December 9, 2011
To Our CME Group Trading Community,
Today the Bankruptcy Court approved the MF Global Trustee's motion to make a third interim distribution of MF Global customer funds. This distribution, which is expected to begin next week, enables the Trustee to distribute 72 percent of customer funds previously frozen, including trapped account balances, dishonored checks, and distributions with respect to warehouse receipts and other customer property at MF Global.
While the bankruptcy process does not move as fast as any of us would like, it is important to note that this process stands in stark contrast to the situation of MF Global customers outside the U.S., where many foreign receivers have not paid out any cash since the bankruptcy. Since this process began, CME Group is the only exchange to have offered any guarantee to accelerate the Trustee's distributions, and we are gratified that our $550 million guarantee has helped return more property, more quickly to all MF Global customers.
CME Group has worked diligently with the Trustee to speed customer access to trading accounts and transfer customer positions. Our priority has been and continues to be to assist customers and minimize market disruptions caused by MF Global's unprecedented failure.
Updates and further information continue to be available at www.cmegroup.com/mfglobal.
Sincerely,
