Dear CME^® Enhanced Options System Users,

Effective 5:10 a.m. Central time, Monday, April 25, in response to customer feedback, CME will modify the way CME Eurodollar Horizontal options spreads are defined and displayed on the CME Enhanced Options System platform.

CME Eurodollar horizontal spreads will be defined and displayed on the CME Enhanced Options System so that these spreads have a "positive premium bias". For example, Horizontal spreads listed currently as SEP 05 - DEC 05 will be displayed as DEC 05 - SEP 05. As the convention on the CME Enhanced Options System is "buy/sell leg1 = buy/sell the option spread", this means that a buy of this spread will now mean the user is buying DEC 05 and selling SEP 05.

If you are interested in the CME Enhanced Options System and would like more information, please contact Neal Brady at 312.930.8163, Craig Bewick at 312.648.3839 or Robin Ross at 312.559.4989, Interest Rate Products and Services; or your CME Globex Account Manager at 312.634.8700; or at +1.44.207.623.2550 in Europe.

Thank you,

CME
1.800.331.3332