"Giddens said in the testimony. Giddens said a fund could be replenished by industry assessments when needed."
The Capacity for the CME to leverage the industry on behalf of MF Global Customers was always there! Beyond the failure to regulate as a DSRO, the CME also failed to pick up the pieces by leading the very industry its benefits from as its marketplace.
There has been a growing awareness of this ongoing failure on the part of the CME.. I will not trade in the CME marketplace as a result.
MF Global leaves industry scarred By Hal Weitzman in Chicago Exactly six months after MF Global filed for bankruptcy, former customers of the failed futures brokerage are still waiting to find out how much of an estimated $1.6bn in missing funds will be returned to them. The lack of information about exactly what occurred at the collapsed futures brokerage has caused a sense of frustration across the industry. It has shattered confidence and kept many of the traders affected away from the markets, particularly among the roughly 36,000 former customers of MF Global who remain out of pocket, their funds frozen by the bankruptcy court.