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MF Global trustee's report

MF Global trustee's report

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Published by: DealBook on Jun 04, 2012
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 James B. Kobak, Jr.Christopher K. Kiplok Jeffrey R. ColemanVilia B. HayesSarah L. CaveHUGHES HUBBARD & REED LLPOne Battery Park PlazaNew York, New York 10004Telephone: (212) 837-6000Facsimile: (212) 422-4726Attorneys for James W. Giddens,Trustee for the SIPA Liquidation of MF Global Inc.
UNITED STATES BANKRUPTCY COURTSOUTHERN DISTRICT OF NEW YORK
In reMF GLOBAL INC.,Debtor.Case No. 11-2790 (MG) SIPA
Report of the Trustee’s Investigation and Recommendations
 
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TABLE OF CONTENTSPage
I. Executive Summary .............................................................................................................1A. Introduction ..............................................................................................................1B. Summary Of Events .................................................................................................5II. MF Global Structure: Governance, Key Departments, And Personnel .............................15A. Corporate Structure ................................................................................................16B. The Boards of Directors And Senior Management................................................17C. Treasury, Finance, Treasury Operations, Operations, And Regulatory .................191. Treasury and Treasury Operations .............................................................202. Finance and Financial Regulatory Group ..................................................213. Operations ..................................................................................................23D. Risk, Compliance, And Internal Audit ..................................................................241. Risk ............................................................................................................242. Compliance ................................................................................................253. Internal Audit .............................................................................................26III. Regulatory Framework ......................................................................................................26A. Securities Regulation .............................................................................................261. Relevant Entities ........................................................................................262. SEC Customer Protection Rules ................................................................283. Foreign Securities Regulators ....................................................................30B. Commodities Regulation .......................................................................................311. Relevant Entities ........................................................................................312. Net Capital Requirement ............................................................................323. FCM Customer Accounts ..........................................................................33
 
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ii4. Segregation Statement ...............................................................................345. Permitted Investments for Segregated Assets ............................................366. Secured Statement For 30.7 Funds For Trading Foreign Futures onNon-U.S. Exchanges ..................................................................................377. Permitted Investments for Secured Assets .................................................398. MFGI Policy ..............................................................................................399. Daily Reporting ..........................................................................................40IV. Key Third Parties ...............................................................................................................42A. Clearing Houses And Exchanges ...........................................................................421. Securities ....................................................................................................422. FCM ...........................................................................................................44B. Foreign Exchanges .................................................................................................47C. Bank Accounts .......................................................................................................481. Summary ....................................................................................................482. FCM Accounts ...........................................................................................503. Non-FCM Accounts and the Securities Lending Program ........................504. Credit Facilities ..........................................................................................52D. Outside Auditor ......................................................................................................53V. MF Global History Through Early 2011 ...........................................................................54A. Origins....................................................................................................................54B. Becoming MF Global ............................................................................................55C. The Dooley Trading Incident And Its Aftermath ..................................................57D. Jon Corzine Takes The Helm .................................................................................58E. Risk Management And MF Global’s New Direction ............................................60

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