CAUSE: At 1:56 PM CST, March27, 2001, buy stop limit orders working at the trading engine in the NQM1 contract were erroneously elected and sent into the market for matching. This was the result of the entry of a large lot buy market order into the trading engine, which caused a technical processing error.

RESPONSE: An emergency voice mail was placed on the GCC main line and a news window alert was sent. All users were informed that all of the trades, which occurred as a result of the stop election, were within the no-bust range and would stand. Development staff immediately began working on the issue to determine the cause.

RESOLUTION: The problem has been identified by development and a fix is in the process of being tested. In the interim, as a temporary measure, the maximum quantity allowed on the E-mini Nasdaq 100 (NQ), Fortune E-50 (FE), S&P 500 (SP), and their spreads will be 100 lots.