Bryan Durkin of the CME Group Offers Defense for the Way the Exchange Responded to the MF Global DebacleFri, 03 Feb 2012 16:51:15 CST
The Chief Operating Officer of the CME Group, Bryan Durkin, addressed the Live Cattle Marketing Commitee meeting on Friday afternoon at the 2012 Cattle Industry Convention in Nashville. Durkin offered details of the CME Group's $100 Million Farmer and Rancher Assistance Fund- calling this plan "Absolutely the right thing to do." Durkin said these monies have been set aside in the event that something like the MF Global debacle should ever happen again.
After his presentation, Durkin took questions from several ranchers, including Fred Wacker of Montana, who described himself as a farmer feeder who has used the Chicago Mercantile Exchange products as a risk management tool. Wacker asked Durkin if he would be willing to stand up and promise that "with all haste, they should make all the loses good, take over this bad situation" adding that "I don't see why the people who are putting faith and confidence into the Chicago Merc should have to suffer a financial loss. Is there a possibly that this will happen?"
Bryan Durkin thanked the man for his comments, talked around the question, but offered no promises to deal with the losses that remain in the MF Global situation.
We have Durkin's comments and all of the Q&A of several ranchers and Durkin from Friday afternoon. Click on the LISTEN BAR below to take a listen.
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