FCMs will be required to file daily (!!) segregation reports.
With thanks to Felix Shipkevich and the team at Shipkevich Law Firm.... The NFA has issued its new "safeguard recommendations" for registered Futures Commission Merchants (FCMs) which hold client funds. All U.S.-regulated retail Forex firms qualify as FCMs.
As we reported at the end of February, the CFTC held a two-day public roundtable to gather opinions on the issue of client fund safety, in the wake of more than $1 billion in missing client funds in the MF Global bankruptcy. And as it has taken less than two weeks since that roundtable for the NFA to come out with its detailed recommendations, it is quite clear that the issue was pre-decided by the NFA and CFTC.