MF Global has said a decline in revenue during the first quarter of its 2010 financial year propelled the brokerage to report a net loss of $32.8m for the three month period between March and June.
Revenue fell 28% to $271.5m, having totalled $374.7m in the same period last year, MF Global said yesterday (August 6).
The Bermuda-registered firm blamed the loss on the falling volume of orders worldwide, which it said were driven by tighter credit availability, which limited the amount of borrowed money used to trade.
The firm said exchange-traded derivatives volume fell 21% in the quarter to total 430m contracts compared with a year ago, while...