Opalesque Industry Update - Horizon Cash Management said that 73% of the commodity trading advisors (CTAs) and commodity pool operators (CPOs) that responded to its survey were impacted by one or more of the futures commission merchant (FCM) failures mentioned in the study. The results are documented in an executive summary, The Aftermath of MF Global and Peregrine Financial Group Meltdowns: A Crisis of Trust.|
Horizon distributed its survey questions in early November 2012, one-year after the MF Global meltdown and nine months after the demise of Peregrine Financial Group (PFG). The goal of the survey was to document the impact of the MF Global and PFG liquidations, among others, on the managed futures industry and its investors.
Diane Mix Birnberg, Horizon Founder and Chairman, said, “The results of this survey clearly indicate that fund managers need better solutions to safeguard customer funds, and the futures industry needs improved mechanisms that will help to restore trust among investors.”
Horizon said some of the key findings include:
The survey was designed to capture both quantitative and qualitative information from a wide ranging universe of CTAs and CPOs. While the survey was distributed worldwide, 84% of the respondents are based in the U.S. and represent approximately 15% of the total active CTAs and CTA/CPOs in the U.S. For statistical reasons, the results of the survey are limited to only U.S. respondents. The Executive Summary will be distributed to regulators, government oversight authorities, futures exchanges and FCMs.