S-3756                                                                  January 2, 2002

As you were notified previously in CME Update 01-10, dated Monday, December 17, 2001, the Board of Directors, at its Regular Meeting on Wednesday, December 12, 2001, 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 spreads traded on GLOBEX. The reduced GLOBEX Customer Fee for currency futures spreads will be effective on Wednesday, January 2, 2002.

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, however, participants to the trade determine the prices assigned to the individual legs, which on request may be based on any price in the entire range for the trading session.

Customers are concerned about the high cost of rolling currency futures positions on GLOBEX. Lower costs for executing currency futures spreads on GLOBEX will help ensure that electronic currency trading is successful. The Exchange Fee System can handle a separate fee for spreads and outrights, given that they have different transaction codes. Lowering the GLOBEX Customer Fee for currency futures spreads by $0.25 per side per contract from $0.50 to $0.25 per side per contract will lead to increased currency futures spread trading on GLOBEX. The $0.50 GLOBEX Customer Fee is unchanged for outright currency futures trades.