Members of MF Global Holdings Ltd's board of directors were meeting on Saturday to discuss options for the sale of the brokerage, Bloomberg News reported.
The talks were said to have begun in New York at 4 p.m. EDT to discuss apparent offers from five potential buyers of the company.
"We're not commenting on the record about this meeting," MF Global spokeswoman Tiffany Galvin said.
A source familiar with the situation said on Friday that MF Global was racing to sell all or part of its business this weekend, with its futures brokerage business seen as the most attractive.
MF Global stock fell over 60 percent this week and the bonds were distressed after the firm posted a $191.6 million quarterly loss and as Moody's Investors Service and Fitch Ratings cut the company's credit ratings to junk.
(Reporting by Sam Nelson in Chicago; Editing by Peter Cooney)