Welcome to the CME Globex Notices for the week of July 9, 2007.

New Functionality

• New! Instrument Creation (MO) Message Enhancements - July 22

Product Launches

• New! NYMEX Brent Last Day Futures Launch - July 29

Product Changes

• Instrument Group Code Change for NYMEX Brent Financial Futures - This Week
• Tick Changes for CME Eurodollar Options - This Week
• Spread Change for CME Commodities - This Week
• CME Eurodollar Extension - This Week
• Maximum Order Quantity Increase for CME Eurodollar Futures - July 22
• Update! Instrument Group Code Changes for CME Globex - July 29

Events and Announcements

• New! Updated CME Messaging Policy Q3 Benchmarks
• Proposed CBOT Merger Client Impact Assessment

If you have any questions or concerns, please contact your CME Globex Account Manager at 312.634.8700; +44.20.7796.7100 in Europe; or at +852.3101.7696 in Asia.

New Functionality  

Instrument Creation (MO) Message Enhancements  
Effective Sunday, July 22, 2007, CME is launching the following enhancements to the Instrument Creation (MO (m-oh)) RLC market data message in the New Release environment. These new fields provide important instrument information, such as the fractional versus decimal price display, originating exchange and explicit Cabinet price for options. These new fields are scheduled to launch in the production environment in Q1 2008.

Complete specifications for the MO market data message is available in the CME Market Data Platform RLC Message Specifications.

Please note: New Release, Certification and Production are completely independent environments. Product listings and ISIN codes, as found in the CME Globex Internal ID field of the MO message, may be different in each environment. CME recommends that customers use the CME Market Data Platform channels specific to each environment, as defined in the channel definitions:

• New Release Channel Definitions
• Certification Channel Definitions
• Production Channel Definitions

Product Launches  

NYMEX Brent Last Day Futures Launch  
Effective Sunday, July 29, 2007 (for trade date Monday, July 30), NYMEX Brent Last Day futures, spreads and TAS contracts will launch on the CME Globex platform. Complete CME Globex product specifications are available in the NYMEX on CME Globex Snapshot. More information on the Brent Last Day futures is available from NYMEX Product Marketing at 212.299.2301.

These products will be available for customer testing in the New Release environment  this Tuesday, July 17.

Product Changes  

Instrument Group Code Change for NYMEX Brent Financial Futures  
Effective this Sunday, July 15, 2007 (for trade date Monday, July 16), the Instrument Group Code for the NYMEX Brent Crude Oil Financial futures and spreads will change to BB. Currently, the Instrument Group Code for the NYMEX Brent Crude Oil Financial products is CL. The Instrument Group Code can be found in the Instrument Creation (MO) RLC market data message at position 70-71. This change will be effective in all customer environments - Production, Certification and New Release.

To facilitate this change, the NYMEX Brent Financial vs Crude Oil (BB:CL) and NYMEX Brent Financial vs REBCO (BB:RE) intercommodity spreads will be delisted effective this Sunday, July 15.

New Instrument Group Codes may require front-end system or trading application changes. Please contact your system provider for more information.

Tick Changes for CME Eurodollar Options  
Effective this Sunday, July 15, 2007 (for trade date Monday, July 16), the tick for CME Eurodollar options on futures on the CME Globex platform will change as detailed below.

CME Eurodollar options spreads with at least one Spot Month leg will be eligible for a 0.25 tick. Spreads where all legs are VTT 12 will use VTT 12. All other option spreads will be eligible for 0.50 tick.

Variable Tick Tables are defined in position 576-577, Variable Tick Table Index Code, in the Instrument Creation (MO) message. More information on VTT is available in CME Market Data Platform SDK: Core Functionality, section 4.5.3 "Calculating Tick Size Based on Instrument Creation (MO) Message". More information on MO messages is available in CME Market Data Platform SDK: RLC Message Specifications.

These changes are currently available in New Release for customer testing.

Spread Change for CME Commodities  
Effective this Sunday, July 15, 2007 (for trade date Monday, July 16), at customers' request, CME is changing the configuration of the CME Commodities 3-Way Call future spreads. 3-Way spreads are listed on CME Globex for the CME Live Cattle and CME Lean Hog futures.

The new leg configuration will be:

• Leg 1 - Buy Call at strike price
• Leg 2 - Sell Call at higher strike price
• Leg 3 - Sell Put at lower strike price

Currently, the 3-Way Call future spread is configured:

• Leg 1 - Buy Call at strike price
• Leg 2 - Sell Put at lower strike price
• Leg 3 - Sell Call at higher strike price

These spreads with the new leg configuration are currently available in New Release for customer testing.

CME Eurodollar Extension  
Effective this Sunday, July 15, 2007 (for trade date Monday, July 16), implied functionality will be extended out through the first ten years (40 contract months) for CME Eurodollar futures and future spreads. With this launch, CME is also launching implied butterfly and calendar futures spreads for the second five years. Implied butterfly and calendar futures spreads for the first five years are already available on the CME Globex platform.

The additional butterfly and calendar spreads and implied functionality are currently available in New Release for customer testing.

Maximum Order Quantity Increase for CME Eurodollar Futures  
At customer requests, effective Sunday, July 22, 2007 (for trade date Monday, July 23), the Maximum Order Quantity for the first two years of CME Eurodollar futures and spreads is increasing to 30,000. Currently, the Maximum Order Quantity is set to 20,000 for the first two years.

The Maximum Order Quantity for every instrument on CME Globex is defined in the Instrument Creation (MO (m-oh)) RLC market data message, position 533, Order Max Qty.

Instrument Group Code Changes for CME Globex 
To prepare for upcoming product launches, the existing Instrument Group Codes for the following products will be changed. The Instrument Group Code can be found in the Instrument Creation (MO) message at position 70-71. This change will be effective in all customer environments (Production, Certification and New Release) Sunday, July 29, 2007.

New Instrument Group Codes may require front-end system or trading application changes. Please contact your system provider for more information.

Events and Announcements  

Updated CME Messaging Policy Q3 Benchmarks  
The Q3 2007 CME Messaging Policy benchmarks have been updated and are now available online.

The benchmarks are published quarterly and are based on the per-product Volume Ratios, including the prior quarter's roll trading.

Proposed CBOT Merger Client Impact Assessment  
CME previously announced that it intends to migrate e-cbot products to CME Globex in a phased approach beginning Q1 2008, subject to completion of the CME-CBOT merger, which is expected to occur mid-2007, pending approvals by regulators, shareholders of both companies and CBOT members, as well as completion of customary closing conditions. In an effort to provide information as early as possible regarding this electronic trading migration, the CME/CBOT Client Impact Assessment document is now available for your reference at www.cme.com/CBOTImpact. Key topics discussed in this document are as follows:

1. Key Dates and Events
2. CME Globex System Impacts
   • Product-Specific Functionality
   • Fractional and Cabinet Pricing
   • Implied Spread Functionality
   • Matching Algorithms
   • Market Data Messages and Channels
   • Testing and Certification
3. Bandwidth Recommendations
4. Messaging Policy Implications
5. User Identification