“Woe to the land whose king is a child and whose leaders are already drunk in the morning. Happy the land whose king is a nobleman, and whose leaders work hard before they feast and drink, and then only to strengthen themselves for the tasks ahead”. (Eccl 10: 16-17)


"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat


Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput


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Wednesday, November 9, 2011

CME working to release transferred MF Global accounts for trading

For the sake of those who read this site and whose accounts were impacted by the mess at MF Global, here is the latest news from the CME Group. The advisory was issued this morning.

CME Group Provides Update on Customer Account Verification Process in Conjunction With Bulk Transfers of MF Global Accounts

CHICAGO, Nov. 9, 2011 /PRNewswire/ -- CME Group today provided an update regarding the process it announced November 4, 2011 to verify customer collateral transferred to receiving firms through the MF Global bulk transfer process, as authorized by the Trustee.

CME Group is committed to ensuring that all customers are treated fairly as CME Clearing works with the Trustee, is making substantial progress on verifications and continues to receive information from the 12 receiving clearing firms and other Derivatives Clearing Organizations (DCOs) to facilitate this process. However, due to the massive undertaking of processing data to verify 15,000 accounts for CME Clearing, ICE Clear US, The Clearing Corporation, KCBOT Clearing Corp., MGEX, NYSE Liffe US and The Options Clearing Corporation, as well as the unique circumstances of the MF Global bulk transfer process, the validation of each account's collateral balance is taking longer than originally anticipated.

CME Group recognizes the urgency of the situation and is working to complete this process as soon as possible. The company expects that those customer accounts including only futures positions will be verified, and holds will be removed on a rolling basis beginning this morning, November 9. Following the completion of futures-only account verifications, the company will work to complete the process and remove any remaining holds on accounts involving options positions throughout the remainder of this week.

CME Group is using a number of channels to communicate with customers as soon as information is available and will continue to provide updates throughout the process through its clearing members and on its website for this matter, www.cmegroup.com/mfglobal.

 Further information about CME Group (NASDAQ: CME) and its products can be found at http://www.cmegroup.com/.
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