News & Insights

15 News Results
May 12, 2015

The CFTC's requested public comment on the proposed collection of certain information involving regulations that govern the bankruptcies of commodity brokers. The request was published in the Federal Register. The CFTC requests comments on the recordkeeping and notice requirements in CFTC Rule Part 190 that pertain to bankruptcy rules for commodity broker liquidations. Comments must be submitted by July 13, 2015. See: 80 FR 27152 .

July 10, 2013
Commentary by Bob Zwirb

The U.S. Bankruptcy Court overseeing the liquidation of failed futures commission merchant MF Global Inc. ("MFGI") has approved a settlement between MFGI and a class of former customers of MFGI for the return of $100 million of customer money to the class. The agreement resolves claims against JP Morgan, and all outstanding matters between JP Morgan and the MF Global estate, its customers and creditors, which arise from transfers of customer property during the days before MF Global entered into bankruptcy. See: Deangelis v. Corzine Settlement Agreement (03-19-2013); Deangelis v. Corzine

April 04, 2013

Industry representatives met on February 19th to discuss with Gary Gensler, Jacqueline Mesa, and Steven Adamske issues regarding (i) segregation and bankruptcy, and (ii) cross-border. The following organizations were represented. Nomura, RBC, Deutsche Bank, Natisis Commodity Markets, Citigroup, BP, Newedge, Goldman Sachs, ICAP, ICE Futures Europe, CME Europe, Nasdaq OMX, LME, LCH Clearnet, UBS, Jefferies, BNP Paribas, Mizuho Securities USA, FOA, and the U.S. Embassy Click here to view CFTC Staff and all visitors and organizations present (links externally to CFTC website).

February 14, 2013

Representatives of CME, Morgan Stanley, BNY Mellon, and PIMCO discussed with the CFTC Staff alternative segregation arrangements for cleared swaps customer collateral. Click hereto view CFTC Staff and all visitors present (links externally to CFTC website).

November 15, 2012

After a year-long investigation into MF Global's demise, the House Committee on Financial Services found that a series of decisions by Jon Corzine to turn MF Global into a full-service investment bank led to the company's bankruptcy and jeopardized customer funds. According to the investigative report, Corzine dramatically changed MF Global's business model without fully understanding the risks associated with such a radical transformation. Specifically, by expanding the company into new business lines without first returning its core commodities business to profitability, Corzine ensured that