"There is a real crisis of confidence, " John Guy, a London-based luxury goods analyst at brokerage MF Global Securities, said.

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The settlement is intended to include all customers who held property, money or securities with MF Global as of the bankruptcy filing.

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In addition, MF Global has no exposure to subprime mortgage-backed securities that have been the root cause of the current market environment.

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The bank held MF Global funds in several accounts and also processed the firm's securities trades.

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Regarding the bankruptcies of MF Global and Peregrine Financial, Chilton said he is promoting an insurance fund, similar to the Securities Investor Protection Corp.

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In December, the House subcommittee questioned MF Global officials, including Mr. Corzine, as well as representatives of regulators such as the Securities and Exchange Commission and Commodity Futures Trading Commission.

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In the mean time, MF Global will pay a dividend of 6% per year in cash or common shares on the preferred securities.

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