A bill to amend title 11, United States Code, to correct technical errors, and to clarify and make substantive changes, with respect to securities and commodities.

Amends title 11 (Bankruptcy) of the United States Code to define, for the purposes of such title, "securities clearing agency" as a person that is registered as a clearing agency under the Securities Exchange Act of 1934 or whose business is confined to the performance of functions of a clearing agency with respect to exempted securities, as defined in such Act.

Amends the definition of a "security" under title 11, which includes only securities registered under the Securities Act of 1933, to include any security which should be so registered.

Makes the provisions of title 11 concerning commodity broker liquidation applicable only in a case concerning a commodity broker.

Includes an application filed under the Securities Investor Protection Act of 1970 within the provisions of the Bankruptcy Code which provide for an automatic stay applicable to specified entities.

Prohibits the trustee from avoiding a transfer that is a margin payment or settlement payment made by or to a commodity broker, forward contract merchant, stockbroker, or securities clearing agency that is made before the commencement of the bankruptcy case.

States that the exercise of a contractual right of a stockbroker or securities clearing agency to cause the liquidation of a securities contract shall not be stayed, avoided, or otherwise limited by operation of any provision of this title or by order of a court or administrative agency in any proceeding under this title unless such order is authorized under the provisions of the Securities Investor Protection Act of 1970 or any statute administered by the Securities and Exchange Commission.

Declares that the contractual right of a commodity broker or forward contract merchant to cause the liquidation of a commodity contract and the right to a variation or maintenance margin payment received from a trustee with respect to open commodity contracts or forward contracts, shall not be stayed, avoided, or otherwise limited by operation of any provision of this title or by the order of a court in any proceeding under this title.

Prohibits the trustee from avoiding a transfer made before five days after the order for relief if such transfer is approved by the Commission by rule or order, either before or after such transfer, and if such transfer is: (1) a transfer of a securities contract entered into or carried by or through the debtor on behalf of a customer, and of any cash, security, or other property margining or securing such securities contract; or (2) the liquidation of a securities contract entered into or carried by or through the debtor on behalf of a customer.

Apportions any cash or security remaining after the liquidation of a security interest created under a security agreement made by the debtor, excluding certain property, between the general estate and customer property in the same proportion as the general estate of the debtor and customer property were subject to such security interest.

Includes within the definition of "margin payment" mark-to-market payments, settlement payments, variation payments, daily settlement payments, and final settlement payments made as adjustments to settlement prices.

Prohibits the payment of a customer net equity claim based on a proprietary account out of customer property unless all other customer net equity claims have been paid in full.