 "NY Fed suspends MF Global from conducting new business")
The New York Fed suspended MF Global from conducting new business with the central bank on Monday and its shares were suspended, as the troubled brokerage nears a deal on its future.
As per a tentative plan, MF Global’s holding company would file for bankruptcy protection and derivatives trader Interactive Brokers would buy the assets, the Wall Street Journal and the Financial Times reported.
“The Federal Reserve Bank of New York has informed MF Global Inc. that it has been suspended from conducting new business with the New York Fed,” the Fed said.
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“This suspension will continue until MF Global establishes, to the satisfaction of the New York Fed, that MF Global is fully capable of discharging the responsibilities set out in the New York Fed’s policy.”
MF Global, run by former Goldman Sachs Chief Executive Jon Corzine, has been struggling over the past week in which it posted a quarterly loss, its shares fell by two-thirds and its credit ratings were cut to junk.
Its shares were suspended before trading opened in New York, pending a statement.
Reuters
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