In the wake of MF Global's default, clearing houses are attempting to coordinate a response.
Some 16 exchanges and clearing houses from around the globe have chimed in to announce that open trades and positions of the firm's UK arm have been liquidated.
For clients of MF Global UK, that means no more daily statements, reporting or other notifications as information could be faulty.
Richard Fleming, Richard Heis and Mike Pink of KPMG were appointed to handle the default at the time that the eighth largest bankruptcy in US history was announced and there have been media reports of discontent due to a lack of information.
A particular sticking point has been the disappearance of MF Global clients' funds from CME, over $600 million, which the Financial Times reported "turned up" at J.P. Morgan. However, the CME reports that its financial standing is on solid ground as a result of overcollateralised positions.
Apart from CME, US derivatives clearing houses such as OCC and ICE have coordinated to provide clients with further information on the status of their account and confirmations of designated receiving firms and amounts of transferred collateral as part of the bulk transfer process.
