MF Global Holdings Ltd. used about
$700 million of customer funds to “meet liquidity issues” in the days prior to its bankruptcy, according to CME Group Inc. (CME), which had auditing authority over the failed futures broker.
CME Group detailed its dealings with MF Global in documents released yesterday by the oversight panel of the House Financial
Services Committee. Christine Serwinski, chief financial officer for North America at MF Global, and Edith O’Brien, a treasurer,
told Mike Procajlo, an exchange auditor, at around 1 a.m. on Oct. 31 in Serwinski’s Chicago office that the customer money
was transferred on Oct. 27 and Oct. 28 and possibly Oct. 26, according to a CME Group timeline.
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