Singapore 1 November 2011- The Monetary Authority of Singapore (MAS) has been informed that the Board of Directors of MF Global Singapore Pte Limited (MFGS) has today appointed provisional liquidators from KPMG to oversee the winding down of the company.
The provisional liquidation is intended to safeguard the interest of customers and achieve equitable treatment for all creditors. This follows the announcement by MF Global Holdings Limited, the ultimate parent company of MFGS, of its filing under Chapter 11 of the US Bankruptcy Code. Other MF Global entities in the UK and Australia have also been placed into administration.
SGX has also announced that customers who have traded on SGX can contact MFGS to close their positions or transfer their derivative positions to other clearing members. SGX will continue to facilitate the orderly transfer of customers’ positions on the SGX.
MFGS has established a hotline (6866 6796) to answer customers’ queries. The company will also contact stakeholders with information specific to their trading accounts. MAS will work closely with MFGS and the provisional liquidators to achieve an orderly winding down and equitable treatment of all stakeholders.
MAS will continue to monitor the situation closely, and issue statements to keep all stakeholders informed of developments.