Date:                           January 11, 2008

Recipients:                 Members and Independent Software Vendors

Authorized by:            Jeffrey S. Hersh

Title:                           Error Trade Policy Update for Options

Action Date:               January 13, 2008

Recommended for:    All Departments

Related Bulletins:      n/a

Attachment:                n/a

SUMMARY:

In connection with the migration of CBOT products to CME Globex, CME and CBOT are adopting a fully harmonized trade cancellation and price adjustment rule that will cover products traded on CME Globex and e-cbot, effective Sunday, January 13, 2008. 

Please note that as a result of these changes in most circumstances erroneous options trades will no longer be busted, but will instead be price adjusted by the CME Globex Control Center.

Please see the URL below for the changes as defined in the Special Executive Report:

http://www.cmegroup.com/files/SER-4660_Marked.pdf

If you have any questions, please call the CME Globex Control Center at 312-456-2391 or in Europe at 44 207 623 4708.