(Over-) regulation continues to take its toll in the US retail FX business. CFTC's just-released November data showed continued erosion of assets held by US retail FX traders at their brokers. This wasn't a case of clients migrating from one broker to another. Virtually all US retail FX brokers lost client funds in November in the 3%-7% range, save for tiny RJ O'Brien, as shown in the chart below. At about $608 million, US retail FX client assets are now down 7% from where they were at the beginning of the year, and 18% from start of 2012 levels. And this in a year where globally the forex industry had a very nice ... (full story)