CME Frees Up Some MF Global Clients To Transfer To New Clearer
November 01 2011 - 2:44PM
Dow Jones News
CME Group Inc. (CME) on Tuesday moved to ease barriers
preventing MF Global Holdings Ltd. (MF) clients from trading with
an emergency rule that will allow some to find a new clearer and
resume trading.
The Chicago-based exchange group and some rivals had previously
required MF Global clients to secure a release from the failed
broker before they could transfer business, frustrating customers
and sparking criticism about the lack of information being
provided.
CME invoked an emergency rule allowing members of its four main
exchanges in Chicago and New York to seek a new clearing member,
without recourse to the now-bankrupt MF Global, so long they were
"not in deficit position."
A CME spokesman was not immediately able to identify the size of
the client group that could benefit from the emergency rule.
-By Doug Cameron, Dow Jones Newswires; 312-750-4135;
doug.cameron@dowjones.com
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