On Monday, March 11, 2002, the Board of Directors approved allowing All-Or-None (AON) trading in the existing Euro FX/British pound ("EC/BP", ticker code = "RP", AON code = "UE"), Euro FX/Japanese yen ("EC/JY", ticker code = "RY", AON code = "UH"), and Euro FX/Swiss franc ("EC/SF", ticker code = "RF", AON code = "UA") cross-rate futures calendar spreads for amounts of 5 contracts or more, the AON minimum threshold for these products. The AON trading procedures for Euro FX cross-rate futures calendar spreads begins Wednesday, March 13, 2002.

Prior to this change, the most commercially efficient way to roll Euro FX cross-rate futures positions was in the exchange for physical (EFP) market. Until recently, Euro FX cross-rate futures calendar spreads were not listed for trading on GLOBEX^�. The nearby calendar spreads on GLOBEX for the EC/BP, EC/JY and EC/SF futures were listed on Sunday, March 10, 2002, for the trade date of Monday, March 11, 2002. Also, prior to the effective date of this initiative, AON trading in CME FX products was allowed only in outrights and not calendar spreads (please note AON calendar spreads are offered also in Eurodollar futures). This change to allow AON calendar spreads in Euro FX cross-rate futures offers members on the trading floor the opportunity to participate in and add liquidity to rollover trades for the existing Euro FX cross-rate futures.

If you have any questions, please contact Mr. Scott Brusso, Director, Foreign Exchange Products, at (312) 930-3133, or Mr. Steven Youngren, Associate Director, Financial Product Development, at (312) 930-4583.