brokers-benefit-from-banks-disarray

Brokers benefit from banksÆ disarray

Bernie Dan, chief executive of MF Global, talks to FinanceAsia about the new competitive environment for brokers.

Bernie Dan took over the chief executive role at MF Global in October 2008, at a time when its share price was being hammered by investors thanks to a $140 million rogue-trading loss and just as trading volumes were collapsing. The former head of the Chicago Board of Trade was faced with a tough job.

The broker's results for the last quarter of 2008 reflect the difficult environment. Adjusted net revenues were $367.4 million, down from $422 million in the last quarter of 2007 -- a consequence of the fall in exchange-traded futures and options volumes, which were down to 402.5 million contracts from almost 500 million a year earlier. Hefty severance costs following the...

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