The End of MF Global (MF, CME, ICE)

Banking, finance, and taxes

Published: October 31, 2011 9:51 am

Last Updated: April 28, 2020 7:05 am

MF Global Holdings Ltd. (NYSE: MF) has been halted pending news this Monday. Workers may be allowed into the offices, but the firm is being cut off from transacting business.

The company issued a one sentence press release this morning saying, “MF Global today confirmed that the New York Federal Reserve has suspended MF Global’s designation as a primary dealer.”

UPDATE: After 10:15 AM EST reports were coming out that MF Global is filing for Chapter 11 under bankruptcy protection.

Now there are reports that MF Global traders are not being allowed to access the CME trading floor by CME Group Inc. (NYSE: CME) and additional reports that IntercontinentalExchange, Inc. (NYSE: ICE) is only allowing close-out transactions to be made by MF Global traders.

This is unfortunately one of those situations where a company is dying on the vine. If financial firms cannot transact business, they are out of business.

Former New Jersey governor Jon Corzine was shown over the weekend to be instrumental in the bets that have brought the firm down. Killing a big public financial company won’t be a great thing for what was otherwise a great career.

JON C. OGG

Are You Still Paying With a Debit Card?

The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.

Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!

Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!

Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.