Dear GLOBEX® Customers,

As previously announced, Chicago Mercantile Exchange and Tullett Liberty will launch the Eurodollar FRA Switch contract this Wednesday, 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
The Eurodollar FRA Switch product is available for testing in the iLink and MD API certification environments as well as the CME AutoCert tool. In the certification environment, matching occurs 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.

Indicative Prices
For your reference, CME and Tullett Liberty will post indicative prices for all sixty contract expirations on www.cme.com throughout the week leading up to the match. To view these prices, please visit www.cme.com/html.wrap/fra/indicative.html.

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