MF Global, one of the world’s leading broker-dealer of exchange listed futures and options, has emerged as one of the biggest casualties from Europe’s crisis.
MF Global is now suffering from its US$6.3 billion exposure to European sovereign debt, and is looking for buyers to save itself.
In the past week, the corporate bonds of MF Global has plunged to 40+ cents on the dollar as Moody and Fitch downgraded the company to junk status. At the start of the week, the bonds were still trading at 90 cents on the dollar.
The share price has also collapsed from above $3.50 to less than $1.50.
In Singapore, MF Global has an investment platform MF Global Singapore which offers CFDs, forex, ETFs, gold and commodities trading to retail investors.