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Hearing to Examine the MF Global Bankruptcy

Hearing to Examine the MF Global Bankruptcy

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Today, this Committee will examine the bankruptcy of MF Global. On October 31, 2011, MF Global filed for bankruptcy after revealing that a substantial amount of customer funds were missing. There are now reports that as much as $1.2 billion may have disappeared. Each Member of this Committee understands the importance of the futures market for farmers and ranchers across the country. For decades, futures markets have been a trusted tool for businesses seeking to manage risk. The bedrock of their trust in these markets is based on the fundamental protections provided by mandatory segregation of customer funds. Unfortunately, the very cornerstone of the futures market?customer funds segregation?has been severely and suddenly called into question.