MF Global beats forecasts

US stockbroker MF Global beat market expectations yesterday as it more than doubled its net revenues to $314.5m (£192m) in the past quarter and saw its earnings jump to $7.8m, from $0.7m in the same quarter last year. MF Global launched five years ago but saw the greatest benefit from its proprietary trading division, Principal Strategies Group, which it started last year. It is now moving to a full investment banking model. It also said it would sell $300m in convertible bonds due in 2018.