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- MF_Global abstract "MF Global (OTC Pink: MFGLQ), formerly known as Man Financial, was a major global financial derivatives broker, or commodities brokerage firm. MF Global provided 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 Inc. its broker-dealer subsidiary, was a primary dealer in United States Treasury securities.A series of perceived liquidity problems, coupled with large fines and penalties for risk supervision failures dogged MF Global in 2008 and 2009. In February 2008, MF Global was hit with over $10.4 million in fines, a rogue MF Global trader's unauthorized trading in his own account. In March 2008, the stock price plummeted due to fears regarding the liquidity of MF Global among investors, advisers and analysts. In December 2009, a The U.S. Commodity Futures Trading Commission order imposed a $10 million civil monetary penalty on MF Global, relating to four separate instances of risk supervision failures between 2003 and 2008.In 2011, MF Global faced major pressures to its liquidity over several months. Some analysts and financial commentators indicate that MF Global probably experienced a number of trading days in 2011 during which the firm's bets on sovereign debt would have required the use of customer funds to meet capital requirements, thereby maintaining operating funds and possibly overall solvency. A large part of these pressures on MF Global were a result of the firm's involvement in a significant number of repurchase agreements. Many of these repo agreements were conducted off their balance sheet. Also, MF Global made a $6.3 billion investment on its own behalf in bonds of some of Europe’s most indebted nations. Failure of those, and other, repo positions contributed to the massive liquidity crisis at the firm.In late October 2011, MF Global experienced a spectacular meltdown of its financial condition, directly caused by improper transfers of over $891 million from customer accounts to a MF broker-dealer account to cover losses created by trading losses.On October 31, 2011, MF Global executives admitted that transfer of $700 million from customer accounts to the broker-dealer and a loan of $175 million in customer funds to MF Global’s U.K. subsidiary to cover (or mask) liquidity shortfalls at the company occurred on October 28, 2011. MF could not repay these monies with its own funds. Improper co-mingling, or mixing, of company and client funds took place for days before the illicit transfer and loans – and perhaps many other days earlier in the year. According the New York Times, "MF Global dipped again and again into customer funds to meet the demands", perhaps beginning as early as August 2011.MF Global declared bankruptcy on October 31, 2011, and faced liquidation beginning in November 2011.According to a trustee liquidating the company after its collapse, the losses incurred by customers of MF Global stood at $1.6 billion because of the debacle as of April 2012. Rolling Stone reported in April 2012 that "nobody disputes the fact that MF Global officials dipped into customer accounts and took...customer money."In January 2013, a judge approved a settlement that would return 93 percent of customers' investments, with the prospect of additional payouts from the company's general estate. NYT DealBook called this a "remarkable turnaround" from the initial state of affairs, while noting that it followed "an aggressive campaign by customers to recoup their funds."".
- MF_Global assets "4.246E10".
- MF_Global equity "1.49E9".
- MF_Global extinctionYear "2011".
- MF_Global fate "Filed for Chapter 11 bankruptcy. The brokerage unit is undergoing SIPC liquidation.".
- MF_Global foundedBy Man_Group.
- MF_Global foundingYear "2007".
- MF_Global industry Financial_services.
- MF_Global keyPerson Jon_Corzine.
- MF_Global locationCity New_York_City.
- MF_Global locationCountry United_States.
- MF_Global numberOfEmployees "3271".
- MF_Global service Brokerage_firm.
- MF_Global service Contract_for_difference.
- MF_Global service Futures_contract.
- MF_Global service Investing_online.
- MF_Global service Option_(finance).
- MF_Global service Spread_betting.
- MF_Global type Public_company.
- MF_Global wikiPageExternalLink mfglobalfxclearllccreditors.blogspot.com.
- MF_Global wikiPageExternalLink gpo26477.
- MF_Global wikiPageExternalLink gpo34494.
- MF_Global wikiPageExternalLink the-astonishing-collapse-of-mf-global.aspx.
- MF_Global wikiPageExternalLink corzine-blundered-at-mf-global-but-how-2012-11-14.
- MF_Global wikiPageExternalLink corzine-caused-mf-global-failure-house-panel-says-2012-11-14.
- MF_Global wikiPageExternalLink www.mfglobal.com.
- MF_Global wikiPageID "26754704".
- MF_Global wikiPageRevisionID "597876123".
- MF_Global assets "4.246E10".
- MF_Global equity "1.49E9".
- MF_Global fate "Filed for Chapter 11 bankruptcy. The brokerage unit is undergoing SIPC liquidation.".
- MF_Global founder Man_Group.
- MF_Global hasPhotoCollection MF_Global.
- MF_Global homepage www.mfglobal.com.
- MF_Global industry Financial_services.
- MF_Global keyPeople "Jon Corzine, CEO".
- MF_Global locationCity New_York_City.
- MF_Global locationCountry United_States.
- MF_Global logo File:MF_Global_logo.svg.
- MF_Global name "MF Global Holdings Ltd".
- MF_Global numEmployees "3271".
- MF_Global operatingIncome "100000000".
- MF_Global services "Financial broker, Online trading, Futures, Options, CFDs, Spread Betting".
- MF_Global type Public_company.
- MF_Global subject Category:American_companies_established_in_2007.
- MF_Global subject Category:Companies_based_in_New_York.
- MF_Global subject Category:Companies_delisted_from_the_New_York_Stock_Exchange.
- MF_Global subject Category:Companies_disestablished_in_2011.
- MF_Global subject Category:Companies_listed_on_the_Pink_Sheets.
- MF_Global subject Category:Companies_that_have_filed_for_Chapter_11_bankruptcy_in_2011.
- MF_Global subject Category:Financial_derivative_trading_companies.
- MF_Global subject Category:Financial_services_companies_of_the_United_States.
- MF_Global subject Category:Primary_dealers.
- MF_Global type Abstraction100002137.
- MF_Global type CompaniesBasedInNewYork.
- MF_Global type CompaniesDelistedFromTheNewYorkStockExchange.
- MF_Global type CompaniesDisestablishedIn2011.
- MF_Global type CompaniesEstablishedIn2007.
- MF_Global type Company108058098.
- MF_Global type FinancialServicesCompaniesOfTheUnitedStates.
- MF_Global type Group100031264.
- MF_Global type Institution108053576.
- MF_Global type Organization108008335.
- MF_Global type SocialGroup107950920.
- MF_Global type YagoLegalActor.
- MF_Global type YagoLegalActorGeo.
- MF_Global type YagoPermanentlyLocatedEntity.
- MF_Global type Agent.
- MF_Global type Company.
- MF_Global type Organisation.
- MF_Global type Organization.
- MF_Global type Agent.
- MF_Global type SocialPerson.
- MF_Global type Thing.
- MF_Global comment "MF Global (OTC Pink: MFGLQ), formerly known as Man Financial, was a major global financial derivatives broker, or commodities brokerage firm. MF Global provided 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 Inc.".
- MF_Global label "MF Global".
- MF_Global label "MF Global".
- MF_Global label "MF Global".
- MF_Global sameAs MF_Global.
- MF_Global sameAs MF_Global.
- MF_Global sameAs m.0bm93p8.
- MF_Global sameAs Mx4rpiqDIGkoSsuZ30OGT5PE9Q.
- MF_Global sameAs Q1339791.
- MF_Global sameAs Q1339791.
- MF_Global sameAs MF_Global.
- MF_Global wasDerivedFrom MF_Global?oldid=597876123.
- MF_Global homepage www.mfglobal.com.
- MF_Global isPrimaryTopicOf MF_Global.
- MF_Global name "MF Global Holdings Ltd".