MF Global News Updates:
This page provides an up-to-date commentary on the MF Global collapse, including all notices to Australian clients. Please call the desk if you have any questions.
UPDATE 17 – Friday 20th Jan - Notice to clients
Notice to clients
20 January 2012
MF Global Australia Limited (administrators appointed) (MFGA)
Dear client
This is the first client update of 2012. In order to provide clients with an informative update we have waited until significant progress has been made on key initiatives. We are now in a position to update clients as outlined below.
1. Client account statements to be issued in January 2012
At the time of writing this update all client accounts have been updated for information received post 31 October 2011. Testing of statement production is underway and we expect clients will receive an email during the week commencing 23 January 2012 with the following information and attachments:
- an Account Statement providing details, by product type, of the calculation of your Gross Liquidation Value (“GLV”) as at 1 November 2011
- an Explanatory Statement providing details of the calculation of your statement balance being the GLV as at 1 November 2011
- a link to an Online Client Claim Statement where you will be asked to confirm or not the GLV for the account.
Please note for some statements for some accounts the GLV will be an Estimated GLV where MFGA has not received close out information.
There will be a staged release of client account statements during the week commencing 23 January 2012. As a result, not all clients will receive their statements at the same time. This is required due to:
- a large quantity of PDF statements to be emailed out
- with each email will be a dedicated link to the Online Client Claim Statement. Whilst the Claim Statement process is quick to complete it is unlikely the system will be able to meet the volume of traffic were statements to be issued to all clients concurrently.
We have received a number of client queries regarding the time it has taken to issue clients with their final account statements.
It has been approximately 2.5 months since the appointment of the Administrators. The early phase of the Administration was focused on recovering and preserving assets of clients and MFGA. During this period most of the automatic feeds of information to update client accounts were withdrawn by third parties and close out information was not received for some time.
The close out information was required to be manually reviewed and reconciled before processing to client accounts. A decision was made not to use the pre-administration MFGA systems to update client accounts as:
- the Administrators could not be certain of continued access to these systems which are not in their control and located offshore
- the existing systems were not set up to process a close out of client accounts as at 1 November 2011, primarily due to it not being in the ordinary course of business. It is likely that using the existing systems would have required extensive reconciliations further delaying issue of client statements
- it is possible that a court order may change the method or assumptions used in calculating the GLV. The existing MFGA systems are unlikely to cope with these changes. As an alternative the Administrations, in conjunction with the MFGA back office team, have created a less complex system to manage client statements, closing calculations and eventual distribution of funds to clients.
2. Client account explanatory statement – January 2012
Attached to the email with the January 2012 issued client account statements will be an Explanatory Statement that will detail:
- the information contained in the January 2012 issued account statement
- the method MFGA adopted to process close out transactions
- the Online Client Claim Statement process
- impact of anticipated court applications by the Administrators
The Administrators strongly urge all clients to read the Explanatory Statement in detail. The Explanatory Statement will answer the significant majority of client questions regarding the method adopted by MFGA to close out your positions. In addition, some frequently asked questions will be attached to the Explanatory Statement.
Questions regarding your account GLV statement and calculation should be directed via email to:mfgaustralia@deloitte.com.au together with your daytime contact details.
It would be appreciated if these questions are sent via email as the MFGA hotline is not manned by a large team to deal with individual account queries. MFGA has a small number of staff remaining and their priority is to finalise client accounts and the books of MFGA.
Any IT issues regarding the Online Client Claim Statement should be directed to the MFGA hotline: +61 2 8273 8851 (9am-5pm weekdays)
3. Online Proving Process
The issue of client GLV account statement balances as at 1 November 2011 is a key step in the distribution of client funds.
If clients do not complete the Online Client Claim Statement, this may delay the process of assessing a client’s claim and the making of a distribution by the Administrators, once the Administrators have received Court Orders and are in a position to make a distribution to clients.
Should you agree and confirm the GLV the Administrators will take that as a confirmation of your GLV, subject to any alterations required following a Court determination, or errors and omissions in calculating your GLV.
Should you disagree you should still use the Online Client Claim Statement to indicate your disagreement. On completion of the Online Client Claim Statement, an automated email will be sent to you requesting you provide details of your disagreement together with supporting documentation.
The account holder or authorised person must complete the Online Client Claim Statement within 28 days of the date of the email attaching the statement issued in January 2012.
Full details on the Online Client Claim Statement will be provided in the email to be released to clients in the week commencing 23 January 2012 and in the Explanatory Statement attached to that email.
We note that, as far as we are aware, this is the first time an online claims tool has been used in Australia and is not being used by any of the other MF Global affiliates. This will save significant time and cost in progressing client claims and releasing distributions, compared to the more traditional paper and mail claims process.
4. Court Applications
In previous correspondence the Administrators have indicated that a number of matters will need to be referred to the Court for determination. Some of these matters may affect the calculation of a clients’ account GLV. The key issues this will cover include;
- Valuations of close out transactions
- Application of exchange rates
- Pooling and entitlement to monies held in the client segregated accounts and recoveries
The Administrators filed an application to Court before Christmas, with a first court date of 6 February 2012. This is the first day the Court returns from its summer break.
The Court process involves submission of an affidavit by the Administrator with supporting evidence. Our legal and forensic teams have been working over the Christmas break and the New Year to gather evidence that will be attached to the Administrators’ affidavit.
The timetable to distribute funds to clients is subject to the determination of the Court. After the first court date we expect to have a clearer indication regarding the Court’s timetable to hear the matter and eventually make the necessary Orders.
5. Client Distributions – timing
The “at best” indicative time frame provided in our Notice to Clients dated 14 December 2011 has not changed and remains as follows:
- January to February 2012 - Commence claims proving procedure for clients providing details of monies owed
- March to April 2012 - Finalise claims proving procedure, or amend depending on Court directions outcome
- March to April 2012 - Attempt first distribution of funds to clients and creditors pending Court directions
The main determinative factor affecting the timing of a distribution to clients and creditors is the Court directions process. The Administrator has attempted to pre-empt the questions and information requirements of the Court to facilitate an efficient process, however clients should be aware that the Court timetable is outside of the Administrators’ control.
6. Section 439A Report and Meeting
The Administrator anticipates delivering a Section 439A Report to Creditors (“the Report”) and holding the Second Meeting of Creditors in mid to late February 2012. The Report will outline to creditors and clients the Administrators recommendation on the future of MFGA and creditors and clients will be asked to vote on that future at the meeting.
Court approval has been received to send the Report via an email link.
7. Client Positions
We provide below a brief update on current client positions, including outstanding close out data and funds due from counterparties and MFGA affiliates.
Summary of client positions by key product pool
| Client Pools $m | Futures | CFDs | Margin FX | Online FX | Total as at 31/12/2011 | As at 1/11/11 | Variance |
| Client Gross Amount | 212.0 | 80.0 | 16.0 | 5.0 | 313.0 | 313.0 | - |
| Client Segregated A/Cs | 147.7 | 68.0 | 13.0 | 5.0 | 233.7 | 155.0 | 78.7 |
| Owed by counterparties | 67.0 | 13.0 | 5.0 | - | 85.0 | 166.7 | (81.7) |
| Counterparty claims | - | (7.0) | - | - | (7.0) | (3.0) | (4.0) |
| Balance | 214.7 | 74.0 | 18.0 | 5.0 | 311.7 | 319.0 | (7.3) |
| Surplus (Deficit) | 2.7 | (6.0) | 2.0 | - | (1.3) | 6.0 | (7.3) |
| % in cash | 69.67% | 85.00% | 81.25% | 100.00% | 74.66% | 49.52% |
Key outstanding monies can be summarised as follows:
- MFG Inc (c.$17m): we are in the process of lodging a claim with MFG Inc prior to the bar date of 31 January 2012 as set by the Trustee. We have been in discussions with the Trustee in an attempt to secure close out information and repayment of monies to MFGA clients
- MFGUK ASX funds dispute (c.$34m): the disputed funds remain in Australia with the ASX in an interest bearing account. We have held discussions with the UK Special Administrator with respect to the funds. These discussions are continuing. This matter may eventually require a court order to determine where a distribution of these funds will flow.
- Other MFGA affiliates (c.$27m): We have had discussions with the main appointees in regard to securing the finalisation of MFGA client monies held with MFGA affiliates. There are a number of technical matters to be dealt with before client monies will flow. It should be noted that many of these affiliates have claims against MFGA which are included in the “Client Gross Amount” in the above table. The ability to offset claims against MFGA is being explored.
- Deutsche Bank (c.$7m): Deutsche Bank still retain c.$7m relating to offsets and other charges they have claimed. The Administrators continue to discuss this matter with Deutsche Bank.
Outstanding close out data
Not all information has been received from some sources, which includes;
| CFDs | Futures & Options | Margin FX |
| MF Global Singapore | MF Global Inc. | MF Global Singapore |
| MF Global UK | MF Global UK |
In respect of this data we have been advised that the information from affiliates is not expected until their close out transactions are processed. In some cases data has not yet been received from third parties. Only a small number of MFGA client accounts are impacted by the missing close out information.
Yours faithfully,
Chris Campbell
Joint Administrator of MF Global Australia Limited (Administrators Appointed)
UPDATE 16 – Friday 16th December – 5:30pm
Notice to clients
14 December 2011
MF Global Australia Limited (administrators appointed) (MFGA)
MF Global Securities Australia Limited (administrators appointed)
Brokerone Pty Limited (administrators appointed)
together, the “Companies”.
Notice to all clients
Set out below is a brief update on key developments since our last notice dated 6 December
2011.
We continue to receive a large number of client questions regarding the timing and value of a first distribution of funds to clients. In my update of 6 December 2011, I set out the most current position however I have used this update to further clarify this complex matter and provide you with information regarding the issues we are facing.
1. Second meeting of the committee of creditors
The second meeting of the committee of creditors will be held on Thursday 22 December 2011. The purpose of this meeting will be to update the committee of events since the first meeting of the committee of creditors, held 2 December 2011.
In particular we will update the committee on our indicative timeline for the client claims process and first interim distribution. We will provide an update following this meeting to inform all clients and creditors of the key matters discussed.
2. Position of client pools
All of the positions for CFDs, Margin FX and Online FX have been closed out. Virtually all of the
Futures positions have been closed, with the remaining open positions being minimal. The main
recoveries and positions are:
Futures
- ASX - the close out information received from ASX is sufficient to calculate client positions. The funds of approximately $34m are held by the ASX and continue to be the subject to dispute between MFGA and MFG(UK). We continue our dialogue with the Special Administrators of MFG(UK) for recovery of these funds
- BNY Mellon - All positions are closed and all required information has so far been made available. Since my update on 6 December 2011, a further $9m of client funds has been received by the administrators from BNY Mellon. Since our appointment BNY Mellon has remitted a total of $39m of MFGA client funds, with approximately $500k still to be recovered.
- Overseas affiliates - No overseas MFGA affiliate close out information has been received. We are in constant dialogue with the various administrators and Trustees of the MF Global affiliates. We have made a request to these entities for the transfer of outstanding funds.
3. Client statements
Within the next 1 to 2 days we will cease issuing daily client statements. As a result, you will no longer receive a daily statement.
The information provided in daily client statements may not be accurate and may provide an inaccurate impression of your position(s). Close out information received from counterparties has in many cases not been processed through the Company’s client database. Further, we have received many requests from clients to turn off these statements.
Whilst the statement system will be turned off this does not alter your position, affect your rights as a client of MFGA, or any claim you may have against the Company.
As part of the claims process which we will seek to commence in early 2012, we expect to issue all clients with an up to date and accurate state of their position(s) as at 1 November 2011.
4. Client distributions
The most frequently question asked by clients relates to the repayment of monies and why the administrators are unable to quickly pay a partial distribution. There are three key issues currently delaying an interim distribution payment:
- Pooling (4.1)
- Valuation (4.2)
- Recovery (4.3)
Many of these issues are complex legal questions. Therefore we are proposing to seek directions from the Court, most likely in February 2012 when the Courts resume from the Christmas break. Until we have clear directions from Court it is difficult for the administrators to pay out a partial distribution.
Further information regarding these 3 key areas is provided below:
4.1. Pooling
“Pooling” refers to the identification of client monies by product type and currency. Client monies are held in segregated bank accounts. Segregated bank accounts are held for the four key “products groups” of client funds:
- CFDs
- Futures
- Online FX (MFG Trader)
- Margin FX
In addition to the main product groups above, bank accounts are also held in foreign denominated currencies for each of the four product groups.
It is possible to further segregate the four main products above into sub-category products within each product group, albeit separate segregated bank accounts are not held for sub-category products e.g. all CFD sub-category products are co-mingled into one CFD client segregated bank account (by currency).
Pooling issues:
As noted above, it is possible to further disaggregate the four main product groups into sub-product groupings by clearing house or counterparty, albeit client monies are not segregated to this more detailed level.
It is not clear if client claims should be defined (or “pooled”) as a total product group, such as “futures”, or by sub-category within a product group e.g. “ASX futures”. If there were to be a shortfall from one counterparty, further segregation of the four main product groups to sub-category product group could ring-fence any losses incurred for non-recovery to the clients attributable to the sub-category of product group and not shared across that total product group.
Further, those clients that had no open positions as 1 November 2011 and only held cash with MFGA have argued that their claims should not be impacted by non-recovery of funds from open positions at the date of the appointment of administrators. Those clients who had open positions and have been impacted have argued the opposite.
4.2. Valuation
The valuation of the client position for the purpose of receiving a distribution of funds has become a hotly debated issue. The value of a client’s claim will vary depending on the “assumed” close out date (where a client held an open position).
Some market positions were taken out of the control of both the administrators and clients on 1 November 2011. However to physically close out the market positions the clearing house, hedge or counterparties took a number of days (or weeks) to close positions. In some cases positions were compulsorily closed by the counter parties whilst others were closed out or transferred (without collateral) in accordance with client instructions.
In the period between the 1 November 2011 and the actual close out date of positions, some client’s have gained whilst others have seen their positions deteriorate. There have been a number of suggestions by clients on how to value positions for the purpose of distributing funds. The key two methodologies are:
- Value positions as at 1 November 2011 (date of appointment)
- Value positions at the actual close out date (post 1 November 2011)
4.3. Recovery
This refers to the possibility that there will be a shortfall in recovery of funds. When combined with the issues regarding pooling and valuation, the pro’s and con’s of various methodologies can become heated between client pools.
5. Conclusions regarding early distribution of funds
We fully understand and appreciate the difficult position clients are in as a result of the administration of MFGA. We understand the urgency to which MFGA clients require repayment of monies. In this respect our aims and client expectations are aligned. It is not in the interest of the administrators or any of MFGA’s stakeholders to unnecessarily delay this process.
As indicated in my last update of 6 December 2011, we expect to complete the claims process and attempt a first interim distribution in March / April 2012 once we have received directions from Court. Whilst we have set this as an indicative timetable we continue to assess all available avenues to the administrators and seek legal & Senior Counsel�s advice on making a distribution to clients earlier than indicated where practically possible. This will be a topic of conversation with the creditors committee on 22 December 2011.
However, as hopefully clearly set out above, there are many complex areas that without Court directions limits our ability to pay out an interim distribution and could lead to unnecessary time and cost dealing with various legal challenges if we did so without directions.
6. Administrators remuneration
We discussed our actual and forecast fees in detail with the Committee of Creditors on 2 December 2011. The committee approved our initial fees from 1 November to 18 November. Our actual and forecast fees will be discussed with the Committee at each committee meeting.
Yours faithfully,
Chris Campbell
Joint Administrator of the Companies
UPDATE 15 – Wednesday 7th December – 2pm
Notice to clients
6 December 2011
MF Global Australia Limited (administrators appointed) (MFGA)
MF Global Securities Australia Limited (administrators appointed)
Brokerone Pty Limited (administrators appointed)
together, the “Companies”.
Set out below is a brief update on key developments since our last notice dated 30 November 2011. We also refer you to an additional “Answers to FAQs” document dated 6 December 2011 which is available onwww.deloitte.com/au/mfglobal.
First Creditors’ Committee Meeting – 2 December 2011
As we noted in our presentation at the First Creditors’ Meeting (11 November 2011), in a situation such as this where there are a large number of creditors it is common to appoint a Creditors’ Committee (“Committee”) to represent the interests of all creditors. This has the advantage of being more efficient and cost effective to assist the Administrators on issues in the Administration.
Whilst as Administrators we are required to consult with the Committee, the Committee cannot vote on the future of company on behalf of all creditors nor direct us as Administrators on how to conduct the Administration.
At the First Creditors’ Meeting (11 November 2011) a Committee was elected and formed.
On Friday 2 December we had our first meeting with the Committee. The purpose of the meeting was to update the Committee on events since 11 November 2011 (the date of the First Creditors’ Meeting).
Below we provide a summary of the matters discussed with the Committee. We have consulted with the Committee members to produce this update.
We are seeking to call our next meeting with the Committee in the week commencing 19 December 2011 to update the Committee on the key matters required to be completed in order to distribute funds to clients.
1. Statutory Matters
As we communicated on 21 and 24 November, the convening period has been extended to 29 February 2012.
A Second Meeting of Creditors is required to be called pursuant to Section 439A of the Corporations Act 2001 no later than within 5 days after the end of the convening period.
2. Statutory Matters – Investigations
Our preliminary forensic investigations to date appear to indicate the following:
- No evidence of insolvent trading by the Directors of the Companies
- No evidence of fraud or suspicious transactions
- A number of potentially void transactions have been identified for further scrutiny and reporting to creditors prior to the second meeting of creditors in our Section 439A Report
3. Client Positions and Receipts from Third Parties
All of the positions for CFDs, Margin FX and Online FX have been closed out. Virtually all of the Futures positions have been closed, with the remaining open positions being very minimal. The main recoveries and positions are:
Futures
- ASX – the close out information received from ASX is sufficient to calculate client close out positions. The funds of approximately $34m are currently held by the ASX and subject to a dispute between MFGA and MFG(UK). We will continue our dialogue with the Special Administrators of MFG(UK) for recovery of these funds
- BNY Mellon – The last positions are now closed and we have requested BNY Mellon remit the final amounts. All required information has so far been made available to us
- No overseas MFGA Group affiliate company’s close out information has been received
Australian/Asian Equity CFDs
- Deutsche Bank have submitted additional information to support the close out of Australian and Asian Equity CFDs. In addition we expect their back office team and MFGA’s team will meet this week to finalise the close out reconciliation
Other CFDs
- As previously notified we have been advised the MFGA hedge positions in respect of these CFDs have been closed. Close out information has not yet been received.
We continue to seek further information from counterparties to finalise client fund reconciliations.
4. Reconciliation of Funds – Client Claims
There was lengthy discussion with the Committee on the issues regarding reconciliation of funds and amounts of clients’ claims. The matters included:
- Treatment of client segregated accounts when there are multiple bank accounts holding funds in relation to a client pool, some of which are in foreign currencies
- Whether funds received from clearing houses, counter parties etc. are available to specific client groups who traded products with those clearing houses or through those counterparties only, or are available to the relevant client pool as a whole
- Valuation of client claims in light of some positions being compulsorily closed and others were closed out or transferred (without collateral)
In order to identify the impact of these issues and to get to a position where we may be able to distribute some funds early, we have commenced reconciling positions in detail using:
- Data from clearing houses and counterparties
- Special data extracts of client accounts obtained from the third party service provider in the UK
Many of these issues are complicated legal questions which affect the legal rights of individual clients. Therefore we believe it may ultimately be necessary to seek directions from the Court, most likely in February 2012 when the Courts resume from the Christmas break.
5. Client Distributions – timing
There are many factors that can impact the timing of distribution of funds to clients. It has been the Administrators’ stated objective for distributions to clients to occur as soon as practicable.
An “at best” indicative time frame provided to the Committee was as follows:
- December 2011 to early January 2012 - Complete calculations of clients’ close out positions as at 1 November 2011 using all available close out information from third parties. For those positions where information is not available estimates will be made and remain subject to receiving close out information
- December 2011 to January 2012 - Prepare applications for Court on legal questions to be considered
- January to February 2012 - Commence claims proving procedure for clients to provide details of monies owed
- March to April 2012 - Close claims proving procedure, or amend depending on Court decisions
- March to April 2012 - Attempt first distribution of funds depending on Court directions
Obtaining Court directions is a public procedure and clients and other stakeholders may be able to appear and be represented in Court. This is a very detailed procedure which requires in-depth preparation and consultation with clients and relevant stakeholders.
We discussed our knowledge of distributions and distribution timetables of MF Group companies in overseas jurisdictions. Each has significantly different positions and legal regimes. However our proposed timeframe appears to be very much in line with the UK Special Purpose Administrators, who have stated that there will be no distribution until at least April 2012.
6. Sale of Business / Assets
We did not receive any viable offers for the business as a going concern.
We are considering options to sell the plant and equipment either on-line or via auction.
7. Operations
To reduce ongoing costs, all but a small number of key employees (e.g. in the finance and back office departments) have been made redundant and all sites other than Grosvenor Place have been vacated. Additionally, we have disconnected the MFGA information systems which are not required to reconcile and return funds to clients.
Finally, to facilitate client reconciliations and expedited return of funds, we are also negotiating an information sharing protocol with the liquidators, trustees and administrators in other jurisdictions.
8. Ongoing Communications
We will continue to provide regular updates to clients on our website - www.deloitte.com/au/mfglobal
Additionally we continue to answer queries:
- by phone: on the MF Global hotline, the number for which is +61 2 8273 8851
- by email: on the Deloitte MF Global email account, the address for which ismfgaustralia@deloitte.com.au
9. Administrators’ Remuneration
We discussed our actual and forecast fees in detail with the Committee, which approved our initial fees from 1 November to 18 November.
Our actual and forecast fees will be discussed with the Committee at each committee meeting.
10. Frequently Asked Questions
Please also consult the “Answers to FAQs” of 6 December 2011 which is available onwww.deloitte.com/au/mfglobal.
Yours faithfully,
Chris Campbell
Joint Administrator of the Companies
| MF Global Australia Limited (Administrators appointed) ABN 50 001 662 077 |
MF Global Australia Limited (Administrators appointed) Level 21 225 George Street Sydney NSW 2000 PO Box N699 Grosvenor Place NSW 1220 Australia Tel + 61 2 8273 8822 Fax + 61 2 9247 3765 www.mfglobal.com.au |
FAQs – Answers to frequently asked questions currently being received by the Administrators
I set out answers to some frequently asked questions that I have received below.
Q. It appears that appointed insolvency practitioners in other jurisdictions are stating that they will pay partial distributions to clients of funds held in segregated accounts. What is preventing the Australian Administrators from initiating a partial distribution process?
A. We are not able to comment on the actions of administrators or trustees in other jurisdictions, other than to point out that the laws and regulations that apply in Australia are not the same as in other jurisdictions. The precise rules regarding client segregated accounts and payment of monies to and from these accounts contained in Part 7.8 of the Corporations Act will not be applicable in other jurisdictions.
From the press releases that we have seen and discussions with other Administrators in other countries, our current understanding of the overseas positions is as follows:
US
- The bulk of positions were transferred to other brokers etc. which we believe has converted a significant number of clients to cash only accounts
- It appears CME (Chicago Mercantile Exchange) Group has provided a guarantee to the US Trustee to guarantee recovery of certain funds. We do not know the precise terms of this guarantee. However we understand that this guarantee has enabled the Trustee to commence early distributions
- This is not what has occurred in Australia. We have no guaranteed funds available, although we have commenced discussions with CME to see if there is an opportunity for it to extend the funds recovery guarantee to Australia
Canada
- All positions were transferred with collateral to another market participant
- Funds for distribution to clients were sourced from a compensation fund
- This did not occur in Australia and there is no available compensation fund
UK
- The UK administrators have advised clients of a formal proof of debt process asking clients to advise the amounts they are owed
- However they have stated that there will be no distribution until at least April 2012
- This is not dissimilar to our estimated timeline in Australia
There are a number of issues that we need to resolve in order to be in a position to distribute funds to clients. These issues were discussed at length with the Committee of creditors, and include:
- Treatment of client segregated accounts when there are multiple bank accounts within a client pool, some of which are in foreign currency
- Whether funds received from clearing houses, counter parties etc. are available for specific client groups or whole client pools
- Valuation of client claims in light of some positions were compulsorily closed and others were closed out or transferred (without collateral)
To assist in attempting to identify the impact of these issues and get to a position to distribute some funds early, we have commenced reconciling positions in detail using:
- Data from clearing houses and counterparties
- Special data extracts of client accounts obtained from the third party service provider in the UK
Many of these issues are complex legal questions. Therefore we are proposing to seek directions from the Court, most likely in February 2012 when the Courts resume from the Christmas break.
An “at best” indicative time frame provided to the Committee was as follows:
- December 2011 to early January 2012 - Complete calculations of clients’ close out positions as at 1 November 2011 using all available close out information from third parties. For those positions where information is not available estimates will be made
- December 2011 to January 2012 - Prepare applications for Court on legal questions to be considered
- January to February 2012 - Commence claims proving procedure for clients to provide details of monies owed
- March to April 2012 - Close claims proving procedure, or amend depending on Court decisions
- March to April 2012 - Attempt first distribution of funds depending on Court directions
Q. I hold only cash – why are you unable to distribute at least a portion of the funds you are holding?
A. We are working to develop an appropriate methodology that we hope will enable a partial distribution. It is crucial that the process adopted is fair to all clients, whether they are “cash only” clients, or clients that held open positions at the date of my appointment. We will need to obtain directions from a Court before any partial distribution to clients can be made. Without a court direction, we think that there is greater possibility for disputes once the distribution process is underway. In other insolvency matters of a similar nature it has become apparent that where there are disputed distribution assumptions the funds can be tied up in lengthy Court proceedings for these matters to be determined.
Money in MFGA’s client segregated accounts was not kept separately for each client but rather was pooled for clients in the particular client products. There is not enough money in the client segregated accounts to pay all potential claims in full at this stage, for the reasons discussed at the first creditors’ meeting (see slide 44 of the presentation from the first creditors’ meeting). There are different views as to how these funds should be distributed. This is complicated by the fact that at present, we do not know the total amount of funds that will be recovered from counterparties, or the extent of any shortfall that may exist. Should the administrators proceed to make a partial distribution without full consideration of the appropriate and fair calculation methodology, we think that there is greater scope for disputes and delays to arise. This is why Court directions will be sought, along with the consultation of the Committee of Creditors.
Q. As each product category is at various stages of collection, is it possible to provide a distribution for one group of clients and not another?
A. There are a number of different ways in which distributions of client funds could potentially occur. We are working to develop appropriate methodologies to ensure that no client or group of clients is unfairly advantaged or disadvantaged. Again Court directions in all likelihood will be required to confirm these methodologies.
However, for example an early distribution to CFD clients should not be impacted by the timing of distributions to Futures clients. These matters are independent.
Q. Have FX funds that were held in USD been transferred to AUD?
A. Funds that were held in foreign currencies at the date of my appointment remain in foreign currencies and have not been converted to AUD. We are not yet able to comment on how funds held in foreign currency will be treated.
As noted in our updates to clients, you should not rely on statements or accounts issued after the date of our appointment, including in relation to FX exposure that may be indicated in your statements.
Client claims in FX and client segregated bank accounts in FX add to the complexity of determining which clients may have claims against certain funds, for which Court directions are likely to be required.
Q. Can I have the contact details for the Creditors Committee members?
A. Names of Committee members elected at the First Creditors Meeting are listed below.
| The Committee Members Details | ||||
| # | Member Name | Entity name | On behalf of | Category |
| 1 | Milan Cakic | Slater and Gordon | Pepper Financial Services | CFD Client |
| 2 | Jim Taig | Seismo Australia Limited | Seismo Australia Limited or RMF Management Services Pty Ltd |
CFD Client |
| 3 | Matthew Cottrell | N/A | Matthew Cottrell | CFD Client |
| 4 | Adam Townley | Barefoot Funds Pty Ltd | Barefoot Superannuation Fund | CFD Client |
| 5 | Jamie Clinnick | N/A | Jamie Clinnick | CFD Client |
| 6 | Peter Candy | Graincorp Operations Limited | Graincorp Operations Limited | Futures Client |
| 7 | James Yhap | N/A | James Yhap | Futures Client |
| 8 | Geoff Louw | Bell Potter Securities Limited | Bell Potter Securities Limited | Futures Client |
| 9 | James Coventry | Epoch Capital Limited | Epoch Capital Limited | Futures Client |
| 10 | Sam Liuzzo | N/A | James G and Laura McCormick | Futures Client |
| 11 | Brent Penfold | The BP Superannuation Fund | The BP Superannuation Fund | Futures Client |
| 12 | Daniel Habib | Patsystems Pty Ltd | Patsystems Pty Ltd | Trade Creditor |
| 13 | Louis Snitzer | N/A | Louis Snitzer | Employees |
Q. How can I voice any concerns with the Committee?
A. You can email queries or concerns to mfgaustralia@deloitte.com.au with the subject title, ‘F.A.O. Creditors’ Committee’. I will ensure that all of these queries are collated and directed to the Committee.
Q. Can I access the minutes of the creditors committee meeting?
A. A number of the matters discussed at the meeting will be highly confidential and commercially sensitive in nature. All Committee members have signed confidentiality agreements. We will issue updates via the website in relation to matters that are discussed at the Committee meetings and summary minutes will be lodged with ASIC.
Q. How will I be notified of my close out position when it has been determined? Are all clients affected by lack of data available?
A. We are reliant on information from third parties in order to calculate the closing value of open positions held at the date of my appointment. As set out in the presentation given at the First Creditors’ Meeting, MFGA has many different counterparties. Depending on the flow of information from these counterparties, it is possible that we may be able to provide certain clients with information sooner than others.
Q. Why can’t I deal directly with the relevant hedge counterparty or futures exchange?
A. The nature of any CFD, Margin FX or Online FX transaction that you may have entered into with MFGA was one of principal-to-principal, between you and MFGA. This means that MFGA’s counterparties, such as Deutsche Bank, have no direct relationship with you.
In terms of futures positions, MFGA acted as your agent in dealing with relevant exchanges or offshore affiliates. There are rules regarding the ability of end clients to deal with exchanges which generally require such dealings to be via a participant of that exchange, such as MFGA (or, in the case of offshore exchanges, the relevant offshore affiliate of MFGA).
UPDATE 14 – Wednesday 16th November – 12pm
An update provided by the administrators today.
Notice to clients
16 November 2011
MF Global Australia Limited (administrators appointed) (MFGA)
MF Global Securities Australia Limited (administrators appointed)
Brokerone Pty Limited (administrators appointed)
together, the “Companies”.
It has been and continues to be a priority of the Administrators’ to update clients on a regular basis during the course of the Administration. Within the first two weeks of my appointment I have provided updates almost on a daily basis. This was required given the high volume of interest, client queries and daily developments in each product category across the globe.
Given the majority of positions are now closed; it is my intention to now provide a weekly client update together with any urgent notices as and when required. All client communication channels with the Administrators are still open including: hotline (+61 2 8273 8851), email (mfgaustralia@deloitte.com.au) and web page (www.deloitte.com/au/mfglobal)
Further to the first meeting of creditors held on Friday 11 November 2011, below is a brief summary by product category of the current position.
All Clients – statements and account positions
We understand that some clients may have received (or had access to) statements or records in respect of their positions. I would like to highlight two points in relation to client statements:
1. Statements showing open positions
Some Clients may have had access to statements indicating that they still hold open positions.
While we have not been able to investigate each client record individually to determine the reason for this, you should regard any open position recorded with MFGA as being closed out.
2. Statement balance
You should also be aware that client accounts and statements will not reflect positions closed out since the date of my appointment.
The close out value of these positions is being determined, and will depend upon information that MFGA has requested but not yet received (mostly from MFGA’s Hedge Counterparties). We are still waiting on information from almost all counterparties.
We will continue to provide updates on any further developments in this regard.
Futures clients
As set out in our futures client update on 9 November 2011, MFGA determined to take action available to it to transfer or close out all open positions from 5pm (Sydney Time), on 9 November 2011 (on the terms contained in our notice to clients dated 4 November 2011). MFGA’s ability to give effect to this determination was subject to the actions of third parties (such as clearing houses or executing brokers).
There has been no significant update since the First Meeting of Creditors held on Friday 11 November 2011 or the update issued on 9 November 2011. For reference I provide a brief summary of futures positions by location:
1. Australian futures positions
All positions are closed with the exception of a small number of illiquid positions which are in the process of being dealt with by the ASX. As previously advised and detailed above, information regarding the value of the close out transactions cannot yet be updated to your accounts until the ASX provides close out transaction information to the Administrators. That information has not yet been received and ASX24 issued notice 231/11 on 15 November 2011 which updates its position on information and payment of funds.
2. USA futures positions
All requests for transfer of positions have been transmitted to Bank of New York Mellon Clearing LLC (BNYMC). We are advised the majority of these positions have now been closed and BNYMC is in the process of finalising these positions, with the exception of a small number of illiquid positions which BNYMC are in the process of dealing with.
3. Singapore, Hong Kong and Tokyo futures positions
MFGA’s offshore counterparties have advised that they have closed out all Singapore, Hong Kong and Tokyo futures positions.
The close out value of these positions is not yet available to MFGA and will depend on information that MFGA has requested but not yet received. I do not have a definitive timeline of when this information will be received
4. European futures positions
MFGA has sent all client orders for close out or transfer to the special administrators of MF Global UK Limited (administrators appointed). We are awaiting confirmation on the status of these orders.
The close out value of European futures positions is not yet available to MFGA and will depend upon information that MFGA has requested but not yet received from the special administrators.
CFD Clients Update
I have nothing to report subsequent to the first meeting of creditors and the notice to clients dated 9 November 2011. Client CFD positions have been closed out. The close out value of these positions is being determined, and will depend upon information that MFGA has requested but not yet received.
Christopher Campbell
Joint administrator
MF Global Australia Limited (administrators appointed)
UPDATE 13 – Tuesday 15th November – 10:40am
This morning the administrators have uploaded the presentation slides from Friday’s creditors meeting onto Deloitte’s dedicated MF Global page. A copy can be found from the link below. I will refer to various pages throughout this update.
The meeting was a real eye opener in terms of the complexity of the matter, and I’m sure a single glance through the slides will have you in agreement. Whilst it would be impractical to cover every single aspect of the meeting, in this update I will try and cover everything that I consider most relevant to you, our futures clients. If there is something you would like clarification on you are of course welcome to call me.
The administration process has four distinct phases (outlined in the slides) and we are currently in the investigation phase. Essentially this means that it’s an information gathering period and therefore it’s difficult to predict an outcome at this point. Regardless of this, I know that many of you will want to hear our thoughts and interpretation of the information so far, and i’ll do my best to explain things. But, please remember that I am not an administrator and this is only my opinion.
The administrators have identified 4 pools of client funds. The numbers represent gross client accounts.
1. Futures segregated accounts (208M)
2. CFD segregated accounts (84M)
3. FX segregated accounts (5M)
4. Margin FX segregated accounts (16M)
Currently not all funds are sitting in the client segregated accounts which is not something to be necessarily concerned about at this point, rather it simply illustrates the nature of futures contracts. As you would know from your own trading, exchanges and clearing houses around the world require initial margins to be posted when a trade is opened so it’s not simply a case of paying out the money sitting in the segregated accounts.
Slide 40 from the above link shows where the segregated funds sit at the various counterparties around the world. It’s important to note that they sit at different jurisdictions each of which is governed by it’s own equivalent of ASIC. The slide actually indicates a surplus of 6M in the futures pool, meaning that of the 208M, 214M have been identified. At this point the administrators have indicated that there is incomplete data, so perhaps the additional 6M will be accounted for in a later update, however it’s certainly better than the opposite! Related to this, in Friday’s meeting Chris Campbell (Deloitte, Joint Administrator) stated that if there is a shortfall in any one individual pool the administrators have ruled out using funds from other pools to cover the difference meaning that money from futures clients cannot be used to pay CFD clients and so forth.
We are only in the initial stages of the process and the administrators face the prospect of trying to collect funds from the various counterparties each of which are required to perform their own investigations. There is also the issue of clients claiming damages for trades that have been closed out prices different from what was instructed by the client. So it will really take more time for us to have any definite outcome.
Some Important Key Points:
- Clients can expect their funds back in no less than 3 months, but within a year.
- If there is a shortfall in one pool it cannot be covered by funds in another pool.
- 108M of the 208M of the futures segregated accounts is sitting in the Australian bank account, the rest is sitting with various counterparties around the world.
- Most open positions have been closed out.
- We expect that clients will receive close to, if not 100% of their funds back but this will take time.
If you have any questions please feel free to call me.
David Montuoro
Director.
UPDATE 12 – Friday 11th November – 9am
Good Morning,
I will be attending today’s MF Global Creditors Meeting on behalf of our clients. I promised yesterday that I would try to provide a live video stream via our website so that those who are interested can watch the event. I called the administrators yesterday and again this morning and they still haven’t organised the IT requirements which leave us with little time as the meeting is due to start in 1.5 hours.
Please continue to check the official Deloitte page ( below link ) as they may provide a video stream at the last minute.
https://www.deloitte.com/au/mfglobal
David Montuoro
Director.
UPDATE 11 – Thursday 10th November – 11am
Thanks to all those who have completed the proxy form for tomorrow’s creditors meeting in Sydney. Your forms will certainly add weight to our voice. I have spoken to many of you in the last few days and as you know we are expecting to be provided with more information on the security of your funds and timeline in getting them back. I am sure I won’t be alone in voicing concerns about Deloitte’s fees and their poor communication thus far.
It’s our belief that as clients you should not be treated as creditors, rather as account holders and we remain confident that you will receive your funds back however the administrators are yet to make an official announcement. We will continue to provide news on the situation and I have spoken to the administrators about providing a live video link of Friday’s creditors meeting directly from our website. We will let you know if this is possible.
If you would like to speak to me directly, before the meeting, feel free to call through on 1300 368 294.
Thanks to everyone for remaining calm we appreciate your patience and are working hard to keep you informed.
David Montuoro
Director.
UPDATE 10 – Wednesday 9th November – 3pm
Notice to clients
9 November 2011 1pm
- MF Global Australia Limited (administrators appointed) (MFGA)
- MF Global Securities Australia Limited (administrators appointed)
- Brokerone Pty Limited (administrators appointed)
- together, the “Companies”.
After some success overnight we now believe that virtually all client risk positions have either been closed or transferred. Below we provide a brief summary by product category of the current position.
Futures Clients
Following transaction activity last night the position is that, except for of a small number of US and European futures positions, you can regard any open futures position that you may have held as being closed. Below is a breakdown of the current status of each class of futures as at midday on Wednesday 9 November 2011 (Sydney time).
- Australian futures positions
MFGA’s trading participation in respect of Australian futures was suspended last week after the appointment of Chapter 11 Trustees in USA and Voluntary Administrators in Australia.
ASX took its own action and commenced closing out the future positions in Australia. Based on that action MFGA no longer had any position in the market and therefore clients of MFGA also had no position in the market.
Details regarding the value of the close out transactions cannot be updated to your accounts until the ASX provides close out transaction information to the Administrators. That information has not been received and we do not have a definitive timeline from ASX to receive the information.
- US futures positions
MFGA has sent all client orders for close out of positions cleared by Bank of New York Mellon Clearing LLC (BNYMC) to a new offshore broker for execution. We understand that the vast majority of these orders have now been executed with only a small number remaining to be executed.
Information from our broker transaction has been received and is being processed to client accounts. That should be available in your client statements in the overnight processing.
Information for close outs that were instructed by Hughes Hubbard & Reed LLP (trustee of MF Global, Inc) is not yet available to MFGA and will depend on further information that MFGA has requested but not yet received.
All requests for transfer of positions have been transmitted to BNYMC. Several transfers have been confirmed and MFGA awaits confirmation of the others. Confirmed transfers will also be processed to client accounts.
- Singapore, Hong Kong and Tokyo futures positions
MFGA’s offshore counterparties have advised that they have closed out all Singapore, Hong Kong and Tokyo futures positions.
On the basis of information available to MFGA, you should regard any open position that you may have held in relation to Singapore, Hong Kong or Tokyo futures as being closed.
The close out value of these positions is not yet available to MFGA and will depend on information that MFGA has requested but not yet received.
- European futures positions
MFGA has sent all client orders for close out or transfer to the special administrators of MF Global UK Limited (administrators appointed). We are awaiting confirmation on the status of these orders.
The close out value of European futures positions is not yet available to MFGA and will depend upon information that MFGA has requested but not yet received from the special administrators.
CFD Clients Update
Client CFD positions have been closed out. We understand that only one client’s Online FX position remains open and we are attempting to contact that client direct.
The close out value of these positions is being determined, and will depend upon information that MFGA has requested but not yet received (mostly from MFGA’s Hedge Counterparties).
Christopher Campbell
Joint administrator
MF Global Australia Limited (administrators appointed)
MF Global Securities Australia Limited (administrators appointed)
Brokerone Pty Limited (administrators appointed)
UPDATE 9 – Wednesday 9th November – 12:50pm
Arrangements are currently being made by the administrators of MF Global for a webcast of the first meeting of creditors. The web address and access password will be provided to all creditors on Thursday 10 November 2011.
Please see below for the correspondence to clients of MF Global from Deloitte Touche Tomatsu Joint Administrator Christopher Campbell, regarding the webcast which will be made available.
We will provide a further update on how to access the webcast as the access details are circulated.
Should you have any queries please feel free to contact Bellmont Securities on 1300 368 294.
Notice to clients
- MF Global Australia Limited (administrators appointed)
- MF Global Securities Australia Limited (administrators appointed)
- BrokerOne Pty Limited (administrators appointed)
- together, the “Companies”.
FIRST CREDITORS’ MEETINGS ON 11 NOVEMBER 2011
We refer to our previous notice to creditors and clients (Creditor Circular) dated 3 November 2011.
We advise that all clients will be provided access to view the First Creditors’ Meeting at 10:30am on 11 November 2011 via webcast.
Arrangements for the webcast are being finalised presently and access details including the website address and access password will be provided to all creditors on Thursday 10 November 2011.
Clients should note that access to the meeting via webcast does not provide an ability to vote at the meeting. The purpose of the webcast is to allow creditors to view the presentation and listen to the meeting. Clients wishing to vote at the meeting must be in attendance at the meeting venue, either in person or via proxy.
The administrators will accept proofs of debt by lodgment for the purposes of the First Creditors’ Meetings using the email address mfgaustralia@deloitte.com.au or using the other methods of lodgment provided in the Creditor Circular, by 4:00pm (Sydney time) on Thursday 10 November 2011.
We refer to our previous circulars for answers to creditors’ Frequently Asked Questions.
Yours faithfully,
Christopher Campbell
Joint administrator
MF Global Australia Limited (administrators appointed)
MF Global Securities Australia Limited (administrators appointed)
Brokerone Pty Limited (administrators appointed)
UPDATE 8 – Tuesday 8th November – 10:30am
Update from Deloitte.
Futures Clients Update
US futures positions
Any instructions received by MFGA from clients on 3 November 2011 were transmitted for execution in the evening of 3 November 2011 (Sydney time). It has since transpired that only a limited number of close out instructions were processed, and that some transfer instructions were processed. Further investigation into this matter suggests that MFGA’s clearing participant in respect of US futures positions did not, or was not able to, all of MFGA’s orders.
MFGA made two further attempts on Friday 4 November 2011 to transmit client orders forcloseoutortransferofopenpositions. Forreasonsthatarestilltobeconfirmed,it does not appear that MFGA client orders were accepted for clearing/transfer. The administrators will continue to liaise with the relevant executing brokers, US clearing participants and offshore exchanges in respect of these positions .
We have confirmed in discussions with various overseas parties and will attempt to have client instructions processed in accordance with our previous communications to clients.
Singapore and Tokyo futures positions
We understand that open positions in respect of Singapore and Tokyo exchanges may have been closed out. We are awaiting confirmation of the position from offshore parties and will provide updates in respect of further developments.
Other International futures positions
As noted in our correspondence to you on 4 November 2011, we are awaiting confirmation of the position in other markets.
UPDATE 7 – Monday 7th November – 4pm
The purpose of this communication is to provide further information for Bellmont Futures Clients in relation to the first scheduled meeting of creditors of the Companies:
MF Global Australia Limited (administrators appointed)
MF Global Securities Australia Limited (administrators appointed)
Brokerone Pty Limited (administrators appointed) applicable
The meeting of creditors of the Companies will be held at the Sofitel Sydney Wentworth, Main Ballroom, 61-101 Phillip St, Sydney NSW on Friday 11 November 2011 at 10:30am.
In order for you to be eligible to vote on the resolutions of the meeting of creditors, you must have funds held in your MF Global account and lodge the proof of debt form which is to be received by 4pm Thursday 10 November 11. In this document you assert that you are a creditor/client of the Companies and declare the balance of your unsecured account.
Should you not be able to attend the meeting of creditors, you are encouraged to appoint David Montuoro, Director of Bellmont Securities Pty Ltd as Proxy to vote at the meeting of creditors on your behalf.
The Informal Proof of Debt and Appointment of Proxy forms can be found by following the link bellow:
Notice of first meeting of Creditors of Company under Administration
We recommend you submit two copies of your proof of debt and any Proxy form via email to:
mfgaustralia@deloitte.com.au
and admin@bellmontsecurities.com.au
Or should you prefer, by post to:
Deloitte Touche Tohmatsu
Attention: Paul Redpath
Level 9, Grosvenor Place
225 George Street
SYDNEY NSW 2000
and
Bellmont Securities
Attention: Bellmont Futures
Level 2, 261 George St
SYDNEY NSW 2000
To assist with completing the forms please click here to see samples of both documents. For further information regarding the MF Global and the first meeting of creditors please visit: https://www.deloitte.com/au/mfglobal or contact Bellmont Securities on 1300 368 294.
UPDATE 6 – Friday 4th November – 9am
The administrators have created a page which will provide official statements and FAQs. It can be located at:
https://www.deloitte.com/au/mfglobal
Further there is a creditors meeting on Thursday the 10th of November. One of our directors will attend on your behalf. We will be seeking clarification of the return of funds and timelines.
UPDATE 5 – Thursday 3th November – 12:45pm
Information just released on how MFGA intends to process instructions received.
UPDATE 4 – Thursday 3rd November – 11:15am
As you may well be aware, information is scarce surrounding MF Global and the appointed administration of the companies (Companies):
MF Global Australia Limited (Administrators appointed) (ACN 001 662 077) (“MFGA”)
MF Global Securities Australia Limited (Administrators appointed) (ACN 125 669 801) (“MFGS”)
Brokerone Pty Limited (Administrators appointed) (ACN 070 037 482) (“Broker”)
In order to keep our clients as up to date as possible, we have been undertaking our own investigation into the status of client’s funds held by the Companies within the Client Segregated Account. It is our view that your funds are still secure and the allegations of fraudulent activities are centralised to the US branches of MF Global, however we are led to believe that withdraw requests will be actioned no sooner than 30 days. Again this the opinion of Bellmont Securities as no official statement has been made in relation to funds held by the Companies.
We have attempted to contact the administrators, Christopher Robert Campbell, David John Frank Lombe and Vaughan Neil Strawbridge of Deloitte Touche Tohmatsu on behalf of our clients to which we have not as yet received return correspondence. We will continue to monitor the MF Global situation very closely and are currently in negotiations with other providers to arrange a solution for those clients seeking to continue trading in the futures markets.
To register your interest in a new futures account and keep up to date with developments surrounding the MF Global situation, visit our dedicated webpage by following the link below.
Bellmont Securities – MF Global News Updates
Should you have questions or concerns please feel free to contact us at Bellmont Securities on 1300 368 395.
UPDATE 3 – Wednesday 2nd November – 11am
This is an email that the administrators of MF Global sent to Bellmont today.
UPDATE 2 – Tuesday 1st November – 2pm
As the MF Global situation develops, we will attempt to keep you updated. Unfortunately, information is difficult to get at the moment, but we will ensure that we pass on any information that is relevant. Please note that we cannot guarantee the accuracy of the information that we provide, but will continue to provide you with our interpretation of the situation until an official statement is provided.
Although there has still been no official release, the facts as we understand them as at 2pm Tuesday 1st November are:
- Overnight MF Global filed for Chapter 11 bankruptcy in the US
- Today, administrators have been appointed to the Australian business
- MF clients are currently not able to trade (enter new positions, or exit existing positions – although they are working to allow the exiting of existing positions as a matter of priority)
- Fund transfer requests are still being accepted, but there is currently a delay in them being processed
- Client funds are held in a client segregated account as per exchange regulations and are not used for operations
Over the coming days we will be looking in to the best alternatives for clients who wish to continue to access the futures markets. We will send through a recommendation in coming days regarding this, once we’ve been able to undertake appropriate due-dilligence.
We will continue to keep you informed as new information comes to hand.
Regards,
David Montuoro & Peter Bell
Directors – Bellmont Securities
UPDATE 1 – Monday 31st October – 2:15pm
As you may have heard MF Global’s share price has sold off significantly in recent days due to a string of operating losses. Many rumours have been circulating including the possibility of another firm buying MF Global. At this point these remain rumours. MF Global is yet to release any official information on this matter.
Although there has been no official release, the facts as we understand them at 2:15pm Monday 31st Oct are:
- Clients with MF Global futures accounts cannot open new positions.
- Existing positions can be closed.
- Client funds are held in a client segregated account as per exchange regulations and are not used for operations. (see attachment for details)
- MF Global are accepting withdrawals but there may be some delay in processing them.
I would like to stress that your Macquarie Prime trading account is not impacted and all operations continue as normal. If you would like to discuss please call the desk. We will keep you updated with any details as they come to hand.
Regards,
David Montuoro & Peter Bell
Directors – Bellmont Securities