MF Global files for Chapter 11 bankruptcy protection

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US brokerage firm MF Global has filed for Chapter 11 bankruptcy protection after revealing £4bn of eurozone debt exposure. The US brokerage, which has 2,000 staff worldwide including 600 in London, is said to be planning to sell its assets to rival Interactive Brokers Group.
Shares in MF Global were suspended by the New York authorities on Monday.
JPMorgan Chase and Deutsche Bank are the firm's two biggest creditors.
JPMorgan is said to have a claim of more than $1.2bn, while Deutsche Bank is owed more than $1bn.
Shares in JPMorgan fell 3.3% on the news of MF Global's Chapter 11 move, while Deutsche Bank's US-listed shares lost 8.7%.
Deutsche's shares in Europe were also hit, down 8.6%.
Chapter 11 postpones a US company's obligations to its creditors, giving it time to reorganise its debts or sell parts of the business.

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Note: Last updated 31 October 2011 at 15:55 GMT