MF Global fuel oil brokers to move to Spectron

Several members of the fuel oil swaps desk at inter-dealer brokerage MF Global who resigned earlier in July are set to move to rivals Spectron, industry sources say.

It was reported earlier last week that eight of the nine-man team in London had resigned, a move that followed MF Global’s decision to close the fuel oil swaps desk in Singapore in June.

“I think MF Global is trying to reposition its business,” says one industry source. “Maybe it did not want to pay what these guys were asking.”

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