On December 21, 2012, the MF Global Inc. (‘MFGI’) trustee entered into two settlement agreements with affiliates that together, if both settlements are approved and effected, provide a roadmap for potential 100% recoveries for all MFGI’s commodity customers. Such 100% recoveries would depend on an elimination of the commodity customer asset shortfall through a combination of recovery of assets from affiliates, offsetting of affiliate claims and reallocation of MFGI’s proprietary assets. This would be positive for IBs for a number of reasons. The trustee has entered into two separate settlement agreements, one between MFGI and MFGI’s UK affiliate (the ‘UK…