A revised classification system is going to segregate funds that have a flexible approach to size.
E-money would be valid throughout Europe, and "would require Facebook to hold capital of €350,000 and segregate funds equivalent to the amount of money it has issued," it writes.
It's much easier to segregate funds out of your paycheck than have them deposited into a checking account with the idea that someday, sometime those funds will be transferred into another account.
But Germany, another big producer of nuclear power, also does not require segregated funds.
"If they're not going to uphold segregated funds, this can happen again tomorrow to anyone," Paula Pierce, a commodities lawyer in Virginia, told The Times.
"If they're not going to uphold segregated funds, this can happen again tomorrow to anyone," said Paula Pierce, a commodities lawyer in Virginia.
A spokeswoman for MF Global Holdings, the holding company for the broker-dealer, said "there was an approval process" for moving segregated funds, but said she was unable to provide more details.
The trustee's report concludes there was a substantial "shortfall" in customer segregated funds every day from Oct. 26, when $615 million in loans from customer accounts were not repaid, until MF Global filed for bankruptcy on Oct. 31.
Michael Shore, a spokesman for the CME Group, which owns the main exchanges where MF Global traded, said: "It's important to understand this was an unprecedented situation for our industry and that the shortfall in total customer segregated funds occurred at the firm level, not at the clearinghouse level".
"Although we still do not know for certain what caused the significant shortfall in customer segregated funds required to be held at MF Global, any loss of customer assets is entirely unacceptable and the reasons for the deficiency need to be identified".
The Group Savings and Retirement segment offers group products and services for savings plans, retirement funds and segregated funds.
