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Anyone pulling money out of MF Global?
- Thread starter Daal
- Start date
CME Terrence Duffy - http://www.youtube.com/watch?v=Vb5iP0aRVCw
get to about 1:00 in and get ready to laugh - where is the 100 Billion cash back stop CME?
where is it?
get to about 1:00 in and get ready to laugh - where is the 100 Billion cash back stop CME?
where is it?
What $100 billion do you keep talking about? CME guarantees counterparty through the clearinghouse, the do not guarantee fcm's funds outside of the clearinghouse.
Quote from Mvector:
CME Terrence Duffy - http://www.youtube.com/watch?v=Vb5iP0aRVCw
get to about 1:00 in and get ready to laugh - where is the 100 Billion cash back stop CME?
where is it?
The main thing I would like to know - how did these exchanges handle settling trades each day if MF Global did not have any funds. I understand your statement, but why not backstop any open positions that were on the CME Group exchanges for MF Global customers - then go get the money from the govt like everyone else these days. If the CME Group has 100 Billion then take less then 1% of those monies and clean up any open positions that were through CME Group exchanges.
Right now who really has much faith in CME Group when they are suppose to be settling these trades - if no one is verifying parties can back funds to their trade activity the system is completely broken imo.
Right now who really has much faith in CME Group when they are suppose to be settling these trades - if no one is verifying parties can back funds to their trade activity the system is completely broken imo.
http://www.elitetrader.com/vb/showthread.php?threadid=232308
Was MF Global collapsing just kidding around?
Was MF Global collapsing just kidding around?
http://online.wsj.com/article_email...AxMDAwOTEwNDkyWj.html?mod=wsj_share_email_bot
"Earlier this year, his firm moved a chunk of its holdings into safe, liquid investments, giving Mr. Soros the ability to write the approximately $2 billion check for MF Global's bonds.
The 81-year old investor, together with his investment team at Soros Fund Management, purchased the bonds for below the market price at the time, in a transaction involving JP Morgan Chase & Co., according to these people."
Great, they're selling off the remaining MFG assets below market value.
That's not exactly going to help in recovering value to return to customers......
"Earlier this year, his firm moved a chunk of its holdings into safe, liquid investments, giving Mr. Soros the ability to write the approximately $2 billion check for MF Global's bonds.
The 81-year old investor, together with his investment team at Soros Fund Management, purchased the bonds for below the market price at the time, in a transaction involving JP Morgan Chase & Co., according to these people."
Great, they're selling off the remaining MFG assets below market value.
That's not exactly going to help in recovering value to return to customers......
Quote from comintel:
http://online.wsj.com/article_email...AxMDAwOTEwNDkyWj.html?mod=wsj_share_email_bot
"Earlier this year, his firm moved a chunk of its holdings into safe, liquid investments, giving Mr. Soros the ability to write the approximately $2 billion check for MF Global's bonds.
The 81-year old investor, together with his investment team at Soros Fund Management, purchased the bonds for below the market price at the time, in a transaction involving JP Morgan Chase & Co., according to these people."
Great, they're selling off the remaining MFG assets below market value.
That's not exactly going to help in recovering value to return to customers......
Market value is irrelevant what matters is the bid for that kind of size. A distressed seller always get the worse end of the deal
Quote from Daal:
Market value is irrelevant what matters is the bid for that kind of size. A distressed seller always get the worse end of the deal
Market value to me in this case means the price available to the seller in the market. These bonds are traded. I do not see that the property is distressed (i.e. damaged or impaired).
But let's not quibble over definitions.
The question is whether the trustee is making an adequate effort to maximize the sale proceeds. I doubt it. Why does he have to sell the whole thing in one lot? He should have worked the sale.