MF Global's UK business to close

MF Global UK's administrator KPMG does not believe it will find a rescuer for the failed futures brokerage and is resigned to shutting the business, it has been reported today.

KPMG told 300 MF Global UK staff by email that it had given up marketing MF Global's remaining British operations after it failed to find a buyer
after a six-week search, the newspaper said.

MF Global had been one of the biggest U.S. futures brokerages but the firm, led by former U.S. Senator Jon Corzine, failed after a bad $6.3
billion bet on European sovereign debt spooked counterparties and investors.

KPMG joint administrator Mike Pink said the brokerage's UK division could not be saved.

"A marketing process was conducted for each main business area, but no viable bids were received. These were 'wasting assets', being people or
relationship-driven businesses," Pink said.

KPMG told MF Global clients on Friday it had closed or transferred almost all of the stricken broker's 1.6 million British client positions.