Gold Commodity Biography
Investigations
Congress, the Commodity Futures Trading Commission, the Securities and Exchange Commission and the Justice Department are investigating events surrounding the collapse of MF Global, including the disappearance of the customer funds. The company was run by Jon Corzine at the time of its bankruptcy, the eighth-largest in U.S. history.
Corzine, 65, helped run Goldman Sachs Group Inc. (GS) from 1994 to 1999. A Democrat who served in the Senate and as New Jersey’s governor, he testified three times in December before congressional panels probing the brokerage’s failure.
CME Group is also working with the futures industry to institute a rule requiring that any disbursement of customer funds that isn’t for the customer benefit that exceeds 25 percent of total segregated funds is pre-approved in writing by the futures brokers’ chief executive officer, chief financial officer or other designated official, the company notice said.
Futures brokers will also be required to file bi-monthly statements detailing how customer funds are invested and where the money is held, CME Group said.
To contact the reporter on this story: Matthew Leising in New York at mleising@bloomberg.net.
To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net.
COMMODITY MARKETING REPORT
AAW MID YEAR 2012
Investigations
Congress, the Commodity Futures Trading Commission, the Securities and Exchange Commission and the Justice Department are investigating events surrounding the collapse of MF Global, including the disappearance of the customer funds. The company was run by Jon Corzine at the time of its bankruptcy, the eighth-largest in U.S. history.
Corzine, 65, helped run Goldman Sachs Group Inc. (GS) from 1994 to 1999. A Democrat who served in the Senate and as New Jersey’s governor, he testified three times in December before congressional panels probing the brokerage’s failure.
CME Group is also working with the futures industry to institute a rule requiring that any disbursement of customer funds that isn’t for the customer benefit that exceeds 25 percent of total segregated funds is pre-approved in writing by the futures brokers’ chief executive officer, chief financial officer or other designated official, the company notice said.
Futures brokers will also be required to file bi-monthly statements detailing how customer funds are invested and where the money is held, CME Group said.
To contact the reporter on this story: Matthew Leising in New York at mleising@bloomberg.net.
To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net.
COMMODITY MARKETING REPORT
AAW MID YEAR 2012
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