TO:	ALL CLEARING CLEARING PARTICIPANT
FROM:	CLIENT SERVICES AND SUPPORT
DATE:	April 14, 2008
SUBJECT:	Expiration Processing and Open Interest Reporting

Clearing participants are reminded that changes to open interest resulting from Chicago Climate Future Exchange’s Option Expiration processing must be correctly reported prior to next business day’s 10:00 a.m. open interest reporting deadline. Clearing participants can make these adjustments using The Clearing Corporation’s Position Management application. Following is the schedule of CCFE option contracts that are set to expire this April:

CCFE Product	Product Code	Last Trade Date
Sulfur Dioxide	KS	April 15, 2007
Carbon Financial Index	WC	April 28, 2007

For example, if a clearing participant is short a call option in Carbon Financial and is assigned during the expiration processing on Monday, the short Carbon Financial futures position that resulted from the assignment must be correctly reflected as either an opening or an offsetting position to the clearing participant's open interest. Generally, expiration transactions resulting from Option Expiration are not processed in clearing participant's bookkeeping systems until the following business day. In these instances, clearing participants are required to manually adjust their open interest. In the past, some clearing participants have neglected to manually adjust futures open interest prior to the Tuesday morning reporting deadline. This has resulted in the public dissemination of inaccurate open interest data. As you are aware, open interest can be a significant factor in the decision to execute trades by a market clearing participant. For this reason, the importance of accurate, reliable and timely open interest reporting by clearing participants cannot be overemphasized.

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