Man Financial sues Cargill for breach of clearing contract

17 Jul 2006

Man Financial has sued Cargill for damages, claiming that the latter breached a contract requiring it to use Man's clearing services for all its commodities business.

The FCM claimed, in court documents obtained by FO Week, that it "has suffered and continues to suffer tens of millions of dollars of monetary losses and damages caused...

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“The fact is, an awful lot of people would be very happy for all business to be transacted over the counter. Transparency is good for the consumer, but privacy is better for the banks and the brokers. Wherever there’s a grey area, it’s possible to make money.”

European consultants predict frantic lobbying during the Mifid review.