NYBOT Issues Reminder For Additional New January 2003 Sugar No. 11 Serial Option

The New York Board of Trade (NYBOT®) announced today that at the direction of the Board of Managers of the Coffee, Sugar and Cocoa Exchange, Inc., a new January 2003 Sugar No. 11 serial option contract will be listed for trading on October 18, 2002. The new January 2003 Sugar No. 11 option contract (the "Jan/March contract") will have the March 2003 Sugar No. 11 futures contract as its underlying future, and will trade with a new commodity code of "SN".

The existing January 2003 Sugar No. 11 regular option contract (the "Jan/Jan contract"), which has the January 2003 Sugar No. 11 future contract as its underlying future, will continue to trade under its regular commodity code of "SB". Both of the January 2003 contracts will cease trading on Friday, December 13, 2002.

The existing December 2002 Sugar No. 11 serial option contract, which has the March 2003 Sugar NO. 11 future contract as its underlying future, is not affected by the new listing.

Because the new Jan/March serial contract will be trading under a different commodity code, for margin purposes it will be treated differently than the existing Sugar No. 11 options contracts. This means that the margining of a new Jan/March position will be different from the margining of an identical position in the existing Jan/Jan contract. While in some cases the margin for the Jan/March contract may be lower than for the Jan/Jan contract, in many cases it will be higher and in some cases it may be significantly higher. Traders of the new Jan/March contract should be aware of the different margin treatment for this contract.

Members who execute trades in the new Jan/March contract will need to identify the contract month on their trading card, and will need to ensure that all such trades are entered into the TIPS system using the SN commodity code. Trade prices for the Jan/March contract will be displayed in the SPQR System under the SN code. Daily trading activity, volume and open interest will be reported on separate Daily Market, Daily Volume and Daily Open Interest Reports.

The text of the amendment to Sugar Options Rule 10.02 is available by calling the Corporate Secretary's office at 212-625-6624. The new contract specifications are below.

The New York Board of Trade (NYBOT) is the parent company of the Coffee, Sugar and Cocoa Exchange, Inc. (CSCE) and the New York Cotton Exchange (NYCE). Through its two exchanges and their subsidiaries and divisions NYBOT offers an expanding range of agricultural, currency and index products.