mf global and etrade, page-54

I've been a client of commsec for years (decades?) and have always found them to be completely above board. When they lost me money through a SEATS stuff up by them, they refunded it promptly.

So, I think that they are a good company to deal with, and that seems to be borne out by their acceptance that they carry the counterparty risk for the MFG accounts: and indeed, because they had their clients' interests so much to heart that they had provided that cover.

So how much will the MFG debacle cost Commsec? Have Commsec protected themselves with insurance on an MFG type event, or are they carrying the can themselves? Does this event make Commsec a riskier broker than e-Trade, even though Commsec are the better broker?

Commsec are good, but as some of these complex derivatives and sovereign debt issues start unfolding It is difficult to see if one might be safer than another.