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MF Global's "break the glass" document

MF Global's "break the glass" document

Ratings: (0)|Views: 11,656|Likes:
Published by DealBook

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Categories:Types, Business/Law
Published by: DealBook on Feb 02, 2012
Copyright:Attribution Non-commercial


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Stress Scenario Analysis
DowngradePotential Impact on MF Global
with key global business leadership:
Downgrade to sub-investment grade by at least 2 rating agencies
Analysis performed on key operating entities (MF Inc and MF UK Limited)
Scenarios considered significant disruption to funding capabilities
Operational plans for each functional area, including preparation and immediate reactions,have been considered and continue to develop
Dialogue continues, including maintaining/updating these analyses
Key message:
We remain solvent
are able to manage liquidity through stress period as wereposition our business and stabilize our financing lines
Treasury, Finance and Risk teams developed a downgrade stress scenario:
Potential Scenarios
Second Quarter Results
Rating Agencies:No action takenEquity markets:No reactionFinancing:Funding continuesRating Agencies:No action takenEquity markets: Negative reactionFinancing:Funding challengedRating Agencies:DowngradeEquity markets:Minimal reactionFinancing:Funding continuesRating Agencies:DowngradeEquity markets:Negative reactionFinancing:Funding challengedActivateContingencyFunding PlanBusinessAs Usual;Monitor LiquidityBusinessAs Usual

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Alastair Carnegie added this note
Here in the UK we have Ford Open Prison. where offenders can rehabilitate in a 'curfew' type prison. Offenders are on their own recognizance to follow prison regulations and return at specified times. Failure to abide by these conditions, adds time to sentence, and returns the offender to a regular prison.
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