CME Group, Inc., establishes fund to protect farmer and rancher investors

There was a packed room for the Live Cattle Marketing Committee meeting during the Cattle Industry Convention. Everyone was there to hear from Bryan Durkin, COO, CME Group, Inc., talk about the MF Global debacle.

Durkin said MF Global violated the system and it was a blow to the entire industry.

Durkin said the CME Group had established the $100 million Family Farmer and Rancher Protection Fund to protect individual investors in the event of another MF Global type event. In the event of a loss the fund would provide up to $25,000 to individual farmers and rancher or up to $50,000 for eligible cooperatives. Rules to determine elegible losses for the Family Farmer and Rancher fund are still being developed.

The fund should be available by March 1, according to Durkin.

“We understand the significant risk you face everyday and it is our responsibility to restore your confidence,” Durkin said.

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Categories: Convention News, Featured News

Author:dougnrich

Senior Field Editor, High Plains/Midwest Ag Journal.

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