This is good news for all of the customers of MF Global although it did not have to end this way. It could have been solved much sooner and easier if the CFTC followed their rules on segregated funds and not let the SEC handle the issue. The money was available for an orderly transition. The full distribution story certainly suggests this scenario.
The result has been more regulation of money managers, (CTA's), who were not the problem and a clear loss of confidence in FCM's. Which client is going to leave excess funds in their margin account? This actually makes the overall financial system riskier, and we still have not seen the management of MF Global may any significant penalty.
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