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For Immediate Release
March 12, 2012
Futures industry SRO committee announces initial recommendations to strengthen current safeguards for customer segregated funds
March 12, Chicago - A special committee composed of representatives from the futures industry's self-regulatory organizations (SRO) has proposed a series of initial recommendations for changes to SRO rules and regulatory practices designed to strengthen current safeguards for customer segregated and secured funds held at the firm level in light of the MF Global bankruptcy.
The four recommendations include:
Dan Roth, president of NFA, stated that "The committee believes that these recommendations will provide regulators with better tools to monitor firms for compliance with segregation and secured requirements and strengthen the industry's customer protection regime. These are our initial recommendations. We will continue to work with the CFTC and the industry as we consider additional improvements."
The special committee, formed in January 2012 in response to the MF Global bankruptcy, includes representatives from CME Group, NFA, InterContinental Exchange, Kansas City Board of Trade and the Minneapolis Grain Exchange.