Important Reminder on March 08 Equity Contract Expirations Next

Important Reminder on March 08 Equity Contract Expirations Next Week

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 EQUITY UPDATE<http://www.cmegroup.com/trading/equity-index/online-marketing/headers-graphs/update.gif>         March 14, 2008 

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Due to Good Friday Holiday, March 2008 Equity Index Contracts Expire on a Thursday (3/20/08)
       
Because the Good Friday exchange holiday coincides with the third Friday of March (the standard March quarterly expiration date), March 2008 CME Group Equity index futures and options will expire on Thursday, March 20, 2008 instead of Friday, March 21, 2008. Specifically:

*       The open outcry trading of expiring contracts will conclude at the close of the regular trading hours on Wednesday, March 19, 2008.

*       Trading of most expiring E-mini equity index futures and options contracts will conclude prior to the open of regular open outcry trading hours on Thursday, March 20, 2008. Expiration dates/times by contract are provided below (Exceptions in right column):

Termination
of Trading on
CME Globex

8:15 a.m. on Thursday, March 20, 2008

8:30 a.m. on Thursday, March 20, 2008

Other Expiration Dates/Times

Applicable Contracts

·          DJIA ($10)

·      E-mini S&P 500

·      E-mini NASDAQ-100

·      E-mini Russell 2000

·      E-mini S&P MidCap 400

·      E-mini S&P SmallCap 600

·      E-mini NASDAQ Composite

·      E-mini NASDAQ Biotech Index

·      S&P Financial SPCTR Index

·      S&P Technology SPCTR Index

·      E-mini Dow ($5)

·      Big Dow DJIA ($25)

·      Dow Jones US Real
Estate Index

·    E-mini MSCI EAFE:

10:00 a.m. on Thursday, March 20, 2008

·    E-mini MSCI Emerging  
    Markets:

3:15 p.m. on Thursday, March 20, 2008

·    E-mini S&P Asia 50,
S&P/Citigroup Growth & S&P/Citigroup Value:

3:15 p.m. on Wednesday, March 19, 2008

·    E-mini FTSE/Xinhua
China 25:

3:00 a.m. on Thursday, March 20, 2008

Other Important Notes

*       Trading Conventions for Dow Jones Index Contract Calendar Spreads on CME Globex
        Reminder that calendar spreads and leg assignments for Dow Jones Index futures and options now follow the trading conventions used on CME Globex, which differ from those that were used on

        e-cbot. See the example below:
       
       

                Trading Convention
                Listed in the order of Leg1 = Nearby Month and Leg2 = Deferred Month
                Entering a Bid = Sell Leg1 and Buy Leg2

                Leg Assignment
               

                1.      CME Globex anchors the Leg1 price assignment (nearby month) with the previous day's settlement price.

                2.      CME Globex applies the spread price to the anchor leg price and assigns the net result to the other leg price.

               
               
                Example: E-mini Dow ($5) Calendar Futures
                The Mar-Jun Calendar futures traded at a price of 109.
                The Mar outright previous day's settlement price was 13855.
                CME Globex assigns the June leg price as follows:
               
               

        March Leg      
        13855
        Spread 
        +109
        June leg assigned at:   
        13964
                       

*       Nikkei 225 expiration not affected by holiday: The March 2008 Nikkei 225 Index contracts expire in the prior week, so their March 2008 expiration date is not impacted by the exchange holiday.

Questions?
Contact the CME Group Equity Products team at [e-mail] or call 800.331.3332.

About CME Group

CME Group is an entity formed by the merger of CME and CBOT. We bring more than 250 years of expertise to the global marketplace, and are the largest and most diverse exchange in the world for trading futures and options. We offer the widest range of benchmark products available on any exchange that cover all major asset classes, such as interest rates, equity indexes, foreign exchange, commodities, energy, and alternative investments. CME Clearing matches and settles trades and guarantee the creditworthiness of every transaction that takes place. CME Group is traded on NYSE and NASDAQ under the symbol "CME."

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