Primera vctima en Wall Street de la crisis de deuda europea | elmundo.es


A saber a cuanto asciende el pufo, de momento los principales bank-pepitos empufados son JP Morgan y Deutsche Bank.

__________________

Al menos puede perder. No como los gobiernos europeos que apuestan con los ahorros de los ciudadanos de la vieja y corrupta europa.

__________________

MF Global - Wikipedia, the free encyclopedia

MF Global
From Wikipedia, the free encyclopedia
Jump to: navigation, search
MF Global
Type Public Company
Traded as NYSE: MF
Industry Financial Services
Founded 2007 (2007)
Founder(s) Man Group
Headquarters New York, United States
Key people Jon Corzine, CEO (Since Mar 2010)
Services Financial broker, On-line trading, Futures, Options, CFDs, Spread Betting
Total assets $42.460 billion (2010)
Total equity $1.490 billion (2010)
Employees 3,271 [1]
Website Leading Cash and Derivatives Broker-dealer | MF Global United Kingdom
MF Global (NYSE: MF), formerly known as Man Financial, [U]is a major global financial derivatives broker.[/U] MF Global provides exchange-traded derivatives such as futures and options as well as over-the-counter products such as contracts for difference (CFDs), foreign exchange and spread betting. MF Global is also a primary dealer.

MF Global was the brokerage segment of Man Group until 2007, when the business decided to split the investment and brokerage businesses so they could each focus on their own markets. An IPO was done for the brokerage business which was renamed MF Global to distinguish it from the investment business which remained as Man Group. The company was registered in Bermuda but subsequently moved its registration and headquarters to the United States.[2]

Contents
1 History
2 Issues
3 References
4 External links


[edit] History
MF Global traces its roots to the sugar trading business started by James Man in England in 1783, which evolved into broader commodities trading before its later transformation into a financial services business during the 1980s.[3]

Its former parent, then known as ED&F Man, diversified from pure cash commodities into commodity futures in the late 1970s, and established the Anderson Man futures brokerage in 1981. It later changed its name to ED&F Man International and then Man Financial, before adopting the current brand following the IPO and separation of the brokerage from the asset management operation.

ED&F Man operated as a partnership through to the 1970s, when it started an international expansion which, by 1983, saw its staff climb to 650 employees. ED&F Man listed on the London Stock Exchange in 1994, changing its name to Man Group in 2000. Its agricultural business, which retained the EDF Man name, was sold to management the same year.

The rapid expansion of the Man Investments unit in the emerging hedge fund management business shrouded many investors from the development of its brokerage unit.

Man Financial embarked on a series of acquisitions, which expanded its product capability and geographic reach, starting in 1989 with the purchase of the Chicago-based GNP Commodities, and including well-known industry names such as Geldermann, Gerald Metals, Tullett & Tokyo Futures, First American Discount Corp., Australia’s Ord Minnett and GNI.

The 2002 purchase of GNI was the largest of these and gave Man Financial access to the then growing Contract for difference market and GNIs trading platform GNI touch.

However, 2005 saw Man Financial make its largest deal with the transformative $323 million acquisition of client assets and accounts from entities of Refco following the U.S. financial-services group’s collapse in late 2005. The Refco deal followed a hotly-contested auction with Cerberus Capital, the private equity group, and boosted Man Financial’s scale in retail and institutional business.[4]

On March 17, 2008, shares of MF Global plummeted on liquidity fears.[5]. The CME,[6] ICE,[7] Nymex[8] and CFTC[9] issued statements confirming MF Global was in compliance with regulatory and financial requirements.

On October 25, 2011 MF Global reported a $191.6 million quarterly loss. Moody’s and Fitch cut its credit rankings to junk. The company was reportedly attempting to sell itself to avoid bankruptcy.[10]

On October 31, 2011 MF Global filed for bankruptcy protection. The Wall Street Journal reported that MF Global would seek Chapter 11 bankruptcy protection after investing $6 billion in sovereign bonds issued by European countries.

Jon Corzine, the former New Jersey governor who now leads MF Global, was working to find a buyer, according to several reports. The Journal said Interactive Brokers would bid $1 billion under a court-supervised auction.