Photo: Lisa Du, Business Insider
A lot of MF Global coverage at Clusterstock has focused on the turmoil and troubles surrounding the bankruptcy process of MF Global Finance USA, the American subsidiary of MF Global Holdings—which is a global company.So we decided to check up on how other MF Global operations—the firm is based in 10 countries—around the world are doing. It’s a mixed bag of news, here’s the roundup:
KPMG, the liquidators in charge of the Hong Kong unit, said Tuesday that not being able to find a buyer for the business has being a rising concern, and it is now focusing on returning clients money and dealing with other operational/legal issues associated with the business. Kim Eng Holdings, a brokerage based in Asia, reportedly considered buying the entirety of of MF Global’s Asian operations, but decided not to because the “numbers didn’t stack up.”
It was announced this Monday that MF Global Australia would be officially winding down their operations, after no viable buyers in the business surfaced. Deloitte, which had been charged with overseeing MF Global’s Australia office after the bankruptcy, said 83 employees in the country had been laid off as a result.
Some good news here—all foreign exchange account clients at MF Global’s Canadian operation will get their money by month’s end, it was announced yesterday. Furthermore, most futures and equities accounts at MF Global Canada has been transferred to RBC. There has been no reported shortfall in MF Global Canada’s clients’ money, which total around $400 million.
Financial firm INTL FCStone’s European division bought the metals department of MF Global UK’s business, KPMG confirmed. On Wednesday, it was confirmed that JP Morgan will buy all of MF Global’s stake in the London Metal Exchange for $38.9 million.
India, Japan, Singapore