Electronic Growth: Interest Rates

• Reduced member Eurodollar trading fees from 33 cents to 18 cents per side

• Eurodollar market maker program designed to enhance liquidity during non-floor trading hours

  • Currently 5 market makers in place; will likely increase to 8
  • Market makers expected to begin trading by mid-November

Pricing and Liquidity Incentives

Technology Enhancements

• EAGLE 1.5 (Q4 2003)
  • In flight mitigation for cancel/replace orders
  • Protection points for market and stop orders

• EAGLE 2.0 (2004)
  • Packs and butterflies

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