CFTC Warns Court against Granting Investor Protections to FX Traders

The CFTC said that it considers Moore Capital’s position “untenable as a matter of law

because deposits that Moore made to Lehman Bros in connection with forex trades 

were never subject to the customer-property protections required by regulations for

commodity contracts. Outside of those protections, the bankruptcy code alone cannot

elevate unregulated, off-exchange transactions into the type that receives priority.” - 

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