CME Group and CME Trust have offered $300 million to help customers affected by MF Global’s bankruptcy get their money back. Brokerage firm MF Global had a shortfall of some $600 million in its customer accounts, preventing customers from accessing cash for backstopping futures trading positions, adds Financial Times. The CME Group is the largest U.S. futures exchange operator.
CME has offered a $250 million guarantee from its corporate funds to the U.S. Securities Investor Protection Corp. (SIPC) trustee for accelerating distributions of frozen MF Global customer funds. In addition, CME Trust, which offers protection to customers of a failed clearing member, has committed its $50 million fund to exchange customers losing money in the bankruptcy. SIPC acts as a trustee or works with an independent court-appointed trustee in a missing-asset case to recover funds.
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