Special Executive Report S-3930 - Stock Index Price Limits To Be Revised Effective Tuesday, April 1, 2003.

Client Management Advisory Notice

From	Client Management Operations
Subject	Special Executive Report S-3930 - Stock Index Price Limits To Be Revised Effective Tuesday, April 1, 2003.
Effective Date	03/21/03
Notice Number	CMO#0356

Exchange price limit Rules for domestic stock index futures^* call for a quarterly re-assessment of price limits based on prevailing market prices. Limits are calculated quarterly at the close of business on the day preceding the commencement of a new calendar quarter. Thus, new limits shall become effective on Tuesday, April 1 at 5:30a.m. The revised limits shall be applicable throughout the 2^nd calendar quarter, 2003.

Please view the attached Special Executive Report S-3930 for more information.

^*Note, however, that futures on any TRAKRS Index trade without explicit price limits. Rather, TRAKRS Rules require trading halts coordinated with trading halts in the primary security markets.