Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

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

Delayed Quote. Delayed  - 09/23 10:00:00 pm
106.49 USD   -1.78%
09/23 CME : Named 'Exchange of the Year' by GlobalCapital
09/21 CME GROUP : Named "Exchange of the Year" by GlobalCapital
09/21DJStocks Rally on Hopes for Growth
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

"Corzine rule" proposed for futures brokers

share with twitter share with LinkedIn share with facebook
share via e-mail
0
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Hundreds of millions of dollars in excess customer funds were withdrawn in the broker's final days, and CME Group - MF Global's frontline regulator, and the largest of several exchange operators that helped craft the new rules --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
0
Latest news on CME GROUP INC
09/23 CME : Named 'Exchange of the Year' by GlobalCapital
09/21 CME GROUP : Named "Exchange of the Year" by GlobalCapital
09/21DJStocks Rally on Hopes for Growth
09/16 CME GROUP INC. : Announces Third-Quarter 2016 Earnings Release, Conference Call
09/16 CME : Announces First Trades of New EU Wheat Futures Contract
09/15 CME : Chief Financial Officer to Present at UBS Best of Americas Conference 2016
09/15 CME GROUP : Announces Launch of First-Ever Precious Metals Spread and Ratio Futu..
09/13 CME GROUP INC. : Announces Third-Quarter 2016 Earnings Release, Conference Call
09/13 CME GROUP : Announces First Trades of New EU Wheat Futures Contract
09/13 CME : Chief Financial Officer to Present at UBS Best of Americas Conference 2016
More news
Sector news : Financial & Commodity Market Operators - NEC
09/23DJMARKETAXESS : Electronifie Considers Options Including Sale
09/23 LONDON STOCK EXCHANGE : Swiss, German share trade settlement houses team up to c..
09/21DJToronto Exchange Operator to Cut 10% of Workforce
09/21DJStocks Rally on Hopes for Growth
09/19DJGoPro Offers New Cameras and a Drone
More sector news : Financial & Commodity Market Operators - NEC
News from SeekingAlpha
09/22 INSIDERINSIGHTS.COM DAILY ROUND UP 9 : Eigi, chk, nvax
09/21 BANK DERIVATIVES DEALING : The Big Banks Cry Wolf
09/07 THE CHICAGO STOCK EXCHANGE : A Different Speed Bump Changes Everything
09/02 CME Group August volume slips from a year ago
08/31 CME Group gets price target boost
Advertisement
Financials ($)
Sales 2016 3 558 M
EBIT 2016 2 294 M
Net income 2016 1 457 M
Debt 2016 -
Yield 2016 4,45%
P/E ratio 2016 25,21
P/E ratio 2017 22,77
Capi. / Sales 2016 10,1x
Capi. / Sales 2017 9,62x
Capitalization 36 084 M
More Financials
Chart CME GROUP INC
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
TrendsBullishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 109 $
Spread / Average Target 2,6%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
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 INC17.54%36 084
INTERCONTINENTAL EXCHA..7.75%32 900
HONG KONG EXCHANGES AN..3.74%32 360
FIDELITY NATIONAL INFO..27.19%25 269
DEUTSCHE BOERSE AG-7.68%16 280
INTERACTIVE BROKERS GR..-16.93%14 861
More Results