On July 17th, the National Futures Association announced that a special committee composed of representatives from the futures industry's self-regulatory organizations has proposed additional requirements to SRO rules and regulatory practices designed to strengthen safeguards for customer segregated and secured funds held at futures commission merchants ("FCMs"). The special committee unanimously agreed to immediately begin the process of confirming the balances of customer segregated bank accounts for all FCMs using a web-based electronic confirmation process. Additionally, the SROs will develop rules to require all FCMs to provide their SRO with direct online access to confirm segregated and secured funds balances at the banks which hold the FCM's customer segregated and secured funds. Any bank depository that fails to provide electronic online access will not be considered an acceptable depository for holding customer segregated and secured funds. NFA Press Release.