Hedge funds may have lost $500m (€420m) and seen two futures brokers spiral towards oblivion following the crisis at Refco, the scandal-ridden US broker, but the industry is reckoned to have withstood any shocks from the affair.

Refco filed for bankruptcy last Monday, five business days after admitting it had mis-stated its accounts at the time of its initial public offering three months ago. It had failed to say a company that owed it $430m was related to it and the debtor was controlled by Phillip Bennett, Refco's chief executive.