Mon, Sep 1, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Broker-dealer MF Global to realign priorities, reduce staff

Wednesday, September 14, 2011
Opalesque Industry Update - MF Global Holdings Ltd., a broker-dealer providing trading and hedging solutions, is rearranging its global Equities business and focusing on areas where it is at its strongest, namely commodities, financial services, consumer and global policy research.

Consequently, MF will reduce staff in equity sales, sales trading and research in Europe and Asia by more than 30%, according to a release issued today. And the company will enhance its presence in commodities and global policy research capabilities and the sales, trading and client facilitation activities to support these sectors throughout Asia and Europe.

MF delivers trading and hedging solutions across all major global markets; Commodities, Equities, Fixed Income, Foreign Exchange, and Futures & Options.

"MF Global has a long history of leadership and expertise in derivatives and commodities as well as strong global policy perspective that we gained through the acquisition of Washington Research Group in 2010," said Peter Forlenza, global head of Equities at MF Global.

“This realignment is part of the company's ongoing transformation to a commodities-focused investment bank,” he added.


As a defendant in a U.S. court, MF Global together with former veteran Moore trader Christopher Pia won the dismissal of claims that they had conspired with hedge fund Moore Capital to fix prices on platinum and palladium futures contracts in 2007-2008, Reuters reported on Sept. 13th, 2011.

The firm raised controversies in August when it announced a $300m underwritten public offering of senior unsecured debt subject to market conditions and other factors. The "Key Man Event" clause in the bonds’ prospectus promised additional compensation for investors who buy the company’s bonds with an interest-rate bump if its Chairman and CEO Jon Corzine accepts a job in Washington as part of President Barack Obama’s team (see Opalesque article). No news of him taking such a job so far, but we heard two weeks later that Corzine had bought 18,800 shares of MF on at an average price of $5.25 a share.
B. Gravrand

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Study shows what resonates with investors: 'Unwavering', 'passionate' beats 'committed', 'dedicated' and more surprises[more]

    Komfie Manalo, Opalesque Asia: A new study by Pershing Square, a unit of BNY Mellon company, showed that an effective value proposition strengthens audience connections and fosters growth, yet many advisors have had little objective guidance in formulating such statements until now. In the

  2. Comment – Why you should avoid the hottest hedge fund hands, Swedroe attacks Hussman over risk management, relative value strategy[more]

    Why you should avoid the hottest hedge fund hands FromCNBC/Yahoo.com: Investors who don't have money with Pershing Square Capital Management are likely salivating at the hedge fund's industry-leading 26 percent return from January through July. But investing with Bill Ackman and other to

  3. Hedge fund assets decline in July - eVestment[more]

    Bailey McCann, Opalesque New York: Total assets in hedge funds declined in July and dropped 0.49%, marking the industry's second monthly asset decline in 2014, according to the latest asset flows data from eVestment. Despite the asset decline, total industry AUM remained above the $3 trillion

  4. AIMA makes 'the case for hedge funds'[more]

    Bailey McCann, Opalesque New York: The Alternative Investment Management Association (AIMA), the global hedge fund industry body,

  5. Managed futures' global diversification is important in next phase of economic recovery[more]

    Komfie Manalo, Opalesque Asia: The global diversification provided by managed futures may prove to be extremely valuable as the markets enter the next phase of the economic recovery, said Campbell & Company, a pioneer in absolute return invest