This paper written in November 2008, two months after Lehman Brothers filed for bankruptcy, analyzes the various customer asset protections laws under the Commodity Exchange Act and applicable CFTC Regulations. It describes the various account classes in place and how futures customers are...

Customer assets held by a Futures Commission Merchant must be protected in a specially-designed "customer segregated" account at a custodial bank pursuant to the Commodity Exchange Act and various CFTC regulations. When the FCM fails, in the absence of a criminal act, the futures customers of...

This paper analyzes the U.K. Supreme Courts' decision on how customers of Lehman Brothers (International) Europe, the U.K. affiliate of Lehman Brothers Inc., ruled on Part 7 of the U.K. Client Money Fund regulations. The paper also compares the differences between the U.S. Customer Segregation...

This paper, written one week after MF Global, a large futures brokerage firm filed for bankruptcy, analyzes the bankruptcy, its impact on futures customers and the shortfall in customer funds that occurred on October 31, 2011. Subsequent to MF Global's bankruptcy, several customer protection...