mr. lukken, formerly served as acting chairman of the cftc, the more night, mr. lukken of alumnus. so discount fell under then chairman richard lugar. we welcome you back to the committee. our next panelist is terry daffy, no stranger to the committee. mr. daffy as executive chairman and president of cme group. prior to work with cme group, mr. daffy was president at tmb trading. president bush confirmed by the u.s. senate in two or a member of federal retirement thrift investment board. welcome back. dan ross is the president and ceo of the national futures association. good to see you. since joining an essay in 1983, mr. ross has served that organization is cheap operating officer and executive vice president and assistant general counsel. welcome. our next panelist is diane klemme. do i have that right. ms. klemme is here on behalf of the national grain and feed association, vice president of the cream provision services corporation. ms. klemme develop merchandising and risk management programs and is a well-known author of articles on agricultural risk management. we look forwa

mr. lukken, formerly served as acting chairman of the cftc, the more night, mr. lukken of alumnus. so discount fell under then chairman richard lugar. we welcome you back to the committee. our next panelist is terry daffy, no stranger to the committee. mr. daffy as executive chairman and president of cme group. prior to work with cme group, mr. daffy was president at tmb trading. president bush confirmed by the u.s. senate in two or a member of federal retirement thrift investment board. welcome back. dan ross is the president and ceo of the national futures association. good to see you. since joining an essay in 1983, mr. ross has served that organization is cheap operating officer and executive vice president and assistant general counsel. welcome. our next panelist is diane klemme. do i have that right. ms. klemme is here on behalf of the national grain and feed association, vice president of the cream provision services corporation. ms. klemme develop merchandising and risk management programs and is a well-known author of articles on agricultural risk management. we look forwa

mr. lukken once your recommendations are any recommendations or place -- making place could and mf global or peregrine situations -- >> anyone who is bent on fraud or misappropriation of funds can try to con found the most sophisticated compliance system. however i think what we have recommended is going to make it significantly more difficult after the mf global situation including separation of duties as i mentioned. this idea of going to risk-based audits is an important one. this modernizing of how we audit away from a check the box system to morph an automated daily confirmation directly from the banks independently verified, those are really important steps and the good news is it that will free up auditors to ask more difficult questions and to see the red flags and go forward with their audits on a more risk-based -- and then the checkbox. these are important proven to and i will mention you talk about discussion between the groups, we independently huddled with their experts and we all came to roughly the same improvements including the idea of studying the insurance fund with so