Market users support or otherwise do not object to changing the first in first out (FIFO) algorithm for currency futures calendar spreads on GLOBEX2. This proposal prevents a market user from entering a large spread order into the GLOBEX2 system at a competitive price, and essentially "locking out" other market participants from transactions at that price until their large order is satisfied. Please note that the large orders "locking out" smaller orders most likely would be placed by market-making firms, and would not be customer orders. CME market research indicates that market-making firms are willing to share allocation of trades with other market participants. CME has weighed the needs of all market participants, and believes that it is best for the development of our electronic currency futures markets to adopt this matching algorithm change for currency futures calendar spreads.

The full text of the Special Executive Report is attached.

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. Thank you.