Voluntary bankruptcy petitions for MF Global Holdings Ltd. and MF Global Finance USA Inc. hit the docket in a US bankruptcy court in Manhattan mid-morning Monday.

The New York Federal Reserve said that it suspended new business with the futures trading company until it establishes that it is "fully capable" of performing its duties as a primary broker. It is one of 22 primary brokers at the New York Fed.

Additionally, the InterContinental Exchange limited MF Global customers to unwinding positions and said it will no longer recognize the company or its divisions as a guarantor. MF Global is a major player in the futures markets, so the news had an outsized effect on futures trading.

In its bankruptcy filing with the Federal Bankruptcy Court in Manhattan, it listed JPMorgan Chase and Deutsche Bank as its biggest creditors.

The company reported a quarterly loss of $192 million last week and has seen its shares plunge more than 60 percent since then.