My curiousity is at peak on this issue. I understand that these new rules apply ONLY to retail traders and not institutions. If that is correct, were these new rules to protect the retail trader OR were they more likely intended to direct traders away from the spot fx market and to the NFA futures members so that the futures brokers could get a bigger slice of the pie from losing retail traders? I am also curious as to how many retail traders have shifted their accounts away from NFA brokers and or taken them offshore of the USA? I wonder if these rules are going to have a negative effect as the money from retail traders is presumably shifted offshore and possibly start an exodus of traders away from the USA. We will probably never know the real truth, but we will most likely get some manipulated truth simliar in fashion to the unemplyment reports (U3 vs U6). This reminds me of the passages in Reminiscences where Livermore traded with stock bucket shops that were outlawed, only to later be introduced as options (deravitives).