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MF Global UK - Clients with open positions as at 31 October 2011

MF Global UK - Clients with open positions as at ...

Information on the special administration of MF Global UK for clients with open positions as at 31 October 2011


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Exchange traded products FAQs

London Stock Exchange trades

If you believe you have unsettled trades with MF Global UK Limited which were executed on the London Stock Exchange, excluding trades cleared by a central counterparty (LCH.Clearnet Limited or SIX X-Clear AG) you must complete a submission to the Exchange by 5pm on Thursday 23 February 2012 for them to be included in its default process. Please follow the appropriate link below for information on how to make your submission.

Table of liquidated trades and positions

Based on information received from the following exchanges and clearing houses, open trades and positions of MF Global UK Limited (in special administration) have been liquidated, with effect from the corresponding dates listed.

CFDs, spread bets and foreign exchange

All open positions under CFDs, spread bets and foreign exchange contracts have been closed. Notifications have been sent to those clients that are affected. Accurate closing prices and statements of final trades and/or positions will be sent to clients of MF Global UK Limited (in special administration) in due course.

Non-ISDA OTC Metals and Plastic contracts

The following notification was sent on Friday 11 November to all non-ISDA customers with open OTC metals and plastic related contracts:

“MFGlobal hereby notifies you that all your over-the-counter (OTC) open trades/positions relating to metal or plastic have been or will be closed, effective 1 November 2011, in accordance with the terms of business governing the agreement between us.”

MFGlobal had hedged such trades/positions with the LME. The effective date of 1 November 2011 in the notification was driven by the LME – on 10 November 2011 the LME informed MFGlobal that under their default regulations the calculation of default settlement amounts would take into account the prices published by the exchange on 1 November 2011. This effective date information was passed on to clients promptly on 11 November 2011.

Notice to clients regarding unsettled cash securities

As of the appointment of the Joint Special Administrators on 31 October 2011, MF Global UK Limited was a counterparty to unsettled securities trades across a number of exchanges and clearing entities. Many of the unsettled trades to which MF Global UK Limited is a counterparty were subject to settlement instructions in the settlement system where each unsettled trade was due to settle. In a number of cases, those settlement instructions are still pending in the settlement system and this needs to be resolved.

Accordingly, as of 5pm GMT 23 November 2011, any outstanding instructions in place to settle cash securities (equity and fixed income) transactions prior to the time of appointment of the Joint Special Administrators will not be processed and are deemed to be cancelled. Note, this statement applies only to cash securities and not any other derivative or exchange traded products.


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.


The latest updates from the special administrators of MF Global UK Limited

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