Reuters: Regulatory News: UPDATE 1-CME to compensate traders after erroneous wheat report

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UPDATE 1-CME to compensate traders after erroneous wheat report Nov 30th 2012, 18:10 Fri Nov 30, 2012 1:10pm EST CHICAGO Nov 30 (Reuters) - CME Group Inc on Friday said it would compensate traders for losses incurred after the exchange issued an erroneous daily report on the amount of wheat registered for delivery with the Chicago Board of Trade. The exchange later revised the report. CME Group reports CBOT registrations as of 4 p.m. Chicago time on each business day. The exchange's initial report, issued shortly after 4 p.m. (2200 GMT) Thursday, showed 164 contracts of CBOT wheat registered for delivery, unchanged from the previous day. CME on Friday said that figure did not include 2,000 contracts of wheat registered by The Andersons, a commercial grain handler that operates several CBOT wheat delivery elevators. "CME Group issued an erroneous Deliverable Commodities Under Registration Report shortly after 4 p.m. CST," the exchange said in a statement. The exchange said it corrected the report on its website at 5:46 p.m. CST (2356 GMT). By that time, electronic trading in CBOT grains for Friday's trade date had already begun, stating at 5 p.m. CST (2300 GMT). "The company will assume responsibility for actual losses associated with this reporting error," CME said in the statement. "CME Group will establish a claims process for customers and details will be posted to the website as soon as possible," it said. Link this Share this Digg this Email Reprints

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