One of the touchiest topics for cattle producers at the recent Cattle Industry Convention was last year’s bankruptcy of MF Global, which cost many of them money they have yet to get back. CME Group Inc. is attempting to address producers’ concerns by establishing a $100 million fund to protect farmers and ranchers who utilize the exchange.
CME chief operating officer Bryan Durkin told cattlemen at the meeting that that MF Global found a way to manipulate a system that has been working flawlessly for 75 years and that CME felt an “inherent” responsibility to help their customers. “We are in unchartered territory,” said Durkin. “There are a lot of facts that still need to be sorted out. We took an important first step for farmers and ranchers.”
However, the fund will not help former MF Global customers who haven’t received all their money as a result of the bankruptcy, with an estimated $1.2 billion shortfall in customer segregated accounts.
Durkin said customers with accounts in the United States have received about 72 cents on the dollar. Under the new fund, farmers and ranchers will be eligible to receive up to $25,000 per account if they lose money resulting from the bankruptcy of a clearing member. Durkin said farming and ranching cooperatives will be eligible for up to $100,000 per cooperative. He said if losses are more than $100 million, those customers will be eligible for a pro-rate share of the fund up to $100 million.
Durkin said doing everything possible to prevent a repeat of MF Global is top priority for CME.
“All viable solutions should be explored. We understand the significant risk you face every day,” said Durkin to the room full of cattlemen and women. “It is our responsibility to restore your confidence. We will work with industry groups including the National Cattlemen’s Beef Association (NCBA) to explore options to give farmers and ranchers more protection.”
NCBA Vice President of Government Affairs Colin Woodall said the action taken by CME represents a good first step and speaks volumes for CME’s commitment to protect their customers.
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