Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nasdaq  >  CME Group Inc    CME

Delayed Quote. Delayed  - 10/26 07:03:56 pm
102.91 USD   -0.41%
10/24CME GROUP INC : quaterly earnings release
10/21 CME GROUP : and Thomson Reuters Name Morgan Stanley as new LBMA Silv..
10/20 MARKET TECH : TickVault streamlines distribution of 450 Terabytes of..
News SummaryMost relevantAll newsSector news 

"Corzine rule" proposed for futures brokers

share with twitter share with LinkedIn share with facebook
share via e-mail
05/30/2012 | 01:20am CEST

Futures brokers would need to get approval from a top executive before making big withdrawals from customer accounts under a rule now pending and referred to in the industry as the "Corzine rule", after MF Global's former CEO Jon Corzine.

The proposal is one of several planned changes to futures industry practices prompted by MF Global's collapse last October and the disappearance of funds from customer accounts.

The National Futures Association's board has approved the proposed rule along with several others, and submitted them to the Commodity Futures Trading Commission for approval, the NFA said on Tuesday.

Exchanges and regulators had boasted for decades that rules requiring brokers not to use customer funds for their own purposes meant those customer funds were safe.

After MF Global went bankrupt, some $1.6 billion of customer money went missing, and more than six months later has still to be accounted for.

Hundreds of millions of dollars in excess customer funds were withdrawn in the broker's final days, and CME Group - MF Global's frontline regulator, and the largest of several exchange operators that helped craft the new rules -- has said that much of the money was improperly transferred from customer accounts to MF Global's own accounts.

Corzine has testified he never told anyone to take customer funds to cover the broker's own bills. He has not been accused of wrongdoing.

Under the proposed Corzine rule, futures brokers would need to get written approval from the chief executive, the chief financial officer or another designated officer for the withdrawal of more than 25 percent of a customer's excess funds.

Excess customer funds are funds held by the broker above and beyond what is needed to back a customer's trades.

Under existing industry rules there is no limitation on the amount a broker could move from a customer's excess funds.

The proposed rules also require brokerage firms to maintain written policies about how they guard against using customer money for their own purposes.

"These new requirements will help begin the process of restoring public confidence in the financial integrity of customer segregated funds," NFA chief Dan Roth said in a statement.

New rules will also require futures brokers to provide more financial and operational information to NFA, some of which NFA will publish on its website.

(Reporting by Ann Saphir; editing by Carol Bishopric)

Stocks treated in this article : CME Group Inc., MF Global Holdings Ltd
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on CME GROUP INC
10/24CME GROUP INC : quaterly earnings release
10/21 CME GROUP : and Thomson Reuters Name Morgan Stanley as new LBMA Silver Price Par..
10/20 MARKET TECH : TickVault streamlines distribution of 450 Terabytes of historical ..
10/19 CME GROUP : collaborates with TickSmith to provide customer-friendly access to h..
10/18 CME : and Duco Announce Launch of Fee Data Control and Reconciliation Service fo..
10/17 UK competition watchdog says ICE has to sell Trayport
10/11DJAsian Shares Reverse Earlier Gains
10/10 Ripple Labs Raises USD55 Million in Series B Funding Round
10/07DJCME Group Reduces Its Stake In Brazil's BM&FBovespa
10/07DJU.S. Stocks Fall After Jobs Report
More news
Sector news : Financial & Commodity Market Operators - NEC
10/21 LONDON STOCK EXCHANGE : EU extends LSE-Deutsche Boerse merger review until March..
10/20 LONDON STOCK EXCHANGE : Solid quarterly earnings help London Stock Exchange focu..
10/19 SINGAPORE EXCHANGE : FCA approves Singapore Exchange's takeover of London's Balt..
10/19DJSINGAPORE EXCHANGE : First-Quarter Profit Falls on Weaker Trading Volumes
10/17DJINTERCONTINENTAL EXCHANGE : U.K. Competition Watchdog Says ICE Must Sell Traypor..
More sector news : Financial & Commodity Market Operators - NEC
News from SeekingAlpha
10/20 THE COMING 'SPOTIFICATION' OF FUTURE : The Market Fix For Retail Securities Trad..
10/18 How Inefficiency Affects Your Trading Day
10/17 ICE mulls appeal after U.K. requires Trayport sale
10/16 The Coming High Frequency Trading Crack-Up And The Law
10/13 The Effect On Bank Profits Of Poor Contracts
Financials ($)
Sales 2016 3 549 M
EBIT 2016 2 279 M
Net income 2016 1 455 M
Debt 2016 -
Yield 2016 4,59%
P/E ratio 2016 24,75
P/E ratio 2017 22,06
Capi. / Sales 2016 9,87x
Capi. / Sales 2017 9,33x
Capitalization 35 014 M
More Financials
Duration : Period :
CME Group Inc Technical Analysis Chart | CME | US12572Q1058 | 4-Traders
Full-screen chart
Technical analysis trends CME GROUP INC
Short TermMid-TermLong Term
Technical analysis
Income Statement Evolution
More Financials
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 110 $
Spread / Average Target 6,9%
Consensus details
EPS Revisions
More Estimates Revisions
Phupinder S. Gill Chief Executive Officer & Director
Terrence A. Duffy Executive Chairman & President
Julie Holzrichter Chief Operating Officer
John W. Pietrowicz Chief Financial Officer
Kevin D. Kometer Chief Information Officer & Senior MD
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
CME GROUP INC14.05%35 014
More Results