CMC Continues Engagement on the MF Global Situation

The MF Global meltdown has caused a lot of anxiety, understandably so, among the futures industry and more generally among users of financial derivatives. CMC members are no exception. To address our members’ concerns, CMC staff has engaged actively with member companies, outside experts, law firms, journalists and Capitol Hill staff.

CMC members (individually and collectively as a group) and staff have had numerous discussions on this subject to determine what our strategy should be in handling the issue, and what position we should adopt. The CME Group provided a detailed briefing to other CMC members on the situation.

More recently, the House Agriculture Committee offered CMC the opportunity to testify at an upcoming hearing on Thursday, December 8, on the MF Global situation. CMC staff is in discussions with members in this context, and once the details are finalized, an official announcement will be circulated to the entire membership within the next day or so. To CMC’s credit, we are viewed by the legislative community on Capitol Hill as a voice that offers substantive and well-reasoned thinking on a complicated issue such as this.

We will continue our engagement on this subject, and we thank our members who have played key roles in the intra-CMC dialog.

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