The Hagstrom Report

Agriculture News As It Happens


NGFA urges bankruptcy code changes after MF Global

The National Grain and Feed Association this week sent Congress and the Commodity Futures Trading Commission a letter making new recommendations for amending the bankruptcy code and taking other steps to protect customer funds in the event of a future MF Global-type liquidation of a futures commission merchant.

NGFA said its new recommendations focus on policy changes that likely require congressional action, including five amendments to the U.S. Bankruptcy Code and fully segregated customer accounts.