Comment Text:
I am an independent retail futures trader and am very disappointed with the new regulations the CFTC is proposing. You need to make it so FCMs no longer have any direct access to customer segregated funds. It needs to be physically impossible for them to commit fraud or steal this money! Just making it illegal does nothing to prevent the life changing hardships that were caused by MFGobal and PFG or the next FCM that will surely steal customer funds.
I would also really like to see some insurance put into place. Of course this will cost something and I'm willing to pay a cent or two per contract traded (much like the NFA Fee) and I think FCMs should chip in at least a matching amount. This insurance can be capped at $100k or something so at least the little guys like me are protected.
Thanks for your consideration.
