MF Global

[parsley]

I did take the time to jot down directly from MF
Global's website when it was still, er, brimming
with names and promise:

Just to review:

MF Global, MF Global FX, and Global Canada
Online are Trade names for MF Global Canada
Co.

MF Global Canada Co. Is a wholly owned
subsidiary of MF Global Holdings Inc.

MF Global Canada Co. approved participation of
Montreal Exchange and a clearing participant and
Registered futures commission Merchant of ICE
Futures Canada

MF gave permission. Kinda like a parent does.
Pars

[ward.toma]

They still do not do what MF did. They are providing a function like the NYSE, the TSE, NASDAQ and the CME.

[ward.toma]

I'm sorry, I can't follow you. Who did MF giver permission to? It's subsidiaries to trade on various exchanges like ICE and Montreal? Of course that would have happened.

[parsley]

Court green lights transfer of MF Global Canada
accounts to RBC

Tuesday, November 15, 2011
DAVID PARKINSON
The former customers of bankrupt futures
brokerage house MF Global Canada Co. are
about to regain access to their money and
trades, after an Ontario court approved the
transfer of the bulk of their accounts to RBC
Dominion Securities - promising an end to two
weeks of limbo for roughly $400-million of
investor holdings.

Court-appointed bankruptcy trustee KPMG Inc.
and RBC separately confirmed Monday that the
Ontario Superior Court of Justice had approved
the bulk transfer of all MF Global Canada
customers' futures, equity and fixed-income
accounts to RBC Dominion Securities, the arm of
Royal Bank of Canada that includes futures
trading and clearing services.

RBC said it will begin contacting the account
mholders on Tuesday to "expedite access to
their accounts."

"The transfer of positions will take place over the
next few days. We endeavour to provide former
MF Global Canada clients access to their
account by the end of the week," said RBC
spokeswoman Bev MacLean.

The accounts that RBC will assume represent
the bulk of assets investors held through MF
Global Canada, which were estimated by
authorities last week at roughly $400-million. The
only accounts not moving to RBC are foreign-
exchange accounts - which an MF Global
Canada source described as small, retail spot-
market currency accounts that are largely in cash
and represent a minor part of the firm's business.

MF Global Canada's client accounts have been
essentially frozen since Nov. 1, when Canada's
industry regulator, the Investment Industry
Regulatory Organization of Canada (IIROC),
suspended the company's trading privileges in
the wake of the Oct. 31 bankruptcy of the
company's U.S. parent, MF Global Holdings Ltd.

On Nov. 4, the Canadian Investor Protection
Fund (CIPF) obtained a bankruptcy order for MF
Global Canada, paving the way for the
appointment of KPMG as trustee to, among other
things, locate customer assets and arrange for
them to be transferred to another financial
institution.

The process was complicated, however, by the
confusion and regulatory roadblocks arising from
the bankruptcy proceedings of the U.S. parent. At
one point, Canadian clients' accounts residing
with CME Clearing - the clearing house of big
U.S. futures-market operator CME Group Inc. -
were inadvertently transferred to another U.S.
clearing institution, and had to be recovered.

InterContinental Exchange (ICE), a major global
futures-exchange and clearing-house operator,
also reported Monday that all MF Global Canada
accounts traded through ICE Futures Canada
and cleared by ICE Clear Canada have been
either transferred to other clearing institutions or
closed. A spokesman for ICE, which operates
Winnipeg's canola and barley futures exchange
and clearing house, indicated that the transfer
was part of KPMG's process to restore customer
accounts.

"The substantial majority of customer positions
were transferred to alternative clearing
participants at the request of customers, and the
balance of open positions were closed by the
clearing house," ICE said in a news release."

[ward.toma]

Nice cut and paste. ICE did what all exchanges do when this happens; transfer open accounts to a new merchant as per orders from customers and close empty ones. It does not explain your comment that MF Global is the mother of ICE in Canada.

[sumdumguy]

If there is no government overseer, I' m out.

Tell me, do you sign an agency agreement with
Ice? Who does the billing for your grain?

[ward.toma]

ACPC has an agreement with ICE for the data. We can display but not provide the data to others.

ACPC only provides pricing information as a service to our members. We do not trade grain. The sources of the grain prices are listed on our website.

As to regulation, from the ICE website:

ICE Futures Canada is registered as a commodity futures exchange and a self-regulatory organization under The Commodity Futures Act, 1996, S.M. c73. The Manitoba Securities Commission (MSC) is the primary regulator. In the provinces of Canada, other than Quebec, ICE Futures Canada operates under a Regulatory Memorandum of Understanding that accepts The Manitoba Securities Commission as its primary regulator.