So it seems the money really is gone, they were saying it was just misplaced or had turned up somewhere else a few days ago. No surprise they found enough money to pay themselves bonuses before they filed for bankruptcy. It just shows how corrupt the entire industry is.
So it seems the money really is gone, they were saying it was just misplaced or had turned up somewhere else a few days ago. No surprise they found enough money to pay themselves bonuses before they filed for bankruptcy. It just shows how corrupt the entire industry is.
Undermines retail futures brokerage and cfd/spreadbet industry.
"The Entire System Has Been Utterly Destroyed By The MF Global Collapse" - Presenting The First MF Global Casualty | ZeroHedge
"The Entire System Has Been Utterly Destroyed By The MF Global Collapse" - Presenting The First MF Global Casualty | ZeroHedge
MF Global UK - Table of liquidated trades and positions: MF Global UK - Table of liquidated trades and positions | KPMG | UK
Thanks Mayfly. The gist seems to me 1. that it will take several months, at least, to resolve, and 2. segregated does not seem to have any significance if the money is not there any more (as per Maxwell, Crown and Farepak), so clients' claims go in the pot with everyone else's.
My take on this is that the disappearance of client funds is a black swan event so little anticipated that it caught out even many sophisticated futures investors. Will a government/fsa backstop a casino industry? The topic is covered little in the media, but, as the penny drops, I think it will deter retail people from keeping any significant amount with brokers and spreadbetters, so the volume of business falls and the companies' cash levels fall.
Simon Cawkwell on advfn board disagrees, though I note that advfn have removed the whole thread on this topic. Advertisers? Lawyers? who knows.
My take on this is that the disappearance of client funds is a black swan event so little anticipated that it caught out even many sophisticated futures investors. Will a government/fsa backstop a casino industry? The topic is covered little in the media, but, as the penny drops, I think it will deter retail people from keeping any significant amount with brokers and spreadbetters, so the volume of business falls and the companies' cash levels fall.
Simon Cawkwell on advfn board disagrees, though I note that advfn have removed the whole thread on this topic. Advertisers? Lawyers? who knows.
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Giddens said yesterday that distributing 60 percent of what should have been in commodity customers’ accounts, already under way, will take $1.3 billion to $1.6 billion, or almost all of the assets he has within his control. While he expects the transfer will occur in early December, he doesn’t have access to funds beyond $1.6 billion, he said in a statement.
MF Global Shortfall May Be Up to $1.2B:Trustee - Bloomberg
MF Global Shortfall May Be Up to $1.2B:Trustee - Bloomberg
