有老手认为英国FSA监管很差（把美国监管看得很高），但我认为FSA监管没问题，否则无法维持伦敦金融中心地位。某外汇broker官网内容： All companies regulated by the FSA are obliged to meet strict financial standards including capital adequacy requirements. *Maintains sufficient liquid capital in excess of the amount required to cover all client deposits, potential fluctuations in the company's currency positions and outstanding expenses. *Does not include any debt outstanding to the company as part of this capital *Undergoes a detailed annual audit performed by an independent financial auditor. *As a retail client, you can rest assured that your funds are completely safe. Your money is segregated under the FSA’s client money rules。 FSA 2011公告http://www.fsa.gov.uk/Pages/Library/Communication/PR/2011/index.shtml，有很多机构、职员因为失职误导而遭受处罚甚至禁入的信息。FSA对摩根大通开3332万英镑天价罚单，就是因为客户资金没按照规定隔离。 retail客户受到保护最好，资金必须隔离，能找FOS投诉和仲裁。一些ecn broker只接受profession客户，但也提供隔离账户，留意开户合同client money条款（“shall be held in accordance with the Client Money Rules”，“will be segregated from xxx own money and will not be used by xxx in the course of its own business”)。入金要留意，隔离账户一般冠名“某公司Client Account”。 有人说对英国broker的投诉很麻烦、FSA受理态度不好，而美国NFA态度积极。这方面信息我了解很少，不大清楚。其实大部分投诉是关于毛刺扫损、后台处理等mm平台舞弊行为，如果使用正规ecn平台，就基本无须担心。有些英国broker的ecn，点差+佣金的竞争力很强，毕竟伦敦是全球外汇中心！英、美国都有信誉好的MM平台，新手根据资金安全、点差、杠杆等因素综合考虑。 美国外汇账户一般是不受监管、资金隔离的。据说有些股票、期货券商用混合账户、期货账户形式覆盖了外汇交易，使得客户资金得到监管。美国某期货券商开户合同条文： Treatment of Funds. Customer opens at least two accounts on the books of the FCM. One designated Regulated where all transactions designated as regulated by the Commodity Futures Trading Commission ("CFTC") will be carried, and the other designated Nonregulated where deliveries and/or transactions on foreign exchanges, if any, will be carried. FCM is hereby authorized to transfer funds as it deems necessary between these accounts. FCM, in its sole discretion and without prior notice to Customer, may apply or transfer (including segregated funds or other property) interchangeably between any of the Customer accounts at FCM or an affiliate of FCM as may be necessary for margin or to satisfy or reduce any deficit or debit balance in any Customer account. 券商能随意调配客户受监管账户（期货）和不受监管账户（外汇）之间的资金。这让人感到不确定性！
非英国客户（包括retail和professional）的外汇账户是否享有FSCS 5万英镑赔偿保护？取决于该公司是否有提供，一般会在官网、开户合同中提及FSCS，也可以直接问对方有一定职位的职员（他们应该不敢、也没必要隐瞒）。我英文不好，没完全理解，某FSCS manager回邮： I hope the information below will provide you with guidance on the potential role of the FSCS with regard to compensation available for funds deposited with authorised firms for the purpose of trading CFDs, Spread betting or FOREX within the United Kingdom. 1. In the event of an FSA authorised firm being declared “in default” (i.e. we are satisfied that it is unable, or likely to be unable, to meet the claims against it), cash held with that firm in nominee accounts (for the purposes of investing in futures contracts, commodity options, currency, etc) would, depending on the exact terms on which the funds are held, most likely be protected by the FSCS as an investment. You would need to check with the relevant service provider whose responsibility it is to determine and clarify the following points: What type of product/service they provide (confirming if it is a regulated deposit / investment/insurance contract), and how it would be protected by FSCS as a result. This is because we are not privy to the terms and conditions of a particular product and it is not feasible for us to provide definitive answers relating to all potential circumstances. The types of products/services they are permitted to provide, based on their authorisation from the UK regulator, (FSA). You can also check this with the FSA on their website 外汇、期货等账户，根据具体合同条款，一般受到FSCS保护。须确认对方提供的产品、业务是否有FSA许可，可在FSA官网查询。 2. Investors from outside the United Kingdom generally would receive the same level of protection as a citizen of the UK for funds held by a UK (FSA) regulated firm, but you would need to check this with the firm concerned. 国外客户一般也有FSCS保护，但要和对方确认。 3. If the regulated investment service becomes insolvent and owes money to the investor, the limit is £50,000. For example if the Investment firm misappropriated funds held for investment then that would be limited to £50,000.00. 投资保护最高5万镑。 4. It would be appropriate to check the manner investments and funds are held by the investment service you are considering using. We are not able to comment on individual companies or the time that would be taken by such a firm or a liquidator to recompense investor with potential losses following a failure. 最好确认你考虑使用投资业务的投资和资金运作方式。我们不能评论 被破产清盘的个人公司和所用时间，来赔偿投资者随后的潜在损失。 Professional clients can make a claim to FSCS. 职业客户受FSCS保护。 However, as you can appreciate, each claim is considered on its individual merits, including reference to the manner in which a product is being held (individually or part of a larger product / instrument) and of course the reason for a claim being presented. Unfortunately, until a claim is presented we would be unable to provide a more definitive response as only then would we be able to carry out a full assessment of the eligibility of any claim or claimant from protection. 每个案例都有各自特点，包含该产品的运作方式、索赔理由。但是，除非真有发生，我们才能给出是否适用的答复。
1. 最新版“美国盈透外汇交易和多币种账户风险陈述”（“RISK DISCLOSURE STATEMENT FOR FOREX TRADING AND IB MULTI-CURRENCY ACCOUNTS”）摘录： YOUR DEPOSITS WITH THE DEALER HAVE NO REGULATORY PROTECTIONS. All of your rights associated with your retail forex trading, including the manner and denomination of any payments made to you, are governed by the contract terms established in your account agreement with the futures commission merchant or retail foreign exchange dealer. Funds deposited by you with a futures commission merchant or retail foreign exchange dealer for trading off-exchange foreign currency transactions are not subject to the customer funds protections provided to customers trading on a contract market that is designated by the Commodity Futures Trading Commission. Your dealer may commingle your funds with its own operating funds or use them for other purposes. In the event your dealer becomes bankrupt, any funds the dealer is holding for you in addition to any amounts owed to you resulting from trading, whether or not any assets are maintained in separate deposit accounts by the dealer, may be treated as an unsecured creditor's claim. 资金没有监管保护。在期货券商或零售外汇公司的外汇交易资金不受CFTC监管保护。券商破产时，不论资金是否在隔离账户内，资金可能按无担保债权处理。 Nature of Your Account and Whether SIPC Covers Foreign Currency: Foreign currency trading at Interactive Brokers takes place in a securities account. Your IB securities account is governed by rules of the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority. In addition, IB observes the rules of the National Futures Association in connection with foreign currency trading. Interactive Brokers LLC is a member of the Securities Investor Protection Corporation ("SIPC"). SIPC protects cash and securities held with Interactive Brokers as specified in the Securities Investor Protection Act. SIPC protects cash, including US dollars and foreign currency, to the extent that the cash was deposited with Interactive Brokers for the purpose of purchasing securities.Whether foreign currency in your IB account would be protected by SIPC would depend in part on whether the cash was considered to be deposited with Interactive Brokers for the purpose of purchasing securities. Interactive Brokers expects that at least one factor in deciding this would be whether and the extent to which the customer engages in securities trading in addition to or in conjunction with forex trading. For further information, you must contact your own legal counsel or SIPC. 外汇交易发生在证券账户内，证券账户受SEC、FIRA监管，而且盈透遵守NFA外汇交易条例。 SIPC保护以证券交易为目的现金（含美元、外币）。盈透账户的外币是否受SIPC保护，取决于该现金是否被认为用来交易证券目的。盈透认为起码一个决定因素是，该现金是否进行了证券交易和参与程度。 2. “英国盈透外汇、贵金属客户协议”（“INTERACTIVE BROKERS (U.K.) LIMITED CLIENT AGREEMENT FOR TRADING OTC PRODUCTS INCLUDING CFDs, PRECIOUS METALS AND FOREX”）摘录： Client Categorisation: Unless we have specifically notified you in writing to the contrary, we have categorised you as a Retail Client under FSA rules. You have the right to request a different client categorisation, although we are not bound to agree to such a request. However, if we do agree and you are recategorised, you would lose the protection afforded by certain FSA Rules. 除非我们特别书面通知，按FSA规定，你属于retail客户。 Client Money And Custody: For transactions subject to this Agreement, IB UK provides client money and custody services directly, subject to the rules of the FSA. IB UK is not a member of the U.S. Securities Investor Protection Corporation ("SIPC") and your assets held by IB UK in connection with OTC transactions described in this Agreement are not protected by SIPC. 英国盈透直接按FSA规定保管客户资金。 Financial Ombudsman Service: IB UK is a participant in the UK Financial Ombudsman Service ("FOS"). Disputes may be submitted to the FOS for mediation. The FOS will only consider complaints for regulated activities and may therefore not consider complaints in respect of OTC Precious Metals transactions and certain Forex transactions. The FOS is provided free of charge to complainants. The FOS's decisions are based on what is "fair and reasonable" and are binding on firms if a complainant accepts them. FOS只受理受监管产品的投诉，不受理贵金属和某些外汇交易投诉。（个人理解，现汇受FSA监管，certain Forex transactions指外汇远期交易forward forex） Financial Services Compensation Scheme: IB UK is a participant in the UK Financial Services Compensation Scheme ("FSCS"). You may be entitled to compensation from the scheme in the unlikely event we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. FSCS coverage is restricted to designated investments and does not cover investments in OTC Precious Metals and certain Forex transactions. 客户受FSCS保护，该保护只限于指定的投资，不包括贵金属和某些外汇交易。（个人理解，现汇受FSA监管/属于指定投资产品，certain Forex transactions指外汇远期交易forward forex） 3. 结论：美国盈透外汇交易的隔离账户、SIPC保护相当不确定；英国盈透外汇交易属retail账户，应该有隔离账户和FSCS保护。个人认为，外汇交易选择英国盈透更放心些！而且能交易现货金。
“集体隔离账户”安全隐患：有客户倒欠券商+券商破产时候，会用全体客户资金填补，其他客户资金受到牵连。 有ecn券商居然敢提供现货金100倍杠杆，最近黄金跳水行情很容易出现强平不及时情况。cme黄金期货才19倍杠杆。 某德国券商开户协议：According to § 34a paragraph 1 of Wertpapierhandelsgesetzes (WpHG), the bank has to keep customers’funds immediately separate (segregated) from the company’s funds and other customers’funds – in custodial accounts – with financial institutes authorised to execute deposit operations, with a central bank or a qualified money market fund. 根据德国证券交易法，券商必须将客户资金与公司、其他客户资金隔离。 The requirement of keeping customers’funds separate from the company’s funds and from other customers’funds aims at protecting the customer against the dangers of collective safekeeping, in particular against the danger that the losses attributable to the individual customers are set off against the positions and funds of other customers.此要求是为了防范集体保管风险，尤其针对某些客户倒欠券商情形。 In derogation of that requirement, the bank is entitled according to §34a paragraph 1 clause 2 WpHG to keep customers’funds collectively if the respective customer expressly agreed respectively instructed to such a collective safekeeping.如果客户同意，券商可以集体保管。 On account of risks management and the electronic execution of the customer orders, it is very improbable that the loss arising for an individual customer exceeds the margin paid in by this customer to the collective account.Nevertheless, this risk cannot be excluded. 客户倒欠券商情形很少发生，但不能排除。 Should this improbable case happen, the company policy provides that the created difference shall be covered using the bank’s own funds. 如果发生，券商会用自有资金填补。 I understand the explanations given above and, as a customer, grant the express instruction to keep my own funds jointly with the funds of other customers, i.e. not separate, and in custodial accounts opened to this effect with financial institutes authorised to execute deposit operations and/or a central bank or a qualified money market fund. 某澳洲券商开户协议：Individual client accounts are not separated from each other. All clients’moneys are combined into one account.Moneys in the client moneys trust account which belong to non-defaulting Clients are potentially at risk of being withdrawn and not being re-paid to the Client even though they did not cause the default. This is because *** may use the moneys to pay itself for its hedge of your CFD (See section 4.21). Also, *** is permitted by law to use client moneys in the client moneys trust account to meet obligations incurred by *** in connection with margining, guaranteeing, securing, transferring, adjusting or settling dealings in derivatives. 客户资金账户是集体账户。正常客户的资金有无法归还风险，即使不是由他造成的违约。因为券商可能用客户资金来对冲仓位，而且法律允许券商使用客户资金来填补由保证金持仓引起的债务。（ps：该券商似乎不承担“强平不及时”风险，一切由客户集体账户埋单！）
澳洲几个大公司正在发起网络签名http://cfdfxforum.com.au/cfd-forex-petition：不允许券商使用客户资金对冲仓位，真正做到完全隔离。g10国家只有澳洲允许券商使用客户资金对冲仓位（包括其他人不是客户的交易）。 http://www.cs.com.cn/xwzx/hwxx/201512/t20151228_4872391.html 澳洲破产券商BBY客户账户缺口总额高达1700万澳元 ，猜测BBY可能早在2011年就濒临破产，但其后却一直保持交易和运营，在2011年收购了经纪公司Stonebridge之后，动用了客户的资金来弥补他们为Saxo客户进行的交易的亏空。 http://finance.eastmoney.com/news/1351,20150205475615744.html 根据2014年6月激石账目显示，激石总负债9400万澳元，货币资金8300万澳元。客户资金8500万澳元，其中资金短缺1400万澳元，只有7100万客户资金处于独立账户。只有少数国家允许外汇经纪商使用客户资金作为预防潜在损失的账面预留金，澳洲就是其中之一，此外还有塞浦路斯和毛里求斯。 澳洲、塞浦路斯很多公司提供200倍以上杠杆，个人认为公司风险比较高