MF Globals Holdings Ltd (MF)

MF Globals Holdings Ltd (MF)

Postby iam802 » Fri Oct 28, 2011 3:25 pm

Notes:
- loses money on fixed-income futures; poor risk management and leverage
- drawing down on credit lines
- trading just above a dollar
- rumours that parts or whole of it will be sold.

Question is. Worth a punt? At $1+ :lol:
1. Always wait for the setup. NO SETUP; NO TRADE

2. The trend will END but I don't know WHEN.

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Re: MF Globals Holdings Ltd (MF)

Postby iam802 » Fri Oct 28, 2011 3:29 pm

Adding on:

- ICE and CME have exposures to MF
- some banks have exposure as well ; possibly because MF does clearing as well??
1. Always wait for the setup. NO SETUP; NO TRADE

2. The trend will END but I don't know WHEN.

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Re: MF Globals Holdings Ltd (MF)

Postby iam802 » Fri Oct 28, 2011 4:37 pm

MF Global meeting financial obligations - SGX

http://www.reuters.com/article/2011/10/ ... LY20111028

MF Global Holdings Inc's Singapore unit is meeting its financial obligations as a clearing member of the city-state's derivatives market, the Singapore Exchange said on Friday.

"In response to media questions on MF Global Singapore Pte Limited, Singapore Exchange confirms that MF Global, which is a clearing member of our derivatives market, is meeting its financial obligations to the derivatives clearing house," said SGX in a statement.
1. Always wait for the setup. NO SETUP; NO TRADE

2. The trend will END but I don't know WHEN.

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Re: MF Globals Holdings Ltd (MF)

Postby iam802 » Fri Oct 28, 2011 4:39 pm

Just curious. What is the difference between SGX and MF?

Both provide clearing services, right?
1. Always wait for the setup. NO SETUP; NO TRADE

2. The trend will END but I don't know WHEN.

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Re: MF Globals Holdings Ltd (MF)

Postby iam802 » Fri Oct 28, 2011 9:38 pm

In talks to sell futures unit. Hope to reach deal by next Monday.
1. Always wait for the setup. NO SETUP; NO TRADE

2. The trend will END but I don't know WHEN.

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Re: MF Globals Holdings Ltd (MF)

Postby iam802 » Sat Oct 29, 2011 7:30 am

http://money.cnn.com/2011/10/28/news/co ... e_business
Egan puts MF's leverage ratio at 40-to-1, worse than the 32-to-1 ratio of Lehman Brothers when it collapsed.
1. Always wait for the setup. NO SETUP; NO TRADE

2. The trend will END but I don't know WHEN.

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Re: MF Globals Holdings Ltd (MF)

Postby kennynah » Mon Oct 31, 2011 3:50 am

MF Global Board Said to Consider Company Sale
By Matthew Leising - Oct 30, 2011 5:42 PM GMT



MF Global Holdings Chief Executive Officer Jon Corzine.

Jon Corzine’s MF Global Holdings Ltd. was working through the weekend to consider options for the sale of the futures broker, according to a person with direct knowledge of the situation.

The firm’s board is meeting today in New York after convening yesterday, said the person, who asked not to be identified because the talks are private. MF Global was in discussions with five potential buyers for all or parts of the company, including banks, private-equity firms and brokers, a person with knowledge of the matter said on Oct. 28.

http://www.bloomberg.com/news/2011-10-2 ... mpany.html
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Re: MF Globals Holdings Ltd (MF)

Postby iam802 » Mon Oct 31, 2011 10:56 am

Interactive Brokers Weighs Deal for MF Global

http://blogs.wsj.com/deals/2011/10/30/i ... tab/print/

Interactive Brokers Group is evaluating a deal for MF Global Holdings Ltd. that could include a purchase of assets or the entire company, according to people familiar with the matter.

MF Global this weekend has worked to find a buyer for all or parts of the company. Last week, MF Global reported a major quarterly loss and suffered a series of credit downgrades linked to its exposure to European sovereign debt.

The situation remains fluid and other options remain for MF Global, such as the sale of assets to other firms or a restructuring, said people close to the matter.

For Interactive Brokers, a Greenwich, Conn.-based brokerage and market-making firm, a deal for MF Global would bring a substantial number of new clients, particularly among hedge funds that Interactive Brokers already targets for its brokerage services, and a broader business in commodities markets where MF Global has been active for decades.

Such a deal would also reunite Interactive Brokers with assets that it missed out on during the 2005 sale of businesses run by Chicago financial services firm Refco Inc. MF Global walked away with that company’s retail brokerage operations.

–Gina Chon contributed to this article.
1. Always wait for the setup. NO SETUP; NO TRADE

2. The trend will END but I don't know WHEN.

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Re: MF Globals Holdings Ltd (MF)

Postby iam802 » Mon Oct 31, 2011 11:54 pm

MF Global Files for Bankruptcy Protection

http://www.bloomberg.com/news/2011-10-3 ... -york.html
1. Always wait for the setup. NO SETUP; NO TRADE

2. The trend will END but I don't know WHEN.

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Re: MF Globals Holdings Ltd (MF)

Postby profittaker » Tue Nov 01, 2011 1:29 pm

This Year’s ‘Lehman Moment’ Might Occur Soon

The strangely-named MF Global is now the subject of the lead article of the online NYT, with the title Regulators Investigating MF Global for Missing Money. Here’s the lede:

Federal regulators have discovered that hundreds of millions of dollars in customer money has gone missing from MF Global in recent days, prompting an investigation into the brokerage firm, which is run by Jon S. Corzine, the former New Jersey governor, several people briefed on the matter said on Monday.

The recognition that money was missing scuttled at the 11th hour an agreement to sell a major part of MF Global to a rival brokerage firm. MF Global had staked its survival on completing the deal. Instead, the New York-based firm filed for bankruptcy on Monday.

One of the reasons for the stock market crash after Lehman is discussed in the article. Innocent hedge fund money (if there is such a thing!) was lost to the rightful owners in the collapse. If indeed there has been misappropriation of customer funds at MF, how many customers are going to withdraw their funds from other commodities accounts as well as from standard stock/bond brokers, after selling their holdings first? Especially after the frustrating decade-plus we have experienced in the financial markets, why shouldn’t people just move to direct ownership of Treasurys and into FDIC-insured bank deposits?

The story could hardly be worse. MF Global was not just any old futures firm. It was run by a stalwart of the Democratic establishment and the former leader of Goldman Sachs. If his firm was guilty of what would basically be akin to embezzlement of funds owned by the firms clients, whether or not Mr. Corzine was blameless, how could one trust a securities firm run by someone who had not been a high-ranking government official?

A major “risk-off” move could be in the making.

Source: http://www.zerohedge.com/contributed/ye ... occur-soon
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