MF Global customers, whose funds totaling $1.6 billion have been missing since October 2o11, received an offer for their funds from Barclays Capital that would make them nearly whole.  The U.S. unit of the British bank has offered to pay customers with U.S. accounts 90% of their entire claim in exchange for the right to any additional funds that might be returned, according to people familiar with the matter. That compares favorably to the 72% that the customers have received so far from the trustee unwinding MF Global's brokerage unit.  The bank reportedly also offered to pay customers with foreign accounts 65% of their claims.  Those customers have not received any of their funds back so far. Separately, Royal Bank of Scotland (RBS) reportedly has indicated it would offer an even higher value for claims, but only for those held by institutions.  RBS would offer 91% for U.S. accounts and 66% for foreign accounts. The offers were negotiated with a group of representatives from the Commodity Customer Coalition, an umbrella group made up of MF Global customers and led by Chicago fund manager James Koutoulas, according to people familiar with the matter. Representatives for both Barclays and RBS declined to comment.  However, it's understood that both Barclays and RBS are acting as market makers by offering to purchase the customers' accounts with the intention of selling them to third-party investors - e.g., hedge funds. In the meantime, court filings indicate that several other banks and investment firms have been buying up MF Global customer claims in recent weeks.  Such buyers routinely trade claims made in bankruptcy court and other so-called distressed assets, offering a portion of a creditor's claim now in hopes for a bigger payout down the road. The bids are similar to the market for claims that emerged following the collapse of Bernard Madoff's investment-advisory firm and the bankruptcy of Lehman Brothers Holdings.  Speculators have been transacting in claims to funds in both cases, with the expectation that additional funds will be available later. Pay us now, or pay us later.  A difficult decision each customer needs to make.  [NYPost, 3/13/12].