Dear GLOBEX® Customers,

As previously announced, Chicago Mercantile Exchange and Tullett Liberty will launch the Eurodollar FRA Switch contract on June 30, 2004. This contract is designed to enable derivative dealers to manage their positions and counterparty exposure more efficiently via execution of daily FRA switch contracts listed by CME. The new functionality will enable contract matching on a weekly basis, which employs a match algorithm designed to facilitate true multilateral spread trading of these FRA contracts.

Certification Environment Availability
CME has recently added this product to our iLink and MD API certification environments and has added a test suite for Eurodollar FRA Switches to our CME Autocert tool. In the certification environment, a match will occur daily at 3:00 p.m. Central time (CT). In the Autocert tool, matching is available continuously 24 hours a day, 7 days a week.

Mock Trading
In addition to the testing available in the certification environment and the CME Autocert tool, we will offer testing in the production environment on Saturday, June 19 and Saturday, June 26. This testing is tentatively scheduled to occur between 9:00 a.m. and 9:30 a.m. CT. During these sessions, customers will have the opportunity to enter orders into the production GLOBEX environment and have orders matched subject to the new Eurodollar FRA Switching Facility matching algorithm. Optionally, on the following Monday morning, a file with the customer's matched orders can be made available in Clearing TREX message format for the firm's back office testing.

If you would like to participate in either of the Saturday mock trading sessions, please reply via e-mail to Katherine Patrick by Wednesday, June 16, 2004. Upon receipt of your RSVP, additional information regarding the Saturday test logistics will be sent to you.

Documentation
CME has published a detailed impact document which can be found on the CME Web site at www.cme.com/switch. This document describes both the functionality enhancements as well as the technical impact of the new FRA switch product on customer applications.

Should you have any questions, please contact your Technology Marketing Account Manager at (312) 634-8700 or email Technology Marketing.

Thank you,

Chicago Mercantile Exchange