After much discussion and months of debate, the Customer Asset Protection Insurance (CAPI) for U.S. futures market customers study was released today. The study, commissioned by the CME Group, Futures Industry Association, Institute for Financial Markets and the National Futures Association, and done by Compass Lexecon, had two key conclusions: Reinsurers had indicated some interest to offer private, voluntary CAPI, although details and costs were not known. And for government-mandated CAPI, the evidence suggests an insurance fund "would be significantly under-funded to meet its intitial target funding level" and would likely come at taxpayer expense to supplement it to be meaningful.

Here's a link to the executive summary.