Date: November 4, 2011
SIAS shares the concerns and anxiety of all MF Global Singapore Pte Ltd clients and, therefore, SIAS has spoken to KPMG, who have been appointed provisional liquidators of MF Global Singapore, regarding investors concerns on their position, specifically relating to CFDs and monies placed with the Company.
The situation that investors faced, with the placement of MF Global under provision liquidation, was one of lack of market access, and therefore, the inability to close open positions. SIAS has been informed that all MF Global’s Asia Pacific CFD positions have been closed on 1 November 2011 by its counter-party in Australia.
SIAS understands customers opened accounts with MF Global Singapore to be able to trade multiple products in multiple countries.One of the effects of this, in order for trades to executed smoothly, monies would have been placed in various jurisdictions and exchanges. Therefore, time would be needed to determine where all relevant monies are located, and then repatriate all monies back to Singapore as soon as possible. Only then, can an orderly distribution of monies back to all clients begin.
The Company has been providing information, regular updates and FAQs on it’s website, and investors are recommend to review the FAQs.
David Gerald
President & CEO
SIAS
