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OneChicago Postpones Launch To Nov. 8

Date 21/10/2002

OneChicago, LLC today announced that it intends to postpone the launch of security futures trading to Nov. 8, pending regulatory approval.

As part of an ongoing program of end-to-end operational testing, OneChicago held a test on Saturday in which 55 firms participated. During a nearly three-hour period, 563,000 test contracts (representing more than 56.3 million shares of common stock) were traded, 241,000 quotes were entered and more than 13,000 transactions were matched. Firms involved reported impressive response times.

Late in the trading session OneChicago observed that bid prices of a few products did not adjust along with corresponding ask prices of those products as they fell below certain price points. This occurred in four of the 72 products tested. OneChicago has identified the cause of the issue, which is expected to be resolved this week.

OneChicago's technology policy for launch mandates that any code changes, however minor, undergo testing and that the system be frozen for at least one week prior to the start of trading. Consequently, OneChicago is changing its planned launch date for security futures.

Also before trading can begin, the Securities and Exchange Commission (SEC) must approve OneChicago's customer margin rules. The public comment period on OneChicago's margin rules expires today and the Exchange expects to receive a ruling from the SEC within the next 14 days.

OneChicago, LLC is the joint venture created to trade futures on single stocks and narrow-based stock indices by the Chicago Board Options Exchange® (CBOE®), Chicago Mercantile Exchange Inc. (CME) and the Chicago Board of Trade (CBOT®). For additional information about OneChicago and its products, access the OneChicago Web site at