The initial meeting of client and creditors of MF Global UK Limited ("MFG UK") took place yesterday, 9 January 2012, at 11 a.m. The meeting was chaired by Richard Heis (the "Chairman"), one of the joint special administrators of MFG UK, and we attended on behalf of a number of customers of MFG UK. The purposes of the meeting were to discuss and vote on the special administrators' proposals and to vote on the constitution of a client and creditors' committee.

The meeting was well attended by many customers of MFG UK and their advisers, and tensions in the room often ran quite high. A lot of anger was directed at the special administrators by customers of MFG UK at the perceived lack of transparency in the special administration, and in the difficulty that customers had in getting accurate information on trading positions that had been closed out or transferred as a result of the administration.

The Chairman opened the meeting by setting out the objective of the special administration, the background which led MFG UK to entering into special administration regime, and a brief description of the special administration regime.

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