Francesc Riverola,
MF Global Exits Bermuda, Posts Loss
By The Wall Street Journal
MF Global Ltd. said Thursday it plans to relocate its legal base from Bermuda to the U.S. where it believes financial reform will make it more competitive with bank rivals.
The derivatives brokerage has railed against what it views as the anti-competitive impact of banks receiving U.S. government backing, but said it is regaining lost market share.
Full Story
MF Global Reports Second Quarter 2010 Results
By Reuters
MF Global Ltd. (NYSE: MF), a leading intermediary offering customized solutions in global cash, derivatives and related markets, today reported financial results for the second fiscal quarter of 2010, ended September 30, 2009. Second Quarter Highlights:
* Revenue, net of interest and transaction-based expenses (net revenue), was $252.0 million for the second quarter versus $372.9 million for the same period last year.
* GAAP net loss applicable to common shareholders was $16.0 million or $0.13 per basic and diluted share for the second quarter, compared with net income of $3.5 million or $0.03 per basic and diluted share for the same period last year.1
* Client payables were $12.2 billion at September 30, 2009 compared to $14.0 billion at September 30, 2008. MF Global`s market share in August 2009 of U.S. segregated assets was 5.8%, a 12-month high.
Full Story