Regualtion is not a matter of them and us, says Philip McBride Johnson.
It has been reported that the Commodity Futures Trading
Commission may transfer some of its Enforcement Division's
attorneys and staff to work instead on such matters as
registering and regulating the mainstream futures and swaps
communities. Not everyone is comfortable with that
One argument in favor is MF Global. Here was a mid-size
futures broker that, despite years of CFTC supervision, managed
somehow to deplete its segregated customers account by about
$1.6 billion through both domestic and offshore transfers. The
full facts remain elusive, but a mishap of this size and at the
core of customer protection by a long-time broker gives support
to this view.
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