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MF Global broke customer cash rules

Stockbroker MF Global broke rules requiring it to safeguarding client’s money, the firm’s regulator has claimed.

CME Group chief executive officer Craig Donohue says the firm broke laws that required brokers’ to keep their customers’ money separate from other customers’ money as well as the company’s own funds.

He said: “CME has determined MF Global is not in compliance with Commodity Futures Trading Commission and CME customer segregation requirements,”

The CME Group runs the Chicago Mercantile Exchange.

MF Global filed for Chapter 11 bankruptcy yesterday. The firm has 2,000 staff, including 600 in London.

The FSA announced on Monday that stockbroker MF Global UK has entered a special administration regime.

Richard Fleming, Richard Heis and Mike Pink of KPMG LLP have been appointed as joint special administrators. The move follows a decision taken by the board of MF Global UK.

The special administration regime was formed in February 2011 following the collapse of Lehman Brothers and differs from the traditional administration route in that it sets special objectives for the administrator.


Henderson quits global currency

Henderson has closed its global currency offering, including its £36.7m horizon global currency fund, global currency hedge strategy and various managed accounts. As revealed by last week, the currency team of five, which includes head of currency Bob Arends, are all leaving the firm. Other members of the team include senior portfolio managers Dennis […]


Greece referendum disrupts eurozone rescue plans

The Greek government has thrown eurozone leaders’ plans to resolve its overwhelming public debt into disarray after prime minister George Papanderou announced a referendum would be held on the bail-out. Papanderou, who has faced mounting criticism from all quarters over the scale of cutbacks, said the electorate would be asked to vote on the plans […]


MM journalist wins ABI award

Money Marketing life and pensions reporter Tom Selby has scooped the ABI life and protection journalist of the year award. The awards were held at the Grange Hotel near St Paul’s cathedral. Selby picked up the Headline Money trade pensions journalist of the year award in May.

Thinktanks: Junior Isas will only benefit wealthy

Two leading thinktanks say Junior Isas are poorly targeted and are only likely to benefit well off families who need no encouragement to save. The Social Market Foundation and the Institute for Public Policy Research have both questioned whether the new savings vehicles will encourage low income families to save for their children. The criticism […]


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