James Koutoulas is chief executive of Typhon Capital Management, a commodity trading adviser and commodity pool operator and also the co-founder and attorney at the Commodity Customer Coalition, an organization representing many MF Global clients. He spoke with CNBC’s Rick Santelli on Thursday about MF Global, JPMorgan and about the CME Group’s role in the bankruptcy. He praised CME executive chairman Terry Duffy for his testimony before Congress that MF Global chief Jon Corzine knew about the transfer of customer funds.

“The darker side (to the CME’s involvement in the MF Global bankruptcy) is the CME is both a publicly traded company and a regulatory organization, and there’s inherent conflicts there,” Koutoulas said. “One of the things I think the CME might want to look at going forward is spinning off that regulatory function.”

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