As part of CME�s on-going efforts to keep clearing firms apprised of current Exchange policies and requirements, we are reiterating our clearing fee rebate policy. As you may recall, on July 1, 2000, CME adopted the Exchange Fee System (�EFS�), an on-line transactional viewing and adjustment facility.

As a result, from July 2000 onward, rebates must be processed through EFS. Further, the rebate period was gradually shortened from 12 to 3 months phased in from June 2000 to January 2001. Therefore, effective with clearing fee rebates for periods from January 2001 onward, all requests must be processed through EFS within 3 months.

All clearing members are encouraged to review their clearing fees on a continuous basis, making any necessary adjustments immediately. Keep in mind, all rebates and adjustments relating to Exchange trading activity must be submitted and processed through EFS within 3 months.

This policy ensures the accurate and timely recording of clearing fees by both the Exchange and clearing membership in their respective financial statements.

The Audit Department is now responsible for performing clearing fee audits. If you have any questions, please feel free to contact the Audit Department at (312) 930-3230 or e-mail us at audits@cme.com.