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The filing of bankruptcy by MF Global has come as a rude shock for employees in India. An employee of the firm, who did not want to be named, said the news had arrived but there was no formal communication on the fate of the employees in India.
MF Global Sify Securities India Pvt. Ltd, headquartered in Mumbai, is a joint venture between the MF Global and Satyam Infoway Ltd to offer online and offline equity and derivatives trading for retail customers as well as execution and clearing services for financial institutions.
According to its Web site, the company has an authorised capital of $14.5 million; of which MF Global holds 70 per cent and Satyam Infoway holds the balance.
MF Global Ltd, formerly Man Financial, provides execution and clearing services for exchange-traded and over-the-counter derivative products as well as for non-derivative foreign exchange products and securities in the cash market. MF Global operates across a broad range of trading markets, including interest rates, equities, currencies, energy and metals, agricultural and other commodities.
MF Global operates in 12 countries on more than 70 exchanges. “Our worldwide client base of more than 130,000 active accounts ranges from financial institutions, industrial groups, hedge funds and other asset managers to professional traders and private/retail clients,” the company claims in its Web site.
According to a company insider in India, MF Global approximately has 400 staff in the country.
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