I´m starting this thread because I think could be helpfull to traders with accounts with US brokers. No matter of the platform.
I have to read again the last july and june report to understand what changed in the last CTFC report ( Financial Data for Futures Commission Merchants) attached.
My face turned in white after the first quickly view, because all FCM/NFA brokers where losing capital.
Every broker goes down in a essential point, the Adjusted Net Capital
Oh my god.
However, after the medicine for the nervous. I´ve note some interesting points.
Seems to be a NEW Net Capital Requirements and a NEW way to calculate the excess.
If you compare the latest report with the last one, the Net Capital Requirement was incremented to U$S 500.000/1 Million from 250.000 in use even July.
It was not easy to find the anwser but it´s here.
The NFA increased the minimum net capital requirements in last june 16.
as follows:
* For FCMs, from $250,000 to $500,000;
* For independent IBs, from $30,000 to $45,000; and
* For Forex Dealer Members, from $250,000 to $1,000,000.
Many brokers have to borrow money from the uncle to fill the new requirements
jejeje
Pls, check the attached files and compare if you´re looking for a broker. Speccially looks for the negatives results.
In my case, I stopped my desicion to open another account. I prefer to see who survives.
Because if you´re a broker and can´t fill the requirementes you´ll be penalized. I don´t know how many you´ll be paid, but the minor (really minor) violations starts with 25000.
Two month in fault could be 50K and if you have 683000 net capital like MB Trading it´s a 10% percent, then you need almost 500K extra to fill the requirement.
Attention:
COESFX was deleted , so, it´s outside off cftc regulations. Also, Spencer Financial, both listed on the MT4 brokers thread.