UPDATE: CME Auction Markets on CME Globex Platform

Please note changes to launch date and ticker test dates, indicated in red below.

Effective late February 2006, eligible CME Globex users may begin directly accessing CME Auction Markets products.

For example, eligible users will be able to directly trade auctions on Non-Farm Payrolls via iLink. Currently, access is limited to web interfaces, including that at http://auctions.cme.com.

When CME Auction Markets become accessible through the CME Globex platform in late February, the impact to Market Data Distributors will be minimal. Market Data message types will be the customary and usual types for both RLC and ITC message users.

The key document that distributors should review is the CME Auction Markets Platform Client Impact Assessment, at http://www.cme.com/files/auctionmarkets_clientimpact.pdf.

All CME Auction Markets products will be defined as strategies. For this launch, several new strategy types will be available. Market data messages for CME Auction Markets products will be structured identically to existing market data messages. In the Book Update ("MA") messages and Category Code "B" messages, however, there is a different meaning assigned to the quantity field; see section 5.1.4 of the Client Impact Assessment document.

CME Market Data Network (MDN) Channels: ITC 2.1 data will be disseminated with CME Globex options market data over Channel 7; RLC data will be disseminated over Channel 9. Should you wish to receive auction market data over the Market Data Network, please contact one of the CME Market Data Distributor account representatives listed below.

CME Market Data Platform (MDP) Channels: ITC data will be available via Channel 6; RLC data will be disseminated over Channel 17.

For more information on CME Auction Markets, please refer to the following documents:

· CME’s press release, at http://cme.mediaroom.com/index.php?s=press_releases&item=53

· CME’s new Economic Derivatives web section, at http://www.cme.com/trading/prd/env/cmeedres14641.html

· CME Auction Markets Product specifications, at http://www.cme.com/files/NP%2005-12%20Posted%20Advisory.pdf

· Clearing and Bookkeeping Processing for CME Auction Markets, at
http://www.cme.com/files/Chadv05-133.pdf

· Customer and Firm Registration for CME Auction Markets, at
http://www.cme.com/files/Chadv%2005-196.pdf

Ticker codes can be found at the link above entitled "CME Auction Markets Product specifications", and the CME Auction Market schedule is posted on cme.com at the link to the Economics Derivatives section, both above.

Please note that CME Auction Markets products are not futures and options on futures that are regulated by Commodity Futures Trading Commission (CFTC) and that only registered and authorized Eligible Contract Participants (ECP's) may trade them.

Final economic event results, to which the auction trades are marked, are retransmitted by CME via text message following the release of the economic number by the source of the data.

The ticker tests will be conducted on Friday, February 17, 2006 and Friday, February 24, 2006 at approximately 4:45 p.m. Central Time. If you have any questions during the ticker test, please contact the CME Computer Room at 312.930.8160.