US CFTC approves new rules to protect futures customers

WASHINGTON, July 13 Fri Jul 13, 2012 11:58pm IST

WASHINGTON, July 13 (Reuters) - U.S. futures regulators on Friday approved new regulations, including one known as the "Corzine rule," designed to beef up the protection of customer funds following last year's collapse of MF Global.

The rule was approved on the same day that Russell Wasendorf Sr., the founder of another failed brokerage firm PFGBest, was arrested on fraud charges in connection with allegedly misappropriating customer money.

Friday's new final rules address the kinds of problems that have been seen at both MF Global and PFG Best, where customer money was not properly segregated.

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