Client  Management Advisory Notices
To Back Office Managers
From Client Management Operations
Subject Special Executive Report S-4073 - Stock Index Price Limits To Be Revised Effective For 2nd Quarter 2004
Notice Date 2004-03-25
Notice Number CMO#0022
Effective Date  

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 with the commencement of Electronic Trading Hours (ETH) on Wednesday, March 31 at 3:30p.m.  The revised limits shall be applicable throughout the 2nd calendar quarter, 2004. 

Please view the attached Special Executive Report S-4073 for more information.

Thank you.


·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.