CFTC tightens limits on brokerages using customer funds

[pmbug]

The U.S. futures regulator unanimously approved on Monday tighter limits on how brokerage firms can use customer funds, a measure the now-bankrupt MF Global had encouraged the agency to delay.

The Commodity Futures Trading Commission rule prevents brokerage firms, known as futures commission merchants, from conducting "in-house" repurchase transactions and restricts them from investing customer money in foreign sovereign debt.
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http://www.reuters.com/article/2011/12/05/us-financial-cftc-meeting-idUSTRE7B410420111205

Too little, too late?

 

[ancona]

This is complete and utter bullshit. They should NEVER be allowed to use customer money in a manner not designated and agreed by the customer under any circumstances. Period. What part of "That's my money you son of a bitch" don't they get????