But you didn't address the CTA's who have the individual accounts held at the FCM's. Heck, just looking at the CFTC dollar numbers held in segregated accounts gives an idea at the scope and size.
Okay... I just looked at it. It's 155Bln. But after excluding the largest primary dealers (for tsy, ie, GS, Citi, UBS, etc), it's only around 50Bln. Doesn't seem like that big of a number to me.
You're missing my point, legitimate trading profits generated in a self-directed individual account @ a FCM are not subject to clawback. They are not derived from criminal activity ala Madoff. We don't disagree that if MF commingled segregated funds it IS criminal and they should hang.