This advisory provides details about an innovative new product -- Eurodollar FRA futures -- to be launched shortly on GLOBEX.  CME will introduce new functionality within GLOBEX to offer seamless, integrated trading and clearing of these exchange-listed Eurodollar Forward Rate Agreements (Eurodollar FRAs), which will provide participants of the OTC FRA Switch market the opportunity to accomplish these trades in a centralized marketplace with a cleared futures product.

Please note that Eurodollar FRAs are very similar to CME’s Eurodollar futures contract.  Fundamentally, the impact to firm bookkeeping systems is that these are the first futures CME has listed with expirations specific to the day.  For a detailed description of this impact, please see Clearing Advisory 04-42 (published on March 12) at www.cme.com../files/CHAdv-0442.pdf.

Pending regulatory approval, Eurodollar FRA futures will be launched on June 30, 2004.

Complete text of New Product Advisory 04-15... Revision 2 -- includes details on Large Trader Reporting.