Current Status

The London Stock Exchange has now completed its default procedures with respect to MF Global UK Limited, including all four phases outlined below. The Default Completion Report sent to the Financial Conduct Authority is attached below (with Annex 1 removed for confidentiality purposes).

MF Global UK Limited Default Completion Report - (file pdf - 441 KB)

Phase 1 - Declaration

Declare Default
Fix Hammer Prices
Stop Settlement
Request Data

Phase 2 - Data Collection and Reconcilation of on-Exchange market contracts

LSE trade report data collection
EUI data collection
Euroclear Bank data collection
Defaulter's data collection
Member firm counterparties data collection
Non member firm counterparties data collection
Conduct reconciliation

Phase 3 - Consultation on Initial Determination

Issue initial determination emails and data extracts to counterparties and defaulter
Opportunity for counterparties and defaulter to provide further evidence in support of submissions

Phase 4 - Assessment of Further Evidence, Confirmation of Net Amount Certificates ("NACs")

Assess any further evidence received from counterparties and defaulter and reach final determination
Confirm net amounts and issue NACs to member firms and non member firm counterparties