The document below was the subject of discussion at today�s TOPS ORAPI / FIX API User Group meeting. If you were unable to attend, please review the attached document in detail.

Please direct your questions to the individuals named below.

ORAPI TO GFIX API MIGRATION PLAN

The Chicago Mercantile Exchange is committed to its migration efforts from the Order Routing API on the WorldCom frame relay network (FIN) to the GFIX API on the AT&T frame relay network. This document details the reasons for our decision and unfolds our three-phase plan for accomplishing this goal.

1. Why are we doing this?

The following table clearly contrasts the reasons for the CME�s decision to pursue this migration.

AT&T Frame       vs.       WorldCom Frame
Reliability	0 outages/week since 7/99	3 to 5 outages/week since 7/99
Availability of Market Data	Yes	No
Network topology	Ethernet	Token Ring
Open/Closed Network	Closed	Open
Managed Network	Yes � 24 x 7	No
CME Staff Support	Yes � Dedicated Technical and Marketing	No dedicated staff to support.

2. What is the timeframe for this migration?

Ideally, as soon as practicable. However, the CME is sensitive to the many initiatives with which its users are faced in this ever-changing industry. Therefore, we�d like to take a three-phased approach to decommissioning ORAPI as follows:

Phase 1: Migrate all ORAPI to GLOBEX2 traffic from the FIN to the FIX API on the AT&T frame relay network. (ORAPI traffic will not be permitted on the AT&T frame relay network.)

Phase 2: Migrate all ORAPI to TOPS traffic from the FIN to the FIX API on the AT&T frame relay network.

Phase 3: Migrate all ORAPI to CUBS traffic from the FIN to the FIX API on the AT&T frame relay network.

Moreover, we�d like to ask you, our users, to provide us with dates by which you feel you could comfortably accomplish each of the above phases, assuming your development effort will begin within the next 30 days. Please submit, in writing, your best estimates of the completion dates for each phase, along with any concerns you may have about this migration, to Tina Lemieux, Director of Technology Marketing, no later than Friday, September 15, 2000.

Based upon the input we receive from our users, we will then determine a required completion date for each phase of the project.

Concerns

We have heard your previously voiced concerns about the migration from ORAPI to GFIX API. They include:

• No generation of TREX records
• No Order Management capabilities
• No CUBS fallback

We have addressed these concerns in the following manners:

• We will begin producing TREX records from CUBS effective October 1, 2000 
• The FirmSoft tool for Order Management is in production
• CUBS fallback procedures remain in place. Firms use their own routing mechanisms to control subsequent CUBS order flow.

Staff Contacts/Migration Assistance

If you have any questions or need assistance regarding the GFIX API, please contact one of the individuals named below:

Elizabeth Gisch, email address egisch@cme.com or phone (312) 634-1597 Tina Lemieux, email address tlemieux@cme.com or phone (312) 930-3151