STA is proud to announce that the transfer of its futures and options clearing business from MF Global UK Limited to Newedge UK Financial Limited was completed in record time and with minimal disruption.
Sonny Schneider (Managing Director) stated “To be able to affect a complex series of actions, in such a short time scale and under such huge pressures is testament to our pre-planning, dedicated and incredible hard working Staff and the support and understanding from our Clients”.
MF Global processed the bulk of STA’s futures and options business prior to its Parent, MF Global Holdings Ltd, filing for Chapter 11 bankruptcy protection on 31st October 2011. The rapid demise of this major player in the futures industry is the 7th largest bankruptcy in US history.
STA were able to transfer all open positions held at MF Global at the time of its collapse to Newedge, enabling futures trading to be operating as normal in only a little more than 24 hours after the Administrators took operational control of all activities and assets of MF Global. All other trading activities conducted by STA continued unaffected.
Clients of STA both pre and post this industry shaking event have been able to withdraw and deposit funds with STA as per normal. All client requests were met in full within our “next business day” procedure.
Despite many aspects of our infrastructure being developed to operate with our former long standing clearing agent, STA has been able to demonstrate its true independence and robustness. Recent events have clearly demonstrated the core values that STA are proud to emphasise: -
Inclusivity, responsiveness and client partnership development.
Notes:
Newedge is a leading force in global multi-asset brokerage with a strong presence in Europe, North America and Asia.
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