Here's the story. Me and my partner wanted to know whether IB will open an "Professional Advisor Account" for IDEAL Pro (spot fx) trading only, without being registered with SEC or NFA. From IB website: "Professional Advisors may be required to register with an appropriate regulatory organization". Now, read the e-mail conversation with Interactive Broker's rep. Mr John Seeberg: --begin-- JS: You cannot open a Pro Advisor Account to trade for your FX clients in the US unless you are registered as a CTA (with the NFA). Q: Can you tell me which organization regulates the forex cash market? I was trying to find out something about FOREX on the NFA website but there was nothing about it. JS: I also thought it was NFA, but maybe not. IB may have FX under Stock registrations. IB feels it fits better under stock permissions because there is better regulations. FX is not a well regulated because there is no central exchange. Thanks, John ---end--- Well, that was a professional answer! First, he states that we have to be registered with the NFA, but then he says "I thought it was NFA but maybe not". Incredible. There's more - now he thinks that IB *may* have FX Advisor trading registration requirements similar to securities regulations and clearly, again he is not sure. Not being sure, he states that "IB feels it fits better under stock permissions". Give me a break! Dear IB, could you please fire Mr. Seeberg and can we speak with someone who knows what he is talking about?