No More Sneaky Withdrawals: CFTC Locks Down Trading Accounts
Published Date: 1/22/2025
Rule
Summary
The CFTC is updating rules for futures commission merchants (FCMs) to stop customers from pulling out money if it leaves their account short on required funds. Also, FCMs can now treat a customer's separate accounts as totally separate for some rules, making things clearer. These changes help keep trading safe and fair, affecting anyone using FCMs, and they kick in soon to protect your money.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
Withdrawal Block to Preserve Margin
If you have an account with a futures commission merchant (FCM), the FCM must stop you from withdrawing funds if the account balance after the withdrawal would be insufficient to meet your initial margin requirements. This rule requires the FCM to ensure withdrawals do not leave required initial margin unmet.
Separate-Account Treatment by FCMs
An FCM may, subject to certain requirements, treat separate accounts of a single customer as accounts of separate entities for purposes of some Commission regulations. This changes how those Commission rules apply to multiple accounts you hold with the same FCM.
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