Direct Markets Holdings Corp, parent of broker-dealer Rodman and Renshaw LLC, filed for bankruptcy on Friday and said that it would liquidate, Reuters reported yesterday. Direct Markets, along with its affiliates Rodman and Renshaw LLC and Direct Markets Inc, filed a chapter 7 petition. The company listed total assets of $1 million and liabilities of $10.6 million as of Jan. 9. In September, Rodman and Renshaw informed the Financial Industry Regulatory Authority that it was no longer in compliance with regulatory capital rules and would cease conducting its securities business. Direct Markets was previously Rodman and Renshaw Capital Group Inc, a small investment bank. It changed its name in May to focus on developing financial technology applications and operating the DirectMarkets platform.
