At its Regular Meeting on Wednesday, September 3, 2003, the Board of Directors approved reducing the British pound futures and options minimum price increment from $0.0002 per British pound (= $12.50 per tick) to $0.0001 per British pound (= $6.25 per tick).   Also, the Board approved a language clarification to the GLOBEX^® error trade policy to specify the GLOBEX British pound futures no bust range at 30 ticks rather than 15 ticks. Thirty ticks at $0.0001 per British pound equals the current 15 ticks at $0.0002 for a plus or minus no bust range of $0.0030 per British pound.  The proposal was submitted to the CFTC under exchange certification procedures.  The new British pound futures and options tick sizes will apply to all existing as well as newly listed contract months, and will become effective starting with GLOBEX trading on Sunday, October 5, 2003, for the trade date of Monday, October 6, 2003.

MDN Impact:

There will be no impact to the fractional indicator used in reporting these prices.

Neal Desai    312-634-8887           ndesai@cme.com