Andrew Abraham

andy-0101 My name in Andrew Abraham. I have been investing in commodities and managed futures since 1994. I adhere to the philosophy of trend following. Trend following stresses a disciplined approach to commodity/ futures trading. Successful trend following and commodity futures investing requires patience, discipline and actively managing the risk. What sets me apart from other traders is that I am not only concerned about the return on investment but how much risk I will have to tolerate to achieve my goals.

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Futures and commodity trading involve substantial risk. The evaluations of futures and commodities may fluctuate and as a result, clients may lose more than their original investment. In no event should the content of this website be construed as an express or an implied promise, guarantee or implication by, that you will profit, or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided on this website is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible, where projections of future conditions are attempted.



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Commodity Customer Coalition Objection to SIPC Trustee’s Claims Process MF Global Bankruptcy

Commodity Customer Coalition Objection to SIPC Trustee’s Claims Process….
November 16, 2011, 5:04 am
Commodity Customer Coalition to Object to SIPC Trustee’s Claims Process for MF Global Bankruptcy, Propose

Faster Alternative Claims Process

In response to the SIPC Trustee’s expedited application for an order from the court to put both securities and
commodities customers of MF Global through the same claims process, the Commodity Customer Coalition
(“CCC”) is filing an emergency objection to that application and proposing a faster, more efficient claims process to
immediately release a majority of customer funds. The CCC issued the following statement:

The Commodity Customer Coalition applauds the Trustee’s recent motion to release 60% of assets held in
cash on October 31, 2011. However, that simply isn’t good enough. This only represents a very small
portion of the total assets frozen in the bankruptcy. Additionally, the Trustee has proposed a snail mail
approach to collecting claims. He says they cannot use the books of MF Global to verify customer claims,
but his process will only result in customers mailing him statements based on those books and it will do so
over a period of months. Our proposal will streamline this process with a more commonsense approach,
affirm the primacy of customer property over the claims of creditors and return funds to their rightful
owners in a matter of days, not months.

The basis for the Trustee’s proposal is that he cannot give us an accurate accounting of the shortfall in
customer funds. But MF Global’s estate has $1.2 billion in excess equity and the CME has thrown him a life
line of $250 million if he sends home too much money. MF Global claimed under oath that only $600
million in funds is missing. So the shortfall in funds is irrelevant; the Trustee has 250% over the shortfall.
That money is supposedly accounted for on a daily basis to the NFA, CFTC and MF’s DSRO, which was the
CME. The Trustee has had over two weeks to sort through this and get clients their money. It’s time to
truly expedite this process and make customers whole.

Mr. James Koutoulas, Esq. will appear in court on Wednesday, November 16th to argue the CCC motion before the court. He will make
himself available to the press immediately following the hearing on the steps of the courthouse.


The Commodity Customer Coalition now represents over 7,000 former MF Global customers whose funds have
been frozen by the SIPC Trustee. For more information, or to schedule interviews, please contact John L. Roe
(, 312-933-6564 ).

Press Relaease Nov 16 2011

Trustee Enters Motion for Expedited Cash Transfer
November 16, 2011, 4:33 am
The SIPC Trustee entered a motion for an Expedited Cash Transfer which stated the following:

As outlined in the Expedited Cash Transfer Motion, the Trustee seeks, on an expedited basis, authority to return a sixty-percent distribution to the accounts of former MFGI customers that had only cash as of the commencement of this proceeding on October 31, 2011—as many as approximately 21,000 customer accounts with a total of over $869 million in cash, according to the books and records of MFGI. The relief requested in the Expedited Cash Transfer Motion, together with the November 2 Bulk Transfer Order (ECF No. 14), allowsnearly all of MFGI’s former customers to have unprecedented access to some portion of their positions and assets, in advance of the expedited determinations of the claims process. Much like the November 2 Bulk Transfer Order, the relief sought in the Expedited Cash Transfer Motion will result in the orderly and immediate return of substantial property to customers within a few weeks of the filing of one of the largest liquidation proceedings in history and will leave MFGI’s commodity customers with more alternatives than they would have if the accounts were to remain untransferred and subject entirely to the expedited claims process. Time is of the essence in completing the relief sought in the Expedited Cash Transfer Motion.

Motion for Expedited Cash Transfer

Senator Stabenow calls CFTC to Restore Confidence
November 16, 2011, 4:03 am
“Senator Debbie Stabenow, the chairwoman of the Senate Agriculture Committee, said the bankruptcy of MF Global and the missing $600 million of customer funds raises questions about the dangers of excessive leverage and the adequacy of existing protections.”

read more

Motion to Establish Parallel Claims Processes for Commodity Futures Customer and Securities Customers Claims
November 15, 2011, 4:37 pm
Trustee James W. Giddens makes motion to establish a claims process for Commodity Customers.


NYSE Volume Dives After Handling of MF Global Bankruptcy
November 15, 2011, 4:01 pm
Volume Chart

Q&A to the CME Announcement of Offer of $250 Million Guarantee to Trustee
November 15, 2011, 1:43 pm
Q: What kind of financial guarantee did CME Group announce last week?
A: Last week, CME Group offered the Trustee a $250 million guarantee to accelerate the release of MF
Global customer assets, including cash currently frozen, through a distribution before the liquidation is
In the event that an interim distribution by the Trustee gives customers more cash than they would have
been entitled to in the claims process under the Bankruptcy Code and CFTC regulations, CME Group has
proposed that our guarantee would be used to make the customer segregation asset pool whole for the
amount of any over-distribution, up to $250 million. We believe these extraordinary measures are needed
because an interim distribution by the Trustee could be delayed even further without our guarantee.
Separately, the company also announced that CME Trust would make its $50 million in assets available to
CME Group market participants that suffered losses due to MF Global’s improper handling of funds held at
the firm level.
Q: Does this mean that $300M in MF Global customer fund losses will be covered by CME Group?
A: No. The $250 million CME Group guarantee is a limited guarantee in connection with the goal of
accelerating interim distributions by the Trustee, and is not a general guarantee of the customer shortfall.
However, the $50 million from the CME Trust will cover CME Group customer losses due to MF Global

Q: Does your offer to provide a guarantee indicate something changed in the circumstances
surrounding MF Global?
A: No. We offered a guarantee to the Trustee because we believe extraordinary measures are needed to
release funds to customers more quickly so they can continue to operate.
It is critical to note that the shortfall in customer segregated funds that resulted in the bankruptcy was at MF
Global, not at CME Clearing. That has not changed. Though CME Clearing does not guarantee FCM-held
assets, the CME Trust was designed to be used in cases such as this if customers lose money due to the
failure of a clearing member.
Q: Will customers receive a pro-rata share of this guarantee? How much will customers get back, and

A: No. The $250 million guarantee offered by CME Group is not a payment made to customers, but rather a
pledge of funding to the Trustee to provide him the flexibility to return more customer assets to customers
now. In the event that an interim distribution by the Trustee gives customers more cash than they would
have been entitled to in the claims process under the Bankruptcy Code and CFTC regulations, CME Group
has proposed that our guarantee would be used to make the customer segregation asset pool whole for
the amount of any over-distribution, up to $250 million.

While we don’t have specifics at this time as to what funds customers will receive from the Trustee and
when they will receive them, we do know any distributions could be delayed further without our guarantee.
The Trustee understands this is a time-sensitive business. We are working with the Trustee to distribute as
many customer segregated funds and frozen cash balances as possible, as soon as possible. We offered a
guarantee to the Trustee because we believe extraordinary measures are needed to reduce the risks to the
Trustee’s process of releasing more funds now

Q: Where will the $250 million CME Group guarantee coming from?
A: The $250 million guarantee will come from CME Group cash on hand.

Q: What is the CME Trust? How much money does it have now, and will MF Global claims deplete the

A: The CME Trust was established in 1969 to provide financial protection to customers in the event a CME
Group member firm was unable to meet its obligations to customers. CME Trust is providing virtually all of
its capital, $50 million, to CME Group market participants suffer losses as a result of MF Global’s improper
handling of customer funds at the firm level.
Q: Does this set a “moral hazard” precedent where CME Group will now always backstop shortfalls in
segregated funds, tempting firms to tap segregated funds when in trouble?
A: It does not. The failure of MF Global and the firm’s mishandling of customer segregated funds is absolutely
uncharted territory for this industry. This is a limited guarantee to accelerate interim distributions, and it is
not a general guarantee of the customer shortfall. We took this extraordinary step to protect our customers
at CME Clearing and the integrity of all futures markets, and to facilitate the return of all remaining
segregated funds to customers as soon as possible as allowed by law. Moreover, there are civil and
criminal penalties for misusing segregated funds, and our guarantee in no way helps those responsible for
customer losses to escape liability for their actions.

Download CME Q&A

Trustee Files Motion to Charge Estate for SIPA Misdirected Wires
November 15, 2011, 11:50 am
Based on the Trustee’s experience regarding Misdirected Wires from prior SIPA liquidations, in many cases, Misdirected Wires

Read Court filing: Motion to Charge Estate on Misdirected Wires

CME Group Pledges Help to Trustee to Release Customer Funds
November 15, 2011, 10:26 am
The CME Group makes a guarantee offerer be used by the Trustee in the event that a final accounting determines that the Trustee distributed more property than was permitted by the Bankruptcy Code and CFTC regulations.

CME Press Release Announcement

SIPA Liquidation of MF Global Inc.
November 15, 2011, 9:21 am
An information resource set up by Bankruptcy Trustee James. W. Giddens.

Note: Claims process organized by Trustee does not apply to Commodity Customers with frozen cash assets by order of the Trustee.

link to The SIPA Liquidation informatio page of MF Global Inc.

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