This seems to be in response to Corzine's Euro currency bets and
reactions based on it. Seems MF GLobal has filed for bankruptcy,
and Interactive Brokers has a bid in for this company on the block.
They clear trades for many firms.
CME is telling floor traders not to make any trades until this
is cleared. They are being liquidated right now.
Once this is finished the dollar is expected to rise.
Posted by sschulman on 31st of Oct 2011 at 11:40 am
Never mind the poor clients - from my (one time) experience
it's sure doesn't go smoothly trying to change brokerage firms and
transferring your positions.
I used to be with MF Global so can't help being curious
about what happens to their staff. Someone buys out the company and
it's business as usual? OR a lot of people are out of a job.
Anybody know? Too early to know?
Posted by jdaswani on 31st of Oct 2011 at 11:06 am
I recall the days of LEH & BSC. If you were a BSC client
which my firm was it was biz as usual after about a week thru JPM.
If you were a LEH client your assets were tied up for years. In
some instances the BK courts still havent doled out client assets
in PB. But as a retail investor you are protected by SIPC upto $1m
i believe.
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MF Global filed for bankruptcy
Posted by klatuu on 31st of Oct 2011 at 10:37 am
This seems to be in response to Corzine's Euro currency bets and reactions based on it. Seems MF GLobal has filed for bankruptcy, and Interactive Brokers has a bid in for this company on the block. They clear trades for many firms.
CME is telling floor traders not to make any trades until this is cleared. They are being liquidated right now.
Once this is finished the dollar is expected to rise.
MF Global just curious what happens
Posted by sschulman on 31st of Oct 2011 at 11:40 am
Never mind the poor clients - from my (one time) experience it's sure doesn't go smoothly trying to change brokerage firms and transferring your positions.
I used to be with MF Global so can't help being curious about what happens to their staff. Someone buys out the company and it's business as usual? OR a lot of people are out of a job. Anybody know? Too early to know?
.....Susan
Anyone wondering what's gonna happen
Posted by cruiser on 31st of Oct 2011 at 11:02 am
Anyone wondering what's gonna happen to MF Global clients?
I recall the days of
Posted by jdaswani on 31st of Oct 2011 at 11:06 am
I recall the days of LEH & BSC. If you were a BSC client which my firm was it was biz as usual after about a week thru JPM. If you were a LEH client your assets were tied up for years. In some instances the BK courts still havent doled out client assets in PB. But as a retail investor you are protected by SIPC upto $1m i believe.