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November 07, 2011
Treatment of Assets Held with MF Global, Inc. and Affiliated Entities
FOR FULLY DISCLOSED FCMS AND INDEPENDENT IBs ONLY--A RESPONSE IS REQUIRED FOR ALL MEMBERS IN THESE CATEGORIES
MF Global Holdings, Ltd, the holding company for MF Global, Inc. and other affiliated entities (MF Entities), filed for bankruptcy protection on Monday, October 31, 2011. As a result, effective Friday, November 4, 2011, certain receivable balances with MF Entities, including commission and security deposit receivables, must be reflected as a non-current / non-allowable asset for regulatory capital reporting purposes. Further, proprietary trading accounts with MF Global, Inc. that are included in a customer segregation account at MF Global, Inc. must be reflected at 60% of the account balance (net liquidating value plus securities on deposit). For dually registered FCM-Broker/Dealers and IBI-Broker/Dealers, please contact your DEA or the SEC for regulatory capital reporting requirements.
In light of the circumstances, NFA is requiring you to answer at a minimum the first question on NFA's questionnaire, http://www.nfa.futures.org/NFA-electronic-filings/annual-questionnaire.HTML, asking whether your firm has any deposits at MF Global. If your answer is no to the first question you have completed this requirement. If your answer is yes, you must also complete the additional questions regarding the specific balances held at MF Global.
Finally, if your firm has any balances with MF Entities you are also required to submit a pro-forma 1-FR or FOCUS filing as of October 31, 2011 reflecting the capital treatment as disclosed above. This statement is due by November 10, 2011 by 12:00 pm CST.
If you have any questions, please do not hesitate to contact the following individuals:
Todd Maines, Compliance Manager, at (312) 781-1560 or at firstname.lastname@example.org