More serious scrutiny by the PCAOB and SEC of the large audit firms who cover the largest FCMs is also required.

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So many of these auditors will have been issuing opinions for broker-dealers and FCMs that may have been sparsely or not at all inspected by the SEC, CFTC, FINRA or an SRO.

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We began to prepare the necessary paperwork for a bulk transfer of our customer accounts to another FCM, talking with other FCMs we work with to see who could facilitate the transfer the easiest.

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This gives EU banks offering forex trading to U.S. customers time to register in the U.S. But I think FI refers to banks and not CFTC-registered FCMs, which probably include the FDMs (forex-dealer merchants, the prior designation) too.

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