Just saw this. Good grief. They should have kept the Co private.
IBKR had a ruff day as well. They had a notice on their execution platform that all was well and R E L A X.
World needs a serious chill pill. Its hard to imagine the business world if the feds con game fails.
They should have cloned Greenspan.
MF Global Provides Business Update
Reiterates Strong Quarter-to-Date Performance
NEW YORK NEW YORK--(BUSINESS WIRE)--March 17, 2008--MF Global Ltd., a leading broker of exchange-traded futures and options, issues the following statement in connection with today's market activity:
MF Global understands the significant concerns across the markets. Our clients continue to show strong support, and our counterparty relationships are sound. We are seeing no impact on our repo lines. In addition, MF Global has no exposure to sub-prime mortgage-backed securities that have been the root cause of the current market environment.
While the company uses third party repo lines, we have alternative funding in the event those lines are not available to the company. The company is very well capitalized with $1.4 billion in a committed, undrawn credit facility.
As previously-announced, as of today, volumes and net revenues for the current quarter to date remain at higher levels than in any comparable period during the current fiscal year. In addition, client funds are at a higher level today than on February 27, 2008, or at the end of the third quarter ended December 31, 2007.
Joe Lewis is not a client of MF Global.
The company is providing this information because it plans to meet with investors and analysts over the coming days and weeks. MF Global intends to provide further information about these matters when it announces results for the current fiscal year ending March 31, 2008.