CME Executives Defend Actions Following MF Global Collapse
24 Maggio 2012 - 1:28AM
Dow Jones News
Leaders of exchange operator CME Group Inc. (CME) said on
Wednesday that they acted properly and in accordance with
bankruptcy laws following the collapse of brokerage firm MF Global
(MFGLQ).
"All of the information has yet to come out," said CME Executive
Chairman Terry Duffy, responding to questions at CME's annual
shareholder meeting. MF Global customers are said to be missing
some $1.6 billion that could not be accounted for as the brokerage
collapsed.
A review by an outside firm of CME's actions "came out fine,"
said the company's new chief executive, Phupinder Gill, who took
over for the retiring Craig Donohue on May 1.
Nothing more could have been done to speed up the process or
make it go more smoothly, said Gill. He noted that CME's hands were
tied by bankruptcy laws.
Duffy told shareholders he saw staffers work "around the clock"
to place clients with new clearing firms.
Duffy said CME's clearing house did its job during the crisis,
even though MF Global was considered a "firm of good standing"
leading up to its bankruptcy.
Earlier, about a dozen people halted the shareholders' meeting
for about 15 minutes, demanding the exchange operator return the
tax breaks it's receiving as an incentive to keep its headquarters
in Illinois. They shouted, "Pay your fair share," as security
personnel escorted them out of the room. Outside the building,
about 100 protesters assembled, yelling "We are the 99%."
-By Howard Packowitz, Dow Jones Newswires; (312) 750-4132;
howard.packowitz@dowjones.com
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