Lind-Waldock
Encyclopedia
Lind-Waldock was founded in 1965 by Barry Lind, a successful trader at the Chicago Mercantile Exchange
, and Jack Waldock, who made his mark in the meat packing industry. Lind-Waldock has been regarded as the first discount futures broker, the first to develop an electronic order-routing system to U.S. futures exchange
trading floors, and the first to offer clients an online order-entry platform.
Lind-Waldock operated as a full-service futures brokerage firm primarily serving individual traders
, or as known in the industry, “retail” clients.
Refco
Group Ltd. acquired Lind-Waldock in 2000, and for a brief period, the company operated under the name Refco Private Client Group. An accounting scandal at Refco forced the sale of business in November 2005, and amid a heated bidding war, Refco Private Client Group was acquired by UK-based financial services firm Man Group
plc. Man Group spun off its brokerage arm, Man Financial Inc, in an initial public offering in 2007.Lind-Waldock operated as a division of this spin-off, MF Global Inc.
until August 2011. On August 1, 2011, MF Global retired the name Lind-Waldock, integrating the division more fully within the MF Global brand.
The former Lind-Waldock now operates as part of the individual futures trading division at MF Global. Products and services in MF Global's individual futures trading division include self-directed trading, broker-assisted trading, and managed futures.
MF Global Inc. (NYSE:MF) is the leading broker of exchange-listed futures and options in the world. It provides execution and clearing services for exchange-traded and over-the-counter derivative products as well as for non-derivative foreign exchange products and securities in the cash market.
MF Global has a worldwide client base of more than 130,000 active accounts ranging from financial institutions, industrial groups, hedge funds and other asset managers to professional traders and private/retail clients. It operates in 12 countries on more than 70 exchanges.
MF Global Holdings filed for bankruptcy protection on Monday, 31st October 2011, following bad bets on euro zone debt.
Chicago Mercantile Exchange
The Chicago Mercantile Exchange is an American financial and commodity derivative exchange based in Chicago. The CME was founded in 1898 as the Chicago Butter and Egg Board. Originally, the exchange was a non-profit organization...
, and Jack Waldock, who made his mark in the meat packing industry. Lind-Waldock has been regarded as the first discount futures broker, the first to develop an electronic order-routing system to U.S. futures exchange
Futures exchange
A futures exchange or futures market is a central financial exchange where people can trade standardized futures contracts; that is, a contract to buy specific quantities of a commodity or financial instrument at a specified price with delivery set at a specified time in the future. These types of...
trading floors, and the first to offer clients an online order-entry platform.
Lind-Waldock operated as a full-service futures brokerage firm primarily serving individual traders
Trader (finance)
A trader is someone in finance who buys and sells financial instruments such as stocks, bonds, commodities and derivatives. A broker who simply fills buy or sell orders is not a trader, as they are merely executing instructions given to them. According to the Wall Street Journal in 2004, a managing...
, or as known in the industry, “retail” clients.
Refco
Refco
Refco was a New York-based financial services company, primarily known as a broker of commodities and futures contracts. It was founded in 1969 as "Ray E. Friedman and Co." Prior to its collapse in October, 2005, the firm had over $4 billion in approximately 200,000 customer accounts, and it was...
Group Ltd. acquired Lind-Waldock in 2000, and for a brief period, the company operated under the name Refco Private Client Group. An accounting scandal at Refco forced the sale of business in November 2005, and amid a heated bidding war, Refco Private Client Group was acquired by UK-based financial services firm Man Group
Man Group
Man Group plc is a British alternative investment management business. It provides a range of funds for institutional and private investors globally. The company manages about US$68 billion and employs around 1,700 people in 15 locations worldwide.Man’s headquarters are at Riverbank House...
plc. Man Group spun off its brokerage arm, Man Financial Inc, in an initial public offering in 2007.Lind-Waldock operated as a division of this spin-off, MF Global Inc.
MF Global
MF Global , formerly known as Man Financial, was a major global financial derivatives broker. MF Global provided exchange-traded derivatives, such as futures and options as well as over-the-counter products such as contracts for difference , foreign exchange and spread betting. MF Global was...
until August 2011. On August 1, 2011, MF Global retired the name Lind-Waldock, integrating the division more fully within the MF Global brand.
The former Lind-Waldock now operates as part of the individual futures trading division at MF Global. Products and services in MF Global's individual futures trading division include self-directed trading, broker-assisted trading, and managed futures.
MF Global Inc. (NYSE:MF) is the leading broker of exchange-listed futures and options in the world. It provides execution and clearing services for exchange-traded and over-the-counter derivative products as well as for non-derivative foreign exchange products and securities in the cash market.
MF Global has a worldwide client base of more than 130,000 active accounts ranging from financial institutions, industrial groups, hedge funds and other asset managers to professional traders and private/retail clients. It operates in 12 countries on more than 70 exchanges.
MF Global Holdings filed for bankruptcy protection on Monday, 31st October 2011, following bad bets on euro zone debt.