Kansas City Board of Trade To simplify Value Line' Stock Index Listings Effective Monday

The Kansas City Board of Trade will simplify its offerings on the Value Line stock index beginning Monday, trading one futures contract on the product rather than two. The KCBT will eliminate its Value Line stock index futures contract with a value of $250 times the futures price. It will drop the word "Mini" from the name of its Mini Value Line futures and options contract with a value of $100 times the futures price. This will leave the exchange trading one futures and options contract called the Value Line, with the same $100 multiplier that has previously been referred to as the "Mini."

A sustained rally in the U.S. stock market has greatly increased the value of stock index contracts, making the larger contract with the $250 multiplier less attractive as a trading vehicle. Meanwhile, the contract with the $100 multiplier continues to be used as an effective investment tool.

The changes will go into effect on Monday, March 20, 2000, the first business day following the March 2000 futures contract expiration.

The Kansas City Board of Trade pioneered trade in stock index futures with its launch of the Value Line in 1982, and once again led the marketplace with smaller stock index futures by introducing the Mini Value Line in 1983. Value Line futures are based on the Value Line Arithmetic Index, a broad-based, equal-weighted market measure of 1,650 blue-chip, mid-size and small-cap issues.

Value Line' is a registered mark of Value Line, Inc., a New York corporation that provides financial services and publications. Since 1982, the Kansas City Board of Trade has been licensed to use the Value Line' mark in connection with its efforts to establish futures markets tied to the Value Line' index. The Kansas City Board of Trade and Value Line, Inc. are not affiliated corporate entities.