Options On Long-term Municipal

BOND Index Futures

Trading Unit: One CBOT long-term Municipal Bond Index futures contract (of a specified delivery month)

Tick Size: 1/64, of a point ($1 5.625/contract) rounded up to the nearest cent/contract

Strike Price: 1 point ($1,000) to bracket the current muni- bond futures price

Daily Price Limit: 3 points ($3,000/contract) above or below the previous day's settlement premium (expandable to 4 points). No limit in the spot month (limits are lifted two business days before the spot month begins).

Contract Months: The first three months plus the next two months in the quarterly cycle

Last Trading Day: Quarterly options cease trading it 2:00 p.m. Chicago time on the last day of trading of the Municipal Bond Index futures of the corresponding delivery month. Options not in the quarterly cycle cease trading at noon on their last day of trading. The last day of trading for these options is the last Friday, which precedes by at least Five business days, the last business day of-the expiration month.

Exercise: The buyer of a futures option may exercise the option on any business day up to and including the expiration day by giving notice to the Board of Trade Clearing Corporation by 6:00 p.m. Chicago time. Options in-the-money on the last day, of trading automatically exercised.

Expiration: Unexercised options expire at 6:00 p.m. Chicago time on the last day of trading.

Trading Hours: 7:20 a.m. - 2:00 pm. Chicago time, Mon-Fri. -Trading in expiring contracts closes at 2:00 p.m. on the last trading day.

Ticker Symbols: Q(' for calls