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June 20th, 2012
Commodity Brokers – U.K.-based brokerage house London Commodity Brokers said Wednesday it’s planning to launch in two weeks’ time an online auction exchange platform to buy and sell strategic South African commodities on a spot basis.
The platform is aimed at addressing concerns that South African commodity producers are too fragmented in certain commodities such as ferrochrome to viably extract more value from their resources vis-a-vis Chinese consumers who are more organized with regard to their raw materials purchases.
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November 11th, 2011
MF Global Inc.’s workforce of 1,066 broker-dealer employees was fired as the failed brokerage closes its New York office and liquidates in an attempt to return assets to customers under the guidance of a trustee.
The broker-dealer, winding down since Oct. 31, will pay employees through Nov. 15, according to a statement today from the office of the trustee, James Giddens. As many as 200 former employees are being hired to assist in the liquidation of the broker-dealer, Giddens said.
Some employees of MF Global Inc., the broker-dealer unit of bankrupt MF Global Holdings Ltd., learned they were being fired from news reports, a person familiar with the matter said. The press release was distributed to and reported by the news media before all MF Global employees who were losing their jobs were notified, according to the person, who declined to be identified because they aren’t authorized to speak publicly on the firings
“We were well into the process of notifying employees and were attempting to personally reach as many employees as possible when the release went out,” said Kent Jarrell, a spokesman for Giddens.
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November 9th, 2011
Commodity Brokers MF Global Inc.’s customers may be required to share some of their cash with other clients unless money missing from some accounts is found, said the head of the group overseeing the liquidation of the broker-dealer.
“Distribution of the assets will be pro rata, if there’s insufficient there to fulfill all obligations,” said Stephen Harbeck, president of the Securities Investor Protection Corp., or SIPC.
About $593 million in commodity customer funds are unaccounted for, according to a person with knowledge of regulatory probes into the failure of the New York-based firm.
The trustee liquidating the brokerage, James W. Giddens, has transferred 17,000 accounts to other firms, out of 50,000 commodity accounts that he said he would relocate, while releasing almost $1.6 billion in collateral, said Kent Jarrell, his spokesman. Many remaining accountholders may have to file claims for their assets, which have to be shared fairly with other claimants, Jarrell said.
Unless the missing cash is found, people hoping to recover 100 cents on the dollar may have to give up some of it to other customers, Harbeck said yesterday a phone interview.
“Giddens can’t let out more than a low percentage of assets before he knows what he owes to all commodity customers,” Harbeck said.
By law, while SIPC can compensate securities customers for missing cash, it can’t advance funds to commodity customers to replace cash, he said.
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