Client Management Advisory Notice
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From Client Management
Subject CME Board Of Directors Approves Side-By-Side Trading Of Lean Hogs, Live Cattle And Feeder Cattle Futures
Effective Date 12/31/01
Notice Number CM#0195

XI. BOARD APPROVES SIDE-BY-SIDE TRADING OF LEAN HOGS, LIVE CATTLE AND FEEDER CATTLE FUTURES

At its Regular Meetings on September 25 and November 14, the Board of Directors approved the electronic trading of Lean Hog, Live Cattle and Feeder Cattle futures on Globex side-by-side with the open outcry trading pits. Side-by-side trading of options may be considered at a later date. The effective date for side-by-side trading of these futures is March 4, 2002.

The terms of electronic trading are as follows:

Electronic Contract Specifications

Fully fungible with the open outcry contract. Opposing positions will be automatically offset.

Lean Hogs

Same as the open outcry contract with the exception of the following:

Opening time at 9 a.m. (open outcry opens at 9:10 a.m.)

List only 3 contract months (open outcry lists 9 months)

Electronic trading quotation (ticker) symbol is HE (open outcry symbol is LH)

Error trade tick range is $.00975 per pound or less (not used in open outcry)

 

Live Cattle

Same as the open outcry contract with the exception of the following:

List only 3 contract months (open outcry lists 7 months)

Electronic trading quotation (ticker) symbol is LE (open outcry symbol is LC)

Error trade tick range is $.00975 per pound or less (not used in open outcry)

Feeder Cattle

Same as the open outcry contract with the exception of the following:

List only 3 contract months (open outcry lists 8 months)

Electronic trading quotation (ticker) symbol is GF (open outcry symbol is FC)

Error trade tick range is $.00975 per pound or less (not used in open outcry)

Electronic Access

IMM and IOM shareholders will be allowed to trade for their own account but not broker futures on GLOBEX for a period of 6 months using handheld units and terminals on the trading floor.

If you have any questions, please contact Mr. Jack Cook, Economist, Commodity Product Development, at (312) 930-3295, or Ms. Jennifer Graff, Senior Market Analyst, Commodity Product Development, at (312) 930-4579, or Mr. Paul Peterson, Director, Commodity Product Development, at (312) 930-4587.