| II. BOARD APPROVES REDUCED GLOBEX CUSTOMER FEE FOR CURRENCY FUTURES CALENDAR SPREADS ON GLOBEX�, EFFECTIVE WEDNESDAY, JANUARY 2, 2002 At its Regular Meeting on Wednesday, December 12, 2001, the Board of Directors approved lowering the GLOBEX customer fee by $0.25 per side per contract (from $0.50 to $0.25 per side per contract) for currency futures calendar spreads traded on GLOBEX. The reduced GLOBEX customer fee for currency futures calendar spreads will be effective on Wednesday, January 2, 2002. The Exchange Fee System can handle a separate fee for spreads and outrights given that they have different transaction codes. The $0.50 GLOBEX customer fee is unchanged for outright currency futures trades. CME Customer Currency Futures Costs Per Side Per Contract | | | Current (As of October 8, 2001) | Proposed | Clearing Fee | $0.60 | $0.60 | GLOBEX System Fee | $0.50 | $0.50 | GLOBEX Customer Fee | $0.50 | $0.50 for outrights $0.25 for spreads | Total | $1.60 | $1.60 for outrights $1.35 for spreads |
Each spread trade involves simultaneously selling and buying two different contracts or contract expirations. Spread trades between two contract months are executed at a price differential. When spreads are executed on GLOBEX, prices for the individual contract months are assigned by an automated process. When spreads are executed by open outcry, participants to the trade agree upon prices for the individual contract months at the time of execution If you have any questions, please contact Mr. Scott Brusso, Director, Currency Products, at (312) 930-3133, or Mr. Steven Youngren, Associate Director, Financial Product Development, at (312) 930-4583. |
