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POLL: London’s position as a global financial hub
May 15, 2012 - 15:56 GMT Location: London
As the world reels from another $2bn trading loss, Metal Bulletin asks whether London’s position as a global banking centre is at risk. Read more
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LORD COPPER: Veterans raise questions about the future of the LME
April 27, 2012 - 16:03 GMT Location: London
Influential traders and people at a senior level in large brokerage and physical trading houses have recently been bending my ear about London Metal Exchange warehousing, the potential sale and MF Global. Read more
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LCH.Clearnet clarifies role in MF Global UK administration
April 10, 2012 - 11:18 GMT Location: London
The administration process at MF Global was made more complicated by the fact that the firm went into default during the day, LCH.Clearnet told Metal Bulletin. Read more
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LME role in MFG default to keep market moving; proprietary clearing house to launch in 2014
April 05, 2012 - 12:12 GMT Location: London
The London Metal Exchange’s role in dealing with the collapse of MF Global was to make sure a single broker could not bring down the entire market, Diarmuid O’Hegarty, deputy ceo of the exchange, told Metal Bulletin. Read more
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Rolls on LME slowed down reconciliations in MF Global administration - KPMG
March 30, 2012 - 17:26 GMT Location: London
Please note Metal Bulletin amended this article on Friday, March 30, at approximately 17:15 BST. Read more
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MF Global UK administration: the process
March 29, 2012 - 17:22 GMT Location: London
Unsecured creditors of MF Global, the bankrupt former London Metal Exchange broker, include Trafigura, Xstrata, Alaska Metals, China Minmetals Non Ferrous Metals, Gerald Metals, and Metal Bulletin itself. Read more
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Separating MF Global UK creditor groups 'incredibly messy' - KPMG
March 29, 2012 - 16:42 GMT Location: London
The process of separating segregated and non-segregated creditors of bankrupt former London Metal Exchange broker MF Global has become “incredibly messy”, special administrator and KPMG partner Richard Heis told Metal Bulletin. Read more
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Frustrated MF Global UK creditors hit out at FSA
March 27, 2012 - 16:36 GMT Location: London
UK creditors of MF Global, the bankrupt former London Metal Exchange broker, have hit out at the UK Financial Services Authority (FSA), a source close to MFGUK Clients, the UK client action group, told Metal Bulletin. Read more
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Financial institutions offer to buy up MF Global UK claims
March 27, 2012 - 16:10 GMT Location: London
At least two financial institutions have offered to buy outstanding claims from bankrupt former London Metal Exchange broker MF Global’s creditors in the UK, according to documents seen by Metal Bulletin. Read more
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FSA business plan outlines actions in wake of MF Global collapse
March 23, 2012 - 11:48 GMT Location: London
The UK's Financial Services Authority (FSA) is to 'take a fresh look' at its client assets regime in the wake of the collapse of MF Global, the body said in its 2012/13 business plan. Read more
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KPMG looking for another $1bn for MF Global creditors
March 23, 2012 - 09:36 GMT Location: London
KPMG, the administrator for MF Global UK Ltd, cannot say at this stage how much of the additional $1 billion it is seeking to recover for unsecured creditors it will be able to locate, a spokeswoman for the accountancy company said. Read more
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HOTLINE: Sants picks good moment to jump ship at FSA
March 23, 2012 - 12:13 GMT Location: London
It looks like outgoing Financial Services Authority chief exec Hector Sants is getting out while the going is good. Read more
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KPMG issues statement on removal of MF Global creditors list [UPDATE]
March 16, 2012 - 11:10 GMT Location: London
The list of MF Global creditors and claimants published by KPMG has been removed after an individual appearing in the document reported receiving a 'personal threat', the administrators have confirmed.
Read more
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MF Global creditors list removed on violence threat
March 16, 2012 - 10:23 GMT Location: London
The list of MF Global creditors and claimants published by administrators KPMG has been removed after an individual appearing in the document reported receiving threats of violence, Metal Bulletin understands. Read more
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CFTC files complaint against platinum, palladium broker
March 16, 2012 - 21:35 GMT Location: New York
Former MF Global broker Joseph F. Welsh III has been accused of attempting to manipulate the prices of palladium and platinum futures contracts. Read more
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KPMG releases details of MF Global creditors in metal business
March 15, 2012 - 10:47 GMT Location: London
MF Global administrators KPMG have released the names, addresses and amounts owed to all of the bankrupt company's creditors, including Xstrata, Trafigura, ThyssenKrupp and the London Metal Exchange. Read more
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Steel companies, recyclers hit hard by MF Global collapse, says KPMG
March 15, 2012 - 15:03 GMT Location: London
Steel companies and recyclers across Europe are owed tens of millions of dollars by bankrupt brokerage firm MF Global, according to data released by administrator KPMG on Thursday March 15.
Read more
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COMMENT: How will Lehman ruling, MFG bankruptcy affect LME brokerages?
March 06, 2012 - 09:42 GMT Location: London
The aftermath of the bankruptcy of London Metal Exchange brokerage MF Global UK was never likely to be smooth, but last week it became uglier. Read more
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A BROKER WRITES: Mixed treatment of MF Global clients at default will spark litigation
March 02, 2012 - 09:56 GMT Location: London
MF Global UK clients endured the unpleasant revelation this week that more of them will have to share the same limited assets following the ruling on Lehman Brothers International (Europe's) client money pool by the UK supreme court. Read more
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UK supreme court ruling will spread MF Global client money among wider pool
February 29, 2012 - 15:52 GMT Location: London
Clients of bankrupt London Metal Exchange brokerage MF Global UK are examining the ruling on Wednesday February 29 by the UK supreme court on who is entitled to a share of the client money pool (CMP) of Lehman Brothers, which went bust in 2008, and the response to it from administrator KPMG in relation to MF Global’s bankruptcy. Read more
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Transfer of MF Global positions complete, LCH.Clearnet says
November 29, 2011 - 12:04 GMT Location: London
The transfer of more than 300 clients' positions from MF Global UK to a clearing member of their choice is now complete, according to LCH.Clearnet. More
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KPMG 'working to comply' with LME lending guidelines on MF Global warrants
November 17, 2011 - 11:22 GMT Location: London
KPMG, the administrator of bankrupt brokerage firm MF Global, is working to comply with London Metal Exchange lending guidelines regarding suspended billet warrants held by MF Global for steel trader Stemcor, joint administrator Richard Heis told Metal Bulletin. Read more |
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November 16, 2011 - 12:20 GMT Location: London
INTL FC Stone is set to take over MF Global's metal team and book, metal trading sources told Metal Bulletin. Read more
November 15, 2011 - 14:06 GMT Location: London
London Metal Exchange steel billet warrants held by bankrupt brokerage firm MF Global and suspended bythe LME are owned by global steel trader Stemcor. Read more
November 14, 2011 - 10:19 GMT Location: London
The default of trading and clearing house MF Global led to the London Metal Exchange's suspension of 274 steel billet warrants on November 11, a spokesman for the exchange told Metal Bulletin on Monday. Read more
LME members must instruct transfer of MF Global positions by Nov 8
November 08, 2011 - 11:30 GMT Location: London
The London Metal Exchange has warned members they must instruct LCH.Clearnet to transfer their MF Global positions to a new clearing member by 17:00 GMT on Tuesday, November 8. Read more
November 04, 2011 - 17:35 GMT Location: London
MF Global ceo Jon Corzine has resigned in the wake of the company's chapter 11 bankruptcy filing earlier in the week. Read more
November 04, 2011 - 16:20 GMT
'Do not limit yourself to only one broker...
...anyone of any standing will have more than one broker' - category I broker. Read more
November 04, 2011 - 15:10 GMT Location: London
Poor Jon Corzine. Everything must have looked so rosy when he took the reins at MF Global back in March 2010... Read more
November 04, 2011 - 11:15 GMT Location: London
MF Global customers will have to post collateral for a second time to have their positions transferred to another clearing member, the London Metal Exchange and LCH.Clearnet said on Friday. Read more
November 04, 2011 - 09:17 GMT
Location: London
The shortfall of customer funds that has transpired since MF Global filed for Chapter 11 bankruptcy protection earlier this week is cause for concern, according to the chairman of the US Commodity Fund Trading Commission (CFTC) chairman Gary Gensler. Read more
November 04, 2011 - 03:12 GMT Location: Singapore
The Singapore Exchange (SGX) has suspended the membership of MF Global nearly a week after the brokerage filed for bankruptcy. Read more
November 03, 2011 - 18:33 GMT
MF Global had around 10,000 clients when KPMG was appointed to liquidate and wind up the positions of the UK part of the company, KPMG's UK head of restructuring Richard Fleming said, acknowledging the difficulties that market participants have faced since the London Metal Exchange dealer went into adminstration. Read more
November 03, 2011 - 14:14 GMT Location: London
The CME Group has got the go-ahead to transfer MF Global customer positions to other qualified clearing members, the exchange said late on Wednesday. Read more
November 03, 2011 - 09:35 GMT Location: London
MF Global, which went into administration on Monday, was a brokerage-that-wanted-to-be-a-bank under the leadership of former Goldman Sachs ceo Jon Corzine. Read more
November 03, 2011 - 08:30 GMT
Location: London
The collapse of MF Global on Monday prompted a rush on brokers around the world, as clients were left with reduced credit or, in the worst cases, no broker at all. Read more
November 03, 2011 - 00:16 GMT
Location: New York
Concern over the stability of financial institutions amid MF Global Holdings Ltd's bankruptcy filing has downstream players in the copper market worried about their own credit lines. Read more
November 02, 2011 - 16:36 GMT Location: London
MF Global client positions that are nearing their delivery date will be rolled forward if they have not been transferred, the London Metal Exchange confirmed on Wednesday. Read more
November 01, 2011 - 17:20 GMT Location: London
CME Group has found that MF Global is in violation of both the exchange's and the Commodities Futures Trading Commission's requirements for the segregation of clients funds, the exchange announced on Tuesday. Read more
November 01, 2011 - 16:23 GMT Location: London
The London Metal Exchange has invited clients of MF Global to submit details of unsettled contracts initiated with the company. Read more
November 01, 2011 - 15:45 GMT Location: London
An MF Global client's miserable Tuesday as told to Janie Davies. Read more
November 01, 2011 - 14:30 GMT Location: London
A timeline of the events before and since MF Global filed for bankruptcy protection, LCH.Clearnet default declaration and the suspension of trading on the London Metal Exchange. Read more
November 01, 2011 - 13:34 GMT Location: London
MF Global's head of commodities Fred Demler is attempting to find someone to take on the metals unit of the brokerage which has gone into Chapter 11 bankruptcy protection. Read more
November 01, 2011 - 13:00 GMT Location: London
Freight investors are rushing to close out positions affected by MF Global's bankruptcy announced on Monday, brokers told MB. Read more
November 01, 2011 - 11:46 GMT Location: London
It's sad to see the travails of MF Global, which was suspended from trading on the London Metal Exchange yesterday as a result of the fallout from ceo Jon Corzine's bad bet on European sovereign debt. For those of us who have been around a while, we remember the original Gerald Metals brokerage business, the merger with Man, and then the various changes of name over the last few years. Read more
November 01, 2011 - 11:38 GMT Location: London
+ MF Global default brings client concerns to the fore + LME-registered client contracts offer benefits in the event of default in comparison to OTC-lookalike contracts. Read more
November 01, 2011 - 09:54 GMT Location: London
KPMG has been appointed by the UK high court administrator to MF Global UK Ltd under a scheme set up after the Lehman Brothers collapse in 2008, the company said on Tuesday. Read more
November 01, 2011 - 09:26 GMT Location: London
+ Brokers question status of trades executed yesterday + Clearing house working to ensure trades 'processed as intended' + MF Global clients with LME registered client contracts have degree of protection. Read more
October 31, 2011 - 18:49 GMT
Location: London
The London Metal Exchange has suspended MF Global, a ring-dealing member of the LME, with immediate effect after LCH.Clearnet said the troubled brokerage had defaulted under its rules. Read more
October 31, 2011 - 15:18 GMT
Location: London
MF Global Holdings and its finance subsidiary MF Global Finance USA have filed for Chapter 11 bankruptcy protection, it said on Monday. Read more