MF Global, one of the world's leading broker/dealer firms entered into insolvency proceedings in both the US and the UK on 31 October 2011. US entities MF Global Holdings Ltd. and MF Global Finance USA Inc. filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in the Bankruptcy Court for the Southern District of New York. Also on 31 October, the US Securities Investor Protection Corporation ("SIPC") initiated the liquidation of MF Global, Inc. a jointly registered futures commission merchant and broker-dealer, under the Securities Investor Protection Act ("SIPA").
United Kingdom, USA, Capital Markets, Insolvency & Restructuring, Reed Smith LLP, Bankruptcy, Clearing house (finance), Futures contract, Commodity broker, Margin (finance), Liquidation, Broker-dealer, Capital requirement, Subsidiary, US Securities and Exchange Commission, Securities Investor Protection Corporation, Credit rating agency, FSA, United States bankruptcy court