Future of MF Global fuel oil swap desk in question as brokers resign
MF GLOBAL, the futures broker, suffered a hammer blow to its London-based fuel oil swaps operations after the majority of the team resigned earlier this month.
Eight out of nine brokers on the fuel oil desk have left the firm, it emerged yesterday, with sources suggesting that the one remaining member is also due to also leave .
A spokeswoman insisted the desk has not been shut down, adding: “We are still committed to that space.”
She added that the hiring freeze at the firm did not necessarily extend to areas where appointments were deemed critical to continuing operations, though declined to comment on the staff departures specifically.
The news comes less than a month after MF Global closed down its Asia fuel oil broking desk in Singapore.