A number of those exact ECNs mentioned are in fact available to non-US citizens, and formerly were to US citizens as well. You need to stop making such an arbitrary distinction, because in fact a number of those ECNs have NO MINIMUMS or very limited minimums, allowing them to be easily offered by introducing brokers to retail traders. 30% of your revenues comes from PFOF and CFD generated slippage (bucket-shop behavior, not ECN trading), that's a fact. There is no debate, and 10 mil in accounts receivable comes from payments made by those operators to you, so that's about ~30% of your net income, again. That's where you make your margins, at the expense of the customers. And it's curious how you completely ignore the topic of 'last-look'. http://edgar.sec.gov/Archives/edgar/data/1499912/000144530514001063/fxcm-20131231x10k.htm (iv) retail revenues earned from contract for differences (âCFDâ) trading, fees earned through white label relationships, payments we receive for order flow from FX market makers and commission income earned from spread betting, equity and related brokerage activities. For the years ended December 31, 2013 and 2012, 31% and 27%, respectively, of our retail trading revenues were derived from the activities noted in item (iv). "As of December 31, 2013 and 2012, accounts receivable, net, consisted primarily of amounts due from institutional customers relating to the Company's FX business, and fees receivable from the Company's white label service to third parties and payments for order flow, described in âRetail Trading Revenueâ below. Receivables are shown net of reserves for uncollectible accounts.