The largest broker of exchange-traded futures and options, fell 65 percent

Bloomberg reports:

March 17 (Bloomberg) -- MF Global Ltd., the largest broker of exchange-traded futures and options, fell 65 percent in New York trading on speculation clients were withdrawing cash. The company said its funding was ``sufficient.''

``There are concerns that their commodities prime brokerage group customers are pulling money out,'' said Michael Nasto, senior trader at U.S. Global Investors Inc., which manages $5 billion in San Antonio. ``The customers have concerns about the financial stability of the firm.''

MF Global had $10.4 billion of customer segregated funds as of Jan. 31, according to the U.S. Commodity Futures Trading Commission. The Hamilton, Bermuda-based company fell $11.30 to $6.05 at 4:30 p.m. in New York Stock Exchange composite trading, after falling as low as $3.64 earlier today while financial shares dropped to the lowest level in almost five years. MF Global stock has lost 81 percent of its value this year.