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MF Global's "break the glass" document

MF Global's "break the glass" document

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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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05/01/2013

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Stress Scenario Analysis
 
DowngradePotential Impact on MF Global
 

-the-

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
1
Summary
Treasury, Finance and Risk teams developed a downgrade stress scenario:
 
Potential Scenarios
2
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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