The National Futures Association (NFA) announced today that beginning March 7, 2011 any Futures Commission Merchants (FCMs) (which includes Forex brokers) that holds segregated, secured amount and/or sequestered funds (segregated funds) must file their required daily segregated funds statement(s) with NFA.
The March 7, 2011 filing must include the FCM's adjusted net capital as of March 4, 2011.
Also, beginning March 7, 2011, these FCMs will be required to submit to NFA the following operational information: - Number of active customer accounts
- Percentage of customers that are speculative traders
- Percentage of customers that are hedge traders
- Percentage of customers that are positions traders
- Percentage of customers that are day traders
- Number of customers trading at reportable levels
- Number of customers that have direct access to the exchange
- Whether reduced intraday margin rates are offered to customers
- Lowest round turn commission rate offered
- Highest round turn commission rate offered and
- Whether the system used to monitor customer risk is a proprietary, purchased or leased system
All FCMs will be required to update this operational information monthly or immediately if there is a material change to the reported information.
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