The March 2002 currency delivery will occur the week of March 18, 2002.  Following are several reminders regarding the currency deliveries.

CITIBANK, NEW YORK

In order to better facilitate CME IMM delivery, Citibank New York has changed its SWIFT BIC address.  The new BIC address is CITIUS33DFU.  This SWIFT address is not published in the SWIFT directory but is a valid address for SWIFT messaging.  This change affects OTP confirmations as well as the US Dollar denominated payments to be made to Citibank as a result of Euro Currency, Mexican Peso, New Zealand Dollar or South African Rand receipts.

MEXICAN PESO

Funding for Mexican Peso must be in place prior to the delivery.  Peso payments are to be made via the Mexican Interbank payment system �SPEUA� (�Spay-wah�).  In addition to understanding any special account or funding requirements that approved Mexican delivery banks may have, it is important to have a specific individual aware of and in a position to answer any questions regarding peso payments on the delivery day.

As a reminder, effective December 1, 2001, Citibank Mexico has merged with Banco Nacional De Mexico and   changed their SWIFT BIC address from CITIMXMM to BNMXMXMM.  If you utilize Citibank Mexico for the Mexican Peso delivery, please plan accordingly.

SOUTH AFRICAN RAND

There is a dual order-to-pay requirement for the South African Rand.  Clearing firms who will be delivering the South African Rand must submit an order-to-pay for the value of the Rand delivery by 1:00 PM (Central Time) on the day preceding the delivery day.  The appropriate agent bank must receive the payment for the order-to-pay no later than 10:00 AM local time on the delivery day.

NEW ZEALAND DOLLAR

New Zealand dollar payments must be made via the New Zealand Real Time Gross Settlement System (RTGS).  Citibank cannot confirm receipt of payment sent via any other payment system until the next business day after settlement date.  All clearing firms need to understand any special account or funding requirements that approved New Zealand delivery banks may have.  It is also important that each firm determines which specific individuals at the New Zealand delivery bank will be aware of the New Zealand dollar payments.

CURRENCY CROSS-RATES

There is usually a dual order-to-pay requirement for firms involved in delivery of currency cross-rate products.  Special rules apply to determine if order-to-pay issuance is necessary for firms netting payment obligations arising from cross-rate products.  Basically, if the netted foreign cash payment obligation is associated with a cross-rate product on a prenetted basis, an order-to-pay must be issued.  The same reasoning is used in determining orders-to-pay for netted dollar payment obligations.

CURRENCY TIMELINE

Following is the timeline for the March 2002 currency delivery:

• Monday, March 18, 2002 � Commitments are due for all contracts except Canadian Dollar by 11:00 AM Chicago Time.
• Tuesday, March 19, 2002 � Commitments are due for the Canadian Dollar by 11:00 AM.  Orders-to-pay are due to the agent banks by 1:00 PM.  For questions regarding Orders-to-pay please contact the Financial Unit at 207-2594. 
• Wednesday, March 20, 2002 � Payments of U.S. Dollar and the Foreign Currencies are due to the corresponding agent banks by 10:00 AM local time to the specific agent bank.  The following table converts Chicago time to the applicable foreign country.  Deliveries Staff will be in contact with the agent banks during the delivery process throughout Tuesday night and Wednesday.  It is important to have an individual aware of and in a position to answer any questions at any time during delivery.

                      * - Denotes Chicago date of Tuesday, March 19, 2001

 If there are any questions, please contact the Clearing House Operations Unit at (312) 930-3172.