What�s new with SSF

On Friday May 09, 2003, the following two new SSF products will be listed for trading:

• Dow Chemical Company (DH)

• Nextel Communications, Inc.  (NT)

The trading hours will be from 8:15 a.m. to 3:00 p.m. Central Daylight Time.  The contract months for these products will be MAY 03, JUN 03, JUL 03, and SEP 03.  All other contract specifications are the same as the originally listed ONE contracts.

The Return of One-Quarter Tick for Eurodollar Futures

On Sunday May 18, 2003 the minimum price increment for quarterly Eurodollar futures contracts on GLOBEX^� will return to .25 basis point (one-quarter tick). 

On February 16, 2003, a temporary change was made to the minimum price increment for expiring quarterly Eurodollar futures contracts.  As a result of this change, a quarterly Eurodollar futures, (which was also the nearest expiring contract), traded at a minimum price increment of 0.50 basis point (one-half tick) on GLOBEX, while the .25 basis point (one-quarter tick) minimum price increment was in effect for Open Outcry trading.  Maintaining the one-half tick increment on GLOBEX was necessary to ensure that the Eagle implied-spread methodology would generate valid transaction prices for all contract months before a permanent remedy could be implemented.

On Sunday, May 18, 2003 (trade date May 19, 2003), the nearest quarterly contract month will becomes the nearest expiring month,

The implied-spread methodology will be applied to the 2^nd to 9^th quarterly expirations in the Eurodollar futures traded on GLOBEX at .50 basis point increments.  The expiring quarterly contract and the calendar spreads associated with the expiring quarterly contract will not be eligible for the implied- spread functionality;

The expiring quarterly contract and the calendar spreads associated with the expiring quarterly contract will be available for trading at a minimum price increment of .25 basis point for both Open Outcry and GLOBEX trading.

Specifically, on Sunday, May 18, 2003, the June 2003 Eurodollar futures will become the nearest expiring contract.  The minimum price variation for this contract will be 0.25 basis point.  The implied spreading methodology will be applied to the September 2003 to June 2005 Eurodollar futures contracts.  These eight quarterly contracts will remain eligible for the implied spreading methodology until Friday, August 15, 2003.  In the ensuing trading day, the September 2003 contract will become the nearest expiring contract, and thus will be ineligible for implied spread methodology.

Please contact Stacey Jurek, at 312-338-2088 if you have any questions.