LCH.Clearnet clarifies role in MF Global UK administration
Apr 10, 2012 | 06:18 AM
The administration process at MF Global was made more complicated by the fact that the firm went into default during the day, LCH.Clearnet said on Wednesday April 4.
“It adds complexity to the process because not everything is in its final place for the day. I can’t actually recall another one that’s happened intraday,” Marc Huglin, director of commercial services at LCH, said.
“There are obviously trades at various stages throughout the day, so there are things that have been traded in the morning that aren’t necessarily in the places they should be finally.”
This created questions over who would continue to need access to which systems on the London Metal Exchange and when.
MF Global was a ring-dealing member of the London Metal Exchange when it went into default on October 31.
“As soon as the default is declared, we would withdraw system access until we’ve....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.