Immediately upon MF Global’s bankruptcy and the appointment of the Trustee, CME Group began its effort to secure approval to transfer CME Group positions and all supporting collateral to other clearing members instead of liquidating those positions. However, due to uncertainty over the amount of MF Global-held segregated funds to support customer trading, the Trustee only allowed CME Group to transfer customer positions to new clearing member firms with part, but not all, of their funds. This allowed customers to fund, in the short term, a portion of the margin that would normally have been required for their positions. It also required that all new accounts established to hold transferred positions be temporarily subject to a hold on transferred cash or proceeds of the liquidation of transferred positions at the new firms.
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