You might have received it also...if you are client ..if not well here is the last update ZC Dear RefcoFX Client: We wanted you to know about an important step in Refco's Chapter 11 filing. Refco F/X Associates LLC (RefcoFX) has signed a Memorandum of Understanding (MOU) to sell certain of our retail FX assets to Forex Capital Markets LLC ("FXCM"). FXCM is a Futures Commission Merchant registered with the CFTC and a member of the National Futures Association. The MOU provides for the transfer of more than 15,000 retail client accounts of RefcoFX.com, including yours, to an affiliate of FXCM. Under the terms of the MOU: · Pending completion of a transaction, RefcoFX clients may continue trading in their accounts without disruption, and · Upon completion of a transaction, all retail customer positions and orders traded on the FX Trading Station platform will be transferred intact, and RefcoFX account holders will be made whole, have access to 100% of their funds, and be able to carry out normal account procedures, including withdrawing funds, as usual. We believe this is the first step in ultimately normalizing trading. The MOU must be approved by the Bankruptcy Court, and the sale of the business will occur through a court-supervised auction open to competing bids. Thus we expect the process to take approximately 30 days to complete. We appreciate your continued support during this process. Refco has set up a toll-free information line (866-327-0774) to answer additional questions you may have. You may also visit the RefcoFX website, www.refcoFX.com, where you can find additional information about the Chapter 11 restructuring. We will continue to update you as more information becomes available. Sincerely, Refco F/X Associates LLC