The National Grain and Feed Association (NGFA) has issued its preliminary recommendations for safeguarding the sanctity of customer funds in the aftermath of the MF Global Inc bankruptcy.
"The demise of MF Global has shaken the confidence of many futures market participants concerning the safety of segregated customer funds," the NGFA said in letters this week to the Senate and House Agriculture Committees and the Commodity Futures Trading Commission (CFTC). "We believe these preliminary recommendations are essential to begin reestablishing confidence among futures market participants and to help safeguard customer funds."
But the NGFA said that while its initial recommendations will help enhance reporting, transparency and accountability in handling customer funds, they represent only first steps that can and should be implemented quickly. Read more ...
"The demise of MF Global has shaken the confidence of many futures market participants concerning the safety of segregated customer funds," the NGFA said in letters this week to the Senate and House Agriculture Committees and the Commodity Futures Trading Commission (CFTC). "We believe these preliminary recommendations are essential to begin reestablishing confidence among futures market participants and to help safeguard customer funds."
But the NGFA said that while its initial recommendations will help enhance reporting, transparency and accountability in handling customer funds, they represent only first steps that can and should be implemented quickly. Read more ...
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