Pursuant to the FSA’s CASS Rules, in the normal course of business, investment firms are required to segregate money received from, or held for, their clients and hold it on trust for them. Upon the occurrence of a primary pooling event, such as the appointment of the Administrators to MF Global UK Limited, such trust monies are notionally pooled and must be distributed among the clients on a pro rata basis according to their entitlements.
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