TO:	ALL CLEARING PARTICIPANTS
FROM:	CLIENT SERVICES AND SUPPORT
DATE:	July 12, 2007
SUBJECT:	Expiration of July 2007 Option Contracts

On Monday, July 16, 2007, the following July 2007 option contracts for the Chicago Climate Futures Exchange will officially expire:

CCFE

Sulfur Dioxide

Firms should note that all option positions that are in-the-money will be automatically exercised. Firms that wish to submit an exercise cancellation instruction or an out-of-the-money exercise instruction can do so prior to the 5:00 p.m. expiration deadline through Position Management. Please note; an authorization code is required when submitting special option instructions through Position Management. Participant firms that need to verify their authorization code can do so by contacting Client Services and Support at (312) 786-5718.

Firms are reminded that all unmatched transfer and give-up transactions for expiring option contracts should be reconciled prior to the 5:00 p.m. deadline on the last day of trading.

To aid participants in the reporting of final open interest in expiring options contracts as well as the verification special option instructions, CCorp will provide firms with the following reports through Web Report Distribution:

Report Name	Report ID	Available
Option Expiration Report by Firm and Contract	CLR00054	4:30 p.m.
		5:00 p.m.
		5:30 p.m.
Option Expiration Report by Firm	CLR00164	4:30 p.m.
		5:00 p.m.
		5:30 p.m.

A column that appears within these reports titled ‘Current Positions’ will display a firm’s current gross position within each contract. These positions are calculated by using the applicable firm’s incoming position and adding the current day’s gross trading activity to this position. Firms can compare the current calculated position against the positions the firm intends to report as Final Open Interest either via FTP or through Position Management. If a firm determines that an open interest reporting discrepancy exist should contact Client Services and Support at (312) 786-5718.

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

Chicago Climate Futures Exchange Option Expiration Schedule
Option Expiration Day
3:00 p.m.	Trading stops in expiring sulfur option contracts
4:30 p.m.	Option Expiration reports will be available through WRD.
5:00 p.m.	Deadline for submission of exercise cancellation and out of the money exercise instructions. Option Expiration reports will be available through WRD.
5:30 p.m.	Option Expiration reports will be available through WRD.
7:00 p.m.	Final clearing processing begins
8:00 p.m	Deadline to receive firm’s final open interest in expiring option contracts