1.   Investors in futures will not normally require authorisation provided that they deal as principal and with or through an authorised futures broker or dealer.

2.   The characterisation of futures brokers as agents is at first sight inappropriate since most markets now operate on a principals only basis where their members are concerned.

3.   Other FSA activities, such as advising on or dealing in investments, would require the same authorisation as a futures broker or dealer.

4.   LCH is a company owned not, as one might think, by the futures market or by futures brokers and dealers, but by clearing banks.

5.   Concorde is hardly the only futures broker that has come under the radar of regulators.

6.   Hans Nordstrom, a futures broker at Barclays de Zoete Wedd Deutschland GmbH, said the coupon is overly optimistic.

7.   It has sold a chain of fabric stores called Northwest Fabrics and Crafts, a commodity futures broker and a mail-order food business.

8.   Part of the gains came from automatic buy orders, once prices reached certain levels, said Linda Glover, a futures broker at HSBC Markets in London.

9.   Schwab customers will have an account at Chicago-based Lind-Waldock and receive statements from the futures broker.

10.   So futures brokers are squeezing investors.