MFG revenue up 35% in Q2 as cost of IPO bites
MF Global (MFG) lost $90.6m during the second quarter, despite strong growth in its execution and clearing businesses. The brokerages losses were attributed to costs associated with its IPO in July.
While net revenues totalled $435.50m, up 35% over 2006 levels of $323.03m. MFG also revealed that the total cost of $144.3m was directly associated with the IPO and a provision for litigation settlement drove the impact of revenues down on a GAAP basis to a net loss of $90.6m.
Total volume rose 57% year-over-year to 544.7m lots. Execution-only volume was up 52% to 156.7m lots and cleared volume was up 59% to 388m lots.
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