**Exhibit 10.3**

GUARANTY 

This GUARANTY, dated as of June 29, 2011, is made by each of thesignatories hereto (the “Guarantors”), in favor of JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) for the banks and other financial institutions or entities (the“Lenders”) from time to time parties to the 364-Day Revolving Credit Agreement, dated as of June [ ], 2011 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among MF GlobalInc. (the “Borrower”), MF Global Holdings Ltd., MF Global Finance USA Inc., the Lenders and the Administrative Agent. 

W I T N E S S E T H: 

WHEREAS, pursuant to the Credit Agreement, theLenders have severally agreed to make Loans to the Borrower upon the terms and subject to the conditions set forth therein; 

WHEREAS, theBorrower is a member of an affiliated group of companies that includes each Guarantor; 

WHEREAS, the Borrower and theGuarantors are engaged in related businesses, and each Guarantor will derive substantial direct and indirect benefit from the making of the Loans under the Credit Agreement; and 

WHEREAS, it is a condition precedent to the obligation of the Lenders to make the Loans to the Borrower under the Credit Agreement thatthe Guarantors shall have executed and delivered this Agreement to the Administrative Agent for the ratable benefit of the Lenders; 

NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make Loans to the Borrowerthereunder, each Guarantor hereby agrees with the Administrative Agent, for the ratable benefit of the Lenders, as follows: 

SECTION 1. DEFINED TERMS 

1.1 Definitions

(a) Unless otherwise defined herein, terms defined in theCredit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

The following terms shallhave the following meanings: 

“Agreement”: this Guaranty, as the same may be amended, supplemented orotherwise modified from time to time. 

“Obligations”: the collective reference to the unpaid principal of andinterest on the Loans and all other obligations and liabilities of the Borrower (including, without limitation, interest accruing at the then applicable rate provided in the Credit Agreement after the maturity of the Loans and interest accruing atthe then applicable rate provided in the Credit Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing orpost-petition interest is allowed in such proceeding) to the Administrative Agent or any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in

 
2 

 

connection with, the Credit Agreement, this Agreement, the other Loan Documents, or any other document made,delivered or given in connection with any of the foregoing, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursementsof counsel to the Administrative Agent or to the Lenders that are required to be paid by the Borrower pursuant to the terms of any of the foregoing agreements). 

1.2 Other Definitional Provisions

(a) The words “hereof,”“herein”, “hereto” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and Schedulereferences are to this Agreement unless otherwise specified. 

(b) The meanings given to terms defined herein shall be equallyapplicable to both the singular and plural forms of such terms. 

SECTION 2. GUARANTY 

2.1 Guaranty

(a) Each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the Administrative Agent, for the ratable benefit of the Lenders and their respective successors,indorsees, transferees and assigns, the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations owing from time to time by any and each Person other than such Guarantor.

(b) Anything herein or in any other Loan Document to the contrary notwithstanding, the maximum liability of each Guarantorhereunder shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal and state laws relating to the insolvency of debtors (after giving effect to the right of contribution established in Section 2.2).

(c) Each Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the liability ofsuch Guarantor hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Administrative Agent or any Lender hereunder. 

(d) The guarantee contained in this Section 2 shall remain in full force and effect until all the Obligations and the obligations ofeach Guarantor under the guarantee contained in this Section 2 shall have been satisfied by payment in full and the Commitments shall be terminated, notwithstanding that from time to time during the term of the Credit Agreement the Borrower maybe free from any Obligations. 

(e) No payment made by the Borrower or any Guarantor, any other guarantor or any other Personor received or collected by the Administrative Agent or any Lender by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations shall be deemedto modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Obligations or any payment received or collectedfrom such Guarantor in respect of the Obligations), remain liable for the Obligations up to the maximum liability of such Guarantor hereunder until the Obligations are paid in full and the Commitments are terminated. 

 
3 

 

2.2 Right of Contribution

Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share of any payment madehereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s right of contribution shall be subject tothe terms and conditions of Section 2.3. The provisions of this Section 2.2 shall in no respect limit the obligations and liabilities of any Guarantor to the Administrative Agent and the Lenders, and each Guarantor shall remain liable tothe Administrative Agent and the Lenders for the full amount guaranteed by such Guarantor hereunder. 

2.3 NoSubrogation

Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of anyGuarantor by the Administrative Agent or any Lender, no Guarantor shall be entitled to be subrogated to any of the rights of the Administrative Agent or any Lender against the Borrower or any other Guarantor or guarantee or right of offset held bythe Administrative Agent or any Lender for the payment of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Borrower or any other Guarantor in respect of payments made by such Guarantorhereunder, until all amounts owing to the Administrative Agent and the Lenders by the Borrower on account of the Obligations are paid in full and the Commitments are terminated. If any amount shall be paid to any Guarantor on account of suchsubrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Administrative Agent and the Lenders, segregated from other funds of such Guarantor, and shall,forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Administrative Agent, if required), to be applied against the Obligations,whether matured or unmatured, in such order as the Administrative Agent may determine. 

2.4 Amendments, etc. with respectto the Obligations

Each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation ofrights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Obligations made by the Administrative Agent or any Lender may be rescinded by the Administrative Agent or such Lender andany of the Obligations continued, and the Obligations, or the liability of any other Person upon or for any part thereof, or any guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed,extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent or any Lender, and the Credit Agreement and the other Loan Documents and any other documents executed and delivered in connectiontherewith may be amended, modified, supplemented or terminated, in whole or in part, as the Administrative Agent (or the Required Lenders or all Lenders, as the case may be) may deem advisable from time to time, and any guarantee or right of offsetat any time held by the Administrative Agent or any Lender for the payment of the Obligations may be sold, exchanged, waived, surrendered or released. 

2.5 Guaranty Absolute and Unconditional

Each Guarantor waives any and allnotice of the creation, renewal, extension or accrual of any of the Obligations and notice of or proof of reliance by the Administrative Agent or any Lender upon the guarantee contained in this Section 2 or acceptance of the guarantee containedin this Section 2; the Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, 

 
4 

 

or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and all dealings between the Borrower and any of the Guarantors, on the one hand, and theAdministrative Agent and the Lenders, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2. Each Guarantor waives diligence, presentment, protest,demand for payment and notice of default or nonpayment to or upon the Borrower or any of the Guarantors with respect to the Obligations. Each Guarantor understands and agrees that the guarantee contained in this Section 2 shall be construed asa continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or enforceability of the Credit Agreement or any other Loan Document, any of the Obligations or any guarantee or right of offset with respectthereto at any time or from time to time held by the Administrative Agent or any Lender, (b) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by theBorrower or any other Person against the Administrative Agent or any Lender, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Borrower or such Guarantor) which constitutes, or might be construed toconstitute, an equitable or legal discharge of the Borrower for the Obligations, or of such Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwisepursuing its rights and remedies hereunder against any Guarantor, the Administrative Agent or any Lender may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against theBorrower, any other Guarantor or any other Person or against guarantee or collateral security pursuant to any other Loan Document for the Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent or anyLender to make any such demand, to pursue such other rights or remedies or to collect any payments from the Borrower, any other Guarantor or any other Person or to realize upon any such guarantee or collateral security pursuant to any other LoanDocument or to exercise any such right of offset, or any release of the Borrower, any other Guarantor or any other Person or any such guarantee, collateral security or right of offset, shall not relieve any Guarantor of any obligation or liabilityhereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Administrative Agent or any Lender against any Guarantor. For the purposes hereof “demand” shall includethe commencement and continuance of any legal proceedings. 

2.6 Reinstatement

The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any timepayment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower orany Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such paymentshad not been made. 

2.7 Payments

Each Guarantor hereby guarantees that payments hereunder will be paid to the Administrative Agent without set-off or counterclaim in Dollars at the office of the Administrative Agent specified in theCredit Agreement. 

SECTION 3. REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respectiveextensions of credit to the Borrower, each Guarantor hereby represents and warrants to the Administrative Agent and each Lender that: 

 
5 

 

(a) The execution, delivery and performance by the Guarantors of this Guaranty are withinthe Guarantors’ corporate powers, have been duly authorized by all necessary corporate action, and do not contravene (i) the Guarantors’ organizational documents, (ii) any contractual restriction binding on or affecting theGuarantors or (iii) any applicable laws. 

(c) No authorization or approval or other action by, and no notice to or filingwith, any governmental authority or regulatory body or any other third party is required for the due execution, delivery and performance by the Guarantors of this Guaranty. 

(d) This Guaranty has been duly executed and delivered by the Guarantors. This Guaranty is the legal, valid and binding obligation of the Guarantors enforceable against each Guarantor in accordance withits terms, except to the extent that enforceability may be limited by bankruptcy, insolvency or other laws affecting creditors’ rights generally. 

SECTION 4. THE ADMINISTRATIVE AGENT 

4.1 Authority of Administrative Agent

Each Guarantor acknowledges that the rights and responsibilities of the Administrative Agent under this Agreement withrespect to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of thisAgreement shall, as between the Administrative Agent and the Lenders, be governed by the Credit Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Administrative Agent and theGuarantors, the Administrative Agent shall be conclusively presumed to be acting as agent for the Lenders with full and valid authority so to act or refrain from acting, and no Guarantor shall be under any obligation, or entitlement, to make anyinquiry respecting such authority. 

SECTION 5. MISCELLANEOUS 

5.1 Amendments in Writing

None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except in accordance with Section 9.02 of the Credit Agreement. 

5.2 Notices

All notices, requests and demands to or upon the Administrative Agent or any Guarantor hereunder shall be effected in the manner provided for in Section 9.01 of the Credit Agreement. 

5.3 No Waiver by Course of Conduct; Cumulative Remedies

Neither the Administrative Agent nor any Lender shall by any act (except by a written instrument pursuant to Section 5.1), delay, indulgence, omission or otherwise be deemed to have waived any rightor remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of the Administrative Agent or any Lender, any right, power or privilege hereunder or under any other LoanDocument shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder or any other Loan Document shall preclude any other or further exercise thereof or the exercise of any other right, power orprivilege. A waiver by the Administrative Agent or any Lender of any right or remedy hereunder or any other Loan 

 
6 

 

Document on any one occasion shall not be construed as a bar to any right or remedy which the Administrative Agent or such Lender would otherwise have on any future occasion. The rights andremedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 

5.4 Enforcement Expenses; Indemnification

(a) Each Guarantor agrees topay or reimburse each Lender and the Administrative Agent for all its reasonable out-of-pocket costs and expenses incurred in collecting against such Guarantor under the guarantee contained in Section 2 or otherwise enforcing or preserving anyrights under this Agreement and the other Loan Documents to which such Guarantor is a party, including, without limitation, the reasonable fees and disbursements of counsel to each Lender and of counsel to the Administrative Agent, subject to anylimitations in the Credit Agreement. 

(b) Each Guarantor agrees to pay, and to save the Administrative Agent and the Lendersharmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable in connection with any of the transactions contemplatedby this Agreement. 

(c) The agreements in this Section 5.4 shall survive repayment of the Obligations and all otheramounts payable under the Credit Agreement and the other Loan Documents. 

5.5 Successors and Assigns

This Agreement shall be binding upon the successors and assigns of each Guarantor and shall inure to the benefit of the AdministrativeAgent and the Lenders and their successors and assigns; provided that no Guarantor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Administrative Agent. 

5.6 Set-Off

In addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without notice to any Guarantor, any such notice being expressly waived by each Guarantor to theextent permitted by applicable law, upon any Obligations becoming due and payable by any Guarantor (whether at the stated maturity, by acceleration or otherwise), to apply to the payment of such Obligations, by setoff or otherwise, any and alldeposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any timeheld or owing by such Lender, any affiliate thereof or any of their respective branches or agencies to or for the credit or the account of such Guarantor. Each Lender agrees promptly to notify the relevant Guarantor and the Administrative Agentafter any such application made by such Lender, provided that the failure to give such notice shall not affect the validity of such application. 

5.7 Counterparts

This Agreement may be executed by one or more of theparties to this Agreement on any number of separate counterparts (including by telecopy or any other manner approved pursuant to Section 9.01(b) of the Credit Agreement), and all of said counterparts taken together shall be deemed to constituteone and the same instrument. 

5.8 Severability

 
7 

 

Any provision of this Agreement which is prohibited or unenforceable in any jurisdictionshall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate orrender unenforceable such provision in any other jurisdiction. 

5.9 Section Headings

The Section headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof or betaken into consideration in the interpretation hereof. 

5.10 Integration

This Agreement and the other Loan Documents represent the agreement of the Guarantors, the Administrative Agent and the Lenders withrespect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to subject matter hereof and thereof not expressly set forth or referred toherein or in the other Loan Documents. 

**5.11 GOVERNING LAW**

**THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.**

5.12 Submission To Jurisdiction; Waivers

Each Guarantor hereby irrevocably and unconditionally agrees that the provisions of Sections 9.09 and 9.10 of the Credit Agreement apply to this Agreement and its obligations hereunder. 

5.13 Releases

At such time as the Loans and the other Obligations shall have been paid in full, the Commitments have been terminated, and this Agreement and all obligations (other than those expressly stated to survivesuch termination) of the Administrative Agent and each Guarantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

IN WITNESS WHEREOF, each of the undersigned has caused this Guaranty to be duly executed anddelivered as of the date first above written. 

MF GLOBAL INC. 

By:  /s/ DavidDunne                                            

 Name: David Dunne 

 Title: 

MF GLOBAL HOLDINGS LTD 

By:  /s/ DavidDunne                                            

 Name: David Dunne 

 Title: 

MF GLOBAL FINANCE USA INC. 

By:  /s/ DavidDunne                                            

 Name: David Dunne 

 Title: 

[SIGNATURE PAGE TO THE GUARANTY (364-DAY REVOLVING FACILITY)] 

Schedule 1

NOTICE ADDRESSES OF GUARANTORS 

 
(i) The Borrower:  
MF Global Inc.

55 East52nd Street 39th

Floor New York NY 10055

Attention: David Dunne,Global Treasurer
  with a copy to:  
Joe Lesar

Facsimile: (212)589 6215
(ii) The Guarantors:  
c/o MF Global Holdings Ltd.

55 East 52nd Street

39th Floor

New York NY 10055

Attention: David Dunne, Global Treasurer
  with a copy to:  
Joe Lesar

Facsimile: (212)589 6215