NEW YORK |
NEW YORK (Reuters) – The mad rush to move client money out of MF Global Inc. after its collapse left two firms with the bulk of customer accounts, while other brokerages emerged with only minor gains from the chaos of carving up a multibillion-dollar business.
The process, according to interviews with more than half a dozen industry executives, was a scramble: a patchwork of urgent phone calls, emails, “handshakes” and news gleaned from press reports read by executives who were asking – and being asked – to take on MF Global customers during a month-long effort to transfer more than 25,000 accounts and some $2 billion in collateral.
MF Global’s fall presented a rare opportunity for any one of a dozen independent Futures Commission Merchants (FCM) to quickly gain valuable new customers from one of the world’s most active commodity houses – a welcome boost for mid-tier firms who are fighting to survive in an industry beset by ultra-low
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