UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK

In re

MF GLOBAL INC.,

Debtor.

Case No. 11-2790 (MG) SIPA

ORDER GRANTING EMERGENCY MOTION OF JAMES W. GIDDENS, TRUSTEE 

FOR THE LIQUIDATION OF MF GLOBAL INC., FOR AN ORDER APPROVING THE 

TRANSFER OF CERTAIN SEGREGATED CUSTOMER COMMODITY POSITIONS 

AND EXTENDING THE TRUSTEE’S AUTHORIZATION TO OPERATE THE

BUSINESS OF MF GLOBAL INC. IN THE ORDINARY COURSE

Upon consideration of the emergency motion (the “Emergency Motion”) of James 

W. Giddens (the “Trustee”), as Trustee for the liquidation of the business of MF Global Inc. 

(“MFGI”) under the Securities Investor Protection Act of 1970, as amended (“SIPA”), 15 U.S.C. 

§ 78aaa et seq., pursuant to SIPA § 78fff-1(b), §§ 105(a), 764, and 766(c) of title 11 of the 

United States Code (the “Bankruptcy Code”), and 17 C.F.R. §§ 190.01 through 190.10 (the “Part 

190 Regulations”), for entry of an order approving the transfer (the “Account Transfers”) to 

other futures commission merchants (“FCM”) of certain segregated customer account positions 

of MFGI’s clients (“Customer Account Positions”) cleared at specific derivatives clearing 

organizations (“DCOs”), and, pursuant to Bankruptcy Code § 721, extending, for a one-day 

extension, the Trustee’s authorization under the MFGI Liquidation Order (as that term is defined 

herein) to operate the business of MFGI in the ordinary course until 6:00 p.m. on November 4, 

2011; and the Court having jurisdiction to consider the Emergency Motion and relief requested 

therein pursuant to SIPA § 78eee(b)(4); and it appearing that due and proper notice of the 

Emergency Motion and the relief requested therein having been given and no other further notice 

needing to be given; and SIPC having approved the Account Transfers as described in the 

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Emergency Motion; and the CFTC having not disapproved of the Account Transfers as described 

in the Emergency Motion, as required by 17 C.F.R. 190.06(g)(2)(i)(B); and the Court having 

reviewed the Emergency Motion and determined that the legal and factual bases set forth in the 

Emergency Motion establish just cause for relief granted herein, to wit, that the Account 

Transfers described in the Emergency Motion and set forth below will effectuate the terms and 

purpose of the Order of the District Court entered on October 31, 2011 commencing this 

liquidation (the “MFGI Liquidation Order”) and are appropriate exercises of the Trustee’s 

authority pursuant to the MFGI Liquidation Order, SIPA § 78fff-1(b), Bankruptcy Code 

§§ 105(a), 764, and 766(c), and the Part 190 Regulations; and after due deliberation and 

sufficient cause appearing therefore, it is hereby

ORDERED that the Emergency Motion is granted in all respects; and it is further

ORDERED that, pursuant to Bankruptcy Code § 721, the Trustee’s authorization under 

the MFGI Liquidation Order to operate the business of MFGI in the ordinary course is extended, 

for a one-day extension, until 6:00 p.m. on November 4, 2011; and it is further

ORDERED that, under SIPA § 78fff-1(b), Bankruptcy Code § 766(c) and the Part 190 

Regulations:

(a) The Trustee is authorized and shall use his best efforts to complete the 

Account Transfers to one or more selected FCMs (the “Transferees”) that have agreed to accept 

such Customer Account Positions, together with the minimum clearing-level collateral required 

to be maintained with respect to such Customer Account Positions (or such other collateral 

amount agreed to by the Trustee and Facilitating DCOs); 

(b) The Transferees shall not have any liability or responsibility for: (i) any 

claim against MFGI or against an insider of MFGI, including, but not limited to, any claims 

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relating to MFGI’s failure to segregate customer funds; or (ii) any Customer Account Positions 

or customer property that is not transferred to the Transferees by the Trustee, nor shall the 

Transferees, by accepting such Customer Account Positions, assume any liability for anything

that occurred before the Customer Account Positions were transferred to the Transferees;

(c) Without limiting the effect or scope of the foregoing, the Account Transfers 

do not and will not subject the Transferees or their affiliates, successors or assigns to any liability 

for any claims (as that term is defined in § 101(5) of the Bankruptcy Code) against MFGI by 

reason of such transfer under the laws of the United States or any state, territory or possession 

thereof applicable to such transactions;

(d) Neither the Transferees nor their affiliates, successors or assigns shall be 

deemed, as a result of any action taken in connection with the Account Transfers to: (i) be a 

successor to MFGI; (ii) have, de facto or otherwise, merged with or into MFGI; or (iii) be a 

continuation or substantial continuation of MFGI or any enterprise of MFGI;

(e) Neither the Transferees nor their affiliates, successors or assigns is acquiring 

or assuming any liability, warranty or other obligation of MFGI; and it is further

ORDERED that the Trustee—upon the direction of the CFTC and upon the advice and 

approval of SIPC—shall allow any customer who wishes to transfer Customer Account Positions

to another FCM to do so, but, except as provided for in paragraphs (a), no customer may transfer 

any funds, including any collateral for such Customer Account Positions; and it is further

ORDERED that the Account Transfers may not be avoided under Bankruptcy Code 

§ 764(b); and it is further

ORDERED that the Trustee will seek and may use the assistance of the Chicago 

Mercantile Exchange (“CME”), and any other registered DCOs that agree to facilitate the 

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Account Transfers (collectively, the “Facilitating DCOs”), and the Facilitating DCOs will 

cooperate in the Account Transfers, including providing accountings and other assistance already 

and continuing to do so; and it is further

ORDERED that the Facilitating DCOs are hereby authorized to consummate the Account 

Transfers to the Transferees, and to take all other actions reasonably necessary in furtherance 

thereof to complete the Account Transfers directed by the Trustee, and shall have no liability for 

any actions taken in furtherance of this order; provided, however, that nothing herein shall be 

deemed to preclude, limit, or in any way impair the Facilitating DCOs from unilaterally 

liquidating any positions, including positions designated to be transferred by the Trustee to the 

Transferees, or from taking other actions consistent with and in accordance with applicable law.

ORDERED that the completion of the Account Transfers is approved as a necessary step 

to implement the MFGI Liquidation Order and the purposes of this SIPA liquidation as described 

at the time of execution of the MFGI Liquidation Order; and it is further

ORDERED that the Trustee is authorized to execute, deliver, implement and fully 

perform any and all obligations, instruments, documents and papers and to take any and all 

actions reasonably necessary to consummate the Account Transfers; and it is further

ORDERED that the Court shall retain exclusive jurisdiction to implement and enforce the 

provisions of this Order, including all disputes related to the Account Transfers; and it is further

ORDERED that the failure to specifically include any particular provision in this Order 

shall not diminish or impair the effectiveness of such provision, it being the intent of the Court 

that the Trustee’s implementation of the Account Transfers be approved in their entirety; and it is 

further

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ORDERED that any stay of this Order provided by the Bankruptcy Rules or other 

applicable law shall not be applicable to this Order, and this Order shall be effective and 

enforceable immediately upon entry.

Dated: November 2, 2011

New York, New York

_____/s/Martin Glenn_______

MARTIN GLENN

United States Bankruptcy Judge

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