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More than a year after the appointment of special administrators in relation to the UK broker MF Global UK Limited, clients with client money claims held on trust at the firm were still unclear as to how much they were entitled to receive. The delay was a result of a disagreement about how the clients' entitlement is to be calculated. The uncertainty as to the value of the entitlement arises out of open trades made with MF Global UK Limited. In particular whether the entitlements are to be valued notionally, as at the date of the appointment of the special administrators known as the primary pooling event (PPE), or at the value at which they actually closed out after the PPE.

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