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CFTC panel to weigh new customer fund safeguards

A commissioner charged with improving technology at the U.S. futures regulator plans to tell industry players that immediate action is needed to protect customer funds at an emergency advisory committee meeting on Thursday. Weeks after the revelation of a $200 million shortfall in customer money at collapsed brokerage Peregrine Financial Group, an industry panel created by the Commodity Futures Trading Commission will explore possible reforms, like giving regulators direct electronic access to customer accounts. The meeting was called days after the July collapse of PFGBest, as Peregrine is known, which drew instant comparisons to bankrupt brokerage MF Global Inc. That firm exploded in October, leaving a $1.6 billion hole in client funds. More in the Chicago Tribune here.

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