Who is the holding company for MF Global?

As a financial services holding company, MF Global Holdings has a number of subsidiaries throughout the world. MF Global, Inc. (MFGI) was the company’s U.S.-based futures commission merchant (FCM) and registered broker-dealer, subject to regulation by both the CFTC and SEC.

What did MF Global do before it went bankrupt?

MF Global, formerly known as Man Financial, was a major global financial derivatives broker, or commodities brokerage firm that went bankrupt in 2011. MF Global provided exchange-traded derivatives, such as futures and options as well as over-the-counter products such as contracts for difference (CFDs), foreign exchange and spread betting.

Who was the CEO of MF Global when it collapsed?

In this case, not only does MF Global, a major investment firm, collapse and declare bankruptcy, but billions of dollars from customer accounts are also missing. What happened at MF Global and what were its ethical failures? Former Goldman Sachs CEO and New Jersey Governor Jon Corzine is hired as CEO of MF Global in March 2010.

How is MF Global using customer money to keep afloat?

MF Global is a small firm spending beyond its limits and it is eminently possible the company uses customer money to keep the firm afloat in its final days. There are several transfers of money to creditors, including $200 million to JP Morgan, just before MF Global declares bankruptcy.

When did MF Global split from Man Group?

MF Global was the brokerage segment of Man Group until 2007, when the Man Group decided to split the investment and brokerage businesses so they could each focus on their own markets. Man Financial was spun off from Man Group as part of the initial public offering (IPO) and separation of the brokerage from the asset management operation.

Who was the chairman of MF Global when it collapsed?

It wasn’t. The story of MF Global, the recently failed commodity futures broker, is a telling example of a collapse with unfortunate ongoing consequences. For Jon Corzine, erstwhile Goldman Sachs chairman and New Jersey politico, the undoing of MF Global marks the latest of series of undertakings with good intentions gone bad.