Exhibit 12.1

MF Global Ltd.

Computation of
Ratio of Earnings to Fixed Charges (1)

(Dollars in thousands)



|                                                                                                                                                                      |                    |                          |         |      |                              |      |         |      |   |           |  |      |           |  |   |           |  |   |        
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------ | ------------------------ | ------- | ---- | ---------------------------- | ---- | ------- | ---- | - | --------- |  | ---- | --------- |  | - | --------- |  | - | -------
|                                                                                                                                                                      |                    | For the Six Months ended |         |      | For the Year Ended March 31,
|                                                                                                                                                                      | September 30, 2009 |                          |         | 2009 |                              | 2008 |         | 2007 |   | 2006      |  | 2005
|Pre-tax (loss)/income from continuing operations before adjustment for non-controlling interests in consolidated subsidiaries or
income or loss from equity investees |                    | $                        | (52,777 | )    |                              | $    | 9,949   |      | $ | 3,599     |  | $    | 289,663   |  | $ | 88,026    |  | $ | 123,768
|                                                                                                                                                                      |                    |                          |         |      |                              |     
|Add: Fixed charges                                                                                                                                                    |                    |                          |         |      |                              |      |         |      |   |           |  |      |           |  |   |           |  |   |        
|Interest expense, amortization of debt issuance costs and accretion of debt discount                                                                                  |                    |                          | 91,720  |      |                              |      | 563,757 |      |   | 3,234,548 |  |      | 3,783,117 |  |   | 1,205,005 |  |   | 554,764
|Appropriate portion of rentals representative of the interest factor(2)                                                                                               |                    |                          | 5,077   |      |                              |      | 10,720  |      |   | 9,775     |  |      | 6,387     |  |   | 5,813     |  |   | 3,298  
|                                                                                                                                                                      |                    |                          |         |      |                              |      |         |      |   |           |  |      |           |  |   |           |  |   |        
|Total fixed charges                                                                                                                                                   |                    |                          | 96,797  |      |                              |      | 574,477 |      |   | 3,244,323 |  |      | 3,789,504 |  |   | 1,210,818 |  |   | 558,062
|                                                                                                                                                                      |                    |                          |         |      |                              |      |         |      |   |           |  |      |           |  |   |           |  |   |        
|                                                                                                                                                                      |                    |                          |         |      |                              |     
|Earnings                                                                                                                                                              |                    |                          | 44,020  |      |                              |      | 584,426 |      |   | 3,247,922 |  |      | 4,079,167 |  |   | 1,298,844 |  |   | 681,830
|                                                                                                                                                                      |                    |                          |         |      |                              |      |         |      |   |           |  |      |           |  |   |           |  |   |        
|Ratio of earnings to fixed charges(3)                                                                                                                                 |                    |                          |        |      |                              |      | 1.02    |      |   | 1.00      |  |      | 1.08      |  |   | 1.07      |  |   | 1.22   
|                                                                                                                                                                      |                    |                          |         |      |                              |      |         |      |   |           |  |      |           |  |   |           |  |   |        



|(1) | The ratio of earnings to fixed charges is computed by dividing earnings, which is the sum of pre-tax (loss)/income from continuing operations before
adjustment for non-controlling interests in consolidated subsidiaries or income or loss from equity investees and fixed charges, by fixed charges. Fixed charges represent interest expenses, amortization of debt issuance costs, accretion of debt
discount and an appropriate portion of rentals representative of the interest factor.
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|(2) | The percent of rent included in the computation is a reasonable approximation of the interest factor.
|--- | -----------------------------------------------------------------------------------------------------

|(3) | Due to the Companys pre-tax loss in the six months ended September 30, 2009 the ratio coverage was less than 1:1 in this period. The Company
would have needed to generate additional earnings of $52,777 to achieve a coverage of 1:1.
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MF Global Ltd.

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends (4)

(Dollars in thousands)



|                                                                                                                                                                      |                    |                          |         |      |                              |      |         |      |   |           |  |      |           |  |   |           |  |   |        
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------ | ------------------------ | ------- | ---- | ---------------------------- | ---- | ------- | ---- | - | --------- |  | ---- | --------- |  | - | --------- |  | - | -------
|                                                                                                                                                                      |                    | For the Six Months ended |         |      | For the Year Ended March 31,
|                                                                                                                                                                      | September 30, 2009 |                          |         | 2009 |                              | 2008 |         | 2007 |   | 2006      |  | 2005
|Pre-tax (loss)/income from continuing operations before adjustment for non-controlling interests in consolidated subsidiaries or
income or loss from equity investees |                    | $                        | (52,777 | )    |                              | $    | 9,949   |      | $ | 3,599     |  | $    | 289,663   |  | $ | 88,026    |  | $ | 123,768
|                                                                                                                                                                      |                    |                          |         |      |                              |     
|Add: Fixed charges                                                                                                                                                    |                    |                          |         |      |                              |      |         |      |   |           |  |      |           |  |   |           |  |   |        
|Interest expense, amortization of debt issuance costs and accretion of debt discount                                                                                  |                    |                          | 91,720  |      |                              |      | 563,757 |      |   | 3,234,548 |  |      | 3,783,117 |  |   | 1,205,005 |  |   | 554,764
|Appropriate portion of rentals representative of the interest factor(5)                                                                                               |                    |                          | 5,077   |      |                              |      | 10,720  |      |   | 9,775     |  |      | 6,387     |  |   | 5,813     |  |   | 3,298  
|                                                                                                                                                                      |                    |                          |         |      |                              |      |         |      |   |           |  |      |           |  |   |           |  |   |        
|Total fixed charges                                                                                                                                                   |                    |                          | 96,797  |      |                              |      | 574,477 |      |   | 3,244,323 |  |      | 3,789,504 |  |   | 1,210,818 |  |   | 558,062
|                                                                                                                                                                      |                    |                          |         |      |                              |      |         |      |   |           |  |      |           |  |   |           |  |   |        
|                                                                                                                                                                      |                    |                          |         |      |                              |     
|Earnings                                                                                                                                                              |                    |                          | 44,020  |      |                              |      | 584,426 |      |   | 3,247,922 |  |      | 4,079,167 |  |   | 1,298,844 |  |   | 681,830
|                                                                                                                                                                      |                    |                          |         |      |                              |     
|Preferred dividend requirements(6)                                                                                                                                    |                    |                          | 15,356  |      |                              |      | 33,704  |      |   |          |  |      |          |  |   |          |  |   |       
|                                                                                                                                                                      |                    |                          |         |      |                              |      |         |      |   |           |  |      |           |  |   |           |  |   |        
|Total combined fixed charges and preferred dividends                                                                                                                  |                    |                          | 112,153 |      |                              |      | 608,181 |      |   | 3,244,323 |  |      | 3,789,504 |  |   | 1,210,818 |  |   | 558,062
|                                                                                                                                                                      |                    |                          |         |      |                              |     
|Ratio of earnings to combined fixed charges and preferred dividends(7)                                                                                                |                    |                          |        |      |                              |      |        |      |   | 1.00      |  |      | 1.08      |  |   | 1.07      |  |   | 1.22   
|                                                                                                                                                                      |                    |                          |         |      |                              |      |         |      |   |           |  |      |           |  |   |           |  |   |        



|(4) | The ratio of earnings to combined fixed charges and preferred dividends is computed by dividing earnings, which is the sum of pre-tax (loss)/income
from continuing operations before adjustment for non-controlling interests in consolidated subsidiaries or income or loss from equity investees and fixed charges, by combined fixed charges and preferred dividends. Fixed charges represent interest
expenses, amortization of debt issuance costs, accretion of debt discount and an appropriate portion of rentals representative of the interest factor.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(5) | The percent of rent included in the computation is a reasonable approximation of the interest factor.
|--- | -----------------------------------------------------------------------------------------------------

|(6) | The preferred dividend requirement represents the amount of pre-tax earnings required to cover preferred stock dividend requirements, with a tax
gross-up adjustment in periods in which there is an income tax provision. For the six months ended September 30, 2009, a tax gross-up adjustment was not required as the Company had an income tax benefit. For the year ended March 31, 2009,
a 38.8% tax rate from ongoing operations was used to calculate the gross-up adjustment.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(7) | Due to the Companys pre-tax loss in the six months ended September 30, 2009 and significant non-cash charges in the year ended
March 31, 2009, the ratio coverage was less than 1:1 in each of these periods. The Company would have needed to generate additional earnings of $68,133 in the six months ended September 30, 2009 and $23,755 in the year ended March 31,
2009 to achieve a coverage of 1:1 in each of these periods.
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