Chicago (Reuters)  – CME Group Chief Operating Officer Bryan Durkin said yesterday (Mon) that the exchange will not guarantee the funds that remain missing from customer accounts at bankrupt brokerage MF Global after they are reimbursed by the bankruptcy trustee.
Such a move would be “unwise” and the CME has a “fiduciary responsibility” to its shareholders, he said at a National Grain and Feed Association conference.
CME in late November expanded the size of a fund to help return cash to former MF Global clients to $550 million from $250 million.  The brokerage collapsed Oct. 31 after making bad bets on European debt.
A trustee overseeing the bankruptcy has said an increased payout to former clients should restore at least two thirds of U.S. based property for the broker-dealer unit.