Dear NIBA Membership: The collapse of Peregrine Financial Group, Inc. (‘PFG’) represents the second time within nine months that a FCM failure accompanied by a shortfall in customer segregated funds has severely impacted the businesses of NIBA members. Many of you have asked why the PFG trustee has not distributed any funds, whereas the MF Global, Inc. (‘MFGI’) trustee made distributions early on in the bankruptcy and continues to make such distributions. You have also asked what role NIBA plays in both these situations. Second question first. NIBA is organized as a membership trade association. NIBA is mandated by its…