Over the next several months, we will implement a new, improved, fully integrated trade management system, called Front End Clearing (FEC), which will be available via CME Portal. This system will ultimately replace the existing 3270 applications (APS, GLOBEX Matched Trade IQ, GUS, TES, etc.), with one set of screens, so that firm staff will no longer need to "jump" from one application to another. It is being designed to accommodate all current and future CME product offerings. It will be easy to use, flexible, and provide firms with the information necessary to effectively complete back-office transactions related to CME's clearing process.

The introduction of this new web-based application will be done incrementally over a period of time. The first phase will replace the current GLOBEX Matched Trade Inquiry screens (GB2) in 3270, date to be announced.

The following benefits will be derived from the new system:

• Existing functionality will be enhanced.
• All applications (i.e. GUS, APS, MOS, EFPs, etc.) will be accessible from one location.
• The application can be accessed from any PC with an Internet connection.
• Submit TREX corrections for GLOBEX trades.
• There will be added inquiry capability with additional filtering criteria.
• Other exchanges' data can be viewed on-line.
• Brokers will have real-time inquiry access to spread prices and their net positions.