Effective November 8, 2004, (Sunday, November 7 on GLOBEX), the tick increments for E-mini S&P equity options will change from a standard tick size of 0.25 to a variable tick size.  Please note that the S&P 500^®, S&P/Barra Growth^TM and S&P/Barra Value^TM already use a variable tick size, as detailed in the table on the following page.  The variability thresholds for the latter three products will also change on the same date.

MDN Channel 4 (RLC Message Format) Users

For RLC message users (Channel 4 on the MDN), the attached table is referred to as a “Variable Tick Table”, or VTT.  For more information on the Variable Tick Table, please see the “Calculating Tick Size Based on MO Message” component of the MDAPI 2.x Software Development Kit, located at http://www.cme.com/trading/get/dev/mdapiagre2847.html.

Please view the attached table for more information.