. . .afterall

Looking around today, the brokers that are still standing are mostly market maker brokers.

Individuals who are ECN, FXCM, Alpari etc seem like they are going under.

The reason seems to be that at the MM versions, the brokers are your counterparty, when you lose, they win.

However, with ECN brokers, since they pass you onto the main market through their liquidity providers they assume the risk if their customers accounts go bankrupt, so they end up owing their liquidity suppliers. That is FXCM owes 225million.

So far as I can tell anyway.