The SIPC Trustee’s counsel issued a statement in respect of the claims process – available here.
Here are the highlights:
1) The Trustee is working on an expedited claims process. Once established, former securities and commodities customers will need to submit a claim in order to obtain their property.
2) Distributions of customer property may be made from the estate on a piecemeal basis, so a customer may not get all of its property back at once.
3) There will be no individual account transfers outside of the claims process.
Based upon the absence of any reference to a bulk transfer of securities accounts, it appears to me that the Trustee has been unable to find a broker-dealer willing to take MF Global’s securities brokerage business. Although, in all fairness, that is not stated explicitly in the official statement and it is a guess on my part – let’s hope that I am wrong, totally misread the communication and a bulk transfer occurs asap .
Good day. Good, but not great, development. TSR