We have re-released version 4.03a of PC-SPAN®.  This new version, which is identified as Build #390, contains a very important fix for scanning-based intercommodity spreading.

If you downloaded version 4.03a either on Thursday November 20 or today, Friday November 20th, before 5pm, please download the program again from our PC-SPAN software distribution web site at www.cme-ch.com/pcspan.

To make sure you have the latest version, select Help, then About on the menu.  The build number should display as 390.  If it displays as 389, then you have the wrong version, and should download and install the software again.

The fix has to do with scanning-based intercommodity spreading when none of the spread legs are required and only one leg is present in the portfolio.  In this case, the spread should not be formed unless at least two legs are present.  The previous build was incorrectly forming the spread even if only one leg was present.

For example, in the Common Clearing Link SPAN files, the first spread is a scanning-based spread between CBOT Bonds, Ten-Year Notes, Five-Year Notes, and Two-Year Notes.  None of the legs is required and Ten-Year Notes is designated as the target leg.

If any two of these products is present in the portfolio, the spread should be formed.  If only one is present, the spread should not be formed.  The new build #390 correctly implements this logic.

We're sorry for the error.  If you have any questions, please contact our SPAN Hotline at 312-648-3888.  Thank you.