedging you failed in your main job , which is to protect trader from a broker stealing the money.I am talking about PFG Best and MF Global.
First of all you need to protect not only futures trades ,but Forex traders as well.Here is what we need :
1.We need completely segregated accounts .What I mean by that is that all of the client funds should not be comingled in one account like it is done currently.Each clients money should be kept separately.
2.We need insurance.Something similar to $ 250,000 FDIC insurance.
3.CFTC and NFA must verify electronically that client funds are there , so that nothing like what happened to PFG Best can happen again , where the owner stole clients money for years.
4.Instead of concentrating on limiting individual traders freedom with 50:1,Fifo,no hedging,can not trade with foreign brokers - CFTC and NFA should be concentraing on what your real job is-Protect clients money from brokers stealing it.
5.Remember to protect Forex traders and not just Futures traders.
Thank you
