MF Global could be the latest company to leave Bermuda after announced plans to move to the US in order to diversify its business within the financial services sector.

The futures and options broker, which posted a $16 million net loss in its fiscal second quarter on lower trading volumes and US interest rates that are near zero percent, applied to the Securities and Exchange Commission (SEC) on Wednesday to be incorporated in Delaware, according to its financial statement.

The company is the most recent in a long line of firms who had signalled their intent to redomicile, the most high profile of which was Willis Group Holdings Ltd. in September unveiling plans to relocate to Ireland for a "more stable environment".

MF Global CEO Bernard Dan said the change was aimed to help the broker compete with US investment banks and with some customers preferring to deal with American companies, as well as improving the primary-dealer prospects.

"As previously disclosed, MF Global has been in the process of evaluating whether to change its jurisdiction of incorporation from Bermuda to Delaware, to best support our business and growth strategies, and more specifically, our focus on diversifying our business within financial services, as well as to improve our ability to respond to our current and anticipated competitive and regulatory landscape," read the statement.

The statement said the move was subject to the final approval of the company's board of directors, while the registration statement filed with the SEC would register the common and preferred stock of the Delaware company into which the outstanding shares of the Bermuda company would be converted on a one-for-one basis upon completion of the relocation.

MF Global's loss in the quarter ended September 30 was equivalent to 13 cents a share, and it compared with a profit of $3.5 million, or three cents, a year earlier, the company said in the statement. Excluding certain costs, the company earned one cent. On that basis, MF Global was estimated to earn four cents, according to a Bloomberg survey of 12 analysts.

Tighter credit in the wake of the financial crisis has limited the amount of borrowed money used to trade. Exchange- traded volume done by MF Global for customers fell 21 percent in the quarter, compared with a year ago, to 396 million contracts. Volatility was down in commodities and historically low interest rates also were "headwinds", Mr. Dan said in an interview before the results were released.