CME Group Executive Chairman Terry Duffy will appear before the U.S. Senate Committee on Banking, Housing and Urban Affairs today, Tuesday, April 24, to discuss "The Collapse of MF Global: Lessons Learned and Policy Implications."
"Since the MF Global bankruptcy, CME Group and the derivatives industry have been working together to identify potential solutions to strengthen customer protections at the firm level, where the problem occurred," said Duffy. "Additionally, we believe Congress can help further protect customers by amending the Bankruptcy Code to permit clearing houses to transfer fully collateralized customers from a defaulting clearing member to other clearing members. This amendment will minimize systemic risk and allow customers to continue to manage their risk and to keep control of sufficient collateral to support their positions."
The hearing is scheduled for 10 a.m. Eastern time in the Dirksen Senate Office Building. Duffy's written testimony will also be available on www.cmegroup.com at that time.