Risk council holds call on MF Global
By Dave Clarke
No other details of the call were provided.
MF Global, a futures brokerage, filed for bankruptcy protection on Monday following bad bets on euro zone debt.
The U.S. risk council was created by the 2010 Dodd-Frank financial oversight law to monitor and anticipate risks to the financial system. It has 10 voting members and includes all of the major U.S. financial regulators.
Brian Gardner, an analyst with Keefe, Bruyette & Woods, said that as of now the demise of MF Global does not look like an event that will cause big problems in financial markets.
He said, however, that because the firm is involved in a number of markets, regulators can gain insights into how to react to a larger firm failing.
"This is spring training," he said. "This is the game that doesn't count but they get to watch it happen and they can kind of war game their rules."
(Reporting by Dave Clarke; Editing by Gary Hill and Carol Bishopric)