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CFTC and SEC issue joint statement on MF Global

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The Commodity Futures Trading Commission and Securities and Exchange Commission have made the following joint statement regarding MF Global Inc…

“For several days, the SEC, CFTC and other regulators had been closely monitoring developments affecting MF Global, Inc, a jointly registered futures commission merchant and broker-dealer, in anticipation of a transaction that would include the transfer of customer accounts to another firm. Early this morning, MF Global informed the regulators that the transaction had not been agreed to and reported possible deficiencies in customer futures segregated accounts held at the firm. The SEC and CFTC have determined that a SIPC-led bankruptcy proceeding would be the safest and most prudent course of action to protect customer accounts and assets. SIPC announced today that it is initiating the liquidation of MF Global under the Securities Investor Protection Act (SIPA).”

Richard Heis, Michael Robert Pink and Richard Dixon Fleming have been appointed as joint special administrators of MF Global UK Limited and joint administrators of MF Global UK Services Limited.

The affairs, business and property of MF Global UK Limited and MF Global UK Services Limited are being managed by the joint administrators who contract as agents of MF Global UK Services Limited without personal liability.

Richard Heis and Michael Robert Pink are authorised to act as insolvency practitioners by the institute of Chartered Accountants in England and Wales Richard Dixon Fleming is authorised to act as an insolvency practitioner by the Insolvency Practitioners Association.

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