Are there any open positions remaining – what is happening with these?
The special administrators are not aware of any open positions on exchanges save for a small number of client positions held through the Chicago Mercantile Exchange. The special administrators or MFG UK have been in contact with the small number of clients with open positions during the course of 29 November 2011.
What has happened to my transfer request?
Where it has been possible to transfer your trade/position to another broker, your new broker should confirm the transfer with you.
What is the status of the transfer request I submitted prior to the expiration of the deadline set by the relevant exchange or clearing house?
The transfer request process is outside of the control of the special administrators. If you have submitted a timely transfer request, please consult with your nominated alternative broker to confirm whether your transfer has been processed.
Has my trade(s)/position(s) been liquidated?
If you have not been contacted separately by the special administrators or if your positions have not transferred, your positions will have been liquidated. Please refer to the www.kpmg.co.uk/mfglobaluk website for a list of exchanges and clearing houses that have notified MFG UK that it has defaulted under the exchange’s or clearing house’s rules and have liquidated MFG UK’s open trades/positions. When an exchange or clearing house has liquidated MFG UK’s open trades/positions, corresponding client trade(s)/position(s) were automatically liquidated.
What was the liquidation price when my position was closed out (by the exchange)? When will I receive a statement?
Please refer to the letter to all clients dated 23 November 2011. We are working towards providing statements as quickly as practicable.
Statement information since the special administrators’ appointment
Certain trade and/or position, price and cash balance data provided to clients since 31 October 2011 is not necessarily reliable (for example because information was not up to date or complete at that time) and you should not rely on it. More accurate closing prices and statements of final trades and/or positions will be sent to clients in due course.
While every reasonable effort is made to ensure that the information provided on the pages of this website concerning MF Global UK Limited (in Special Administration) and its Joint Special Administrators, MF Global Overseas Limited (in Administration), MF Global UK Services Limited (in Administration) and MF Global Finance Europe Limited (in Administration) and their respective administrators (together the "MFG UK Estate") is accurate, no guarantees for the currency or accuracy of the website or information therein are made. The pages of this website concerning the MFG UK Estate and related material (or third party information), is provided ‘as is’. It is provided without any representation or endorsement made and without warranty of any kind, whether express or implied.
Please be aware that the MFG UK Estate and KPMG LLP, hereby exclude all liability for any claim, loss, demands or damages of any kind whatsoever (whether such claims, loss, demands or damages were foreseeable, known or otherwise) arising out of or in connection with the use of this website or the information, content or materials included on this website, including without limitation, indirect or consequential loss or damage, loss of actual or anticipated profits, loss of revenue, loss of business, loss of opportunity, loss of anticipated savings, loss of goodwill or loss of reputation. Nothing in this disclaimer excludes or limits the Joint Special Administrators', the Joint Administrators' or MFG UK Estate's liability for fraud or fraudulent misrepresentation or any liability which may not be limited or excluded by law.
The use of this website and any dispute or claim arising out of or in connection with this website (including non-contractual disputes or claims) is governed by English law and you irrevocably submit to the exclusive jurisdiction of the English courts.
For the latest updates from the special administrators of MF Global UK Limited please visit our dedicated page.
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This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.