BY BEN PROTESS AND AZAM AHMED Earlier this month, in a ninth-floor conference room of the Northern Trust bank in Chicago, an unlikely assembly of futures industry executives, regulators and customers discussed the fallout from MF Global’s collapse. The closed-door meeting illustrated a fundamental shift under way in the futures industry: financial firms, ordinarily loath to accept regulation,
This article originally appeared in NYT’s Dealbook. BY BEN PROTESS Lawmakers are considering new policies aimed at preventing a repeat of the MF Global debacle, in which the futures brokerage firm misused an estimated $1.2 billion in customer money as it collapsed. The Senate Agriculture Committee’s decision to explore potential regulatory changes follows pleas from farmers,
This article originally appeared on Medill Reports. BY ELIZABETH DEXHEIMER The head of the Commodity Customer Coalition, a Chicago-based non-profit that represents former customers of MF Global Inc., expressed confidence in an interview Thursday that the outcome of the group’s latest effort to recover customer funds will be successful. The advocacy group on Monday filed a
This story originally appeared as a Reuters dispatch. By Nick Brown REUTERS – One of the hottest debates raging from Wall Street to the farm belt is destined to stretch into next month, as the trustee overseeing the bankruptcy of broker MF Global Inc collects the final claims by customers who are missing some $1.2
This article originally appeared on CNNMoney.com. By James O’Toole @CNNMoney Jon Corzine testifies before Congress last month. NEW YORK (CNNMoney) — What do farmers in Montana, traders in Chicago and a pension fund in Canada have in common? They’re all among the litigants who have filed suit against Jon Corzine in the wake of the MF
This article originally appeared in the January 12, 2012 edition of the Wall Street Journal. Stanley Haar says he knew how much money MF Global Holdings Ltd. owed him after about five minutes reviewing old account statements. But completing a claim form, he said, took more than two days. “That’s nuts,” said Mr. Haar, a
CME Group Executive Chairman Terry Duffy gives thanks to John L. Roe’s work with the Commodity Customer Coalition:
This article originally appeard on Forbes.com. Emily Lambert, Forbes Staff Chicago and New York futures traders have had a prickly relationship over the years. Despite mergers that put the cities’ futures exchanges under the same corporate roof, it’s not hard to get a trader or broker in one city to privately criticize the ethics and