To say that July was a stressful month would be an understatement. As we’ve watched the PFG scandal unfold, we’ve been focused on advocating for customer interests and repairing the regulatory regime that let us all down. However, despite the frustration this month has brought, there is at least one silver lining: managed futures performance.

The Newedge CTA Index is reporting managed futures up 2.91% for the month, the second-best month in 2012 for the index behind May (Disclaimer: past performance is not necessarily indicative of future results). The bounce was enough to bring the YTD performance of the index well into positive territory, at 2.06%.

Only one problem – those PFG clients who’ve had their positions liquidated? They’ve been unable to participate in the managed futures rally. This is why it’s so important that customer funds be returned as soon as possible – managed futures is a long-term investment, not meant for short-term buying and selling. Customers shouldn’t be kept out of the market by foot-dragging in the bankruptcy case – being out of the market is not something that can be repaired retroactively.