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MF Global Shares Suspended, Bankruptcy Deal Expected
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MF Global Shares Suspended, Bankruptcy Deal Expected

  #1 (permalink)
Quick Summary
MF Global Shares Suspended, Bankruptcy Deal Expected

Troubled brokerage MF Global Holdings was nearing a deal early to file for bankruptcy and was likely to sell assets to Interactive Brokers Group, with shares in the brokerage suspended on a pending announcement.

More on CNBC...

Reply to share your thoughts on this current event.

 
  #2 (permalink)
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Which broker is using them as clearing firm ?

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  #3 (permalink)
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email from Infinity "Effective immediately the CME has suspended trading with our clearing firm MFGlobal. We are working with the management of the MFGlobal, the CME and other clearing firms to re-enable trading soon".

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Useful links to check the health of your broker

MF Global - total debt estimated at 39.5Billion....good grief!

Makes you wonder what these people are doing taking on risk positions as FCms/clearing houses etc. This sort of thing makes me queasy as hell (when did brokerages and FCms become investment banks? And why the hell is the trifecta of SEC/CFTC and NFA allowing this)

So I started checking on the info on my broker. 3 things came up that all traders should know about their brokers / FCM's / clearing houses -

Are they just IB's or FCM or clearing houses. if not whose clearing house are they using.

Next check their current NFA status.....here....BASIC Search

Lastly check the financial state of your broker/FCM/Clearing house...here.....Financial Data for FCMs - CFTC

Any other useful NFA or CFTC or SEC links any one want to share?

The way I understood it was that, let's say Daniel's Trading (IB) -> Open E Cry (Futures Commission Merchant) -> Rosenthal Collins (Clearing House). I found for myself:

PFG Best (FCM) -> Jefferies Group (commodity clearing house). Some one correct me if I am wrong. MF Global was both a FCM and a clearing house (and apparently also an investment bank!!)


Last edited by Deucalion; October 31st, 2011 at 06:15 PM. Reason: Added content
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  #5 (permalink)
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I don't know which FCM's are. But, I do not Velocity is not. I received this today from Velocity:


Quoting 
We understand that there may be fear or surprise among the futures and commodities trading community today arising from today’s breaking news that FCM MF Global is allegedly considering a possible filing for bankruptcy.

Understanding that concern, Velocity Futures, LLC wanted to let our customers know that we have no clearing business or other relationship with MF Global. None of our customers’ funds or our own are placed with MF Global as a custodian or in any other capacity.

We would also like to take this opportunity to remind you that Velocity is one of the only FCM's today that does not engage in any business other than the processing of trades for Futures and Commodity Customers. We have no proprietary trading, no customer trading authorization, no exposure to mortgage backed securities, and no exposure to European debt.

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MF Global and other brokers

PFG Sent this to all PFG clients yesterday. PFG is very conservative and this is sort of thing validates my trust in them. This is your livelihood, be very prejudiced when protecting your capital.

PFGBEST.com - Press Room - Webinars

If your FCM hasn't responded in a manner similar to this as well as being open to answers via a phone call. Start looking.


Big Mike - there are like 10threads on the same thing for MFG, can we put all posts in one threads? This is a serious enough topic to be put in one spot.

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Last edited by Deucalion; November 2nd, 2011 at 09:03 AM. Reason: Changed image
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  #7 (permalink)
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Big Mike View Post
I don't know which FCM's are. But, I do not Velocity is not. I received this today from Velocity:



Mike

Thats the same letter (exact wording) I received from AMP also ...

I believe Interactive Brokers is also not entangled in all of this as they basically do their own clearing. But they were considering buying MF Global until they did their due diligence, found the missing 1 billion and called off everything thus leading MF Global to bankruptcy.

Anyone knows other information for other brokers please share.

Seriously if the management of MF global is not going to prison for this ... something is very wrong with the US regulators and justice system.

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qewcool View Post
Thats the same letter (exact wording) I received from AMP also ...

Yes, apparently Amp stole the letter from Velocity. I noticed it too.

As for prison time, yes, I think all his golden parachutes are going to not save him.

Mike

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