TO:	ALL CLEARING PARTICIPANTS
FROM:	CLIENT SERVICES AND SUPPORT
DATE:	September 10, 2007
SUBJECT:	USFE Spot Equivalent Future Contracts Daily Adjustment File

A The US Futures Exchange, an all electronic exchange, will launch Spot Equivalent Future (SEF) Contracts. In order to allow the SEF contracts to emulate the currency spot market, a cash interest adjustment will be calculated for each SEF currency pair that represents the cost to carry each outstanding SEF contract. This cash interest adjustment will be calculated daily as part of CCorp’s end of day processing and applied to each participant holding an outstanding position in an SEF contract.

USFE will provide CCorp with the relevant daily settlement and interest rate information used to calculate the cash interest adjustments. CCorp in turn, will make a data file available to its participants that will contain all active SEF contracts and their applicable cash interest rate adjustment. This data file will assist firms in applying the appropriate cash interest adjustment to each of their individual clients who are holding open positions in a SEF contract. Following are the record layouts and the FTP file name that will be available to firms via CCorp’s customer network.

Data File	File Type	Occurrence
CHPD.TR.UA.USFESADJ	Fixed Length Fields w/ Comma Separators	Daily

The record layout for the file is as follows:

Header Record Layout
Field Name	Length	Start	End	Type	Description and / or default values
Originator	2	1	2	A/N	Identifies Sender: ‘CC’ – CCorp
Delimiter	1	3	3	A/N	Comma
Record Type	2	4	5	A/N	Value ‘HD’
Delimiter	1	6	6	A/N	Comma
Business Date	8	7	14	A/N	YYYYMMDD format, as of business day for data in the file
Delimiter	1	15	15	A/N	Comma
Creation Date	8	16	23	A/N	YYYYMMDD format, date file created
Delimiter	1	24	24	A/N	Comma
Creation Time	6	25	30	A/N	HHMMSS format, time the file was created
Delimiter	1	31	31	A/N	Comma
Time Zone	3	32	34	A/N	±HH, Time Zone in relation to GMT
Delimiter	1	35	35	A/N	Comma
File Name	4	36	39	A/N	Identifies The File: NNNN – Layout ID ‘SADJ’ – SEF adjustment

Daily Cash Adjustment Record Layout
Field Name	Length	Start	End	Type	Description and / or default values
Price Record Identifier	1	1	1	A/N	‘A’ for a cash adjustment record.
Delimiter	1	2	2	A/N	Comma
Product Code	4	3	6	A/N	USFE Product Code
Delimiter	1	7	7	A/N	Comma
Exchange Identifier	5	8	12	A/N	Exchange Identifier ‘USFE’.
Delimiter	1	13	13	A/N	Comma
Commodity Code	5	14	18	A/N	CCorp SEF Commodity Code
Delimiter	1	19	19	A/N	Comma
Contract Month	2	20	21	A/N	Contract Month MM.
Delimiter	1	22	22	A/N	Comma
Contract Year	4	23	26	A/N	Contract Year YYYY.
Delimiter	1	27	27	A/N	Comma
Contract Last Trade Date	8	28	35	A/N	Contract’s last trade date MMDDYYYY format.
Delimiter	1	36	36	A/N	Comma
Currency Code	3	37	39	A/N	ISO currency code for currency in which adjustment amounts are expressed
Delimiter	1	40	40	A/N	Comma
Long Adjustment Amount	9	41	49	N	Cash adjustment amount per contract for long positions; 2 decimal places; explicit decimal point; leading sign if negative
Delimiter	1	50	50	A/N	Comma
Short Adjustment Amount	9	51	59	N	Cash adjustment amount per contract for short positions; 2 decimal places; explicit decimal point; leading sign if negative
Delimiter	1	60	60	A/N	Comma
Number of days	1	61	61	N	Number of days covered by the current adjustment amount
Delimiter	1	62	62	A/N	Comma
Long Adjustment Change	9	63	71	N	Change in long position adjustment amount per contract from previous business day; 2 decimal places; explicit decimal point; leading sign if negative
Delimiter	1	72	72	A/N	Comma
Short Adjustment Change	9	73	81	N	Change in short position adjustment amount per contract from previous business day; 2 decimal places; explicit decimal point; leading sign if negative

Trailer Record Layout
Field Name	Length	Start	End	Type	Description and / or default values
Originator	2	1	2	A/N	Identifies Sender: ‘CC’ – CCorp
Delimiter	1	3	3	A/N	Comma
Record Type	1	4	5	A/N	Value ‘TR’
Delimiter	1	6	6	A/N	Comma
Record Count	8	7	14	N	Record count of all detail records in the file, excluding the header record and the trailer record.

USFE Daily Cash Interest Adjustment FTP File Sample Data

----+----1----+----1----+----3----+----4----+----5----+----6----+----7----+----8-
CC,HD,20070111,20070111,141200,-06,SADJ
A,FSED,USFE,	VE ,	12,2011,12312011,USD,	...75,	-.75,	1,		..00,		..00
A,FSPD,USFE,	VB ,	12,2011,12312011,USD,	-1.25,	1.25,	1,		..10,		-.10
A,FSDY,USFE,	VY ,	12,2011,12312011,JPY,	..780,	-780,	1,		.-54,		..54
A,FSAD,USFE,	VA ,	12,2011,12312011,USD,	.7.35,	-7.35	2,		..00,		..00
A,FSDC,USFE,	VC ,	12,2011,12312011,CAD,	.-.15,	..15,	1,		..02,		..02
A,FSDS,USFE,	VS ,	12,2011,12312011,CHF,	..15,	..15,	1,		-.45,		..45
CC,TR,00000006
----+----1----+----1----+----3----+----4----+----5----+----6----+----7----+----8-

For additional information pertaining to the USFE SEF contracts, ple.ase refer to Volume 27 – Bulletin #040.

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