CFTC must protect commodities customers: ISRI

Dec 07, 2012 | 01:25 PM | Barbara O'Donovan

Tags  ISRI, CFTC, MF Global, commodities, futures commission merchants, Barbara O'Donovan

NEW YORK — The Institute of Scrap Recycling Industries has asked the Commodity Futures Trading Commission (CFTC) to give commodities customers the option to opt out of granting futures commission merchants access to their funds for investment purposes.

In order to open a commodity trading account with a particular futures commission merchant, a customer currently must comply with a clause in the agreement that allows merchants to use client funds at their own discretion, according to a letter from ISRI. "Allowing (a futures commission merchant) unfettered use of customer funds without a mechanism for such funds to be guaranteed or insured exposes those customer funds to risk of loss."....

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