Saturday, 03 December 2011 10:02
Posted by Shoaib-ur-Rehman Siddiqui
WASHINGTON: Regulators investigating the collapse of MF Global have determined that the firm combined money between securities and futures accounts owned by customers, and transferred funds outside the country to at least one entity, a source said on Friday.
"The further we get into (the investigation) the more complex it is but we're making progress," the source said, adding that the commingling and transferring of money is making it harder for regulators to determine what money belongs where.
MF Global took futures segregated money and put it into the account for customer securities, essentially mixing futures and securities that were both owned by customers, said an official familiar with the matter.
Until now, it was believed that only customer futures accounts were affected.
The source also told Reuters that MF Global had been using customer funds for "several days if not weeks" rather than just a few days before the firm collapsed.
Regulators had ...
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WASHINGTON: Regulators investigating the collapse of MF Global have determined that the firm combined money between securities and futures accounts owned by customers, and transferred funds outside the country to at least one entity, a source said on Friday.
"The further we get into (the investigation) the more complex it is but we're making progress," the source said, adding that the commingling and transferring of money is making it harder for regulators to determine what money belongs where.
MF Global took futures segregated money and put it into the account for customer securities, essentially mixing futures and securities that were both owned by customers, said an official familiar with the matter.
Until now, it was believed that only customer futures accounts were affected.
The source also told Reuters that MF Global had been using customer funds for "several days if not weeks" rather than just a few days before the firm collapsed.
Regulators had ...
TORONTO: A volatile year for Canadian banking results is likely to end on a soft note, and the outlook for 2012 won't inspire confidence as Europe's debt troubles deepen and Canadian borrowers turn shy.
Analysts expect percentage year-over-year profit gains in the mid-to-high single digits when the country's big banks begin reporting this week. On a quarter-to-quarter basis, profits are expected to drop from the third quarter.
Even so, with bank shares already at year-lows, even modest ...
WHITEHOUSE STATION, N.J: Merck & Co said on Thursday it raised its quarterly dividend by 11 percent, or 4 cents a share, to 42 cents a share, and said it expects sales next year to be at or near the 2011 level.
In a statement coinciding with the company's annual investor meeting, the company said it is "confident that we are taking the right steps to ensure that Merck is generating profitable sales growth to drive ...
TORONTO: The Bank of Canada said on Tuesday it would tender to buy back up to C$500 million ($493 million) from seven government bond issues in a cash management bond repurchase Nov. 1.
Copyright Reuters, 2010 ...
NEW YORK: US 30-year bond prices rose more than a point on Monday in volatile trading as uncertainty about the euro zone debt crisis increased after German Finance Minister Wolfgang Schaeuble said a further restructuring of Greece's debt might be necessary.
Thirty-year bonds traded up 1-5/32 in price to yield 3.18 percent compared with 3.23 percent late on Friday.
Copyright Reuters, 2010 ...
BUENOS AIRES: Members of the Paris Club group of creditors want Argentina to repay roughly $9 billion in defaulted debt within three years and to make a big initial payment, a local newspaper reported on Saturday.
Argentine officials have been negotiating a repayment plan with the Paris Club over the outstanding debt, one of the last remnants of Argentina's $100 billion debt default in 2002.
They have said repeatedly that they are optimistic about reaching a repayment ...
NEW YORK: US municipal bond prices resumed their decline on Friday as Treasuries fell after a strong US employment report.
Yields, which move inversely to prices, on top-rated 10-year munis rose five to seven basis points from Thursday's close of 2.55 percent, according to a preliminary read of Municipal Market Data's benchmark triple-A scale.
Yields on 30-year munis were up from three to five basis points from Thursday's finish at 3.70 percent, according to MMD, a unit ...
