Things we learned from the collapse of MF Global

• Do not limit yourself to only one broker…

• “Anyone of any standing will have more than one broker” – category I broker

• Errr, how many companies only had one broker? “There are slews and slews of really good SMEs who only had one broker and suddenly they’re out” – category II broker

• “One not-insignificant prop shop we’ve been talking to only had one broker” — market source

• “Everyone liked MF Global. Now you look across the ring and there’s nothing there” – ring dealer

• Everyone looks for leadership in a crisis but don’t expect administrators unwinding thousands of clients’ positions to move as fast as metals markets to provide it; it’s not really their job

• Do NOT be tempted to turn your well-respected brokerage into a prop shop.