We are pleased to announce that a new feature will be introduced on the BTS system effective Friday, December 8, 2000. This feature will allow members (or their designated clerks), at any BTS terminal on the trading floor, to make on-line real time corrections to opposite house or opposite broker errors on their unmatched trades.

The purpose of this system enhancement is to provide members with the capability to identify and correct clerical errors that were made during the data entry and submission of their trades. For example, a member could identify a �house-out� unmatched trade where he is into house ABC but house DEF is coming in for the trade. Rather than wait for his clearing firm to make an overnight correction, the member (or designated clerk) can actually change the opposite house to DEF and create a matched trade.

Previously, members were only allowed to send "text" messages to firms� back-offices advising them of what corrections to make. Now, members will be allowed to make such real time corrections only to opposite house and opposite broker errors � corrections to price, quantity, contract, etc. must continue to be done via text messages to the back-office. (Please note, if a correction is made to both an opposite house and a trade price, the opposite house correction will be applied but the trade price correction will be converted to a text message to the back-office.)

This feature will benefit members tremendously in their overall out-trade reduction efforts. Rather than rely on clearing firms, members will now have a reasonable opportunity to identify and correct all their out-trades before leaving the floor. Accordingly, members and clearing firms will realize the cost savings and processing efficiencies associated with a general reduction in overnight-unmatched trades.

If you have any questions about this system enhancement or if you would like to be granted access to the BTS application, please call Gary George, Trade processing Supervisor, Clearing House Department, at (312) 648-3774.