CIS purchase boosts Refco's grid position

Refco Group's acquisition of Cargill Investor Services (CIS) marked another step in the former firm's progress as an independent FCM to rival those operated by global bank powerhouses.

Based on the most recent combined customer segregated funds for Refco and CIS, Refco will now climb above UBS in the rank of FCMs, and be close to rivalling Merrill Lynch.

In 2003, the firm...