is your investment safe-legal experts please!

In light of the MF Global collapse it appears to be prudent to ask the questions of the safety of securities and cash balances held in Australian companies and financial institutions.

MFG customers thought the had their funds in segregated accounts but found that their money was raided and put up as collateral for illegal bets which went sour, and CME has thus far not stepped up to the plate and made good on their much touted promises of guarantees.

1. With the apparent blatant violation of the sacrosanct rule of strict segregation of customers accounts and the consequent loss of what now appears a billion plus Dollars at MFG, could similar crimes be committed in Australia with customers accounts moneys?

2. Is the CHESS system failsafe, in that are the securities inviolably the owner’s property in case of bankruptcy of the clearing firm?

3. And are any purchased but not yet registered securities during the transition stage equally safe in case of bankruptcy of the brokerage firm?

4. And likewise are funds which are due from the sale of securities but not yet cleared during the 5 day period safe from receivers in case of bankruptcy of a clearing house of either party to the transaction?

5. Are there any government or industry based guarantees in case of failure i.e. bankruptcy of a clearing member of the ASX?