Profile: MF Global Ltd. (MF.N)

MF Global Ltd. (MF Global) provides execution and clearing services for exchange-traded and over-the-counter (OTC), derivative products, as well as for non-derivative foreign exchange products and securities in the cash market. It provides its clients with access to many of the markets and products worldwide. MF Global provides its clients with three primary types of products: exchange-traded derivatives, OTC derivatives and cash products. The Company provides these services through dedicated broker teams focused on particular markets. Its primary offerings are equities, interest rate products, fixed income, foreign exchange and commodities. MF Global classifies currency futures within foreign exchange and equity index futures within equities.

As of March 31, 2009, the Company had approximately 137,000 active clients worldwide and offices in 13 countries, including Bermuda, Chicago, Dubai, Hong Kong, London, Mumbai, New York, Paris, Singapore, Switzerland, Sydney, Taipei, Tokyo, and Toronto. It provides its clients with market access to approximately 70 exchanges through its broker networks, relationships with introducing brokers and online trading platforms. The Company’s clients include institutions, hedge funds and other asset managers, as well as professional traders and private clients. It acts as an intermediary principally for five types of products: fixed income, commodities, foreign exchange, equities and interest rate products, and support a retail products group. The Company also acts as a clearing firm for clients that execute trades in futures and options on exchanges where it has approved as a clearing member. It also provides clearing services for a number of transactions executed in the OTC markets.

The Company executes client trades in exchange-traded derivatives, both on an agency and, in some markets outside the United States, on a matched-principal basis, and then, if acting as a clearing broker, clears the orders for its clients and their counterparties. The principal trading markets for which it executes and clears exchange-traded derivatives include interest rate products, equities and commodities. The products that generate the largest trading volumes for the Company include futures and options linked to interest rates, equities, energy and metals. The principal exchanges on which it executes futures and options trades include the Chicago Board of Trade, the Chicago Mercantile Exchange and the New York Mercantile Exchange in the United States, Eurex, Euronext.Liffe, ICE Futures and London Metals Exchange in Europe and the the Sydney Futures Exchange and Singapore Exchange in the Asia/Pacific region.

MF Global provides execution services on both an agency and a matched-principal basis for an array of OTC derivatives, including forwards, options, swaps and other derivative products. The Company also designs OTC derivative products that can be tailored to meet its clients’ individual investment needs. Its design capabilities also extend to vanilla OTC swaps that replicate exchange-traded contracts, longer-dated swaps that enable clients to establish exposures beyond the settlement dates of typical exchange-traded derivatives and customized options with a variety of payout profiles. The principal OTC markets, in which the Company executes derivatives trades include energy, other commodities and equities.

The Company executes and clear trades for an array of cash products, including listed equity securities, debt securities and foreign exchange products on both an agency and a matched-principal basis. The cash product trades the Company executes involve listed equities, the United States Treasury securities and corporate bonds traded in the OTC markets, and OTC foreign exchange contracts and spot transactions. MF Global clears many of these products for its clients other than the United States equities, which are cleared by Depository Trust & Clearing Corporation, and United States Treasuries, which are cleared by The Fixed Income Clearing Corporation. The equity trades the Company executes principally involve stocks listed on major the United States and European exchanges and, to a lesser extent, various exchanges in the Asia/Pacific region, including exchanges in Australia, Singapore and India. The Company primarily executes trades for the United States Treasury securities and foreign exchange products in the major United States and European OTC markets.