CME In Deal To Hasten Repayment Of MF Global Clients

Nov 7 2013 | 11:54am ET

The CME Group is doing its part to ensure that MF Global Holdings' customers are made whole by the end of the year.

The firm, one of MF Global's regulators, reached a deal with the collapsed futures brokerage's trustee, awarding it a $29 million claim, half of which it will pay to MF Global customers. The deal comes a day after the trustee, James Giddens, won court approval to return 100% of customer assets by the end of the year, just over two years after MF Global filed for bankruptcy after $1.6 billion in customer money went missing.

CME's agreement resolves any claims with regard to MF Global.

"Though CME Group fulfilled all of its responsibilities as a self-regulatory organization, these agreements provide a quicker resolution for our customers—giving them more money back sooner, rather than working through prolonged litigation," CME President Terry Duffy said yesterday.


In Depth

Q&A: MackeyRMS's Chris Mackey On A High Tech Fix To Broker Votes

Jun 23 2017 | 8:17pm ET

The looming implementation of the EU’s MiFID II rules regarding research has put...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of