[AntiScumbag]

NEW YORK, Oct 17 (Reuters) - Embattled futures and commodities brokerage Refco Inc. (RFX.N: Quote, Profile, Research) said on Monday it was in advanced discussions with an investment group led by J.C. Flowers & Co. over the sale of its futures brokerage business.

Refco said it expects to reach a memorandum of understanding with the group shortly, but said there can be no assurance that an agreement will ultimately be reached.

[Travis McGee]

This will be a good week to watch all markets closely.

[AntiScumbag]

NEW YORK, Oct 17 (Reuters) - Refco Inc's (RFX.N: Quote, Profile, Research) regulated futures brokerage is expected to file for bankruptcy protection imminently, a source familiar with the matter said on Monday.

Investment bank Greenhill & Co (GHL.N: Quote, Profile, Research) will run an auction for the futures brokerage after the bankruptcy filing the source said. Investment fund J.C. Flowers remains the leading bidder for the unit

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Since apparently there is no capital shortage and futures trading and clearing have been going along as normal, the bankruptcy filing may not impact customer trading at all. The CME certainly hopes so, Refco, LLC is 10% of their volume. Withdrawals may or may not be restricted, but the auction should be relatively quick and Refco will soon be but an aggravating memory.