sounds like a few are getting itchy feet here- if your not...

sounds like a few are getting itchy feet here- if your not comfortable then sell into 11.5c and i will pick up more.

Also MF global have filed for chapter 11 bankruptsy- story developing on CNBC

iTS all over for MF Global

John Corzine's bid to revive his Wall Street career crashed and burned on Monday, when his futures brokerage MF Global Holdings filed for bankruptcy protection following bad bets on euro zone debt.


Paul Giamou | Aurora | Getty Images
Corzine, who once ran Goldman Sachs and became governor of New Jersey, had been trying to turn MF Global into a mini Goldman by taking on more risky trades.

But once regulators forced it to disclose the bets on sovereign debt issued by countries including Italy, Portugal and Spain, the firm's fortunes quickly began to unravel.

MF Global's meltdown in less than a week made it the biggest U.S. casualty of Europe's debt crisis, and the seventh-largest bankruptcy by assets in U.S. history.

The Chapter 11 bankruptcy protection filing came after talks to sell a variety of assets to Interactive Brokers Group [IBKR 15.38 0.16 (+1.05%) ] broke down earlier on Monday, a person familiar with the matter said. MF Global's shares [MF 1.20 --- UNCH ] plunged last week as the company's credit ratings were cut to "junk."

Regulators had expressed "grave concerns" about the viability of MF Global, which filed for bankruptcy only after "no viable alternative was available in the limited time leading up to the regulators' deadline," the company's COO, Bradley Abelow, said in a court filing.

The severity with which markets and regulators reacted to MF Global's troubles may have surprised Corzine, whose affinity for risk-taking finally caught up to him after a career that took him to the top echelons of Wall Street and then into politics first as a U.S. senator.



Corzine, 64, was seen leaving the company's midtown Manhattan office and hopping into a black SUV vehicle early Monday afternoon.

"They went for what would be a very profitable trade with European sovereign debt that obviously has blown up in their face and brought the company down," said Dave Westhouse, vice president of Chicago retail broker PTI Securities and Futures.

The bankruptcy filing is reminiscent of 2008, when Lehman Brothers collapsed at the height of the financial crisis. Market participants said the impact from this collapse, far smaller, would likely be contained, however.

MF Global's 2,870 employees, as well as counterparties, were left scrambling and confused on Monday, as MF Global halted its shares, but did not file for bankruptcy protection until well after U.S. markets had opened.

"Ultimately it will have lost all confidence of its investor base," said Michael Epstein, a restructuring adviser with CRG Partners. "I'm not sure what restructuring it actually does. In some respects, it's a baby Lehman, in effect."



Three traders wearing MF Global jackets were seen leaving the Chicago Board of Trade prior to the opening of pit trading, and floor sources told Reuters they had been turned away after their security access cards were denied.

The Federal Reserve Bank of New York suspended MF Global from conducting new business with the central bank. CME Group, IntercontinentalExchange, Singapore Exchange, and Singapore's central bank all halted the broker's operations in some form except for liquidations.

There was little evidence of any severe ruptures in commodity markets, although volumes were down sharply as investors said they preferred to wait for more clarity before placing new trades.cheers MMM