---

A number of brokers who resigned from the fuel oil swaps desk of the futures and options brokerage MF Global earlier this month are set for a move to Spectron Group Ltd, according to risk management publication Risk.net.

The news follows reports over the last few days that eight brokers from MF Global's nine-man fuel oil desk in London resigned from their posts earlier in July with the remaining member also expected to leave soon.

According to industry sources, the spate of departures may have been linked to a pay issue after MF Global recently changed its bonus scheme.

Rival firm Spectron operates a global marketplace for energy and environmental products from its offices in London, Singapore, Frankfurt and across the US. The company acts as an intermediary broker in the gas, electricity, oil, coal, metals, weather, petroleum and environmental products markets.

Founded in 1988, Spectron trades more than $500 billion of products per year.

Following the recent wave of resignations, MF Global confirmed last week that its London fuel oil desk would continue operating.

Less than a month ago, the company closed its Asia fuel oil broking desk in Singapore following the departure of all six of its brokers.

The office closure came just a few months after the appointment of Jon S Corzin, former Chairman of Goldman Sachs and governor of New Jersey, as new Chairman and Chief Executive of MF Global in March 2010.

Following the appointment of Corzin, MF Global announced that it would be cutting its workforce of around 3200 by 10-15 percent, stop new hiring, reduce compensation, and postpone or eliminate initiatives that were not fundamental to the future direction of the business.