14 Responses to Eurozone tremors start: $41 billion dollar financial broker MF Global files for bankruptcy

  1. Craig S says:

    Greece to gold referendum on bail out. Volatility or fear index up 22% biggest jump since aug. http://m.guardian.co.uk/world/2011/oct/31/greece-euro-bailout-fresh-crisis?cat=world&type=article

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  2. Dawn says:

    Is this the first domino to fall in the derivatives market mentioned in an earlier post?

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  3. RainMan says:

    The World Casino.
    Tried to work out how derivatives actually work, can’t understand the jargon fully but my understanding so far in it’s simplistic form… it’s just a bet on whether something will go good, or bad, with your money.
    It went bad, time to go home.

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    • nickk0 says:

      “Tried to work out how derivatives actually work, can’t understand the jargon fully but my understanding so far in it’s simplistic form… it’s just a bet on whether something will go good, or bad, with your money.”

      This is probably the most simple – and best – definition of ‘Derivatives’ that I have read, Thank you.
      Key Words: “….with your money”. [ Read: OUR money, the money of investors from all walks of life.]

      – Nick

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  4. carl says:

    is this the straw that breaks the camels back? no? next one then? truth is I’m bored of waiting lets just get the whole thing over with !

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  5. I was watching the markets today. It did not end well. Oh well, I’m already broke, I might as well be broker. My treasure is in Heaven. I have been preparing what I can. The Lord will provide what I cannot.

    Maranatha

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  6. luisport says:

    The news that Greece is planning on holding a referendum on austerity and aid is destroying European markets.

    Germany is off 3.9%.

    Spain is off 3.7%.

    France is off 3.7%.

    Italy is off 4.6%.

    European banks have given back all post-summit gains, with SocGen down 12%.

    Earlier we mentioned how, predictably, Italian yields were blowing out once again.

    So seriously, what does Europe do now?

    Read more: http://www.businessinsider.com/europe-is-getting-destroyed-after-this-greek-referendum-news-2011-11#ixzz1cRql2cm1

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  7. Brian says:

    Hey Alvin we are still waiting for ” Hail Stones from Heaven ” to end this misery on Earth…!!
    Billions Starve, while others declare Billions in bankrupcy, while other’s print Billions in illegal
    Dolar currency while still others make Billions out of waging wars and it just carries on and on ?

    Sic !

    Everyday I pray quietly for Gods Speedy intervention to end this abomination on Earth…

    Reading your news everyday ~ keep up the excellent work !

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    • Thanks Brian. God is ever so patient in His mercy and grace hoping that the signs will awaken some to repentance unto salvation. His character is long-suffering for a world lost and groping in darkness and rotting from its own corruption. 2 Peter 3:9.

      I thank you for the continual support

      Alvin

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  8. luisport says:

    There was a lot of confusion this morning about what kind of impact the bankruptcy of futures dealer MF Global would have on trading operations.

    One place the impact was felt big: The floor of the Chicago Mercantile Exchange.

    We caught up by phone with Eric “The Wolfman” Wilkinson, the independent floor trader who many know because he stands near Rick Santelli on CNBC.

    He explained to us what happened.

    The gist: MF Global is the clearing firm for a huge chunk of the traders on the floor of the exchange. That means, essentially, that they guarantee that all trades get paid out, a role that the Chicago Board of Trade used to play directly, but which was outsourced to third parties as part of the CBOT’s move towards being publicly held. Importantly, MF is/was the clearing firm for many sub-firms, which means that many traders ultimately were having their trades cleared through MF Global, even if they didn’t know it.

    ANYONE who somehow has their trades cleared through them was unable to trade today, and that means that any trader who had open positions is just sitting there watching the market move, while they find a new firm.

    Theoretically this shouldn’t take too long, in some cases traders could be back up and running tomorrow if the paperwork of going to a new firm can be done fast enough.

    Bottom line though: The screwup that caused the big disruption was not necessarily the collapse of MF Global itself, but the fact that many firms that dealt with MF Global assumed that everything would be fine, like it would have been when the CBOT was a partnership.

    Here are some quotes from Wilkinson

    ————————

    “Basically … all this stuff started accumulating on Wednesday. A lot of these clearing firms had a chance to make a lot of moves. But people thought it was like the REFCO situation and there weren’t going to be a lot of problems.”

    “(Today) I got on the floor early … before they started shutting off everyone’s access.”

    “They’re not allowing people with open positions get out of it.”

    “This place is decimated … Crickets.”

    “Euro options pit probably has half the traders out there.”

    “Currency options has a 10th.”

    “Not going to let anyone on the floor tomorrow that’s clearing through MF Global.”

    “People who have huge positions. They must be pulling their hair out.”

    As for traders siwtching to new firms … “They have to sign some release agreements … it shouldn’t be much of a deal. They’ll be up late at night.”

    “They could’ve done something. When they saw that MF Global’s stock was going to 40 cents on Friday, a lot of these clearing firms should have been on the ball. They were old school, and thought that it would be seemless.”

    Read more: http://www.businessinsider.com/eric-wilkinson-interview-on-mf-global-2011-10#ixzz1cRwmvAWF

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  9. Jamie says:

    Reading and rereading the teachings of Jesus and Buddha I came away with something quite different about heaven and treasure. From what I gleaned from their wisdoms was that we had to become the treasure and that heaven resided within us. It is a choice to create heaven on Earth….or anywhere else our souls may go.

    Namaste

    Like

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