The MF Global (MFG) bankruptcy has been a nightmare for managed futures customers, brokers and introducing brokers, SROs and the CFTC. The bad news keeps coming – in addition to the headaches the bankruptcy has caused the industry from an operational standpoint, we have now heard from MFG trustee James Giddens that there is the distinct possibility MFG customers will ultimately not be made whole. Regardless of whether customers are made whole, the MFG bankruptcy has highlighted important issues with respect to oversight of the industry. The three most important of these issues include (1) the design of the current…