What is the different between an independent introducing broker (IB) and a guaranteed introducing broker (IB)?
Independent IB: this IB must at all times maintain an adjusted net capital of at least $45,000 and is permitted to introduce business to any registered Futures Commission Merchant (FCM).
Guaranteed IB: this IB, on the other hand, does not have to maintain a specific amount of net capital but is required to be guaranteed (i.e. have an exclusive relationship with) by a forex dealer/FCM.
Note: the CFTC is proposing in the new forex rules the requirement that all IBs be guaranteed versus independent.