As you are aware, pending final regulatory approval, OneChicago has announced that trading of Single Stock Futures is scheduled to begin on Friday, October 25, 2002.  In preparation for the launch, CME is requiring that all member firms that will either post-trade process (PTP) and/or clear at the CME, participate in no less than one Saturday end-to-end test.  In addition, we strongly encourage you to review the output all test cycles.  Firm testing has been on-going for about two months, with many CME firms participating.

There are only two more opportunities for testing prior to launch.  First, on Thursday October 17^th, trades will be injected for firms that have sent in the appropriate information to OneChicago.  And, on Saturday, October 19^th, firms must enter orders themselves via either GLOBEX or CBOEdirect.

PTP

On each test date, you will be able to log onto FEC-QA and GUS-QA to view the trades entered for that day�s test.  We encourage you to enter changes to non-match critical fields and mark other ONE trades as give-ups. Make sure you then go to GUS-QA to allocate and accept.  Instructions on how to access, view and update ONE test trades is available via the attached link.  Firms should �buddy-up� with another CME clearing firm and give-up to each other.  If you have not done so previously, please send the User IDs that need security access for those staff that will do PTP, to sjurek@cme.com.

Post-trade processing on Thursday, October 17^th, is from 10:00 a.m. � 12:00 p.m., and on Saturday, October 19^th, from 12:00 p.m. � 2:00 p.m. 

TREX messages will be automatically released to member firms� test �05" queues each afternoon.  You may also request that your test TREX messages be e-mailed to you.  To make this arrangement, please send the recipient�s e-mail address to sjurek@cme.com.  You must notify us at least 24hr prior to the test day.

Clearing Output

For firm�s clearing at the CME, data files will be posted to firms� FTP sub-directories with the same dataset names as production but with the extension .ONETEST and the date.  Print reports will be available via Infopac or Document Direct.  Both the data files and reports will be available the business day following the test day.

OneChicago Clearing Guarantee

We also wish to remind you that CME firms must execute a OneChicago Clearing Guarantee Agreement in order to be activated for trading.  By this agreement, the firm specifies whether it will clear at CME or OCC and designates the trading firm numbers affected.  Firms choosing to clear CME must also execute a Third Party Delivery Agreement with an OCC clearing member, specifying the OCC member which will facilitate stock deliveries through NSCC of positions held to maturity.  For firms wishing to begin trading at launch, these executed agreements must be received by end of day Monday October 21st.  For more information and the forms of these agreements, please see the Clearing page on the OneChicago section of the CME web site at <http://www.cme.com/products/index/securityfuturesproducts.cfm>.

Need Assistance?

Operational questions about PTP/Security Access/Datafile/Reports Routing

Karen McCoy (312) 930-4524 or Stacey Jurek (312) 338-2088.

Clearing Requirements at CME/Margins

Dale Michaels (312) 930 3062

Ed Gogol (312) 648 3674 

HelpDesks for Trading Inquiries

GCC: 312 456-2391

CBOE: 866-728-2263