Dear All, The MF Global debacle has brought to light a misunderstanding of the structure and guarantees within our industry. We are finding larger members of our community who choose to violate a code of ethics that we have observed for generations. Our industry has prided itself on the fact that no customer has lost funds held in a customer segregated account due to the financial failure of an FCM. This has been due to the cooperation of the futures exchanges, clearing houses, and the clearing members of the exchange clearing houses. It has not been due to any clearing…