With the failure of its parent company, brokerage firm, MF Global Canada Co., has now also been put into bankruptcy, regulators report.
The Investment Industry Regulatory Organization of Canada reports that the Canadian Investor Protection Fund has obtained a bankruptcy order in Canada for MF Global Canada, and KPMG Inc. has been appointed trustee in bankruptcy.
“As a result of this development, the sole authority to deal with investor accounts now rests with KPMG, the trustee in bankruptcy,” it says. IIROC says that MF Global Canada customers can contact KPMG about their accounts.
MF Global Canada Co. customers can contact KPMG about their accounts at 416 777-3666 or toll free at 1-866-602-6743 or email mfglobalcanada@kpmg.ca.
Additional information about the bankruptcy of MF Global Canada Co. can be accessed on the KPMG CreditorLinks website.
IIROC suspends MF Global Canada
In the United States., James W. Giddens was appointed as the trustee in the liquidation of MF Global Inc. and it is working with the Securities Investor Protection Corp., the Commodities Futures Trading Commission, the Securities and Exchange Commission, the Chicago Mercantile Exchange and other exchanges on the firm’s liquidation.
Last week, the trustee obtained an emergency order authorizing the transfer of thousands of commodity customer account positions to other futures commodities merchants, and established a process for the potential transfer of MFGI’s customer securities accounts to another firm. As of November 7, approximately 17,000 customer account positions and approximately US$1.5 billion in customer account funds have been transferred to other future commodities merchants.
The U.S. trustee has also retained Ernst & Young forensic accountants, and Deloitte has been retained to assist in account transfers, claims processing and administration of the liquidation process. It will also be establishing a claims process to identify assets available to satisfy customer claims.