CME Secures $7 Billion Credit Line "In Case Of Clearing Member Default"

[schizo]

Exactly who are the CME clearing firms?

https://www.cmegroup.com/clearing/financial-and-regulatory-surveillance/clearing-firms.html


Some of the well-known household names include:

ABN Amro
Citigroup
Credit Suisse
Deutsche Bank
Goldman Sachs
JP Morgan
Morgan Stanley
Wells Fargo


CME just wants free tax-payer money. These are not small clearing firms. Unless we have a major liquidity crisis as in 2008, it's very doubtful any of these banks will go under.

 

[schizo]

I'm with Amp now and i've called them at least 4 times and they've answered quick every time and there platform is great . I thought if a broker goes under the other member firms make the accounts whole? Has anyone ever lost a penny in a futures account? I thought mf global clients go their money back ?

You ever heard of SIPC?

 

[hafez50]

As i recall IB sweeps your unused balances nightly to a sipc insured account or a treasury money mkt

 

[hafez50]

You ever heard of SIPC?

Yeah but obviously your knowledge is limited as future brokers aren't covered by sipc

 

[systematictrader]

Yeah but obviously your knowledge is limited as future brokers aren't covered by sipc

I thought they do sweep for futures accounts too?

u two got me confused

 

[hafez50]

I'm pretty sure IB sweeps nightly. Pure future brokers like Advantage and Amp don't . I was asking if anyone on this board has actually lost a penny with a futures broker going under? I know Mf Global took a yr or 2 to return all the money. I thought member firms step in to protect other members customers?