MF Global on brink

Futures broker MF Global confirmed this morning that the New York Federal Reserve has suspended their primary dealer status amid clatter that MF Global is working on a bankruptcy filing and looking to sell assets to Interactive Brokers Group.

MF Global entered the weekend on shaky ground after a poor second quarter earnings report caused its stock to tank last week, briefly dipping under $1 and ratings agencies downgraded their debt to junk status. Several reports had MF Global looking to making a deal over the weekend.

* NY Fed suspends MF Global

* Race to save MF Global

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