09 November 2011

Risk Off

From last night:

"Why this resignation [by Berlusconi] without an heir apparent introduced 'certainty' eluded me somewhat.

I suspect that the Wall Street wiseguys are planning their own version of death by bunga bunga for the investing public."

Just another wash and rinse. Key support in the futures has held so far. Wax on, wax off.

General Counsel, Chief Executive Officer and Company Secretary, and the Administrators,
MF Global UK Limited (in Administration),
5 Churchill Place,
Canary Wharf,
London E14 5HU
31 October 2011

Dear Sirs,


We refer to the LCH rules, (which shall include all of the General Regulations, the Default Rules, the Default Fund Rules, the Settlement Finality Regulations and the Procedures) and the Clearing Membership Agreement (including extensions thereto), the all monies guarantee provided by MF Global Holdings Ltd (‘the LCH Rules and Documentation’) and we hereby declare you to be a ‘defaulter’ as defined in the LCH Rules and Documentation. Capitalised terms used herein and not defined herein shall have the meaning given to them in the LCH Rules and Documentation.

Ian Axe
Group Chief Executive
For and on behalf of LCH.Clearnet Limited

Cc: MF Global Holdings Ltd
717 Fifth Avenue, 9th Floor
New York, NY 10022

And at:
Corporation Trust Center
1209 Orange Street
New Castle County
Delaware, DE 19801