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CME Group announced that Executive Chairman Terry Duffy will appear before the U.S. House Committee on Agriculture today, Thursday, December 8, 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, effectuated by MF Global, constitute very serious violations of our 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 assist customers and minimize market disruptions," Duffy added. "Our efforts have been directed toward speeding customer access to their trading accounts, transferring their positions and providing the Trustee with a $550 million guarantee from CME Group, to enable him to quickly release customer funds that were securely held at CME Clearing. Moving forward, we intend to work with the Congress, regulators and industry leaders to strengthen customer safeguards at the firm level."
The hearing is scheduled for 9:30 a.m. Eastern time in the Longworth House Office Building. Duffy's written testimony will also be available on www.cmegroup.com at that time.
