Collapse and Bankruptcy of MF Global

Collapse and Bankruptcy of MF Global

by Tao Zhu

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Overview

Collapse and Bankruptcy of MF Global by Tao Zhu

On October 31, 2011, MF Global, a large brokerage firm registered with the Securities and Exchange Commission (SEC) as a broker-dealer and with the Commodity Futures Trading Commission (CFTC) as a futures commission merchant (FCM), filed for bankruptcy. It appears that the firm failed as a result of losses from investments related to European sovereign debt. Normally, brokerage customers are protected from brokerage failure. On the securities side, investors may receive up to $500,000 from the Securities Investor Protection Corporation (SIPC) if the failed brokerage's assets are insufficient to meet customer claims. In futures markets, there is no insurance scheme comparable to SIPC, but customers are supposed to be protected by strict segregation rules. In the MF Global case, however, more than $900 million in customer funds were reported missing. This book provides information about MF Global, the rules for handling of customer funds, the enforcement of those rules, and the bankruptcy proceeding

Product Details

ISBN-13: 9781624177101
Publisher: Nova Science Publishers, Incorporated
Publication date: 05/03/2013
Series: Economic Issues, Problems and Perspectives:Business Economics in a Rapidly-Changing World
Pages: 118
Product dimensions: 6.50(w) x 1.50(h) x 9.50(d)

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