In light of the recent upward price movements in the Live and Feeder Cattle contracts, please be reminded of the strike price display convention in CLEARING 21^®, with particular respect to the option exercise screen and strike prices of 100 and above.  The following table illustrates the CLEARING 21 convention relative to the TES strike price display convention.

Please inform your back-office staff of these different strike price display conventions, to ensure that proper strike prices are selected in CLEARING 21, when processing a Live or Feeder Cattle option exercise notice.   If you have any questions, please call Farris Oweimrin at 648-4780 or Mahmoud Ajamia at 648-1595.