The June 2003 currency delivery will occur the week of June 16, 2003.  Following are several reminders regarding the currency deliveries.  Also attached are the delivery instructions for each contract.

CME$INDEX

The June delivery period will mark the first delivery month for the CME$INDEX contract.  This contract is different from traditional currencies.  A firm long the contract delivers a basket of seven currencies and will receive US Dollars in return.  A firm short the contract delivers US Dollars to the CME Delivery Account and a basket of the seven currencies will be received by the firm.  In addition, the short will also be required to issue an Order-to-Pay or a wire transfer denominated in US Dollars delivered to Citibank, New York (CITIUS33DFU).  Delivery instructions for the contract are included in this memo and are also available on www.cme.com.

ORDERS-TO-PAY

All Orders-To-Pay are to be sent to the US based agent for the contract.  This information is at the beginning of each bank�s section of the attached currency delivery instructions.

NORWEGIAN KRONE INTERMEDIATE BANK

The intermediate bank for Norwegian Krone has been changed.  The new instructions are to send Norwegian Krone payments to Nordea Bank Norge ASA (NDEANOKK) for further credit JPMorgan/Chase, London (CHASGB2L); Account Number 024698005.  The attached delivery instructions and those on the web reflect this change. 

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.  This may delay the corresponding US Dollar payment to your firm. 

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.

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.

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.  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 June 2003 currency delivery:

• Thursday, June 12, 2003 � Potential delivery positions are submitted to the Clearing 21 Currency Delivery System by 4:00 PM Chicago Time. 
• Monday, June 16, 2003 � Commitments are due for all contracts except Canadian Dollar by 11:00 AM Chicago Time.
• Tuesday, June 17, 2003 � 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, June 18, 2003 � 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, June 17, 2003

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