Former MF Global customers take note: you have until Jan. 31 to begin a claims process against the brokerage firm. Forms and filing instructions are available here.
For more on MF Global, see here.
“The leadership of MF Global must be held accountable for their reckless behavior,” said North Dakota Sen. Kent Conrad in a statement released on Tuesday. “Every effort must be made to make their defrauded investors whole again.”
In another MF Global-related development, the Futures Industry Association (FIA) has unveiled a committee that will address the bankruptcy and issues surrounding the now-defunct brokerage firm.
For more, see here.
The committee – titled “The Futures Market Financial Integrity Task Force” -- will “develop and recommendspecific measures that can be implemented in the near term through both industry bestpractice and regulatory change,” said an FIA statement. “In addition to these measures, the FIA intends to work withend-users and other market participants to examine the adequacy of current customerfunds protection models in response to concerns raised by the MF Global bankruptcy…
“The task force will be headed by a steering committee consisting of a diverse group offutures commission merchants with institutional, commercial and retail customer bases aswell as representatives of other industry segments. Initial recommendations are expected tobe” released no later than mid-March.
The task force will consider:
- Enhanced financial recordkeeping and reporting requirements.
- Greater transparency regarding the investment of customer funds.
- Internal control standards for the customer funds segregation process.
- The adequacy of customer funds protections in the United States and abroad.
The following firms will participate in the steering committee: Bank of America, Merrill Lynch, Barclays Capital, Citigroup Global Markets, CME Group, Credit Suisse Securities, Deutsche Bank, Getco, Goldman Sachs, HSBC, Intercontinental Exchange, J.P. Morgan Securities, Morgan Stanley, Newedge and R.J. O’Brien & Associates.