Comment Text:
CFTC needs to understand that it cannot be viewed as competent until it includes Forex retail customers under its segregated customer funds scheme. You could increase the firms minimum capital requirements to $100 million, but if the actual funds of the client cannot be properly segregated, what real incentive do forex clients have to use USA-based forex firms? Your current and proposed regulations to NOT address this very essential consumer protection. Customers know this, and see less and less confidence to use USA-based brokers.
Even if PFGBest did not happen, this doesn't mean that segregated customer accounts should not be implemented for forex.
After you reduced the leverage to 1:50 for retail forex, despite THOUSANDS of letters telling you not to, CFTC has left a salty taste in some trader's mouth: a feeling of disappointment and let-down and refusal to listen. i am sure that the CFTC wouldn't want to make a similar mistake by ignoring the many comments here also requesting proper segregation of consumer funds for retail forex.
