Cash hope for British clients of MF Global

CLIENTS of the British arm of collapsed US broker MF Global today move one step closer to getting back some of their money as the administrator publishes a timetable for dealing with claims.

KPMG, the special administrator, said clients could submit claims from 8 December until 30 March next year.

Joint administrator Richard Heis said: “The proportion of the client money pool to be distributed initially is dependent upon the return of sufficient funds from third party institutions and the ability of the Joint Special Administrators to make adequate provision for all possible claims in respect of client money.”

Several clients of MF Global, which collapsed on October 31 after a $6.3bn (£4.08bn) bet on the Eurozone triggered a massive loss of confidence, have complained about the time taken to return cash held in segregated accounts. KPMG said an “interim distribution” will be made within 14 days of the claim being agreed.

On Friday US broker INTL FCSTone agreed to buy the British metals unit of MF Global Holdings, including its London Metal Exchange ring-dealing seat, securing a significant role in metals with a single deal.