Dear Members: Lately I’ve been reading a lot about the “vanishing FCM.” In the July issue of our newsletter, Marc Nagel wrote an excellent article on the subject. And Ginger Szala wrote an equally thoughtful piece for CTA Intelligence a few months ago. NFA records list 62 FCMs registered in late July of this year. Contrast that number with 189 registered in 2004, 130 in 2008 and 82 registered FCMs as recently as mid-2013. The rising costs of compliance and FCM capital charge changes are most often cited as the main reasons for the declining numbers. Interest income on deposits,…