MF Global Information
MF Global Clearing Status
In connection with the commencement of SIPC insolvency proceeding against MF Global Inc., pursuant to MGEX Rule 2105.00, the MGEX Clearing House has deemed MF Global to be insolvent and MF Global no longer has trading or clearing privileges.
MF Global Update
The U.S. Bankruptcy Court approved a petition by the SIPC Trustee on Friday, December 9, 2011, for a third bulk transfer and distribution of up to $2.1 billion to former MF Global Inc. commodities customers. A copy of the Court’s Order can be viewed via the Trustee’s website. The intent of this bulk transfer and distribution is to restore 72 percent of U.S. segregated customer property to commodities customers on a pro rata basis. U.S. segregated customer property is limited to U.S. customer accounts only. The distribution will be administered in the same manner as in the previous two distributions and will be calculated based on the Net Liquidating Value on the day prior to transfer. Many U.S. segregated customers who have already taken part in one of the first two distributions, or have yet to receive a distribution, may be entitled to receive further funds.
For additional information on MF Global, please see:
- The bankruptcy trustee's website
- The Commodity Futures Trading Commission
MF Global Claims Process
MGEX continues to work with the SIPC Trustee to expeditiously distribute additional funds to former MF Global customers. Further, MGEX wants to ensure all of our members and customers affected by the MF Global situation are aware of the approved claims process by the U.S. Bankruptcy Court.
For more information on the claims process, please see:
- Information on MF Global claim forms and procedures
Trustee Approves Transfers and Liquidations
After completion of the transfer and liquidation of all MF Global, Inc. positions, MGEX transferred all remaining segregated funds held by MGEX to the Trustee appointed for the liquidation of MF Global, Inc. on Wednesday, November 16, 2011. The transfer and liquidation of positions as well as the transfer of segregated funds were completed pursuant to authorization from the Trustee and CFTC. MGEX thanks the MGEX Clearing Members who assisted with the process.
U.S. Clearing Houses Announce MF Global Bulk Transferee
As part of the bulk transfer process for MF Global customer accounts and collateral held at U.S. derivatives clearinghouses, CME Clearing, ICE Clear US, The Clearing Corporation, KCBOT Clearing Corp., MGEX, NYSE Liffe US and The Options Clearing Corporation have coordinated to provide clients with further information on the status of their account transfers.
Customers with accounts transferring will receive communications from their receiving firm following the transfers. In addition, beginning this evening, Friday, November 4, 2011, clients are encouraged to send an e-mail message to firstname.lastname@example.org, indicating their name, MF Global account number, office code and contact details. The clearing houses will respond to the e-mails by phone or in writing as soon as possible in order to confirm a client’s receiving firm. Clearing house representatives will also provide contact information for the receiving firm so that clients can confirm the amount of any transferred customer collateral and positions with the receiving firm.