Wondering what would happen to RTS if Refco is bought out. How much of a difference would there be in terms of who buys out Refco? For instance, if Man Futures buys out Refco as opposed to Goldman, etc. how much of a difference would there be in terms of how MacFutures/RTS is run? And if Goldman buys Refco, what would be the new name? Goldman Trading Services? Highly doubtful in my opinion.
Refco Trading Services new name?
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Marathon to buy Refco London: Man Group
Thu Nov 24, 2005 6:58 AM ET
LONDON (Reuters) - London-listed hedge-fund company Man Group Plc <EMG.L> said on Thursday Marathon Asset Management had replaced it as purchaser of assets and accounts of London businesses of bankrupt U.S. brokerage Refco <RFXCQ.PK>.
Man has taken the decision because its existing London operations overlap considerably with the business it took over after buying Refco's regulated futures brokerage earlier in November, said Ian Jarvis, head of corporate finance at Man.
Refco and Man are among the top floor traders at the LME.
"Man bought the whole of Refco's futures business ... London was never a good fit for us but we agreed with creditors to buy the whole thing. What we have done is assigned (operations) in London to Marathon."
Man did not disclose details of the transaction. A source close to the deal said it was for a nominal amount.
Man Group, the world's largest listed hedge fund firm, won an auction on November 10 for the futures business of Refco Inc., hours after Refco's former chief executive was indicted for fraud over an accounting scandal that led to its bankruptcy.
Man has agreed to pay $282 million in cash for the accounts and staff of Refco's regulated futures brokerage in the United States, Britain, Canada and Asia.
Last week Man posted better-than-expected first-half profits but said its acquisition of the Refco brokerage arm would not boost earnings until April 2007.
DEAL MAINTAINS LME OPEN-OUTCRY
The deal means that Refco Overseas Ltd, one of the London businesses Marathon is acquiring, should be able to maintain ring-dealing membership on the London Metal Exchange (LME), the world's largest non-ferrous metals market.
Under LME regulations, one firm cannot own two ring-dealers, so under the original Man/Refco deal one would have had to withdraw, bringing numbers down to 10, reducing open-outcry liquidity.
"There is a (ownership transfer) process that will be completed in due course. We look forward to working with the new owners," Anna Campopiano, LME director of corporate affairs said.
Others said it may affect the business flows, however, given that Marathon is a fund.
"I'm not too sure that other funds will want to put trade through them (Refco held by Marathon)," a fund source said.
© Reuters 2005. All rights reserved.
Thu Nov 24, 2005 6:58 AM ET
LONDON (Reuters) - London-listed hedge-fund company Man Group Plc <EMG.L> said on Thursday Marathon Asset Management had replaced it as purchaser of assets and accounts of London businesses of bankrupt U.S. brokerage Refco <RFXCQ.PK>.
Man has taken the decision because its existing London operations overlap considerably with the business it took over after buying Refco's regulated futures brokerage earlier in November, said Ian Jarvis, head of corporate finance at Man.
Refco and Man are among the top floor traders at the LME.
"Man bought the whole of Refco's futures business ... London was never a good fit for us but we agreed with creditors to buy the whole thing. What we have done is assigned (operations) in London to Marathon."
Man did not disclose details of the transaction. A source close to the deal said it was for a nominal amount.
Man Group, the world's largest listed hedge fund firm, won an auction on November 10 for the futures business of Refco Inc., hours after Refco's former chief executive was indicted for fraud over an accounting scandal that led to its bankruptcy.
Man has agreed to pay $282 million in cash for the accounts and staff of Refco's regulated futures brokerage in the United States, Britain, Canada and Asia.
Last week Man posted better-than-expected first-half profits but said its acquisition of the Refco brokerage arm would not boost earnings until April 2007.
DEAL MAINTAINS LME OPEN-OUTCRY
The deal means that Refco Overseas Ltd, one of the London businesses Marathon is acquiring, should be able to maintain ring-dealing membership on the London Metal Exchange (LME), the world's largest non-ferrous metals market.
Under LME regulations, one firm cannot own two ring-dealers, so under the original Man/Refco deal one would have had to withdraw, bringing numbers down to 10, reducing open-outcry liquidity.
"There is a (ownership transfer) process that will be completed in due course. We look forward to working with the new owners," Anna Campopiano, LME director of corporate affairs said.
Others said it may affect the business flows, however, given that Marathon is a fund.
"I'm not too sure that other funds will want to put trade through them (Refco held by Marathon)," a fund source said.
© Reuters 2005. All rights reserved.
You can't trust any of them. I would recommend a www.FXCM.com account (they accept Canadian accounts) but regularly withdraw profits (if any).
will RTS get TT back is what we all want to knowBloomberg News
THURSDAY, NOVEMBER 24, 2005
Fund to sell Refco operations
Man Group, the world's biggest hedge fund company, will sell Refco's bankrupt European operations to Marathon Asset Management because they overlap with its own business, the company said Thursday.
Marathon, which is based in New York and oversees $11 billion of assets, is buying Refco's foreign-exchange, futures and other brokerage businesses from Man Group's Man Financial, including about 2,000 customer accounts, Marathon and Refco said. The units employ 300 people. (Bloomberg)
www.marathonfund.com
THURSDAY, NOVEMBER 24, 2005
Fund to sell Refco operations
Man Group, the world's biggest hedge fund company, will sell Refco's bankrupt European operations to Marathon Asset Management because they overlap with its own business, the company said Thursday.
Marathon, which is based in New York and oversees $11 billion of assets, is buying Refco's foreign-exchange, futures and other brokerage businesses from Man Group's Man Financial, including about 2,000 customer accounts, Marathon and Refco said. The units employ 300 people. (Bloomberg)
www.marathonfund.com