CFTC cleans house at FCMs

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Agency wants FCMs to clean up their act

Efforts by the US Commodity Futures Trading Commission (CFTC) to punish the alleged perpetrators of the MF Global bankruptcy have hit the headlines over recent months, but the agency has also been engaged in a quieter push to toughen its stance on other brokers that are accused of breaching client safeguards.

On June 27, the CFTC filed a lawsuit against Jon Corzine, former chief executive of MF Global, the New York-based futures commission merchant (FCM) that filed for bankruptcy in October 2011

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