CME Globex Notices: August 11, 2008

Order Status Enhancements
CME Group is launching enhancements to both the inbound Order Status Request and outbound Execution Report - Order Status iLink messages. Scheduled to launch end of September 2008, these enhancements will provide more precise and current state information on working orders.

These enhancements provide:

• The most current state in the order chain is always reflected in the Execution Report - Order Status Reponse Message
• Cumulative order quantity reflects the actual quantity in the most current state in the order chain.
• More precision on the details of the order state.

A  Client Impact Assesment is now available with detailed information. CME Group strongly recommends all front-end trading systems completely test the enhanced order status messaging in New Release, available now.

Implied Functionality Enhancements
In Q4 2008, CME Group is scheduled to launch enhancements to the implied functionality on CME Globex. This launch will also include new implied intercommodity spreads for Treasury futures.

With this launch, Eurodollar Pack Spreads, including Pack Butterflies, will support implied functionality for the first 10 years listed.

Customers and system providers are not required to certify for these enhancements; however, CME Group encourages all system providers to complete testing with these new instruments and functionality in the New Release environment starting September 11.

A  Client Impact Assesment is now available with detailed information.

Options on Eurodollar Futures Calendar Spreads
Effective this Sunday, August 17, 2008 (trade date Monday, August 18), CME Group is launching options on Eurodollar futures calendar spreads. Both outright options and straddles will be available on CME Globex for trading, as well as full User-Defined Spreads (UDS) functionality.

Eurodollar calendar spread options are designed to help market participants better manage risk exposures specifically tied to the slope of the Eurodollar rate curve. Call options will be exercisable into one long nearby Eurodollar futures contract and one short deferred Eurodollar futures contract, for example June 2008 (long) and June 2009 (short). Put options will be exercisable into a short nearby Eurodollar future and a long deferred one.

These options will be listed with the futures calendar spread as the indicated underlying. There will not be a synthetic future listed, as is the current practice for the NYMEX complex options on CME Globex. These options will support zero and negative strike prices.

These options and strategies are now available for customer testing in New Release.

Regional Greenhouse Gas Initiative (RGGI) CO2 Allowance Futures on CME Globex
Effective Sunday, August 24 (trade date Monday, August 25), NYMEX, in connection with the Green Exchange initiative, is launching the Regional Greenhouse Gas Initiative (RGGI) CO2 Allowance futures for trading on the CME Globex platform.

These new futures will use the Product Code RGI. Detailed CME Globex instrument specifications are available in the  NYMEX Futures on CME Globex Snapshot.

The new RGGI CO2 Allowance futures are currently available for customer testing in the New Release and Certification environments.

NYMEX LCH ECM & MTF Products on CME Globex
As previously announced, this summer NYMEX and LCH.Clearnet are launching a broad range of global energy products for trading on the CME Globex platform. NYMEX is offering a new and distinct slate of OTC and futures products for clearing through LCH.Clearnet through two new exchanges: NYMEX ECM and NYMEX MTF. The initial slate will encompass the global benchmark oil contracts, including WTI, Brent and Gasoil, as well as key natural gas and electricity contracts. These new products will be cleared by LCH.Clearnet using existing and widely distributed clearing technology, thus optimizing operational efficiencies for market participants.

This historic alliance will deliver improved capital and operational efficiencies through wider execution capabilities, broader credit intermediation and margining benefits for customers and market participants.

More information on the arrangement and benefits for market participants is available at  www.nymexonlchclearnet.com.

Please note: the NYMEX ECM contracts require development to support trading of these unique products. Detailed development information is available in the  NYMEX ECM and NYMEX MTF Products on CME Globex Client Impact Assessment. The complete lists of new products are available in the  NYMEX ECM Snapshot and  NYMEX MTF Snapshot.

These products are currently available for customer testing in the New Release environment. The mock trading session previously scheduled for June 28 has been cancelled. End-to-end testing to the LCH Clearing House is available in the New Release environment for configured customers. Please contact  CSET at 312.930.2322 or your  CME Globex Account Manager at 312.634.8700 to be configured.

 3-Month OIS Futures
Effective Sunday, September 7, 2008 (for trade date Monday, September 8), 3-Month Overnight Index Swap (OIS) futures will launch on the CME Globex platform.

The new OIS futures will track the overnight effective Federal Funds rate, a major benchmark for the U.S. short-term interest rate market. The contract will reflect the Federal Funds rate compounded over a three-month period that ends on the contract's expiration date. Because the OIS futures contract will cover the same time period as a Eurodollar future, the contract will provide market participants with a direct and efficient way to trade the spread between 3-month LIBOR and 3-month overnight financing costs.

Calendars, packs and bundle spreads will also be available for trading with this launch, along with intercommodity spreads for OIS vs. Eurodollar futures.

†MY = maturity Month and Year

These products will be available in New Release for customer testing Monday, August 25, 2008.

FX Strike Harmonization
Effective Sunday, September 7, 2008 (for trade date Monday, September 8), CME Group is expanding the strike listings for FX options on CME Globex in the following products:

The expanded strike listings will provide greater flexibility for customer strategies focused on out-of-the-money options. This change will also provide a consistent quoting surface across CME Globex European- and American-style options, and across the same options traded electronically and via open outcry.

In addition, the listed strikes will be reduced to ATM ± 2 for all of the following options on FX cross rate futures:

• Euro FX/British pound Cross (RP)
• Euro FX/Czech koruna Cross (ECZ)
• Euro FX/Hungarian forint Cross (EHU)
• Euro FX/Polish zloty Cross (EPL)
• Euro FX/Swiss franc (RF)
• Euro FX/Japanese yen Cross (RY)
• Chinese renminbi/Euro FX Cross (RME)
• Chinese renminbi/Euro FX Cross Weekly (RE1-RE5)
• Chinese renminbi/Japanese yen Cross (RMY)
• Chinese renminbi/Japanese yen Cross Weekly (RN1-RN5)

These changes will be available for customer testing in New Release Monday, August 25.

FIX/FAST Migration Updates
Migration & the Elimination of RLC Format
Customers must complete their migration to FIX/FAST from the legacy RLC format market data by October 17, 2008.

The mandatory certification for FIX/FAST can be completed through AutoCert+ in Certification. More information is available in the  AutoCert+ User Guide. FIX/FAST is currently available for customer testing in the New Release and Certification environments.

After October 17, support surcharges will be assessed for each site still receiving RLC format market data:

• $2,000 per week in October
• $4,000 per week in November
• $6,000 per week in December

The legacy RLC format market data will be eliminated no later than the end of December 2008. Please note that we cannot extend RLC broadcast beyond the December deadline, due to internal system dependencies. The FIX/FAST Software Development Kit, including Market Data Platform channel definitions and reference code, is available  online.

On Sunday, October 14, 2007, CME Group launched the new FIX/FAST market data format on the CME Globex platform. FIX/FAST is the basis of a new industry standard for market data and improves bandwidth scalability. The new format is based on FIX and FAST protocols for increased efficiency. FIX provides the core message structure and syntax while the FAST protocol increases optimization.

Saturday FIX/FAST Testing
Through Saturday, October 4, CME Group will replay production-speed market data in the production environment for FIX/FAST and RLC formats for 30 minutes, from 11:30 a.m. to noon Central time (CT).

There will be no replay window on the Labor Day holiday weekend, Saturday, August 30.

The data disseminated during each Saturday's replay window will be captured during the prior mid-week trading.

CME Group recommends all system providers purge and reload their instrument databases every week. To support testing during these replay windows, the FIX/FAST Security Definition (tag 35=d) and RLC Instrument Creation (MO) messages from the prior week will be available on the instrument definition channels each Saturday morning starting at 10:00 a.m.

Support will be available; customers may call 312.715.6003 with any questions during the replay windows.

The  attached market data channels for FIX/FAST and RLC formats will be available.

Please contact your  CME Globex Account Manager with any questions at 312.634.8700; in Europe at +44.20.7796.7100; or in Asia at +852.3101.7696.