Klein & Co. Futures, Inc. v. Board of Trade of the City of New York Page 21

Klein & Co. Futures, Inc. v. Board of Trade of the City of New York general information

Media for Klein & Co. Futures, Inc. v. Board of Trade of the City of New York

Audio Transcription for Oral Argument - October 29, 2007 in Klein & Co. Futures, Inc. v. Board of Trade of the City of New York

Drew S. Days, III:

The story is, as we've indicated, that throughout this process the clearing FCM is financially liable and, therefore, is on the hook.

When Congress enacted the statute, it was concerned with protecting the public and maintaining credibility.

We think that this cause of action, this express cause of action for allowing FCMs to sue, is most reliant to the objectives of Congress: The faithful execution by an FCM that deals directly with these entities, the clearinghouse and the commodity contract market.

Thank you very much.

John G. Roberts, Jr.:

Thank you, Mr. Days.

The case is submitted.