Clearing members, traders and trade checkers are advised to make adequate provisions for the Friday afternoon Dow Jones Industrial Average Index^sm Futures Options trade checking session.

The Floor Conduct Committee is authorized to impose fines up to $1,000 for failure to make adequate provisions for trade checking.

Applicable times for option expiration are as follows:

FRIDAY, July 20, 2007

10:30 a.m.  - Options Only Out Trade Report (BXTC730AP) reflects out trades for expiring options only and will be sent to firms at each intra-day out trade pass.

 3:15  p.m.  - TRADING IN THE EXPIRING OPTION HALTS. 

3:30  p.m.  - The following reports will be made available via TCP/IP or INFOPAC.

Options Expiration Summary Report (BXTP205) shows firms’ options positions by strike price along with final settlement;

Broker Matched and Unmatched Reports (XTP080 AND XTP085) will be produced for the expiring options only;

In the Money Report (BCPM580) will be available daily and shows in-the-money options based on settlements;

Options Only Out Trade Report (BXTC730AP) reflects out trades for expiring options only and will be sent to firms at each intra-day out trade pass.

3:45 p.m. - MANDATORY TRADE CHECKING SESSION ON THE FLOOR.

4:30 p.m. - Updated Option Only Out Trade Report and Options Expiration Summary Report published.

Corrections and adjustments submitted to CME Clearing.

5:00 p.m. -   Updated Option Only Out Trade Report and Options Expiration Summary Report published.

5:15 p.m. - MANDATORY FINAL TRADE CHECKING SESSION ON THE FLOOR.  Firms may not leave with unresolved items.

6:00 p.m. -   Deadline for exercise and automatic exercise cancellation to be submitted to CME Clearing.  (NOTE: Unreconciled out trades will be busted.)

7:00 p.m. -   CME processing

After 10:00 p.m. - Option Exercise / Assignments Notice (BCPM650) will be distributed via TCP/IP or INFOPAC.