Please note the clarification in trading hours.

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INFORMATION UPDATE # 2

CONTRACT NAME: Yen-denominated Nikkei 225 Futures.  Options on futures are not being listed at this time.

LISTING DATE: Trade date of Monday, February 23, 2004 at 5:00 a.m.

DESCRIPTION:   One futures contract is valued at ¥500 times the Nikkei Stock Average.

MOS ELIGIBILITY:  The Yen-denominated Nikkei 225 futures contract will be eligible for mutual offset with SIMEX.

CONTRACT SIZE:     ¥500 times the Nikkei Stock Average

TRADING VENUE: GLOBEX® only

TRADING HOURS: During Central Standard Time: 
5:00 a.m. to 3:15 p.m.
reopens 3:30 p.m. to 4:30 p.m.
closes 4:30 p.m.

 During Central Daylight Time:
 6:00 a.m. to 3:15 p.m.
 reopens 3:30 p.m. to 4:30 p.m.
 closes 4:30 p.m. to 5:00 p.m.
 reopens 5:00 p.m. to 6:00 p.m.

VALID CONTRACT MONTHS:   All contract months.

INITIAL CONTRACT MONTHS: Five March Quarterly Cycle months:  Mar ’04, Jun ’04, Sep ’04, Dec ’04 and Mar ’05, and three serial months:  April ’04, May ’04 and July ’04.

COMMODITY CODE/
TICKER SYMBOL:    N1 (en one) / NIY (en eye why)

MINIMUM PRICE INTERVALS: 5 Index Points or ¥2500

YEN VALUE PER TICK:   ¥2500

TERMINATION OF TRADING: 
Futures: Futures trading shall terminate at the close of trading on the business day immediately preceding the day of determination of the Final Settlement Price.
 
FINAL SETTLEMENT PRICE: The final settlement price will be the special opening quotation of the Nikkei Stock Average which is used to settle the Nikkei Stock Average Futures at the Osaka Securities Exchange, rounded to the nearest 1/100th of an index point.  This value will usually be based on the opening of the second Friday of the contract month.
 
DELIVERY:     Cash settled.
    
POSITION LIMITS: 5,000 Nikkei 225 Index Contracts

DAILY PRICE LIMITS: There shall be no trading at a price more than the Daily Price Limit above or below the previous day’s settlement price, except that there shall be no Daily Price Limit in a contract on its last day of trading.

The Daily Price Limit shall be announced prior to the opening of trading in each calendar month.  The Daily Price Limit shall be determined from the following table, based on the settlement price of the lead month futures contract on the last business day of the preceding month:

      Lead Month  Daily Limit
      Settlement  (Index Points)

               0 – 20,000 1,000
      20,005 – 30,000 1,500
      30,005 and up   2,000

CFTC REPORTABLE NUMBER:  Contact Judy Sepsey, CFTC or
Maggie Sweet at 312-596-0609.

PERFORMANCE BOND
REQUIREMENTS:    To be published by the Clearing House.

FEES: Clearing fees and GLOBEX fees are waived through May 31, 2004.

PRICE CONVENTIONS: 
 Trade Price
Actual Price 10875.00
TREX/TES Format 1087500
Unmatched Trade Notice 1087500
Trade Register 10875.00
Trade Register File 1087.500
Settlement Price File 1087500
SPAN File 1087500
GLOBEX Price Entry 1087500
GLOBEX Matched Trade File 1087500
APS/ACS File Format 1087500
   

FOR FURTHER INFORMATION, CONTACT:

cme.com Inquiries    Customer Service  (800) 331-3332
General Information:    Lisa Amato   (312) 338-2654  or   Steve Mazur   (312) 930-2035
GLOBEX Information:    GLOBEX Control Center (312) 456-2391
Performance Bond Information:  Risk Management Dept. (312) 648-3888
Position Limits:    Ken Lovett   (312) 648-3259
Settlement/Delivery Information:  Morgan Culverhouse  (312) 930-2892