Welcome to the CME Globex Notices for the week of March 12, 2007.

• CME Electronic Trading Customer Forums
• This Week

• Reminder: CME FX Options Extended Listings
• Reminder: Negative Price Support
• Reminder: CME Dry Whey Futures Launch

• March

• New Order Qualifiers for CME Options
• Update: CME Options Spreads Settlement Prices
• Reminder: ISIN Code Changes for Options
• Reminder: Enhanced Execution Reports and UDS: Combos
• Reminder: CME FX Trading Schedule Change
• Reminder: CME Equity Options Spreads Change

• Extended Strikes Listing for CME Japanese Yen Options
• CME Weekly Average Temperature Futures Launch

• Reminder: NYMEX Products on the CME Market Data Platform

If you have any questions or concerns, please contact your CME Globex Account Manager at 312.634.8700; or at +44.20.7796.7100 in Europe.

Learn the latest in electronic trading on CME Globex  

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The CME Electronic Trading Customer Forums are designed to bring CME and its customers together. You will receive updates and information regarding CME Globex platform changes, electronic trading policies and new offerings in the next 6-12 months.

These events are free and attendance is limited to CME customers.

The forum will cover:

A customer forum will be held in Singapore at a later date.

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Reminder: CME FX Options Extended Listings  
Effective this Sunday, March 18, 2007 (for trade date Monday, March 19), CME is extending the strike listings for the following CME Foreign Exchange (FX) options on futures for all contract months on the CME Globex platform. This change only affects outright options; there is no change to the listing rules for options spreads.

Reminder: Negative Price Support  
Effective this Sunday, March 18, 2007, a new field will be added to the Instrument Creation (MO (m-oh)) market data message to indicate whether an instrument supports positive, zero (0) or negative prices.

Position 797 - Negative Price Flag (Boolean) will have valid values of 0 (zero), for an instrument that only supports positive and zero prices, and 1, for an instrument that supports positive, zero and negative prices.

For example, all CME Eurodollar futures will have a 0 (zero) at position 797 in the MO message to indicate positive and zero price support only. All CME Eurodollar spreads will have a 1 at position 797 to indicate positive, zero and negative price support.

To support this change, upon launch, positions 795-796 and 798-811 in the MO messages will be initialized to 0 (zeroes), replacing the current spaces.

More information on the CME Market Data Platform RLC Message Specifications, including the Instrument Creation (MO) messages, is available online.

Reminder: CME Dry Whey Futures Launch  
Effective this Sunday, March 18 (for trade date Monday, March 19), CME Dry Whey futures will launch on the CME Globex platform.

CME Dry Whey will list 12 contract months upon launch, with Instrument Group Code DY and CME Globex Product Code DY.

Whey is the liquid separated from milk during cheese production. Dried whey, high in protein and low in fat, is used in a variety of foods including crackers, breads, cereal and pastries, as well as in the popular energy and power bars and protein drinks and powders. Whey is also used in animal feed. Dry whey has become a volatile commodity as demand has at times outpaced supply.

CME Dry Whey are currently available for testing in the certification environment.

New Order Qualifiers for CME Options  
Effective Sunday, March 25, 2007 (for trade date Monday, March 26), CME is launching support for Good 'Till Cancelled (GTC) and Good 'Till Date (GTD) order qualifiers for the following options on futures instruments:

• Options traded on CME Globex around the clock, during electronic trading hours (ETH) and regular trading hours (RTH) hours
  • E.g., CME Euro FX options (product code 6E)
• Options traded exclusively on CME Globex
  • E.g., CME E-mini S&P 500 ^® options (product code ES)

The following options instruments will not support GTC and GTD order qualifiers:

• Options traded on CME Globex only during ETH
  • E.g., CME EOM S&P 500 options (product code EV)
• Options traded on CME Globex only during RTH
  • E.g., CME Live Cattle options (product code LE)

Please note: customers can easily determine GTC and GTD eligibility for any instrument by referring to position 93, Default Date Validity, in the Instrument Creation (MO (m-oh)) RLC market data message. More information is available in the RLC Message Spefications volume of the CME Market Data Platform SDK.

Update: CME Options Spreads Settlement Prices  
Effective Sunday, March 25, 2007, to provide consistent data across all product complexes, CME Globex will no longer publish settlement price data via the Instrument Creation (MO (m-oh)) and Price (M7) RLC market data messages for CME options spreads. Settlement price data will still be available in the MO and M7 messages for the outright options.

More information on the CME Market Data Platform and CME iLink messaging formats is available in the CME Globex SDKs.

Reminder: ISIN Code Changes for Options  
Effective Sunday, March 25, 2007, CME is changing ISIN Code management procedures for options only. With this change, ISIN Codes for options spreads may be reassigned to a different options instrument before expiration. Outright options' ISIN Codes will not be reassigned during the week.

CME recommends all customers purge and re-load their instrument databases from the Instrument Creation (MO (m-oh)) market data messages every week.

There is no impact for customers who purge and re-load weekly, or who do not rely on the ISIN Code for instrument identification. Please contact your front-end system provider for more information.

Reminder: Enhanced Execution Reports and UDS: Combos  
The Enhanced Execution Reports and User-Defined Spreads (UDS): Combos release, scheduled to launch Sunday, March 25, 2007, introduces two sets of functional enhancements to the CME Globex platform.

Enhanced Execution Reports
With this release, Fill and Trade Cancellation messages will be enhanced for all products traded on the CME Globex platform with new FIX tags 442-MultiLegReportingType, 393-TotalNumSecurities and 527-SecondaryExecID. Customers will be able to use the enhanced Fill and Trade Cancellation messages to:

• Differentiate messages for outrights, legs and spreads
• Correlate leg and spread messages
• Identify the number of legs associated with a spread

CME strongly recommends all customers test the enhanced execution reports prior to the production launch. Enhanced execution reports are currently available in the certification environment.

UDS: Combos
With UDS: Combos functionality, customers will be able to define and trade unique options instruments intra-day, composed of any or all of the following:

• Exchange-defined outright option(s)
• Exchange-defined option spread(s)
• Existing user-defined spreads

With this launch, customer systems must be able to accomodate Security Definition (MU) messages with up to 40 repeating groups (i.e., spread legs). CME recommends customers configure market data buffer size to accomodate up to 5120 bytes. Front-end trading applications interested in UDS: Combos functionality are required to certify via CME AutoCert+. This functionality is currently available for testing and certification. To access CME AutoCert+, please contact your CME Globex Account Manager at 312.634.8700, or in Europe at +44.20.7796.7100.

More information on this release is available in the UDS: Combos and Enhanced Execution Reports Client Impact Assessment .

Reminder: CME FX Trading Schedule Change  
Effective Sunday, March 25, 2007, at customers' request, CME FX futures and options on CME Globex trading schedule will be expanded to open two hours earlier, at 3:00 p.m. Central time (CT) on Sundays. Currently, CME FX futures and options markets open on Sunday for trading at 5:00 p.m. CT. In addition, the pre-market open period will be reduced from the current 45 minutes to 30 minutes, commencing at 2:30 p.m. on Sundays.

Reminder: CME Equity Options Spreads Change  
To increase price clarity for CME Equity options spreads, effective Sunday, March 25, 2007 (trade date Monday, March 26), CME will disseminate four-character strike prices (instead of the current three-character prices) in the Complete Instrument Code in RLC market data messages (e.g., position 72-91 of the MO message) and CME iLink order messaging (e.g., FIX tag 107, SecurityDesc, in Execution Reports). The total length of the Complete Instrument Code will not exceed 20 characters.

The most significant digit of the strike price will be displayed in the Complete Instrument Code and tag 107, SecurityDesc. For example, currently a CME E-mini Russell options spread is disseminated as:

• ER:VCM7C150 200

With this change, the same spread will be disseminated as:

• ER:VCM7C8150 C8200

More information on the CME Market Data Platform and CME iLink messaging formats is available in the CME Globex SDKs.

Extended Strikes Listing for CME Japanese Yen Options  
Effective Sunday, April 1, 2007 (for trade date Monday, April 2), CME is extending the strike listings for the CME Japanese Yen options on futures for all contract months listed on the CME Globex platform. This change only affects outright options; there is no change to the listing rules for options spreads.

CME Weekly Average Temperature Futures Launch  
Effective Sunday, April 1, 2007, and Sunday, April 15, the new CME Weekly Average Temperature futures are launching on the CME Globex platform.

These CME Weekly Average Temperature products enable market participants to hedge short-term intra-monthly weather risk. CME Weekly Average Temperature contracts will list two weekly contracts (Monday through Friday), and will be settled the following business day.

The CME Weekly Average Temperature futures scheduled to launch on April 1 will be available in the certification environment Wednesday, March 21. The CME Weekly Average Temperature futures scheduled to launch on April 15 will be available in the certification environment Wednesday, April 4.

Reminder: NYMEX Products on the CME Market Data Platform  
Effective Sunday, May 6, 2007, CME is decommissioning the legacy NYMEX market data channel (20) on the CME Market Data Platform.

Since the introduction of NYMEX futures and spreads on the CME Globex platform, market data messaging rates on the CME Market Data Platform NYMEX channel (20) have steadily increased, recently reaching peaks greater than 3 mbps. To better manage bandwidth utilization, CME leveraged the scalability of the CME Market Data Platform and introduced three new channels for NYMEX and COMEX ^® products.

Complete information on the three new NYMEX and COMEX channels on the CME Market Data Platform, including the products assigned to each channel, is available online.

The legacy NYMEX market data channel (20) will be eliminated in the certification environment Tuesday, March 20.

More information on NYMEX and COMEX products on the CME Globex platform is available at www.nymexoncmeglobex.com.