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Desperate CME Tries To Regain Client Confidence In MFG, PFG Aftermath; Sends Letters To Customers
The CME, which is seeing an unprecedented exodus in trading and customers due to the recent fiascoes at MF Global and Peregrine Financial, and which is completely helpless to do anything about what is fundamentally a core feature of modern US 'capital markets', has resorted to the last ditch effort of every failing enterprise: writing and mailing letters to clients full of hollow promises. "We want you to know that CME Group is committed to making whatever changes are necessary to strengthen customer protections, restore confidence in the futures industry and ensure the effectiveness of these critical markets." Or until the next MFG or PFG at least. Sorry: too little, too late.
From the CME
July 23, 2012
To our customers:
CME Group is appalled by the recent misuse of segregated funds by two firms, MF Global Inc. and PFG, particularly since there has never been anything like it in the history of the futures industry.
Clearly there were serious management transgressions at each firm. But while these firms may have been at fault, it's nevertheless our problem as an industry, and this problem needs a solution. Not protecting customer funds is such a fundamental breach of trust that, without question, the current system in which customer funds are held at the firm level must be re-evaluated. We are exploring the concept of having clearing houses or other depositories hold all customer segregated funds while returning any interest earned on that money back to the FCMs, increasing protections while preserving the operating model for the vast majority of firms who respect and comply by the rules.
The futures community has a strong history of working together to improve our industry. Congress, federal regulators, industry regulators, industry groups and CME are all working towards the same goal: to ensure that market users have confidence in all aspects of the industry, and that the appropriate protections are in place at every point in the system. Every link in the chain has to be as strong as the next. The businesses and individuals who rely on the futures markets to manage their risk rely on all of us to collectively manage their trust.
For CME Group, nothing is more important than the confidence customers have in our marketplace and the protection of our customers when using our markets. In conjunction with the NFA, CFTC and others, we have put in place and are in the process of implementing a number of new requirements designed to deter another firm from misusing customer funds. New requirements include:
- Increased surprise reviews of customer segregated funds
- Daily segregation reporting by all FCMs
- Bi-monthly reporting on investment of segregated funds
- Periodic electronic confirmation of customer segregation balances from the firms via e-confirm system
- New rules providing direct online access to firm bank accounts to confirm segregation balances
- CEO/CFO signoffs of customer segregated fund distributions (Corzine rule)
While these significant steps will provide further safeguards to the users of our markets, and continue to make the system even stronger. We want you to know that CME Group is committed to making whatever changes are necessary to strengthen customer protections, restore confidence in the futures industry and ensure the effectiveness of these critical markets.
Sincerely,
Terrence A. Duffy
Executive Chairman & President
Phupinder Gill
Chief Executive Officer
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the only thing these creeps are appauled about is getting caught. i like that. why is it always a "blue" ribbon panel? Why not red. or white...? more like "blew" as in who got blown to cover it up
More like a brown ribbon panel, since they'll shit on all of us!
As a futures trader I will believe the CME when Corzine is prosecuted and NOT a minute before. F U CME!!!
did you just say "F U CME"? I'm sure they will be only too happy to comply.
Come and get screwed with us at Adult Phupinder Finder.com
Terrence A. Duffy and Phupinder Gill ought to hang alongside Corzine, Wasendorf, and Gensler.
let the.. and i hope they dont close down Rivers of course. Nice view over a cocktail.
okay I will be the dipshit and ask...if people are closing out their futures accounts, are they no longer buying the commodities or are they buying them in some other way?
thanks for asking, dipshit.
As long as Corzine is free, will never happen. It is over for these scum.
The market used to have "participants." Now it has "users."
Congress, federal regulators, industry regulators, industry groups and CME are all working towards the same goal: to ensure that market users have confidence in all aspects of the industry...
The market used to have "participants." Now it has "users."
The market used to have "participants." Now it has "victims."
There. I fixed it for you!
That works also. And I didn't junk you. I only upvote.
Pabst Blue Ribbon drinking pannel EXPLORING new ways.... Right. Let's change the story a bit. Imagine it's a english guy who is used to driving on the left but comes to America and is required to drive on the right. He crashes and everyone dies.
So transportation regulators come out and say, "we're exploring ways to keep people who should be driving on the right from thinking they should drive on the left."
Um.... No. The guy gets tossed in JAIL for being a DOUCHE!
Last line should have read "ensure the effectiveness of these criminal markets"
To our customers:
bla bla bla
bark bark
woof woof
Lied, lying, more lies, still lying
We will now strat to do everything you have been paying us to do since our inception (but have failed at it). We need to increase our always increasing budget to serve you better...
Trust us...
Sincerly (Bwahhh ha ha ha):
The latest clueless paid-off over paid bureaucrat in charge of this corrupted negligent Joke of another corrupted Government controlled Agency.
All the CME needs to do is to have the Clearing Members hold ALL client funds at the Clearing House. Problem solved:)
Dear Phupinder and Duffy,
As long as Corzine isn't behind bars we all know your words are as valuable as a Federal Reserve Note.
Sincerely,
The Entire World
You want to restore trust? Lock up Corzine and the other criminals. That would be the first step I would take.
Is there a special "we're sorry" letter for the poor bastards the CME transferred from MFG to PFG???
Corzined and then Ponzied. My head is in the freezer, my ass is in the oven, and the temperature is just fine.
The client rape they did Friday raising Grain margins probably didn't help their case.
Trust is not their main problem anymore..
fear is.
Because CME doesn't stand for Clients Milked Everyday... right?
Let them lay total waste to the sheep. They deserve it point blank now. Think industrial wood chipper. They are and have been warned.
Swedish Propaganda ‘Research’ Advocates EU Ban of Silver Products
http://www.silverdoctors.com/swedish-propaganda-research-advocates-eu-ban-of-silver-products/
“A Sweedish research team has released a propaganda hit piece on silver titled Silver: A Toxic Threat to Our Health and Environment, and urges municipalities, governments, and the EU to take action by banning silver products, and consumers to actively avoid any product containing dangerous silver.”
“The study concludes by strongly advocating consumers ‘stay informed and avoid any product labeled to contain silver’, and encourages hospitals to train their staff to avoid purchasing medical products containing silver.”
“As the ‘research’ team made zero disclosures regarding the funding of the study, we have sent an official inquiry to the authors requesting clarification as to if the study was funded by Pfizer, Merck, AstraZeneca, or JP Morgan.”
“The ‘research’ claims silver is toxic to all living cells, silver contributes to antibiotic resistance (in fact the opposite is true- synthetic antibiotics contribute to bacterial adaptation and resistance), silver causes permanent skin damage, silver chokes fish to death, silver disturbs bacterial activity when cleaning sewage (actually that’s true- silver destroys the bacteria in sewage and sanitizes the water), silver prevents the use of sludge as a fertilizer (this is only a bad thing for companies in need of cheap public disposal of their toxic waste), and finally claims that mining of silver is intimately associated with environmental contamination of toxic heavy metals such as mercury and lead and therefore silver mining is toxic to the environment.”
Should we shocked at this pack of lies that seeks to deny silver’s medicinal properties ? I’m afraid not.
Look at what I picked up from http://www.edrsilver.com/i/pdf/SilverFacts2011.pdf
“• Hypocrites, the father of modern medicine, wrote that silver had beneficial, anti-disease properties.”
“• Wealthy, ancient Greeks, Romans and Phoenicians stored their wine, water and oil in silver jugs to maintain their freshness and prevent spoiling.”
“• Silver compounds show a toxic effect on some bacteria, viruses, algae and fungi. Health and medical applications of silver are wide ranging and its uses include dressings and ointments for burns and wounds, anti-bacterial pharmaceuticals, coatings on hospital implements and surfaces, to name a few.”
“• Silver is being used to treat wastewater and to treat streams containing radioactive and biological contaminants.”
“• Silver is increasingly being used for water purification and as an anti-bacterial agent in swimming pools.”
“• Clothing is being manufactured with silver impregnated fabric to kill bacteria and fungi in order to reduce disease and odour. Military uniforms, sporting wear and every day clothing are now produced that contain this special fabric.”
“• Recent research shows that silver also promotes the production of new cells, increasing the rate of healing wounds.”
“• Silver may become the most economical and effective shield against threats of ever mutating microbes that are anti-biotic resistant.”
I will be letting my public servants know that this ‘research’ is nonsense and any proposal for a ban is put to an end immediately and I suggest you all do the same.
"Hypocrites, the father of modern medicine"
You might be on a spoof-site or something. It's spelled "Hippocrates."
At least they took a Hyppocritic oath...
I await their next research on the beneficial effects of eating crops grown near Fukashima.
This article was obviously not written by anyone witha scientific background because it has not gone through any peer review. It does it provide any actual research data. And it is clearly a nonsensical fabricated attempt to make all the great things about silver sound bad.
Where is the associated Peer reviewed Study and Paper? (Peer Reviewed by the BIS and the FED, no doubt)
The enemy is clever and evasive. This is an opportunity for a direct hit. Boycott the CME.
What I want to know is, Do I or Don't I get a Spiderman towel?
The letter is TOO funny.
When are people going to start judging people and institutions by actions rather than words?
When the food runs out.
How will we ever trade without the CME? I think that the sky is going to fall.
Hong Kong and Shanghai are replacing the CME. Fewer and fewer want to get 'Corzined' at the CME.
My measured response to the CME letter:
FUCK YOU
In other words, we’re relying on the incompetence of the prior solution to the problem to figure out what the real solution might be. And of course, that includes the very last point which is always invisible; a complete absence of even a whisper about position limits.
.
I'm just glad they are working on bringing this market back from todays low of 1337, otherwise people might get suspicious.
s&p 500 @ 500
I worked for a furniture store that ran less desperate marketing campaigns to stave off closure. They went out of business anyway.
But enough about JCPenney.
Hopefully Duffy will slip and fall on some bullets.
A sagacious man once told me to run with your life once you heard a statement that I am the government and I am here to help.
So, by extension, once you read a letter from CME group promising to help you, run with your life... Err....I mean your MONEY...... Close your account immediately and get your money while you still CAN.....
any body have opinions on the futures brokers left out there..if i see mine mentioned... time to sit on hands
I know what will solve EVERTHING....an interview with Bart Chilton.
I'm guessing the CME trading activity/numbers have to be waaaaaay down.
well reading this fine letter, has answered any questions I may of had. that is why the ceo of cme is paid big bucks to come up with letters like this one. gosh but it was just so darn good. no really.
hey duffy and phupinder gill,phuck off!
Wait, wait, wait-------aren't these the same fukkers that displayed these signs?
http://timeoutchicago.com/things-to-do/this-week-in-chicago/14973601/chi...
The best part is how their stock split made a formerly $250 per share stock trade at $50 a share, enhancing the "in the toilet" perception of their business outlook and practices. Such sweet irony.
I'm sure on their quarterly filings they won't fudge their volume numbers - because that would be unethical to do in light of the recent frauds using their systems to trade. Oh my, what wonderful sights we are about to see....
"While these significant steps will provide further safeguards to the users of our markets, and continue to make the system even stronger. We want you to know that CME Group is committed to making whatever changes are necessary to strengthen customer protections, restore confidence in the futures industry and ensure the effectiveness of these critical markets."
These idiots can't even spell criminal (misspelled critical in the piece) and they still want the public trust.
Who really deserves to be committed?
Leter to the CME: You were tested and not only did you fail but you were grossely negligent, arguably complcit, and in doing so, you aided and abetted MFG and their thievery. At the very minimum, your inaction revealed who you believe your true constituency is, and it's not me. Some of your execs should be in jail along with many of the MFG execs. So FU and your groveling now! You're forever fired!
The NCAA will be imposing fines on CME for" looking the other way." all trades back to 1998 will be nullifed, well why not? it worked for Pedeo state. do any of the cme folks sit on Pa U board..seems they should have.
I'm so sorry baby, please come back, I don't what I was doing! I swear I will never be bad again, just come back, pleeaase.
I promise I will change, I won't hit you in the face ever again, You just make me crazy, but I can control that now.
Pleease come back I promise to be nice.
Please, I promise, I promise....Ipromise!
Forever yours,
BigPimp Daddy Duffy
Yup, that pretty much sums it up. Nobody really gives a shit. We all know it. You hear all companies touting the same shit as though they care about their customers. Come on, does anyone they give a crap about their customers? Do they go home and think about how they can help the poor slob that lost his money taking their advise. Oh, yes they do as long as they can figure a way of making more fees from these suckers.
Classic pimp & ho relationship, you give them your earnings, and hope there is enough left over to feed yourself.
In return they are to provide you a safe place to earn, in between punches to the face when you don't earn enough.
Paper players are Dumbass addicted whores! Very few ho's make it out alive, even fewer with any money.
While the pimps live the high-life...for now.
Get Phyzzzzical with your pimp...Bitchez!
If the Lehman collapse froze the credit markets, what would a CME collapse do? Where would the money go? What would happen to confidence?
Dear CME,
I read your thoughtful yet word smithed letter and I just wanted to remit, return my money or go fu*# yourselves.
-Muppet
KTF
Die you sleazy scumbags! I had your number by 1980. You didn't defend free markets. You sold out a long time ago to the mercantilist elitist globalist NY-DC-NWO-banksta axis. Your cred is shot! We're gonna jack up your cred margins. It's for market stability, doncha know? I only hope you take the CFTC assholes with you and that the Fed and Helo-Benny, et al, aren't far behind. Get in the box! Now!
blah . . blah . . blah
Its simple. You don't even need to look at in terms of 'finance' or 'economics'.
- There's a gang of criminals in charge.
- They want to steal as much from us as they can, before the game's up.
- They want to cover their escape with the loot - - - and will use whatever means possible. That includes fast talking con games and rounds sent downrange in our direction.
All the details are noise.
I'm also taking financial and spiritual guidance from Ann Barnhardt. Until she says it's safe to get back into the futures market I'm staying on my knees and repeating the Lord's Prayer over and over.
The CME was to have been a house of trade, but they have made it into a den of thieves.
http://barnhardt.biz/about.cfm seems decent.
Dear CME,
Jail Jon "The Corz" Corzine for stealing the clients money. Then jail Jaime "The Dick" Dimon for stealing the clients money from Corzine.
Then come talk to me.
cmon boys,. sing along with them all, all the boys,... cftc and nfa falsettos in the background
http://youtu.be/m-QSr8k9O6c
Funny I don't see "Mandatory Prison Sentences" listed under the so-called new requirements. In other words, if you're waiting for real change, don't hold your fucking breath.
That was dumb. Now they know who to hang first.
Frauds! Jail Corzine! Muppet Killers!
I love the CME! They make buying PHYZ a no brainer! While they manipulate, I accumulate!
Fool me once, shame on you, fool me twice, shame on me! BRILLIANT
to avoid getting their shares shredded the CME did a 5 to 1 split with4/5ths of the value out to shareholders as a dividend.. lol...
they hoodwinked everyone..lolololololololol
Maybe Corzine's in witness protection.
Anybody seen him?
No indictments or prosecutions for robbery, theft or fraud.
Maybe DA's could charge them with rape. It's worked before.
"CASINO" .... watch the movie 15 times board of directors and management,
and then save the letter, the people were gassed.... It wont happen again? What a sorry letter.
change the model and the people, all of them, throw out the regulators... all of them.
jeez? they must think the muppets gang raped sodomized, electricuted, gassed hung, and burned alive,...... are stupid.....trust?
show me the penalties and perp walks.
As long as we keep taking delivery of physical, these fuckers go down.
It's called American greed period
Dolph9,
Agreed the more physical Silver we buy and the faster we buy it the sooner they are f*cked.
Phupinder Gill???
>>Increased surprise reviews of customer segregated funds
Does it mean more surprises for customers are to come?
http://www.youtube.com/watch?v=7LNS_Y90iLo
"Congress, federal regulators, industry regulators, industry groups and CME are all working towards the same goal:".......and stop -- reword:
Congress, federal regulators, industry regulators, industry groups and CME are the problem.