Up to $1.6 billion in missing customer funds were lost in the firm's final days.
But futures industry representatives point to significant drawbacks in the fund model.
Speaking at a Senate Agriculture panel in December on MF Global's collapse, Chicago Mercantile Exchange President Terrence Duffy highlighted the hefty cost:
"You're talking about trying to have an insurance system that would be in the hundreds of trillions of dollars of notional value to insure. The premiums would be so astronomical, it would never, ever meet the payout of what it could be."
In February, CME launched a $100 million fund to protect farmers and ranchers who use the exchange for up to $25,000 and cooperatives for up to $100,000 when a clearing member fails.
Farmers and ranchers said the plan amounted to "window dressing."
The CFTC, and industry "self regulatory organizations" like CME and NFA have trumpeted other fixes.
CME has proposed that all customer money to be held at clearinghouses or other depositories in order to keep it out of the hands of brokers where it might be misused.
On the same day Wasserdorf was arrested, the CFTC approved a measure known as the "Corzine rule," which would require top executives at futures brokers to sign off on major withdrawals from customer accounts, among other changes.
At a hearing last week, CFTC Chairman Gary Gensler called for a system that would allow regulators and customers direct automated access to broker bank accounts, echoing ideas that will be discussed at a meeting of the CFTC's Technology Advisory Committee on Thursday.