CME In Deal To Hasten Repayment Of MF Global Clients

Nov 7 2013 | 10:54am 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

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...