In the derivatives business, we often use the term “underlying asset” as in the real product on whose value traders buy and sell futures and options on futures whether or not they are planning to actually take delivery of the asset. Without these assets, we would not have commodities markets and all the futures products that go along with them. Rather than just trading contracts on these assets, those of you in this audience are investing significant capital to manufacturer and to deliver them. You do all of this with no promise of things like good weather or favorable regulations or consistent market conditions in other places in the world. We recognize the risks you take, it’s why we exist. So in the effort manage all this risk you lose funds – even temporarily — that’s troubling. You deserve answers as to what happened and it’s our responsibility to restore that confidence.
Going forward we will continue to work with industry groups like NGFA to evaluate the lessons of this experience and to ensure that in the future there are greater protections for customer funds that are held at the firm level. I thank you for your time and your indulgence in listening to my comments and chronology of events. I hope you found this helpful."