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MF Global Fallout: CFTC Orders Review Of All Futures Firms

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Commodity Futures Trading Commission Chairman Gary Gensler (L) testifies while Daniel Tarullo, member of the Federal Reserve Board of Governors, listens during a House Financial Services Committee hearing on February 15, 2011 in Washington, DC. In the wake of MF Global's bankruptcy, the CFTC ordered a review of all futures firms. | Getty

WASHINGTON -- Federal regulators have ordered a review of all U.S. futures trading firms after hundreds of millions of dollars in client funds went missing from MF Global, a firm run by former New Jersey Gov. Jon Corzine.

The Commodity Futures Trading Commission says it wants to make sure that firms are complying with federal rules that require customers' money be kept separate from the firms'.

The CFTC also said that Commissioner Jill Sommers will lead the agency's investigation of MF Global.

There are roughly 120 U.S. firms that trade futures. The CFTC will conduct audits of the biggest firms, which include major Wall Street banks. The futures exchanges will review the rest.

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