Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

MF Global Trustee to Transfer Customer Commodity Positions

Don't Miss Out —
Follow us on:

Nov. 2 (Bloomberg) -- MF Global Inc.’s trustee asked a judge to allow him to transfer some commodity positions of customers of the bankrupt broker-dealer to futures merchants, saying the move will help to satisfy customer claims promptly.

The assets to be transferred are “certain segregated customer commodity positions,” trustee James Giddens said in a statement today. In asking for the transfer, he was acting on the advice of the Commodity Futures Trading Commission, he said.

Giddens has started liquidating the brokerage formerly run by ex-Goldman Sachs Group Inc. executive Jon Corzine while talking with parties who may take customer accounts or pieces of the business, Stephen Harbeck, president of the Securities Investor Protection Corp., said today. SIPC is overseeing the liquidation. Giving customers access to their accounts, now frozen, is a priority, Harbeck said in an interview.

Updates on Giddens’s progress will appear on a website set up for the purpose, mfglobaltrustee.com, Giddens said.

The case is In re MF Global Inc., 11-ap-2790, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net