New  Product Advisory Notices
To All Firm Personnel, Service Bureau Representatives, and Independent Software Vendors
From Clearing House
Subject New Side-by-Side Nikkei 225 Futures
Notice Date 2004-02-23
Notice Number NP 04-12
Effective Date  

INFORMATION UPDATE #2

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Please note the clarification of trading hours.

Effective Monday, February 23, 2004, CME will begin side-by-side trading of the dollar-denominated (pit-traded) Nikkei 225 futures contract during Regular Trading Hours (RTH) and extended trading on GLOBEX® during certain Electronic Trading Hours (ETH).  Options on GLOBEX are not being listed at this time.

Contract details follow:

GLOBEX® Launch Date & Time: Monday, February 23, 2004.  Trading begins at 2:00 a.m. until 3:15 p.m.

Initial GLOBEX® Contract Months: First two quarterly futures contract months:  Mar ’04 and Jun ’04.

Commodity Code/Ticker Symbol:
 Trading Floor NK / NK (existing)
 GLOBEX® NK/ NKD

Settlement:  The dollar-based electronically traded contract will settle to the same price as the dollar-based pit traded contract on a daily basis.

Fees:  GLOBEX fees for members will be waived through May 31, 2004.  All other fees are applicable.  Customers will receive reduced GLOBEX fees.  Fees will be reduced by $0.25 per side on outright trades, totaling $1.25 per side and by $0.50 per side on calendar spreads, totaling $1.00 per side.  All other fees remain the same.


GLOBEX® Trading Hours:

During Central Standard Time:
2:00 a.m. – 3:15 p.m.
reopens 3:30 p.m. to 4:30 p.m.
closes 4:30 p.m.
 
 During Central Daylight Time: 
 3:00 a.m. – 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.

The following restrictions have been placed upon the trading in Japan of the Nikkei 225 contract by the Japanese Financial Services Agency and must be complied with by CME clearing firms.

All clearing firms operating in Japan, or with an office located in Japan, must identify to CME all Japan-based GLOBEX Trader User IDs associated with market participants located in Japan that connect to the GLOBEX Platform via the Internet or through a direct connection.  The trading limits for such GLOBEX Trader User IDs must be set to zero for all Japanese equity index products listed on GLOBEX, including the Nikkei 225.

If you have any questions regarding this notice, please contact Lisa Amato @ 312.338.2654 or email lamato@cme.com.  Thank you.