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MF Global forex clients to be paid this month

The hunt for MF Global's missing $600-million in customer money could begin at the doors of Chicago-based Harris Bank.


Foreign-exchange clients of MF Global Canada Co. will get their money at the end of this month after having been excluded from an earlier agreement, said the trustee for the bankrupt brokerage.

KPMG Inc., the court-appointed trustee, and RBC Dominion Securities, the arm of Royal Bank of Canada that includes futures trading and clearing services, said Monday that the Ontario Superior Court of Justice had approved the bulk transfer of all MF Global Canada customers' futures, equity and fixed-income accounts to RBC.

The plan excluded foreign-exchange accounts, leaving some investors confused about the status of their funds almost three weeks after the Oct. 31 bankruptcy of the brokerage's U.S. parent, MF Global Holdings Ltd.

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"The Trustee will be making an application to court on Thursday Nov. 24 to obtain an order requiring the payment by cheque of all MF Global Canada Co. foreign-exchange accounts by Nov. 30," KPMG said Friday in an e-mail.

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About the Author
Investment Reporter

Nicolas Johnson has covered global finance, markets and investing since 1998. He joined The Globe and Mail in 2011. He has worked as a reporter and editor with Bloomberg News in Paris and Tokyo, and also worked briefly in emerging-market debt at Société Générale. More

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