* Q2 adj EPS $0.01 vs est $0.03

* Exchange traded volume down 21 pct

* Cleared commissions down 29 pct (Adds comments from CEO, updates share movement)

BANGALORE, Nov 5 (Reuters) - Futures and options broker MF Global Ltd (MF.N: Quote, Profile, Research) posted its third straight quarterly net loss, hurt by weak trading volumes and lower commissions.

Net loss for the second quarter available to common shareholders was $16.0 million, or 13 cents a share, compared with net income of $3.5 million, or 3 cents a share, in the year-ago period.

Excluding items, the company, however, earned 1 cent a share.

Analysts expected the company to earn 3 cents a share, according to Thomson Reuters I/B/E/S.

"Despite weak industry volumes, narrow spreads and a near-zero interest rate environment, we delivered positive adjusted earnings by controlling our fixed costs and further diversifying our revenue streams," Chief Financial Officer Randy MacDonald said in a statement.

Cleared commissions fell 29 percent in the quarter to $262.8 million, while execution commissions fell about 26 percent to $79.6 million.