CBOT to Implement Six Percent Coupon in Treasury Complex On April 23, 1999

Following through on its commitment to respond to customers and provide the world's most effective risk management markets, the Chicago Board of Trade announced today that it will implement the six percent coupon in Treasury bonds and notes during the April 23, 1999 trading session. The 6% coupon will begin trading on Project A's overnight session on April 22, 1999 at 18:00. CBOT Board of Directors approved the six percent coupon on February 22, 1999 and the CFTC approved the change on March 23, 1999. Beginning with the March 2000 contract, the notional coupons of the CBOT Treasury bond, 10-year, 5-year and the 2-year Treasury note futures contracts will change from 8% to 6%. These changes will better reflect the current yield environment and make the contracts more effective hedging instruments.