GLOBEX Advisory Notices
To  
From Chicago Mercantile Exchange
Subject Conversion to European-Style Equity Options on GLOBEX(R)
Notice Date 2004-09-20
Notice Number 09202004-2
Effective Date  

Dear GLOBEX® Customers,

Chicago Mercantile Exchange recently announced plans to convert all its Standard Equity Index Options from American-style to European-style exercise, on a gradual basis. This notice details the conversion schedule and includes the new commodity/ticker codes for the new European-style options.

Please note that both American-style and European-style FLEX options will continue to be available for trading.

Conversion Schedule

The table below provides details of the conversion to European-style exercise, which will take place in an orderly fashion over several months:

CME Equity Index Options Contract Conversion to European-Style Exercise
S&P 500®, S&P MidCap 400TM, NASDAQ-100®, Russell 2000® Index, Nikkei 225 (USD based) All standard options will be American-style through the June 2005 expiration; thereafter, they will be European-style exercise.
E-miniTM S&P 500, S&P/BARRA GrowthTM, S&P/Barra ValueTM All standard options will be American-style through the December 2004 expiration; thereafter, they will be European-style exercise.

To give market participants time to make any necessary changes, CME's March 2005 options on E-mini S&P 500, S&P/BARRA Growth and S&P/BARRA Value futures, originally scheduled to be listed for trading following the expiration of the September 2004 options, will be listed following the expiration of the October 2004 options on Monday, October 18, 2004. The September 2005 options on S&P 500, S&P MidCap 400 and Russell 2000 stock indexes futures, originally scheduled to be listed for trading following the expiration of the September 2004 options, will also be listed following the expiration of the October 2004 options on Monday, October 18, 2004. Additionally, the September 2005 options on NASDAQ-100 and Nikkei 225 (USD based) stock indexes futures, will be listed for trading following the expiration of the December 2004 options, as scheduled.

Commodity Codes

The following table lists the commodity and ticker codes for the new European-style Equity Index Options.
Option Contract ***NEW***
Standard European-Style
Commodity/Ticker Code
S&P 500
7P
E-mini S&P
7S
NASDAQ-100
7H
S&P MidCap 400
8Z
Nikkei 225 (USD-based)
7N
S&P/BARRA Growth
7G
S&P/BARRA Value
7W

If you have any questions, please contact Lisa Amato at 312.338.2654, or email Laura Sutor.

Thank you,

Chicago Mercantile Exchange