TO:	ALL CLEARING PARTICIPANTS
FROM:	CLIENT SERVICES AND SUPPORT
DATE:	January 14, 2005
SUBJECT:	Eurex US Three Year Treasury Note Contract Specifications

On January 31, 2005, Eurex US will list a 3 Year Treasury Note Futures and Option Contract. Contract specifications and trading information are detailed below.

U.S. Treasury Note Future 3 year
Exchange Code:	03
Commodity Code:	U3
Contract Size:	U.S Treasury Note having a face value at maturity of $200,000
Deliverable Grade:	U.S. Treasury notes that have an original maturity of not more than 5 years and 3 months and with remaining terms to maturity between 2 years 8 months, and 3 years and 1 month, and must carry semi-annual interest payments. The basket includes only original 3 year and 5 year notes. The invoice price equals the futures settlement price times a conversion factor plus accrued interest. The conversion factor is the price of the delivered note ($1 par value)to yield 6 percent.
Tick Size:	One quarter of 1/32 of a point ($15.625/contract) rounded to the nearest cent/contract: par is on the basis of 100 points
Price Quotation:	Points ($2,000) and one quarter of 1/32 of a point. For example 108-14 equals 108-14/32, 108142 equals108 14.25/32
Minimum Price Change:	One quarter of 1/32 of a point.
Contract Months:	Four months in the quarterly cycle, March, June, September, and December.
Last Trading Day:	Eighth business day preceding the last business day of the delivery month. Trading in the maturing delivery month ceases at 12:01 p.m. Chicago time on the last trading day.
First Delivery Day:	The first business day of the delivery month.
Last Delivery Day:	The last business day of the delivery month.
Daily Settlement Price:	The daily settlement price will be recommended by Eurex US at 2:00 p.m. Chicago time.
Trading Hours:	7:00 p.m. to 4:00 p.m. Chicago time.

3 Year Treasury Note Options
Exchange Code:	03
Commodity Code:	U3
Contract Size:	One 3 Year U.S. Treasury Note Future contract (of a specified delivery month) having a face value at maturity of $200,000.
Expiration	Un-exercised options expire at 6:30 p.m. Chicago time on the last trading day.
Tic Size:	One half of 1/64 of a point ($15.625/contract).
Price Quotation	In multiples of one half of 1/64 of a point; example: 100 equals 10/64; 105 equals 10.5/64.
Strike Price Intervals	One quarter point ($500/contract) to bracket the current 3 Year U.S. Treasury Note futures price; example 108.25, 108.50, 108.75, etc.
Exercise:	The buyer of a futures option may exercise the option on any business day prior to expiration (American style) by giving notice to the CCorp by 6:00 p.m. Chicago time. Options that expire in the money are automatically exercised into positions unless instructions are given to the CCorp.
Contract Months:	The first three consecutive contract months (two serial expirations and one quarterly expiration) plus the next two months in the March, June, September, and December cycle.
Last Trading Day:	Options cease trading in the month prior to the contract month. Options cease trading at 2:00 p.m. Chicago time on the last Friday preceding by at least two business days the last business day of the month preceding the option contract month. If such Friday is not a business day, the last day of trading shall be the first business day prior to such Friday.
Daily Settlement Price:	The daily settlement price will be recommended by Eurex US at 2:00 p.m. Chicago time.
Trading Hours	7:00 p.m. to 4:00 p.m Chicago time.

Should you have any questions, please call or e-mail one of the following Client Services and Support Representatives: