|
Houston,Tx
Experience: Advanced
Platform: NinjaTrader
Broker: Mirus Futures/Zen-Fire
Trading: TF
Posts: 2,265 since Feb 2010
Thanks Given: 1,206
Thanks Received: 4,353
|
CME Group: Current system must be re-evaluated - MarketWatch
July 14, 2012, 9:02 a.m. EDT
CME Group: Current system must be re-evaluated
By Nathalie Tadena
Exchange operator CME Group Inc. said its current system of customer protection is inadequate after two major futures brokers failed in less than a year.
"Without question, the current system in which customer funds are held at the firm level must be reevaluated," the world's largest futures exchange operator by volume said in a statement.
CME said it is "appalled" by the recent violations of customer-segregated funds and said these breaches of trust are "completely unacceptable."
Brokerage Peregrine Financial Group collapsed this week as regulators alleged $215 million in client money had gone missing. The move dealt another black eye to the futures industry, which is still working to repair its reputation as $1.6 billion of MF Global Holdings client assets remain unreturned.
CME shares closed at $263.16 Friday and were unchanged after hours. The stock is off 6.7% over the past three months.
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!" |
|
