Chilton Says Brokers Should Put Client Funds Only in U.S. Debt
Chilton said recent changes in regulations governing client funds, approved after MF Global Holdings Ltd. filed for bankruptcy, don’t provide enough protection for clients.
Steps need to be taken to put “confidence and trust back into our U.S. derivatives markets,” Chilton, a Democrat, said in a statement.
MF Global filed for bankruptcy on Oct. 31. James W. Giddens, the trustee overseeing the liquidation, has estimated that as much as $1.2 billion in client funds may be missing.
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