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Futures Self-Regulators Push on Confirming Account Balances

By Chris Dieterich NEW YORK--A group of futures-industry self-regulators agreed to accelerate efforts to enable them to electronically confirm customers' balances, an area of concern highlighted by the recent collapse of Peregrine Financial Group Inc. Tuesday, a special committee of futures-industry self-regulators said they would speed up the registration process for brokers and banks for a Web-based system called Confirmation.com. Additionally, the committee said it will develop rules requiring brokers to provide regulators with online access that would enable them to confirm account balances at banks that hold customer funds. Futures brokers with money in banks that aren't registered with the program would be required to move funds to registered banks or would be in violation of the rules. The Commodity Futures Trading Commission is the federal regulator that oversees the futures industry, but it entrusts some responsibilities to self-regulators such as the National Futures Association. Peregrine's former chairman has been accused by federal prosecutors of defrauding clients. The CFTC and the NFA have filed separate enforcement actions against Peregrine alleging $215 million in customer funds was missing. The brokerage's founder and chairman, Russell Wasendorf Sr., was arrested Friday and charged with lying to regulators, days after he was found by police following a suicide attempt. Mr. Wasendorf's alleged fraud came to light after the NFA sent a team of auditors to review the firm's books and pressure the executive to sign on to a new, online system for verifying accounts. The self-regulatory committee, comprising the NFA, CME Group Inc. (CME), IntercontinentalExchange Inc. (ICE), the Kansas City Board of Trade and the Minneapolis Grain Exchange, was formed in January following the bankruptcy of MF Global Holdings Ltd., where customer funds also went missing. In May, the committee recommended changes to practices that would require futures brokers to, among other things, file daily reports that show how customer funds are invested and where they are held. --Jacob Bunge contributed to this article. Write to Chris Dieterich at [email protected] Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Cme Grp. Inc. (CME)
DateTimeHeadline
02/17/201712:32:59Current Report Filing (8-k)
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02/14/201718:26:43Annual Statement of Changes in Beneficial Ownership (5)
02/14/201712:46:00CME Group Inc. Names Slate of Director Nominees
02/13/201717:13:05Current Report Filing (8-k)
02/13/201717:08:15Amended Statement of Ownership (sc 13g/a)
02/13/201716:34:18Additional Proxy Soliciting Materials (definitive) (defa14a)
02/10/201709:37:53Amended Statement of Ownership (sc 13g/a)
02/09/201707:20:24Statement of Ownership (sc 13g)
02/08/201717:50:00CME Group Increases Dividend by 10 Percent
02/07/201709:30:00Ag barometer: Producer sentiment skyrockets again
02/06/201716:19:48Statement of Changes in Beneficial Ownership (4)
02/02/201709:30:00CME Group Reached Average Daily Volume of 16 Million Contracts...
02/02/201708:39:00CME Group's Top and Bottom Lines Jump on Trading Surge
02/02/201707:16:40Current Report Filing (8-k)
02/02/201707:00:00CME Group Inc. Reports Strong Fourth-Quarter and Full-Year 2016...
02/01/201713:12:00Robert Wilson to receive CME Group-MSRI Prize in Innovative Quantitative...
01/30/201714:58:34Annual Statement of Changes in Beneficial Ownership (5)
01/30/201705:59:00CME Tries to Sell Small Investors on Futures Trading
01/24/201709:29:00CME Group Suspends Euro-Denominated Cocoa Contract

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