Confirmations: NFA and CME’s Financial Match.com

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Watch the Restoring Customer Confidence video series: http://jlne.ws/TJeVtG

About this solution:

The fraud at Peregrine Financial Group was uncovered in July 2012 by the National Futures Association (NFA) which used an electronic bank account confirmation system. (See Confirmations: Plugging Into Electronic See more +

Watch the Restoring Customer Confidence video series: http://jlne.ws/TJeVtG

About this solution:

The fraud at Peregrine Financial Group was uncovered in July 2012 by the National Futures Association (NFA) which used an electronic bank account confirmation system. (See Confirmations: Plugging Into Electronic Confirmations)

In November 2012, the NFA and CME Group announced they would implement an electronic confirmation system for futures brokers. The system, operated by AlphaMetrix, provides a comprehensive check and match of what FCMs say they have in customer funds with what banks say they have.

Chris Hehmeyer, CEO of HTG Capital Partners and chairman of the NFA, says the new system will help regulators and customers assure such a fraud does not occur again. See less -

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Topics:  CME, Electronic Confirmations, FCMs, Fraud, NFA, Segregated Funds

Published In: Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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