The FSA has announced 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. These include the swift return of client assets and the timely engagement with market infrastructure. This is the first time the SAR has been initiated.