This story was hilarious. Both MF Global and Peregrine stole segregated customer funds. For the first time ever, futures customers lost money due to default/theft/fraud.
To alleviate concerns, Citigroup decided to start informing customers about segregated customer fund balances. Previously, this information was not disclosed daily.
That’s completely missing the point. What prevents Citigroup from lying? Both MF Global and Peregrine lied to regulators. What prevents Citigroup from lying to its customers, regarding segregated fund account balances?