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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 christopher.dieterich@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Cme Grp. Inc. (CME)
DateTimeHeadline
07/11/201417:05:17CME Cuts Trading Margins on Gold and Silver Futures
07/11/201408:43:12London Silver Fix to End in August
06/25/201421:30:06A Startup Looks for Business in Secrecy
06/23/201416:32:27Hog Futures Settle at High Amid Tighter Supplies
06/19/201411:55:14New London Silver Fix to Be Decided in July
06/13/201414:30:09LME, Others Vie to Replace London Silver Fix
06/05/201415:28:52Correction to London Silver Fix Story
06/05/201415:24:10Two More Declare Interest in Overseeing London Silver Fix
06/05/201415:22:43ETF Securities, Platts Declare Interest in Overseeing London...
05/29/201414:06:41CME Group, LME Separately Work on Hosting a New Silver Fix...
05/29/201413:58:08CME Group, LME Separately Work on Hosting a New Silver Fix...
05/29/201411:50:21CME Group Confirms Efforts to Formulate New Silver Fix
05/15/201419:00:05CME Cuts Silver, Gold Trading Margins
05/13/201413:22:30CME Softens High-Speed Traders' Edge -- Update
05/13/201412:40:04CME Softens High-Speed Traders' Edge
05/01/201412:55:06D.E. Shaw Fined for Exceeding Position Limits in Natural Gas
04/14/201418:50:27Futures Traders Sue CME Over Real-Time Data
04/11/201412:45:37CME Said Canvassing Support for Cocoa Contract to Rival ICE...
04/08/201417:40:08Technical Glitches Hit CME Trading -- Update
04/08/201417:17:33Technical Glitches Hit CME Trading

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