For your information, during October 2005, CME® will implement its new Mass Quote functionality for select FX and Equity option products.  Initially, this functionality will apply for “select” equity and FX options, to include:  E-Mini S&P 500, E-Mini Russell 2000, E-Mini Nasdaq 100, Euro FX and Japanese Yen options.  This enhancement will allow CME-designated Market Makers (for FX and Equity option products) to create and maintain a market on a large number of contracts on the CME® Globex® platform more efficiently.  Mass Quoting will allow Market makers to:

• Create and update their working quotes on up to 195 contracts utilizing a single message;
• Cancel all active quotes across all contracts, cancel all active quotes within one Instrument Group, or cancel a list of specific quotes by submitting a single message;
• Utilize Market Maker protection that will automatically cancel the market maker’s resting quotes upon logout, disconnect, or trading activity exceeding predefined parameters.

For purposes of price reporting, however, the single message will be broken out into its components. 

Market Data Network (MDN) Implications

The MDN Channels that will be impacted by this enhancement are Channel 6 (RLC Options) and Channel 7 (ITC 2.1 Options).  We anticipate this new functionality to the CME Globex platform may result in an increase in message traffic over time.  Please check with your Market Data Operations representative to ensure you have appropriate bandwidth.                                                                                                                                                      

If you have any questions regarding this notice, please contact:

Marilee Radecki                         312.930.8193                 mradecki@cme.com

Kevin Brady                               312.648.3653                 kbrady@cme.com

Thank you.