CBOT Appoints Market Makers For Its Mini-sized Dow Futures

Demonstrating its ability to create unique trading opportunities, the Chicago Board of Trade (CBOT®) today announced that Bear Hunter Structured Products L.L.C. and Susquehanna International Group, LLP (SIG) have been appointed as electronic market markers (EMM) to enhance liquidity for CBOT® mini-sized DowSMfutures contracts. The market maker program for the CBOT® mini-sized DowSMfutures complex, which trades exclusively on the exchange's electronic trading platform, will begin on April 5, 2002, the same day the exchange will begin trading a new mini-sized DowSMcontract with a $5 multiplier.

CBOT® Chairman Nickolas J. Neubauer said, "The introduction of a new CBOT® mini-sized DowSMcontract with a $5 multiplier complements our already existing DowSMequity and CBOT® index complexes, ensuring the best fit for open auction and screen arbitrage opportunities for our customers and members. This unique synergy in the CBOT® mini-sized DowSMfutures complex, combined with the launch of electronic market makers Bear Hunter and Susquehanna and the liquidity and trading expertise provided by CBOT® members, will provide a tight liquid market at launch."

CBOT® President and CEO David J. Vitale said, "The CBOT® is experiencing great volume success with ABN AMRO's recent participation in the exchange's new market marker program for its 10-year Swap futures. We continue to move decisively to initiate market maker programs where we deem it necessary to preserve market share or to concentrate capital investment in support of new product initiatives, as in the case of the CBOT® new mini-sized DowSMcontract. We look forward to Susquehanna' s and Bear Hunter's involvement in this program."

Daniel McCabe, CEO, Bear Hunter Structured Products LLC said, "The electronic trading platform for futures has been very successful. We believe bringing an EMM to this platform will add liquidity. Bear Hunter Structured Products is uniquely positioned to meet the rigorous requirements of the CBOT®. We look forward to the challenge of this exciting new endeavor."

Eric Noll, Head of Strategic Planning and New Product Development for Susquehanna International Group said, "As one of the leading market making firms in the country, we believe we are primed to offer enhanced liquidity and superior execution in this new innovative futures product. We are pleased to join forces with the CBOT® and look forward to our continued partnership in other new ventures."

On April 5, the CBOT® will cancel side-by-side trading for its DJIASM futures and futures-option contracts. The new trading hours for the CBOT® DowSMJones complex are as follows:DJIASM futures and futures-options--open auction: 7:20 a.m.-3:15 p.m., Mon.-Fri.; electronic: 8:15 p.m.-7:00 a.m., Sun.-Fri.

CBOT® mini-sized DowSM($2) and ($5) contracts--electronic: 8:15 p.m.-4:00 p.m., Sun.-Fri.