MF Global Holdings signage at its offices in midtown Manhattan, Nov. 1, 2011. MF Global's Canadian unit has about 50 employees, operating out of trading offices in Toronto and Montreal.SHANNON STAPLETON/Reuters
Accounting firm KPMG has been appointed as the trustee responsible for handling MF Global Canada Co.'s bankruptcy, according to the Investment Industry Regulatory Organization of Canada.
The announcement is the first update that has been provided since IIROC suspended the company's Canadian operation on Tuesday. A day earlier, the firm declared bankruptcy south of the border.
Now that KPMG has been designated, the accounting firm will work with the Canadian Investor Protector Fund to sort through MF Global Canada's customer accounts in order to determine the firm's financial position.
Only limited information is available at this time. However, IIROC did note that "based on preliminary investigations, all MF Global Canada Co. customer assets are currently accounted for."
Tim Kiladze