CHICAGO, Nov. 9, 2011 /PRNewswire/ -- CME Group today
provided an update regarding the process it announced November 4, 2011 to verify customer collateral
transferred to receiving firms through the MF Global bulk transfer
process, as authorized by the Trustee.
CME Group is committed to ensuring that all customers are
treated fairly as CME Clearing works with the Trustee, is making
substantial progress on verifications and continues to receive
information from the 12 receiving clearing firms and other
Derivatives Clearing Organizations (DCOs) to facilitate this
process. However, due to the massive undertaking of processing data
to verify 15,000 accounts for CME Clearing, ICE Clear US, The
Clearing Corporation, KCBOT Clearing Corp., MGEX, NYSE Liffe US and
The Options Clearing Corporation, as well as the unique
circumstances of the MF Global bulk transfer process, the
validation of each account's collateral balance is taking longer
than originally anticipated.
CME Group recognizes the urgency of the situation and is working
to complete this process as soon as possible. The company expects
that those customer accounts including only futures positions will
be verified, and holds will be removed on a rolling basis beginning
this morning, November 9. Following
the completion of futures-only account verifications, the company
will work to complete the process and remove any remaining holds on
accounts involving options positions throughout the remainder of
this week.
CME Group is using a number of channels to communicate with
customers as soon as information is available and will continue to
provide updates throughout the process through its clearing members
and on its website for this matter, www.cmegroup.com/mfglobal.
As the world's leading and most diverse derivatives marketplace,
CME Group (www.cmegroup.com) is where the world comes to manage
risk. CME Group exchanges offer the widest range of global
benchmark products across all major asset classes, including
futures and options based on interest rates, equity indexes,
foreign exchange, energy, agricultural commodities, metals, weather
and real estate. CME Group brings buyers and sellers together
through its CME Globex® electronic trading platform and its trading
facilities in New York and
Chicago. CME Group also operates
CME Clearing, one of the world's leading central counterparty
clearing providers, which offers clearing and settlement services
for exchange-traded contracts, as well as for over-the-counter
derivatives transactions through CME ClearPort®. These products and
services ensure that businesses everywhere can substantially
mitigate counterparty credit risk in both listed and
over-the-counter derivatives markets.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME,
Globex and Chicago Mercantile Exchange are trademarks of Chicago
Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the
Board of Trade of the City of
Chicago, Inc. NYMEX, New York Mercantile Exchange and
ClearPort are registered trademarks of New York Mercantile
Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All
other trademarks are the property of their respective owners.
Further information about CME Group (NASDAQ: CME) and its products
can be found at www.cmegroup.com.
11-196
CME-G
SOURCE CME Group