Fair point, and I agree that no one should sign a customer agreement with a non-FCM (I thought the NFA put an end to doing business via unregistered subsidiaries a la Refco - I guess not!). My point was that ppl who believe there are 'good' firms with 'a lot' of capital are again going to be lured into a false sence of security. I am not saying capital is not important, but it probably also implies a high level of liabilities - to evaluate the risk you need to look at business prectices, risk management experience, etc. Granted, this is probably beyond most retail clients, but that means again CFTC/NFA have to do a better job.