TORONTO, Nov. 12, 2011 /CNW/ - KPMG Inc., the Court-appointed trustee in
bankruptcy announced today that a motion is now filed with the Ontario
Superior Court of Justice, seeking authority for the transfer of
certain MF Global Canada Co. customer accounts to RBC Dominion
Securities Inc. The accounts to be transferred will include the
accounts of the majority of customers with futures accounts and with
equity and bond accounts. The Court will hear the motion on Monday,
November 14th, at 10 am ET in Toronto.
"We have worked as quickly as possible over the last week to obtain as
much information as possible with respect to customer accounts and the
reconciliation of customer accounts. This has been a very complex
process." said Richard Harris, Restructuring Partner at KPMG. "KPMG has
received a great deal of cooperation from a large team of people,
working around the clock to help expedite the process, including
clearing houses, custodians and securities exchanges in Canada and the
U.S., the Canadian Investor Protection Fund, and the U.S. trustee for
MF Global Inc. KPMG and RBC Dominion Securities Inc., have been working
together to reach this agreement to better serve MF Global clients."
MF Global Canada customers have not been able to access their accounts,
other than to conduct liquidation trades, pursuant to the bankruptcy
order issued on November 4, 2011. This allowed the Canadian Investor
Protection Fund (CIPF) and KPMG Inc. sufficient time to locate all
customer assets, and to arrange for the fair and orderly transfer of
customer accounts to another CIPF Member.
If approved by the Court, the transfer of customer accounts to RBC
Dominion Securities will allow many of the MF Global Canada account
holders to access their accounts and begin trading their securities.
MFGC clients who transacted in foreign exchange are not included in the
transfer to RBCDS. For these customers and any other customers of MFGC,
the Trustee is considering the available alternatives. The Trustee will
provide further information on these matters as soon as possible.
CIPF applied for a bankruptcy order for MF Global Canada on Wednesday,
November 2, 2011, after IIROC suspended MF Global Canada's membership
rights and privileges on November 1, 2011. The firm's U.S. parent, MF
Global Holdings Ltd., declared bankruptcy in the United States on
October 31. The Canadian bankruptcy order was granted by the Court on
Friday, November 4, 2011. Since then, KPMG has worked expeditiously to
verify all customer accounts and to determine the financial position of
the insolvent firm in cooperation with CIPF, IIROC, MF Global Canada
and third-party organizations.
Further information about the bankruptcy of MF Global Canada can be
accessed on the KPMG www.kpmg.ca/mfglobalcanada website, firstname.lastname@example.org, 416 777 3666 or toll free at 1 866 602 6743.
KPMG is a global network of professional firms providing Audit, Tax and
Advisory services. We operate in 150 countries and have 138,000 people
working in member firms around the world. The independent member firms
of the KPMG network are affiliated with KPMG International Cooperative
(`KPMG International`), a Swiss entity. Each KPMG firm is a legally
distinct and separate entity and describes itself as such.
SOURCE KPMG LLP
For further information:
Manager, Media & External Communications
416 777 8918