Nov. 1 (Bloomberg) -- The New York Stock Exchange plans to delist shares of MF Global Holdings Ltd., citing its bankruptcy filing and third-quarter loss.
MF Global “is no longer suitable for listing,” according to NYSE Regulation Inc., a unit of NYSE Euronext. The stock hasn’t traded during regular hours since Oct. 28 after being delayed before yesterday’s open, according to data sent to Bloomberg. It fell 67 percent last week to $1.20 before the company sought bankruptcy protection yesterday.
“The company has a right to a review of this determination by a committee of the board of directors of NYSE Regulation,” NYSE said in a statement today. “Application to the Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, including any appeal by the company of the NYSE Regulation staff’s decision.”
MF Global said it failed after getting margin calls spurred by disclosure of more than $6 billion of European government debt investments. It told regulators that client accounts had “deficiencies,” the Commodity Futures Trading Commission and Securities and Exchange Commission said yesterday.
MF Global stock to be delisted by NYSE