CHICAGO, Dec. 13, 2011 /PRNewswire/ -- CME Group announced
that Executive Chairman Terry Duffy
will appear today before the U.S. Senate Committee on Agriculture,
Nutrition and Forestry, to discuss the MF Global
bankruptcy.
"MF Global put market users in a tragic position," said Duffy.
"In the days leading up to MF Global's bankruptcy, daily reviews of
the company's segregation reports showed the firm remained in full
compliance with segregation requirements. Any transfers of
customer funds made by MF Global for the benefit of that firm are
very serious violations of CME Group rules and of CFTC
regulations."
"With respect to the unprecedented loss of customer segregated
funds caused by MF Global, CME Group's efforts have been to
minimize the impact that this extraordinary event has had on the
futures industry and our customers," Duffy added. "Since the
MF Global bankruptcy, we have worked to speed customer access to
trading accounts, transfer customer positions, and provide the
Trustee with a $550 million guarantee
to encourage him to quickly release customer funds that were
securely held at CME Clearing. Moving forward, CME Group intends to
work with the Congress, regulators and industry leaders to
strengthen customer safeguards at the firm level. We will do all
that we can to prevent a repeat episode in the future."
The hearing is scheduled for 10:00 a.m.
Eastern time in the Hart Senate Office Building. Duffy's
written testimony will also be available on www.cmegroup.com at
that time.
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.
CME-G
SOURCE CME Group