WHS et MF GLOBAL faillite

[JesseLivermore]

man financial global vient d annoncer sa faillite
que va t il se passer pour les clients WHS futures qui ont de l argent sur le compte de marge de MF Global ?

[StarGate1]

Le courtier américain MF Global dépose le bilan

31/10/2011 à 15h40

NEW YORK (Reuters) - Le courtier américain MF Global a déposé le bilan lundi, selon un document officiel.

Selon les documents déposés au tribunal de Manhattan, les actifs de MF Global au 30 septembre s'élevaient à 41,05 milliards de dollars et sa dette à 39,68 milliards de dollars.

Par ailleurs, les discussions amorcées par MF Global avec Interactive Brokers Group en vue d'une cession d'actifs ont échoué, rapporte une source proche du dossier.

La cotation du titre, qui a subi de lourdes attaques la semaine dernière, était suspendue à Wall Street.

Nick Brown et Jonathan Stempel à New York, Catherine Monin pour le service français, édité par Marc Angrand

read below for restriction ©2011 Reuters Reuters

[knout]

quelles garanties sur les fonds déposés?

[Euclide]

MF GLOBAL aux US est en faillite. MF GLOBAL UK devrait donc suivre mais pour l'instant il parait que ça travaille toujours la bas et qu'ils remplissent leurs obligations. Mais personne n'en sait trop rien ici. Par contre pour les garanties, c'est en théorie celle de la FSA anglaise qui garantit les dépots et MF GLOBAL UIK est membre de la FSA.

Voici ce nouveau message "rassurant" apparu cematin sur le site de MF GLOBAL UK sur la garantie des dépots :

MF Global is dedicated to preserving the safety and security of client money. Through our
internal safeguard policies and a strict adherence to the law, our goal is to protect your interests
in every aspect of our relationship.
 MF Global UK Limited (“MF Global” or “the firm”) is regulated by the Financial Services
Authority (FSA) and is therefore subject to the rules of the FSA.
 For any client that has been classified as a “segregated customer” under the “Client Money”
rules of the FSA (CASS 7), MF Global is required to treat monies received from or owed to
clients as client money and consequently hold such monies on a segregated basis.
 Client money is segregated by MF Global at clearing houses and clearing firms with any surplus
money being segregated at banks.
– If a client has a margin call, it is passed to the clearing house via our bank account.
– If the client has monies with us in excess of that margin requirement, the surplus money
is held at the bank in trust for the client.
– Under this arrangement, the bank is not entitled to combine the account with any other
account it may hold on behalf of MF Global. It is also not entitled to exercise any right of
set-off or counterclaim against money in that account with respect to any amount owed
to the bank on any other account held at the bank by MF Global.
 The banks selected by MF Global for the placement of client money are carefully chosen, highly
rated, and placed across a number of banks.
– Since MF Global does not operate an affiliate bank, all surplus client money is held at
third party banking institutions.
 In the event of a failure of the firm, the segregated money is protected under law and can only
be used to repay any claims on behalf of segregated clients.
– The segregated money cannot be used to offset or repay claims arising from the firm’s
own trading positions and other liabilities of the firm.
– Client money is repaid in accordance with the FSA rules.

[Euclide]

par contre il faut s'assurer que les comptes chez WHS sont bien ségréguer.... et reste à savoir qui va s'occuper de récupérer le pognon WHS ou les clients ??

[riton]

Perso, j'ai fait la demande de transfert en fin de matinée vers le nouveau dépositaire... j'ai téléphoné vers 17h15 ce soir, on m'a confirmé que mes fonds n'étaient plus chez MF global... mais rappatrié sur le Crédit lyonnais en attendant la nouvelle ouverture de compte(j'ai un compte future ouvert en France).

[olandeer.uxxar]

Dixit WHS:

WH SelfInvest a choisi Dexia Banque et MF Global Ltd pour la garde des comptes et la compensation des opérations sur les comptes futures de nos clients. Ces deux banques ont une solide réputation. Dexia Banque, vous connaissez, MF Global Ltd est la plus grande banque dépositaire du monde dans le domaine des produits dérivés, futures et autres. MF Global Ltd est une société cotée en bourse. Les avoirs d’un client sont séparés des avoirs de WH SelfInvest et des avoirs d’autres clients.

Obligation aujourd'hui de FERMER à la sauvage les positions:
ordres en cours tout simplement "grisés" (target/stop loss).

mon avis sur WHS: Neutre à Négatif

[Euclide]

Bonsoir , je fais une petite compil de ce que j'ai pu lire à droite à gauche sur MF GLOBAL et les comptes futures chez WHS. Visiblement aux US ça se passe moins bien que chez MF Golbal UK donc on a de la chance . Aux US il paraitrait qu'ils ont confondu leur compte de trading avec les comptes des clients, ce qui est un big délit aux states et ils ne rigolent pas avec ça.

Sinon pour nous, les administrateurs de KPMG disent qu'ils vont aller vite pour transférer les fonds des clients dans le cas où les comptes sont clairs. Problème, pour l'instant aucune news de WHS sur ce point, sur les délais, si ils sont en contact direct avec KPMG...alors que des dizaines d'articles parlent de ça.
Par contre le problème c'est les comptes où il y'a des poses en cours et là ça coince un peu d'après ce que j'ai lu. Je vous cop/col le dernier article qui résume la situation et qui traduit un peu l'exaspération des clients de MF GLOBAL qui sont dans le brouillard :


Traders criticise KPMG for 'massive shortcomings' in MF Global UK liquidation
Tim Cave and Richard Partington

02 Nov 2011

The European clients of MF Global believe their positions are being endangered by the actions of KPMG, whose staff are acting as administrators of the UK arm of the failed broker.

Traders claim the administrators are not being transparent enough and are winding down positions in a way that could potentially leave them open to unhedged risks.

On Monday, three KPMG staff were appointed as joint special administrators for MF Global’s European arm, MF Global UK, by the UK Financial Services Authority, after the parent applied for Chapter 11 bankruptcy protection in the US.

The appointment was made under the FSA’s new Special Administration Regime, the first test of the regulator’s ability to wind down a brokerage after the collapse of Lehman Brothers in 2008.

The new regime and KPMG have come in for strong criticism.

Sean Donovan-Smith, head of the alternative funds practice at law firm Speechly Bircham, who acts for about five UK clients of MF Global said KPMG was guilty of “some pretty massive shortcomings on communication” in its handling of the bankruptcy.

He said: “We and our clients are just bombarding KPMG and MF Global with phone calls and emails to try and find out what’s going on. Most of Monday night and yesterday I spent just trying to find out what is going on. Now we know a little more about what is going on, but we still don’t know enough.”

One anonymous independent trading client of MF Global said: “It’s a joke. I don’t know what’s happening to my positions and when I’ve tried to contact KPMG all I’ve been told is that I can send an email to which I get an automated reply.”

Traders say information about how their positions are closed out is crucial so they know the price being obtained for the contract and the potential exposures resulting from the decision. Some positions could be hedges, and closing them could expose the firm to risks.

MF Global UK has two main client-facing functions in the UK: firstly as a broker to execute client trades; and also as a general clearing member. In the latter role, it uses its membership of clearing houses to clear on behalf of its customers and other market participants, helping to manage collateral and margin positions. At MF Global, these clients includes mid-tier banks, hedge funds as well as proprietary trading groups

It is these firms which have been left frustrated by KPMG’s actions since Monday. The administrators are understood to have begun liquidating clients’ positions to minimise losses and return funds to clients, but has left many clients in the dark over the process.

According to one client, e-mail requests to KPMG are prompting an automatic response saying, “This is now being dealt with by the KPMG Special Administration team. We are currently receiving a high volume of correspondence and we will respond to your email as soon as possible.”

Richard Fleming, head of restructuring at KPMG and one of the joint administrators, said: “Since our appointment on Monday evening we’ve been dealing with a number of exchanges, clearing houses and regulators trying to unblock the system.

“It is unavoidable that a significant number of clients will be disrupted and frustrated. In the UK, MF Global has over 10,000 clients, and what we’re trying to do is to help them find ways to complete trades and allow them to close out positions as quickly as possible.”

Kiri Self, chief executive of post-trade services at consultancy, The Realization Group, and a former member of the London Stock Exchange’s clearing team, said: “KPMG’s actions have severely hampered MF Global’s clients’ efforts to unwind their positions in an orderly manner, and to allow them to carry those positions over to a new general clearing member. For the administrator to threaten that process shows a lack of due care to MF Global's clients.”

She added: “There has also been a serious lack of information coming out from the administrator on its actions.” She said that processes needed to put in place that expedite the transfer of clearing positions.

This afternoon, the London Metal Exchange, of which MF Global is a member, said that clearing house LCH.Clearnet was managing all of its positions, and “continues to transfer client positions from MFG to other brokers.”

It added that “MFG continues to process transfers but members and their clients need to submit a request to transfer according to LCH.Clearnet instructions.”

The FSA declined to comment.

[BipBip75]

Y a ça aussi de chez zero hedge (notez le point d'interrogation dans le titre).

ça pue la faillite frauduleuse bien crado. Reste à savoir si (et dans ce cas à hauteur de combien) ils ont aussi siphonné les comptes de leur filiale au UK...



MF Global Client Theft Estimate Doubled To $1.5 Billion?

Even as we hear rumblings that the MF fire is spreading, and the associated auditor of the now infamous former Primary Dealer is about to get in serious hot water, the bankrupt company itself continues to dig itself an ever deeper grave. Because according to a just filed motion by the MF Global liquidating trustee, it seems that the gross criminal activity by the company may have been orders of magnitude bigger than anyone has expected. To wit: "As a result of the apparent segregation violations and the suspension of clearing privileges, more than 150,000 customer accounts essentially were frozen on October 31, 2011, of which more than 50,000 accounts were regulated commodities customer accounts. The CME estimates that MFGI’s current segregated funds requirement is approximately $5.45 billion. Moreover, the total amount of MFGI customer segregated funds on deposit at the CME is approximately $2.5 billion, and the clearing-level segregated collateral is approximately $1.5 billion or approximately 60 percent of the MFGI customer segregated funds on deposit at the CME." Doing some quick inverse addition and we get a (w)hole of $5.45 less $2.5 less $1.5 or $1.45 billion. In other words, the theft by MF Global was not stealing hunderds of millions form its customers: it has stolen a whopping $1.5 billion! For those confused, this is not a rogue loss of $1.5 billion, something which was enough to send UBS' Kweku to prison. This is outright theft resulting from illegally commingled accounts. Our only question is will $1.5 billion in theft be enough for the first real perp walk of an Obama-friendly Wall Street executive?

And here is Reuters with a revised lowball. Remember this number was supposed to be zero earlier today.

MF Global had a $633 million
shortfall in its customer segregated funds as of Nov. 1, according to an
estimate the CME Group provided to the U.S. futures regulator.

That amounted to an 11.6 percent deficiency.

In the letter dated Nov. 2, the Commodity Futures Trading Commission
said the CME has identified futures commission merchants (FCMs) willing
to accept transfer of MF Global customer segregated account positions of
retail and institutional customers.

The futures regulator also
said that CME anticipates that MF Global customer segregated account
positions will be transferred to two or more of five identified clearing
members.

MF Global, which filed for bankruptcy protection on
Monday, is the biggest U.S. casualty of Europe's debt crisis, and the
seventh-largest bankruptcy by assets in U.S. history.
When all is said and done, the shortfall will be well over a billion.


Le site du fonds de garantie anglais :

http://www.fscs.org.uk/

Et ce qu'ils disent :


MF Global UK Limited - FSCS aware of the situation and investigating
1st November 2011

M F Global was placed into the special administration regime yesterday (31 October 2011).

The Financial Services Compensation Scheme is aware of the situation and is working with the Financial Services Authority to understand the possible impact on UK investors. It is too early at this stage to provide more detail about potential claims.

Once it knows more, the FSCS will clarify what claims it may be able to consider in relation to the firm, and how investors can claim compensation.

Mark Neale, Chief Executive of the FSCS, said: “We are aware of the situation with the firm and will move as quickly as we can to clarify the position for UK investors. We will provide more information on our website as soon as we can.

The FSCS can compensate consumers who lose money when authorised financial services firms go bust. Since 2001, it has helped more than 4 million people and paid out more than £23bn in compensation.

[Crock]

Bonjour,

Toujours dans un souci de vous tenir informé, voici le dernier mail que WHS a envoyé à ses clients Futures :

FR – Pour vous tenir au courant:

KPMG convoqué par la Haute Cour de Justice Anglaise ( English High Court) avec le régulateur FSA du Royaume-Uni, suivent toujours le processus de la prise de contrôle de MF Global UK. Nous avons soumis à KPMG des questions clés et vous tiendrons informés de leurs réponses dès que nous les recevrons.

Nous avons trouvé une solution pour les clients qui n’ont pas pu clôturer leurs positions à temps. Les positions ouvertes peuvent être transferées vers la banque Macquarie à la seule condition d’avoir la marge nécessaire sur le compte. Les clients concernés ont été contactés. Cependant, le marché de l’Eurex a donné l’autorisation à MF Global UK de clôturer les positions ouvertes via le marché et l’administrateur, KPMG a donné l’instruction de clôturer toutes les positions ouvertes sur l’Eurex.

Nous conseillons tous nos clients Futures, qui ne l’auraient pas encore fait, à nous envoyer en urgence leur demande de transfert pour leur compte Futures vers notre autre banque dépositaire, Macquarie Bank. Pour cela, veuillez cliquer sur ce formulaire d’instruction.


Cette faillite est liée à la crise européenne puisque MFG avait choisi de spéculer sur la dette européenne et notamment via des BdT grecs tout en prenant des CDS. Malheureusement pour eux, la Grèce n’a pas encore été déclarée en faillite et les CDS n’ont donc pas été déclenchés. Dans le contexte actuel, je comprends parfaitement que toutes les personnes qui ont actuellement des fonds bloqués puissent s’inquiéter.

Toutefois, il me semble que tout cela va avoir une issue favorable. Il faut bien sur comprendre que KPMG ne peut pas régler la situation en 48h. Il faut par ex comme sur Eurex, fermer les poses, retirer l’argent, terminer les compensations…etc

Après cela, il leur sera nécessaire de contrôler que toutes les demandes qui leur sont adressées sont correctes.

Le plus important pour le moment sont des messages comme celle de l'Eurex qui confirme que l'argent est là
Lien à consulter : http://www.eurexclearing.com/about/press/press_770...

NB : Je ferais en sorte de vous tenir informé au fur et à mesure que j’obtiens des informations

[ruliann]

merci Crock