CFTC to ask for direct access to client bank accounts

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CME Group suggests instead to move customer money to clearing houses.

CFTC reports that CFTC Chairman Gary Gensler, under pressure following successive missing-client-fund scandals at MF Global and more recently at PFGBest, has now suggested that the CFTC have direct electronic access to accounts where customer funds are held.

The CME Group offered another idea for improving the security of customer funds. In a letter to customers, CME executive chairman and president Terrence Duffy said the company is considering moving customer money to clearing houses or other depository institutions.

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Guest Wednesday, 23 April 2014

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