yes having the ASX as both the service provider and regulator of their own products with ASIC is never going to encourage the environment thats needed. The fact America's regulator are on to MF Global in regards to capital requirements before any bad situation arises is testament to that.
"MFGA is entitled to use client funds it receives in connection with CFDs (which are derivatives) for the purpose of meeting obligations MFGA incurs in connection with margining, guaranteeing, securing, transferring, adjusting or settling dealings in derivatives by MFGA, including dealings on behalf of OTHER CLIENTS"
The emphasis is mine, but that is not good. I dont think any OPES prime situation will occur here but the worse case I can imagine is that clients funds be frozen whilst asset sales occur.
Are those with MF Accounts able to execute trades or withdraw funds today?
mf global, page-7
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