I'm not clear on the significance of your "equity B/D" classification on the risk assessment of my money in a universal account for futures trading. Maybe you can enlighten me. Two words express my point: HYPER HYPOTHECATION. The fact IB is a publicly traded company and also a clearing FCM means it can do it on a very large scale.
MF Global was an equity B/D, in addition to being an FCM. The whole thing went down together, and my understanding is that there are clients in both camps who have yet to be made whole.
To give one answer to the OP: even if the SEC decides the revision to the original Exchange Agreement is insufficient to avoid a restatement of prior or future IBKR financials, then the downside risk would likely be contained within the stock price of IBKR. The security of customer funds should not be affected by this issue. If you are an IBKR shareholder, then it's not a small or "technical" issue. I doubt a late 10-Q filing ever is.
i had similar concern and posted the concern in this forum some time ago; i canceled all ib margin accounts with ib and now only have cash account.... that is for now; i still believe in ib; but any mention for me right now about problem with company to me means trouble.... for now....
I remember reading that cash accounts with mfglobal were made whole. This is from memory and not sure if true what im saying. Of course. margin accounts have spic insurance provided they are not associated with a futures account. My problem is i had a futures account with ib and there is no way to cancel the future portion of the account. I therefore elected to cancel my entire account and open up a cash account in time being for stocks until i can figure out whats up with margin. The reason im concerned with margin is i "think" that there can be liabilities associated beyond what is normal with cash account. ..and something spic will not cover I must say im confused with all the requirements right now and feel safest in cash account; but anyone who can explain the risks or non risks better of margin vs. cash would be appreciated