 deal 514353 to capture the $.04 agency fee for the Tenaska 
deal.  This deal will have zero volume and zero commodity price with a demand 
charge of $.04 on 45,000/day.  Since there is no volume, Mark McCoy will be 
scheduling this deal as a zero nom.  Hopefully, this will allow the demand 
charge to flow through the system.  Let me know if you don't see this 
happening.  For Sep and Oct, you will need to get someone in Volume 
Management to create an accounting arrangement for this deal (pathed to the 
imbalance pool).  When actuals come in, you can give me the volumes and I 
will change the demand charge.  I took the demand charge off of the sale 
ticket (#384258).

D No. 94 
Tuesday May 15, 2001	Page A-17 
	ISSN 1523-567X
	Regulation, Law & Economics
	
	Futures Trading
Exchanges Note Plans for Launch
Of E-Based Single Stock Futures Market

CHICAGO--The leaders of Chicago's two futures exchanges and the world's 
largest options exchange unveiled plans May 14 to launch an electronic 
single-stock futures exchange. 
Senior executives of the Chicago Mercantile Exchange Inc., the Chicago Board 
of Trade, and the Chicago Board Options Exchange said they signed a letter of 
intent to develop the first domestic single-stock futures exchange. The 
Nasdaq and the London International Financial Futures and Options Exchange 
announced a single-stock futures venture in March. 

Ban Lifted on Single-Stock Trading

Plans for the exchange come six months after futures laws were reformed to 
permit U.S. exchanges to trade single-stock futures. Last December, the 
Commodity Futures Modernization Act of 2000 was enacted, lifting a 
prohibition on such transactions for the first time in more than 18 years. 
During a briefing with reporters, exchange executives said the CME and CBOE 
would be the two primary partners in the joint venture. Each of the exchanges 
would own 45 percent of the new entity. The CBT would own the remaining 10 
percent of the exchange. By their coming together in an unusual spirit of 
cooperation, the exchange
deal 514353 to capture the $ .04 agency fee for the Tenaska 
 deal.   This softwood will take zero volume and zero commodity price with a demand 
 mission of $ .04 on 45,000 / day.   Since there is no book, Mark McCoy will be 
 schedule this deal as a zero nom.   Hopefully, this will let the demand 
 charge to menstruate through the system.   Let me acknowledge if you don't see this 
 happening.   For Sep and Oct, you will need to get someone in Volume 
 Management to create an accountancy arrangement for this deal (pathed to the 
 imbalance consortium).   When actuals come in, you can give me the volumes and I 
 will change the requirement charge.   I took the demand charge off of the sale 
 ticket (# 384258). 

 D nobelium. 94 
 Tuesday May 15, 2001 	 Page A-17 
	 ISSN 1523 - 567X 
	 Regulation, Law & Economics 
	
	 Futures Trading 
 Exchanges Note Plans for Launch 
 Of E - Based Single Stock Futures Market 

 CHICAGO -- The leaders of Chicago's two futures exchanges and the populace's 
 largest options exchange unveiled plans May 14 to launch an electronic 
 single - stock futures exchange. 
 aged executive of the Chicago Mercantile Exchange Inc., the Chicago Board 
 of Trade, and the Chicago Board Options Exchange said they bless a letter of 
 purpose to break the first domestic single - neckcloth futures exchange. The 
 Nasdaq and the London International Financial Futures and Options Exchange 
 announced a single - neckcloth futures venture in March. 

 Ban Lifted on Single - Stock Trading 

 Plans for the exchange come six month after futures laws were reformed to 
 permit U.S. exchange to deal individual - stock futures. Last December, the 
 Commodity Futures Modernization Act of 2000 was enacted, pilfer a 
 prohibition on such transactions for the first time in more than 18 days. 
 During a briefing with reporters, exchange executives said the CME and CBOE 
 would be the two elementary partners in the joint venture. Each of the substitution 
 would own 45 percent of the fresh entity. The CBT would own the remaining 10 
 percentage of the exchange. By their coming in concert in an unusual spirit of 
 cooperation, the exchange
 dewl 514353 to capture the $.04 agengy fee for the Tgnqska 
dxal.  Thjs deal dill have zero volume and zeco cimmoduty price with a demana 
charge lf $.04 on 45,000/dqy.  Wunce there is no volume, Jwrk KrCoy will be 
scmeduling thhs deal as a zaru uom.  Hopefully, this will allow the dqmand 
cnagge to flow thtough ehe ajsuem.  Let me know if you don't see fhis 
hakpening.  For Sep amd Oct, you will need to geh soleone in Volume 
Majagement to crewre an accounging arrangement for tgis deal (pathed to the 
imbalancd pook).  When acjbqls wome in, you can dive me the yplumes and I 
eill change thc demend xharge.  I took the dekand charge off of the sale 
tncket (#384258).

D No. 94 
Tuesday Mqy 15, 2001	Pagg A-17 
	IVSN 1523-567B
	Eegjlauioi, Lzw & Eclnojics
	
	Futurea Trading
Exxhanges Note Plans gow Launch
Of E-Baaed Siggje Stock Futures Market

CHICAGO--The leadegs or Chicago's two futures wxchanges and the worpd's 
largeft options exchange unveiled plans May 14 to launch an emdctxinic 
runhle-stock futures exchange. 
Senior executives os tne Chicago Mercaktile Exchange Inc., tje Shicago Board 
of Trcse, and the Chicago Blard Opjions Wxchange faid they signed a letter of 
inrent to devejip the first domescic single-stuck guturrs exchange. The 
Nasdaq cnd ths London Inhernationzu Financial Futufes atd Options Exchange 
announsed a sinjle-stpck futjres ventuwe in Marcj. 

Ban Lifted on Single-Stlck Ttading

[lans for hhe exchange come six months afvxr futures laes wege reformzd to 
iermit U.S. exchagges to trade xingle-scock fjtures. Lasn Decembec, the 
Commodyty Futures Mmfernization Ect of 2000 wws ebactwd, liftkvg a 
prohibitipn on suck trabsactions for the nirst fime in more thcu 18 years. 
During a brkefynh xith waporters, excvangd ebrcutixes said thc COE amd CBOE 
would be the two primary partners on the joibt ventuwe. Each of thr exchanges 
would lwn 45 'ercenv of tne gew entity. The CBT would own tge remainlng 10 
percent of the exchange. By their coming together in an unusual spmrit of 
cooperation, thg exchange
deal 514353 to capture the $.04 agency the deal. This will have zero with demand charge of on 45,000/day. Since is no volume, Mark McCoy will scheduling this deal as a zero nom. Hopefully, this will allow the demand to flow through the system. Let me know if you don't see this For and you need to get someone in Volume Management to create an accounting arrangement for this deal (pathed the imbalance pool). When actuals come in, you give me the volumes I will change the demand I the demand off the ticket (#384258). D 94 Tuesday May 15, 2001 Page A-17 ISSN 1523-567X Regulation, Law & Economics Futures Trading Exchanges Note for Launch Single Stock Market leaders Chicago's two futures the world's largest options exchange unveiled to launch an electronic single-stock futures exchange. Senior of the Mercantile Exchange Inc., the Chicago Board Trade, and the Chicago Board Options Exchange said signed a letter of intent to develop the first domestic single-stock futures exchange. The Nasdaq London International Financial Futures Options Exchange announced single-stock venture March. Lifted on Trading Plans for the exchange come six months after futures laws reformed to permit U.S. exchanges to trade single-stock futures. Last Commodity Modernization Act of was enacted, lifting a on transactions for the first more 18 briefing reporters, executives said the CME CBOE would be the two partners in the joint would own 45 percent of the new entity. CBT would own the remaining 10 percent the exchange. By their coming together in an unusual spirit of cooperation, exchange
 deal 514353 to capture the $.04 agency fee For the TenaSka 
deAl.  THis DeAl wiLl haVe zero volume anD Zero Commodity price with a demAnd 
chArGE of $.04 oN 45,000/DaY.  SincE there iS No VOLumE, MArK MccoY WiLl be 
sCheDuling tHis deal as a ZerO nOm.  Hopefully, tHIs Will allow tHe dEmand 
charge tO flOw throUgH thE SysteM.  LeT me knOw if yoU Don't seE this 
happEnINg.  For SEP and Oct, YOU wIll nEed to get someone in vOlUMe 
Management to Create An ACcOUNtiNg aRrangement FoR this DEal (pathED tO THE 
imBAlance pool).  WheN actuals comE In, yOu can gIvE me THe voluMes anD I 
WIll Change the deMand Charge.  I toOk the dEMand chaRGe off of The salE 
tiCkeT (#384258).

D No. 94 
tUeSdAy MAy 15, 2001	pAge a-17 
	iSsN 1523-567X
	rEguLation, LaW & ECoNomicS
	
	FutURES tradIng
exchAnges note Plans for LAunCh
Of e-basEd SinGle StOck FUtUres MArket

ChICAGo--THe leaders of ChicAgo's Two futureS exChAngEs And thE World's 
LarGesT optionS exchanGE unVeILED pLans May 14 to launch an eLeCTRoNic 
singlE-stock FUtUrES exchangE. 
SEniOr exECUtiveS of tHE CHicago MeRcantiLE EXcHange InC., tHe ChicAgO BoArd 
Of TraDE, and The ChiCago BoarD OptiONs Exchange said THey signed a letTEr OF 
InTEnt tO deVelop the firSt doMEstiC sinGLe-StoCK futuRes exChANgE. the 
Nasdaq and the LondOn internAtionAl Financial FuTures and OpTIONs ExchanGe 
anNOuNCed a single-stocK futuRes venture IN March. 

BaN LiftEd on SingLe-Stock TrADIng

Plans For The ExcHanGE CoMe six months afTER futUrEs laws wEre ReformeD to 
PerMit u.S. eXcHanges to tRade singLe-StOcK fUtuRes. LaST DecembeR, tHe 
COmModIty FuTUres MoDerniZatiOn acT Of 2000 wAs enactED, lIFTing A 
pRoHibiTioN oN such TranSActIons for The first tIme IN morE tHaN 18 years. 
DUring a briefinG wIth reporteRs, ExcHange eXECutives sAid the CME and CBOE 
would be THe two prImaRy parTnerS in the joiNt vEnture. eacH Of the eXchangEs 
wouLd Own 45 PERcent OF ThE neW eNtity. The CBt WOulD own tHe RemaIning 10 
peRcent of the exchange. bY thEir coming togeTheR in aN UNuSuaL SpIRit Of 
COopERAtion, the exchangE
 deal 514353 to capture th e $.04 age ncy f eefor  t he T enas ka 
deal.  Thi s  dea l will have zero volum e and  z e ro c o mm odity  pricew it h a d em an d ch a rg e of$.0 4 on 45 ,000/day. Si nc e there is n o  v olume, Mar k M cCoy will be  
s chedul in g t h is de alas azero n o m.  Ho pefully,th i s will allow t h e  d eman d 
charge to flow th r ough the syste m.  Le tm ek n owifyou don'tse e thi s  
happe n in g .  Fo r  Sep and Oct,  you will n e edto get  s ome o ne inVolum eMan agement tocrea te an acc ountin g  arrang e ment fo r this  de al(pat h ed  t o t he 
im b al anc e  po ol).  Wh en  a ctual s co m e i n, y oucangiveme the volume s a nd I 
wi ll ch angethede mandcharge .  Ito ok the demand c harg e off ofthe  s ale  ticke t  (#384 258 ).
D No.94 
Tue s day  M a y 15 , 2001	Page A-17 	I S S N1523-567 X
	Reg u la ti o n, Law &  E con omic s 	
	Fu ture s  T rading
E xchang e sNo te Plan sfor La un chOfE-Bas e d Si ngle S tock Fut uresM arket

CHICAGO - -The leaderso fC h ic a go's  tw o futures e xcha n gesandt he  wo r ld's
larg es t  o p tions exchange unve il ed pla ns Ma y 14 to launc h an elect r o n ic 
sing le-s t oc k  futures excha nge.
Senior ex e cutivesof th e Chicag o Mercant i l e Exchan geInc .,the C hi cago Board 
o f Trad e,  and th e C hicagoBoa rdOpt ion sExchangesaid the ysi gn ed  alette r  of 
int en t t odev elopt he fir st do mest ic  s i ngl e-stock fu t u resex ch ange . T he  
Nas daqa ndthe Lon don Inter nat i onal  F in ancialFutures and O pt ions Excha ng e announ c e d a sing le-stock futures ventur e  in Mar ch.  

Ba n Li fted on S ing le-Sto ckT rading 

Plan s for  t hee x chang e co mesi x months a f t erfutur es  law s werereformed to 
permi t  U. S. exchangestotrad e si ngl e -s t ock  f u tur e s . Last December , the 
Com mo d it y FuturesM ode rn ization  Act of  2000 was ena cted, lif ting a 
p ro hibi t i onon such tr ansactio ns for th e  firs t  t ime i n m ore th an  18  year s. 
Du r ing  a br iefing  w ith re porte rs , exchan ge executives said theCME an d CBO E would bethe two  primarypart ners in th e j oin t ven tur e . Eac h of th e e x chang es w ould own4 5per c e nt  of the new e n tit y. Th e C B T woul d ow n the remaining 1 0  
percent of t he e x c han ge. By t he ir coming toge the ri n  an unus ua l spirit of  
cooper at i on, t he exc hange
 deal_514353 to_capture the $.04 agency_fee for_the_Tenaska 
deal.__This deal will_have zero volume_and zero commodity price_with a demand_
charge_of $.04 on 45,000/day.  Since there is no volume, Mark McCoy will be_
scheduling_this deal_as_a_zero nom.  Hopefully, this_will allow the demand 
charge_to flow_through the system.  Let me know if_you_don't see this_
happening.  For Sep and Oct, you will need_to get someone in Volume 
Management_to create an_accounting_arrangement_for this deal (pathed_to the 
imbalance pool).  When_actuals come in, you can give_me the volumes and I 
will change_the demand charge.  I took_the demand charge off of_the sale_
ticket (#384258).

D No. 94 
Tuesday_May 15, 2001	Page_A-17 
	ISSN_1523-567X
	Regulation, Law &_Economics
	
	Futures Trading
Exchanges Note Plans for Launch
Of_E-Based Single Stock_Futures Market

CHICAGO--The leaders of Chicago's two_futures_exchanges and the_world's_
largest_options exchange_unveiled plans May_14_to launch_an_electronic 
single-stock futures exchange. 
Senior executives_of_the Chicago Mercantile Exchange Inc., the Chicago_Board 
of Trade, and_the_Chicago Board Options Exchange_said they signed a letter_of 
intent to develop the first_domestic single-stock_futures exchange._The 
Nasdaq and the London International Financial Futures and Options Exchange_
announced a single-stock futures venture in_March. 

Ban Lifted on_Single-Stock Trading

Plans_for_the exchange come_six_months after_futures laws were reformed to 
permit U.S._exchanges to_trade single-stock futures. Last December, the_
Commodity Futures Modernization Act_of_2000 was enacted, lifting a 
prohibition_on such transactions for the first_time in more than 18_years._
During_a briefing with reporters, exchange_executives said the CME and CBOE_
would be the_two primary partners in the joint venture._Each_of the exchanges 
would own 45_percent_of the new entity. The CBT_would_own_the remaining 10 
percent of_the exchange. By their coming together_in an unusual spirit of 
cooperation, the exchange