The National Introducing Brokers Association (NIBA) submits this Petition urging you to exercise your authority and immediately, to the extent it does not hinder the bankruptcy process, permit the release of the remaining cash balances of liquidating and transferred customers of MF Global, and of customers who were included in the bulk transfer process. To the extent there are sufficient “segregated” funds available, they are the assets of the customers. Further, those funds are absolutely vital for the marketplace to function fully. The result of withholding these funds is affecting the ability of customers to maintain and trade their positions, and will impact liquidity and trading volume - absolutely necessary for an efficient market.
Customers and futures professional alike are suffering under the current scheme. We urge you to heed this Petition and release these funds. We want to get back to work.
Respectfully, The National Introducing Brokers Association (www.theniba.com)