Exchange · 2016-09-08 · Board Options Exchange, Attention: Investor Services Department, 400 South LaSalle, Chicago, Illinois 60605. The cost of an annual sub-scription (July 1

The Constitution and Rules of the Chicago Board Options Exchange, Incorporated ("Exchange"), in certain specific instances, req uire theExchange to provide notice to the Exchange membership. To satisfy this requirement, a complimentary copy of the Exchange Bulletin ,including the bi-monthly Regulatory Bulletin , is delivered to all individual members and nominees of member organizations on a weeklybasis.

Additional subscriptions may be obtained by submitting your name, firm, mailing address, e-mail address and telephone number to : ChicagoBoard Options Exchange, Attention: Investor Services Department, 400 South LaSalle, Chicago, Illinois 60605. The cost of an ann ual sub-scription (July 1 through June 30) is $100 ($50 after January 1) for hard copy delivery or $50 ($25 after January 1) for e-mail delivery, payablein advance. Non-members are welcome to subscribe.

Exchange BulletinJuly 17, 1998 Volume 26, Number 28

Information Circulars

Information Circular IC98-59

Date: July 6, 1998

To: The Membership

From: Office of the Chairman

Subject: First Quarter, Fiscal 1999 Fee Reduction

Contract volume for the quarter ended June 30, 1998 has averaged 809,000 contracts per day. Under the Prospective Fee Reduction Scheduleapproved by the Board of Directors of the CBOE, we are pleased to announce the following reductions in fees are effective July 1, 1998 for the firstquarter of fiscal year 1999. The Trade Match Fee will be reduced $0.005 to $0.045 per contract side, and Member Dues will be reduced by 25%.

We hope future volumes will continue to allow fee reductions in subsequent quarters.

Please call Don Patton at (312) 786-7026 or Ermer Love at (312) 786-7032 if you have any questions.

SEAT MARKET QUOTES as of July 10, 1998 SEAT MARKET QUOTES as of June 30, 1998

Bid: $475,000.00 Bid: $475,000.00

Offer: $575,000.00 Offer: $530,000.00

Last Sale: $430,000.00 on July 7, 1998 Last Sale: $480,000.00 on June 30, 1998

MEMBERSHIP INFORMATION FOR July 2, 1998 THROUGH July 8, 1998

Members are required to report any address or telephone number changes to the Membership Department at (312) 786-7449 pursuant toExchange Rule 3.6(b). For Seat Market Quotes, call (312) 786-7456.

PERMIT MARKET QUOTES as of July 10, 1998 PERMIT MARKET QUOTES as of June 30, 1998

Bid: $72,000.00 Bid: $87,000.00

Offer: $140,000.00 Offer: $140,000.00

Last Sale: $130,000.00 on May 6, 1998 Last Sale: $130,000.00 on May 6, 1998

Page 2 July 17, 1998 Volume 26, Number 28 The Chicago Board Options Exchange Bulletin

OPTION TRADING PERMIT- LEASE POOL as of July 3, 1998

Highest Bid: No Bid Highest Monthly Rate: $3,700.00

OTP's Available: None Lowest Monthly Rate: $50.00

Last Lease: $250.00 on July 2, 1998

Membership Sales and Transfers

This notice is given pursuant to Rules 3.15 and 3.16 which permit certain types of claims to be filed with the Membership Depar tmentwithin 20 days from the date of this Exchange Bulletin.

From To Price/Transfer Date

Louis M. Skydell PBL Partners L.L.C. $480,000 07/02/98

Boggs-Speth Partnership Paul J. Weiss $450,000 07/07/98

Sondra C. Rabin Larkspur Securities, Inc. $475,000 07/08/98

Jed H. Abraham Larkspur Securities, Inc. $430,000 07/08/98

William S. Persky Larkspur Securities, Inc. $450,000 07/08/98

Thomas J. Corbett Jr. Larkspur Securities, Inc. $450,000 07/08/98

Howard S. Kotzen, Inc. Tague Securities Corp. $465,000 07/08/98

Robin Spitalny The Arbitrage Group, L.P. $460,000 07/08/98

Bernard & Yolanda Miller (Ptnrshp) PBL Partners L.L.C. $435,000 07/08/98

MEMBERSHIP APPLICATIONS RECEIVEDThis notice is given persuant to Exchange Rule 3.9. Please send anycomments to the Membership Committee in care of the MembershipDepartment.

Individual Member Applicants Date Posted

Christ L. Sirigas, Nominee 07/02/98Timber Hill LLC10848 S. Lyman Ave.Chicago Ridge, IL 60415

Kevin F. Mullen, CBT Individual 07/02/98P.O. Box 1615Chicago, IL 60690

Garett J. Nesbitt, Nominee 07/02/98BOTTA Trading, Inc.2756 N. Pine Grove - Apt. 1110Chicago, IL 60614

Richard L. Watkins, Nominee 07/02/98Tague Securities Corporation1711 N. Hoyne Ave. - #3Chicago, IL 60647

Norman D. Friedman, Nominee 07/06/98JSS Investments, L.L.C.4142 Miller DriveGlenview, IL 60025

Eric W. Jones, Nominee 07/06/98Anteros Capital Markets L.L.C.516 W. Briar Pl. - #1DChicago, IL 60657

Keir S. Collins, Nominee 07/06/98Spear, Leeds & Kellogg3170 N. Sheridan Rd., Apt. 1229SChicago, IL 60657

Gregory J. Holstrom, Nominee 07/06/98Spear, Leeds & Kellogg600 W. Diversey - #905Chicago, IL 60614

Dimitrios Cholevas, Lessee 07/06/982233 W. Medill Ave. - #AChicago, IL 60647

Scott Trigg Thorstenson, Nominee 07/06/98Futrex Trading Llc2288 N. KenmoreChicago, IL 60614

Timothy D. Ritschel, Nominee 07/06/98Spear, Leeds & Kellogg1100 N. LaSalle - Apt. 513Chicago, IL 60610

Brian J. Dowling, CBT Registered For 07/06/98Blackhawk Financial L.L.C.368 Fairbank RoadRiverside, IL 60546

Date Posted

July 17, 1998 Volume 26, Number 28 The Chicago Board Options Exchange Bulletin Page 3

Date PostedDate Posted

Jeffrey D. Perkosky, Nominee 07/06/98Anteros Capital Markets L.L.C.111 W. Maple - #703Chicago, IL 60610

Brian C. Morrison, Nominee 07/06/98Anteros Capital Markets L.L.C.2424 N. Clark St. - Apt. 612Chicago, IL 60614

Jason A. Kaltz, Nominee 07/07/98Lakota Trading, Inc.1301 W. Fletcher - #129Chicago, IL 60657

Paul J. Stravato, Nominee 07/07/98W.H. Trading, L.L.C.510 W. Wellington - #1TChicago, IL 60657

Thomas W. Simpson, Nominee 07/07/98Fulcrum Investment Group, L.L.C.574 Darlington - #15Crystal Lake, IL 60014

Patrick J. Burke, Nominee 07/07/98James V. Proesel, Jr., Inc.13937 CharlestonOrland Park, IL 60462

Matthew N. Hulsizer, Nominee 07/07/98Peak6 Capital Management Llc743 N. DearbornChicago, IL 60610

David S. Graff, CBT Registered For 07/07/98LFG, L.L.C.1722 Birch StreetDes Plaines, IL 60018

Joseph D. Mueller, Nominee 07/07/98RMB & Associates, L.P.10024 S. LongwoodChicago, IL 60643

Richard J. Pyle, Nominee 07/07/98Peak6 Capital Management Llc3033 N. Sheridan Rd.Chicago, IL 60657

Norman D. Gershon, Lessee 07/07/982470 N. Clark - #607Chicago, IL 60614

Richard L. Watkins, Nominee 07/08/98Eclipse J.V1711 N. Hoyne Ave. - #3Chicago, IL 60647

Walter O. Teske, Lessee 07/08/982229 N. FremontChicago, IL 60614

Steven J. Pettinato, CBT Registered For 07/08/98Woody Creek Capital Management,Ltd.3713 N. HermitageChicago, IL 60613

Barry A. Levin, CBT Individual 07/08/9880 East St. Andrews LaneDeerfield, IL 60015

Member Organization Applicants Date Posted

BEEBE Trading, L.L.C. 07/06/98Larry S. Beebe, NomineeErica L. Heine, Nominee230 S. LaSalle - Ste. 688Chicago, IL 60604

Larry S. Beebe - Managing Member

Taylor Trading, L.L.C. 07/06/98Jason B. Taylor, CBT Registered For440 S. LaSalle - Ste. 1646Chicago, IL 60605

Jason B. Taylor - Managing MemberWigley Trading Co., Inc. - MemberJefferson Wigley - MemberCBC Options Corp. - MemberCharles B. Cox III - Member

CSS, LLC 07/07/98Michael J. Carusillo, CBT Registered For401 S. LaSalle - Ste. 1703Chicago, IL 60605

Michael J. Carusillo - Managing MemberClayton A. Strune - Managing MemberNicholas D. Schoewe - ManagerFireside Investments L.P. - MemberNicholas D. Schoewe - Shareholder

John Robert Trading, L.P. 07/07/98Robert E. Elizondo, Nominee440 S. LaSalle - Ste. 2800Chicago, IL 60605

Robert E. Elizondo - General PartnerJohn J. Monik - Limited Partner

Terrapin Trading Group, L.L.C. 07/07/98Brian J. Haag, Nominee111 Broadway - 2nd FloorNew York, NY 10006

Todd R. Hollander - Investing Member Ross J. Moore - Managing Member Robert P. Bucich - Managing Member Stuart P. Milsten - Investing Member Adar Strategic Investments, L.P. - Investing Member

Michael H. Schwartz - Investing Member

CON Trading LLC 07/07/98Patrick Connelly, NomineeJames M. Halliday, Nominee440 S. LaSalle - Ste. 1600Chicago, IL 60605 Patrick J. Connelly - Managing Member

Izee Trading Company 07/07/98Marc R. Eisenberg, Nominee440 S. LaSalle - Ste. 2500Chicago, IL 60605 Marc R. Eisenberg - President


Date Posted Effective Date

Furman Trading Group, L.L.C. 07/07/98Boris Furman, CBT Registered forNeal A. Jaffe, Nominee440 S. LaSalle - Ste. 700Chicago, IL 60605 Maple Trading Corp. - Member

Boris Furman - PresidentLaRocque Trading Group L.L.C. - MemberLaRocque Trading, Inc. - Managing MemberJohn P. LaRocque - President

The Dooley Group Inc 07/08/98Robert B. Hutchison, CBT Registered For440 S. LaSalle - Ste. 1507Chicago, IL 60605

William P. Dooley - PresidentWilliam P. Dooley Jr. - Vice President/Secretary

MEMBERSHIP LEASESThis notice is given pursuant to Exchange Rules 3.15 and 3.16 whichpermit certain types of claims to be filed with the Membership De-partment within 20 days from the date of this Exchange Bulletin.

New Leases Effective Date

Lessor: Alexander T. Mc Intosh 07/02/98Lessee: The Helios Group Illinois L.L.C.

Matthew M. Heisler, NOMINEERate: 1 1/8% Term: Monthly

Lessor: Alan Zahtz 07/02/98Lessee: QSA, L.L.C.

Dirk R. La Borne, NOMINEERate: 1 1/8% Term: Monthly

Lessor: David M. Ofman 07/06/98Lessee: Sallerson-Troob L.L.C.

Michael H. Costley, NOMINEERate: 1 1/8% Term: Monthly

Lessor: Richard F. Belden 07/06/98Lessee: Susquehanna Securities

Robert Lawrence Wilson, NOMINEERate: 1 1/8% Term: Monthly

Lessor: Anthony Dicrescenzo 07/06/98Lessee: ADC Options

Joseph P. Knoch, NOMINEERate: $1.00 Term: Monthly

Lessor: J.E.M. Worldwide Holding Ltd. 07/07/98Lessee: Alan M. SartinRate: 1 1/8% Term: Monthly

Lessor: PBL Partners LLC 07/07/98Lessee: OTA Limited Partnership

Brian P. Kelly, NOMINEERate: 1 1/8% Term: 15 Days

Lessor: Paul J. Weiss 07/07/98Lessee: First Options Of Chicago, Inc.

Nicholas L. Marovich, NOMINEERate: 1 % Term: One Day

Lessor: Victor C. Faraci 07/07/98Lessee: Triangle Trading, L.L.C.

Robert F. Piekarz, NOMINEERate: 1 1/8% Term: Monthly

Lessor: Larkspur Securities, Inc. 07/08/98Lessee: KC-CO II L.L.C.

Ryan T. Hauldren, NOMINEERate: 1 1/8% Term: Monthly

Lessor: Larkspur Securities, Inc. 07/08/98Lessee: Susquehanna Securities

James P. Fitzgibbons, NOMINEERate: 1 1/4% Term: Monthly

Lessor: Larkspur Securities, Inc. 07/08/98Lessee: GPZ Trading, L.L.C.

Timothy J. Smock, NOMINEERate: 1 1/8% Term: 24 Days

Lessor: M.B. Partners II 07/08/98Lessee: Thomas J. Corbett Jr.Rate: 1 1/8% Term: Monthly

Lessor: Larkspur Securities, Inc. 07/08/98Lessee: The Helios Group Illinois L.L.C.

Robert A. Butler, NOMINEERate: 1 1/8% Term: 17 Days

Lessor: Paul J. Weiss 07/08/98Lessee: TPHCO

Thomas P. Haugh, NOMINEERate: 1 1/8% Term: 18 Days

Lessor: PBL Partners L.L.C. 07/06/98Lessee: Mesirow Financial Inc..

Daniel K. Busse, NOMINEERate: 1 1/4% Term: One Year

Terminated Leases Termination Date

Lessor: Louis M. Skydell 07/02/98Lessee: Susquehanna Securities

Lessor: Alan Zahtz 07/02/98Lessee: Stuart B. Young (SPY)

Lessor: Anthony Dicrescenzo 07/06/98Lessee: BEL Options Limited Partnership

Jennifer M. Trumpis (JEN), NOMINEE

Lessor: J.E.M. Worldwide Holding Ltd. 07/07/98Lessee: WST Trading Inc.

Alan M. Sartin (MVS), NOMINEE

Lessor: Boggs-Speth Partnership 07/07/98Lessee: Triangle Trading, L.L.C.

Robert F. Piekarz (WDO), NOMINEE

Lessor: Victor C. Faraci 07/07/98Lessee: Ing TT&S (U.S.) Securities Inc.

Lessor: Paul J. Weiss 07/08/98Lessee: First Options Of Chicago, Inc.

Nicholas L. Marovich (NIC), NOMINEE

Lessor: M.B. Partners Ii 07/08/98Lessee: KC-Co II L.L.C.

Ryan T. Hauldren (RTH), NOMINEE

Lessor: Jed H. Abraham 07/08/98Lessee: Susquehanna Securities

James P. Fitzgibbons (FTZ), NOMINEE


Effective DateEffective Date

Lessor: William S. Persky 07/08/98Lessee: GPZ Trading, L.L.C.

Timothy J. Smock (OCK), NOMINEE

Lessor: Howard S. Kotzen, Inc. 07/08/98Lessee: The Helios Group Illinois L.L.C.

Robert A. Butler (BUL), NOMINEE

Lessor: Robin Spitalny 07/08/98Lessee: TPHCO

Thomas P. Haugh (TPH), NOMINEE

Lessor: Bernard & Yolanda Miller (Ptrshp) 07/08/98Lessee: Mesirow Financial Inc.

Daniel K. Busse (DKB), NOMINEE

OPTION TRADING PERMIT LEASES

New OTP Leases Effective Date

This notice is given pursuant to Exchange Rules 3.15 and 3.27 whichpermit certain types of claims to be filed with the Membership De-partment within 20 days from the date of this Exchange Bulletin.

Lessor: William E. Vezo 07/02/98Lessee: Lawrence Helfant Inc.

Anna M. Degrassi-Kalkis, NOMINEERate: 1800.00 Term: Monthly

Lessor: Spear, Leeds & Kellogg 07/07/98Lessee: CMB Trading Group L.L.C.

Maria Rosario S. Pavkovic, NOMINEERate: $750.00 Term: Four Months

Lessor: David M. Fleming 07/08/98Lessee: Sondra C. RabinRate: $500.00 Term: Weekly

Terminated OTP Leases Termination Date


LEASE POOL OPTION TRADING PERMIT LEASES

New OTP Leases Effective Date

Lessor: Chicago Board Options Exchange 07/02/98Lessee: ABN AMRO Incorporated

H. Thomas Hampton, NOMINEERate: $550.00 Term: Monthly

Lessor: Chicago Board Options Exchange 07/02/98Lessee: Spear, Leeds & Kellogg

Peter T. Lawler, NOMINEERate: 500.00 Term: Monthly

Lessor: Chicago Board Options Exchange 07/02/98Lessee: Spear, Leeds & Kellogg

Gavin M. Lowrey, NOMINEERate: 250.00 Term: Monthly

Lessor: Chicago Board Options Exchange 07/02/98Lessee: G-Bar Limited Partnership

Brendan Byrd, NOMINEERate: $1050.00 Term: Monthly

Lessor: Chicago Board Options Exchange 07/02/98Lessee: William E. VezoRate: 750.00 Term: Monthly

Terminated OTP Leases Termination Date


Lessor: Chicago Board Options Exchange 07/02/98Lessee: Signal House Corp.

Lessor: Chicago Board Options Exchange 07/02/98Lessee: ABN AMRO Incorporated

H Thomas Hampton (TMY), NOMINEE

Lessor: Chicago Board Options Exchange 07/02/98Lessee: Lawrence Helfant Inc.

Anna M. Degrassi-Kalkis (ANZ), NOMINEE

Lessor: Chicago Board Options Exchange 07/02/98Lessee: G-Bar Limited Partnership

Michael W. Mayer (MKE), NOMINEE

MEMBERSHIP TERMINATIONS

Individual Members Termination Date

CBT Registered For:

Steven A. Smith (STX) 07/07/98LETCO Trading, L.P.440 S. LaSalle - Ste. 3012Chicago, IL 60605

Lessee(s):

Stuart B. Young (SPY) 07/02/98230 S. LaSalle - Ste. 688Chicago, IL 60604

Lessor(s):

Louis M. Skydell 07/02/98633 Sheridan SquareEvanston, IL 60202

Jed H. Abraham () 07/08/983500 W. Church, #108Evanston, IL 60203

Robin Spitalny 07/08/9884 Annin Rd.Far Hills, NJ 07931

Nominee(s) / Inactive Nominee(s):

Randall L. Swanson (SOS) 07/06/98RMB & Associates, L.P.RMB & Associates440 S. LaSalle-Ste 2525Chicago, IL 60605


Member Organizations

Signal House Corp. 07/02/9814 Wall Street, 30th FloorNew York, NY 10005

Boggs-Speth Partnership 07/07/98ATTN: William Speth3240 Hartzell St.Evanston, IL 60201

Bernard & Yolanda Miller (Ptnrshp) 07/08/983500 N. Lake Shore Dr.Chicago, IL 60657

EFFECTIVE MEMBERSHIPSThis notice is given pursuant to Exchange Rule 3.11.

Individual Members Effective Date

CBT Exercisers:

Robert L. Oakum (RLO) 07/07/98440 S. LaSalle - Ste 1646Chicago, IL 60605Type of Business to be Conducted: Market Maker

Nominee(s) / Inactive Nominee(s):

Amy Ann Spejewski (AMI) 07/02/98BEL Options Limited Partnership7641 HohmanMunster, IN 46321Type of Business to be Conducted: Floor Broker Market Maker

Matthew M. Heisler (MMH) 07/02/98The Helios Group Illinois L.L.C.311 South Wacker Drive, Ste. #5440Chicago, IL 60606Type of Business to be Conducted: Market Maker

Michael H. Costley (MHC) 07/06/98Sallerson-Troob L.L.C.440 S. LaSalle - Ste. 2110Chicago, IL 60605Type of Business to be Conducted: Floor Broker Market Maker

Robert Lawrence Wilson (BOB) 07/06/98Susquehanna Securities141 W. Jackson Blvd., Ste 2201-AChicago, IL 60604Type of Business to be Conducted: Market Maker

Joseph P. Knoch (ACD) 07/06/98ADC Options400 S. LaSalle-CBOE Box 139Chicago, IL 60605Type of Business to be Conducted: Floor Broker

Maria Rosario S. Pavkovic (MRY) 07/07/98CMB Trading Group L.L.C.5449 W. PensacolaChicago, IL 60641Type of Business to be Conducted: Market Maker

JOINT ACCOUNTSThis notice is given pursuant to Exchange Rule 8.9.

New Participants Acronym Effective Date

Matthew M. Heisler QND 07/02/98

David M. Wheaton QAD 07/02/98

Matthew M. Heisler QNR 07/02/98

Robert Lawrence Wilson QGS 07/06/98

Terrence S. Terrana QSQ 07/06/98

Christopher J. Delaney QKN 07/07/98

Daniel J. Hurley QNV 07/08/98

Charles W. Palm QNV 07/08/98

Charles W. Palm QLC 07/08/98

New Accounts

Dipen K. Mehta QDM 07/07/98

John J. Cioffi III. QDM 07/07/98

John S. Stafford Jr. QDM 07/07/98

Terminated Participants Acronym Termination Date

Stuart B. Young QFY 07/02/98

David M. Wheaton QFL 07/02/98

Louis R. Stern QSZ 07/06/98

Randall L. Swanson QMB 07/06/98

Steven A. Smith QPL 07/07/98

Terminated Accounts

John S. Stafford Jr. QTA 07/06/98

Louis R. Stern QTA 07/06/98

Robert A. Heitner QYT 07/06/98

Terrence S. Terrana QYT 07/06/98

CHANGES IN MEMBERSHIP STATUS

Individual Member Applicants Effective Date

David M. Wheaton 07/02/98From: Nominee For Flash Trading L.L.C.;

Floor Broker, Market MakerTo: Nominee For The Option Resource Group;

Floor Broker, Market Maker

William E. Vezo 07/02/98From: OTP Owner; Market MakerTo: Lessee From Chicago Board Options Exchange;

Market Maker/Lessor to Lawrence Helfant, Inc.

Termination Date


Effective Date Effective DateDavid M. Ofman 07/06/98From: Owner; Market Maker, Floor BrokerTo: Lessor to Sallerson-Troob L.L.C.

Richard F. Belden Jr. 07/06/98From: Owner; Market MakerTo: Lessor to Susquehanna Securities

Terrence S. Terrana 07/06/98From: CBT Exerciser Registered For J.T.

Limited Partnership; Market MakerTo: CBT Exerciser Registered For Sparta

Group Of Chicago, L.P.; Market Maker

Alan M. Sartin 07/07/98From: Nominee For WST Trading Inc.; Market MakerTo: Lessee From JEM Worldwide Holding Ltd.;

Market Maker

Paul J. Weiss 07/07/98From: Lessee From Evangeline Maloney;

Market MakerTo: Lessee From Evangeline Maloney;

Market Maker/ Lessor To TPHCO;

Thomas J. Corbett Jr. 07/08/98From: Owner; Market MakerTo: Lessee From MB Partners II; Market Maker

Sondra C. Rabin 07/08/98From: Owner; Market Maker, Floor BrokerTo: Lessee from David M. Fleming; Market Maker

William S. Persky 07/08/98From: Lessor to GPZ Trading L.L.C./Lessor to

QSA, L.L.C.To: Lessor to QSA, L.L.C.

MEMBER ADDRESS CHANGES

Individual Members Effective Date

Joseph Ray 07/02/987061 N. Kedzie Ave. - Apt. 208Chicago, IL 60645

Michael De Filippis 07/06/98908 Valley View TrailCarol Stream, IL 60188

Richard J. Bloss 07/06/986747 N. Olmsted, #1-AChicago, IL 60631

Daniel T. Dismukes 07/06/98PO Box 643116Chicago, IL 60664

Steven J. Pettinato 07/08/981 Financial Plaza, Ste 1600Chicago, IL 60605

Thomas J. Corbett Jr. 07/08/98601 Glenridge Dr.Glenview, IL 60025

Scott Trigg Thorstenson 07/08/9830 S. Wacker, Ste 1611Chicago, IL 60606

Brian J. Haag 07/08/98111 Broadway, 2nd FloorNew York, IL 10006

Robert E. Elizondo 07/08/981344 N. Dearborn, Apt.#7-EChicago, IL 60610

Joseph D. Mueller 07/08/98C/O Sage Clearing440 S. LaSalle, Ste. 2500Chicago, IL 60605

Marc R. Eisenberg 07/08/98c/o Sage Clearing440 S. LaSalle-Ste 2500Chicago, IL 60605

Norman D. Gershon 07/08/98440 S. LaSalle, Ste. 2500Chicago, IL 60605

Member Organizations Effective Date

CSS,LLC 07/08/98401 South LaSalle Street, #1703Chicago, IL 60605

John Robert Trading, L.P. 07/08/98440 S. LaSalle, Ste. 2800Chicago, IL 60605

Terrapin Trading Group, L.L.C. 07/08/98111 Broadway, 2nd Flr.New York, NY 10006

The Dooley Group Inc 07/08/98Attn: William P. Dooley440 S. LaSalle, Suite 1507Chicago, IL 60605

Furman Trading Group, L.L.C. 07/08/98440 South LaSalle St., Ste. 700Chicago, IL 60605


POSITION LIMITS

For all equity options classes except those listed below, the standard position and exercise limits pursuant to Exchange Rule 4 .11 and4.12 will be applicable. For a complete list of all applicable limits, check 2nd floor data information bins or contact the Dep artment ofMarket Regulation. If you wish to receive regular updates of the position limit list, please contact Candice Nickrand at (312) 786-7730 ofthe Department of Market Regulation.

Class Limit DateBQR/FLT 2,927,500 shares 7/18/98ECL 15,000 contracts 7/18/98ENZ/ENX 472,500 shares 7/18/98EQD/EZD 937,500 shares 7/18/98MEA 15,000 contracts 7/18/98MOQ/MOZ 937,500 shares 7/18/98NWY/CQM 3,320,000 shares 7/18/98ORG/ORY 750,000 shares 7/18/98PQO 50,000 contracts 7/18/98QIG/TWZ 2,500,000 shares 7/18/98QRT 21,000 contracts 7/18/98QTP/ZTP 4,500 contracts 7/18/98TCB 9,000 contracts 7/18/98TWZ/QIG 2,500,000 shares 7/18/98VXQ 50,000 contracts 7/18/98YQC 9,000 contracts 7/18/98HLQ 21,000 contracts 8/22/98IOM 50,000 contracts 8/22/98KOZ/PPZ/PRH 15,000 contracts 8/22/98MHQ 21,000 contracts 8/22/98OAQ/OWQ 1,575,000 shares 8/22/98PGO 21,000 contracts 8/22/98PRH/PPZ/KOZ 15,000 contracts 8/22/98QAG 15,000 contracts 8/22/98QRI/RIU 1,125,000 shares 8/22/98SFE/SGZ 4,500 contracts 8/22/98CSC 21,000 contracts 9/19/98CVC 9,000 contracts 9/19/98FQB/FXB 1,575,000 shares 9/19/98ICN 1,575,000 shares 9/19/98QDA/QXA 675,000 shares 9/19/98RAL/BLW 7,500 contracts 9/19/98XSQ/XYQ 3,750,000 shares 9/19/98WH/WHZ 10,500 contracts 9/19/98WQQ 15,000 contracts 9/19/98XQH 15,000 contracts 9/19/98AC 9,000 contracts 10/17/98BAX/GNW 32,500 contracts 10/17/98BJS 21,000 contracts 10/17/98BQB/BZB 1,125,000 shares 10/17/98CCN/CXN 463,500 shares 10/17/98DAI/DAU 7,500 contracts 10/17/98DLJ 9,000 contracts 10/17/98FQW/FWW 750,000 shares 10/17/98GNW/BAX 32,500 contracts 10/17/98GPT 9,000 contracts 10/17/98GQZ 21,000 contracts 10/17/98KSS 15,000 contracts 10/17/98IQL 15,000 contracts 10/17/98MFQ 50,000 contracts 10/17/98OEI/UMZ 1,725,000 shares 10/17/98ORG/OZG 1,050,000 shares 10/17/98QEB/QXB 787,500 shares 10/17/98QTH 21,000 contracts 10/17/98RQW 15,000 contracts 10/17/98UMZ/OEI 1,725,000 shares 10/17/98AQU/ABU 1,125,000 shares 11/21/98BCQ 50,000 contracts 11/21/98BLC 9,000 contracts 11/21/98DFQ 13,500 contracts 11/21/98FRX 15,000 contracts 11/21/98GCN/GZZ 750,000 shares 11/21/98GD 15,000 contracts 11/21/98IMO 9,000 contracts 11/21/98JZQ/JZZ 1,125,000 shares 11/21/98LVQ/LWQ 2,000,000 shares 11/21/98OFQ/QFZ 25,000 contracts 11/21/98QIQ/QIZ 1,125,000 shares 11/21/98QZY/SGQ 41,000 contracts 11/21/98SGQ/QZY 41,000 contracts 11/21/98SNV/SVV 1,575,000 shares 11/21/98WSM 21,000 contracts 11/21/98CGP 15,000 contracts 12/19/98CQM/QUZ/NWY/NZS 3,750,000 shares 12/19/98EQN 21,000 contracts 12/19/98EVI/WIV 35,000 contracts 12/19/98GLK/GDZ 7,500 contracts 12/19/98HQR/HZR 7,500 contracts 12/19/98QVS/QSZ 1,125,000 shares 12/19/98RGQ/RGZ 675,000 shares 12/19/98

TRP/TZP 4,500 contracts 12/19/98WIV/EVI 35,000 contracts 12/19/98AAL/VHW 50,000 contracts 1/16/99BQX/BQZ 25,000 contracts 1/16/99CD/VUC/LUL/VFS/ 9,750,000 shares 1/16/99 LFSCI 22,500 contracts 1/16/99CIQ/WCI/VHR 42,000 contracts 1/16/99CTC/VDT/VXD/LDT 4,462,500 ADSs 1/16/99GSB/GVB 10,500 contracts 1/16/99HAL/VHW 50,000 contracts 1/16/99HOT/IZT/VZU 4,900,000 shares 1/16/99HQB/HZB 1,155,000 shares 1/16/99IZT/VZU/HOT 4,900,000 shares 1/16/99KRB/LXK//VUK/ 4,500,000 shares 1/16/99 VKX/VZKMER/VME/LME 50,000 contracts 1/16/99MMM/WMU/VMU/ 25,000 contracts 1/16/99 VMVOMM/OMV 7,500 contracts 1/16/99QQR/QUR 675,000 shares 1/16/99QTQ 9,000 contracts 1/16/99STK/VSK/LSK 40,000 contracts 1/16/99TJX 50,000 contracts 1/16/99VFS/LFZ/CD/ 9,750,000 shares 1/16/99 VUC/LULVQT 40,000 contracts 1/16/99VUZ/THQ/VTH/ 6,875,000 shares 1/16/99 LTHAPC 15,000 contracts 2/20/99EQL 50,000 contracts 2/20/99JNY 21,000 contracts 2/20/99MZY/OFQ/OFZ 3,103,000 shares 6/20/99AIG/VAF/LAJ/ 3,750,000 shares 1/22/2000 VXE/LVJAN/VAQ/LAQ 50,000 contracts 1/22/2000AOL/VAN/LOL 50,000 contracts 1/22/2000ARC/VFR/LFR 40,000 contracts 1/22/2000BAC/VBA/LBA 50,000 contracts 1/22/2000CYQ/VYC/LCY/CYZ 3,750,000 shares 1/22/2000 VYV/LYLDD/VDD/LDD 50,000 contracts 1/22/2000EMC/VUE/LUE 50,000 contracts 1/22/2000CNC/UNG/VJS/LLG 4,775,000 shares 1/22/2000CPB/VLL/LLL/ZCP/ 25,000 contracts 1/22/2000 VXL/ULLF/VFO/LFO/FZ/ 25,000 contracts 1/22/2000 VFV/LFVGM/LGM/ 25,000 contracts 1/22/2000 VGN/LGZGPS/VGS/LGS 3,750,000 shares 1/22/2000 VWS/LVPHWP/VVX 32,500 contracts 1/22/2000IBM/VIB/LIB 50,000 contracts 1/22/2000LTD/VLD/LLD/TDU 25,000 contracts 1/22/2000 VUD/LDXLU/VEU/LUN 50,000 contracts 1/22/2000LUV/VUV/LOV/ 3,000,000 shares 1/22/2000 LYU/VUY/LVWMTC/VM/LCT/ 25,000 contracts 1/22/2000 VZV/LYCNKA/VOK/LOK 50,000 contracts 1/22/2000ORQ/VOR/LRO/OWQ 3,750,000 shares 1/22/2000 VZR/LRZ/WOUPEP/VP/LPP// 25,000 contracts 1/22/2000 VPR/LDVSCH/VYS/LWS 2,000,000 shares 1/22/2000 SYH/VZY/LWZSLB/VWY/LYS 50,000 contracts 1/22/2000SLM/VRM/LOS/SLZ/ 2,625,000 shares 1/22/2000 VZL/LYMSWY/VYW/LYW 40,000 contracts 1/22/2000TXN/VXT/LTN 50,000 contracts 1/22/2000UNG/CNC/VJS/LLG 4,775,000 shares 1/22/2000VSZ/WZY/VVX/HWP 32,500 contracts 1/22/2000WMB/VBB/LMB 21,000 contracts 1/22/2000MOB/VML/LML 50,000 contracts 2/19/2000ALL/LZL/ZZL 50,000 contracts 1/20/2001BEL/LEU/ZLE 50,000 contracts 1/20/2001DIS/LWD/ZDS 75,000 contracts 1/20/2001

Class Limit Date


Position Limit CircularsPosition Limit Circular PL98-51Effective July 20, 1998

Unhedged Position and Exercise Limits

Pursuant to Exchange Rule 4.11, Interpretation .02 and Exchange Rule 4.12, all securities underlying the Exchange’s listed equity options have beenreviewed to determine which options are eligible for either the 25,000, 20,000, 10,500, 7,500 or 4,500 contract position and exercise limits. Accountswhich are directly or indirectly controlled by the same individual or entity must be aggregated to determine compliance with the position and exerciselimit rules. Unless specifically mentioned, this notice refers to unhedged position and exercise limits.

To be eligible for the 25,000 tier limit either:

a. the number of outstanding shares must be at least 300 million and the past six-month trading volume in the underlying security must havetotaled at least 75 million shares, or

b. the past six-month trading volume in the underlying security must be at least 100,000 million shares.



b. the past six-month trading volume in the underlying security must be at least 80,000 million shares.



b. the past six-month trading volume in the underlying security must be at least 40 million shares.



b. the past six-month trading volume in the underlying security must be at least 20 million shares.

Position and exercise limits for equity options whose underlying security fails to meet any of the above criteria will be 4,500 option contracts.

NOTE: Exchange Rules 4.11 and 4.12 also provide for equity option positions hedged with 100 shares of the underlying security or securities readilyconvertible into stock to be three times the standard limit for determining position and exercise limit compliance. The exemption applies tocustomer, firm and market-maker accounts. The exemption is automatic for accounts that have established one of the following four hedgestrategies: long call/short stock, short call/long stock, long put/long stock, short put/short stock. As an example, a member or customermaintaining a short position of 5,000,000 shares of IBM common stock may establish a maximum long call, short put position of 75,000 IBMoption contracts provided that two-thirds or 50,000 option contracts are hedged as described above. Members should also be reminded thatthe hedge must be established prior to exceeding the standard limit and generally must be held in the same account as the option positions.

Equity Flex options positions shall not be aggregated with positions in non-Flex equity options for position and exercise limit compliance purposes.

In addition, pursuant to Exchange Rule 24.4A, Exchange listed industry index options have also been reviewed to determine which options are eligiblefor either the 15,000, 12,000, or 9,000 contract position limit. These limits are also reflected on the attached listing.

Following is a list of CBOE options with their applicable limits. Those option classes which now qualify for a higher tier limit will have the 25,000, 20,000,10,500 or 7,500 contract limit effective Monday, July 20, 1998. For those equity option classes whose limit has fallen to a lower tier (noted by a single,double, triple, or quadruple asterisk) the limit will be reduced effective the dates as noted. For those industry index options whose limit has fallen to alower tier (noted by a single or double pound (#) sign) the limit will also be reduced effective the dates as noted.

Also included is a list of option classes which have special position and exercise limits due to stock splits, dividends, or mergers.

Please refer to the Exchange Bulletin for updates of non-standard position and exercise limits due to adjustments in the underlying securities, such asstock splits, stock dividends, etc.

The general review for eligibility of equity and narrow based industry index options will be conducted again in January 1999. If prior to the six-monthreview, an underlying security for an equity option qualifies for a higher limit based on criteria met as defined in Exchange Rule 4.11, the position andexercise limit will be increased at that time. Industry index option position and exercise limits may also be increased prior to the January 1999 reviewif the criteria as defined in Exchange Rule 24.4A is met.

Any questions concerning position and exercise limits should be directed to Patricia Cerny (312) 786-7722 or Karen Charleston (312) 786-7724.


EFFECTIVE DATE 7/20/98Note: Exchange Rules 4.11 and 4.12 allow equity option positions hedged with stock to be exempt in determining position and ex ercise limit compliance;however, the maximum position, after exempting positions where the option contract is hedged by 100 shares of the underlying se curity or securities readilyconvertible into stock to be three times the standard base limit.

UNDERLYING STOCK SYMBOL POSITIONA.G. EDWARDS, INC. AGE 7,500A.H. BELO CORP. BLC * * * * *AAMES FINANCIAL CORP. AAM 20,000* * *AAVID THERMAL TECHNOLOGIES (AATT) QVI 4,500ABERCROMBIE & FITCH COMPANY ANF 10,500ABITIBI-CONSOLIDATED INC. ABY 7,500ABLE TELCOM, INC. (ABTE) QZB 7,500ABN AMRO HOLDING NV ADR AAN 4,500ACCESS HEALTH, INC. (ACCS) QQC 10,500ACCLAIM ENTERTAINMENT, INC. (AKLM) KKQ 25,000ACCUSTAFF, INC. ASI 20,000ACT NETWORKS, INC. (ANET) QTE 7,500ACTION PERFORMANCE COMPANIES, INC. (ACTN) QNC 10,500ACTIVISION, INC. (ATVI) AQV 7,500ADVANCED ENERGY INDUSTRIES, INC. (AEIS) OEQ 7,500*ADVANTA CORP. (ADVNA) AVQ 10,500*AERIAL COMMUNICATIONS, INC. (AERL) IQA 7,500AES CORP. AES 10,500AGNICO-EAGLE MINES LTD. AEM 4,500AGOURON PHARMACEUTICALS, INC. (AGPH) GQA 25,000* * *AGRIBIOTECH, INC. (ABTX) QXQ 20,000AGRIBRANDS INTERNATIONAL, INC. AGX 4,500AGRIUM, INC. AGU 10,500AIRTOUCH COMMUNICATION, INC. ATI 25,000AIRTRAN HOLDINGS, INC. (AAIR) VJQ 20,000AK STEEL HOLDING CORPORATION AKS 7,500ALBEMARLE CORP. ALB 4,500ALBERTO CULVER CO. ACV 4,500ALBERTO CULVER CO. CLASS A (ACV.A) ACJ 4,500ALCATEL ALSTHOM ALA 25,000ALLEGHENY TELEDYNE INCORPORATED ALT * * * * *ALLEGIANCE CORP. AEH 7,500ALLIANCE CAPITAL MANAGEMENT AC * * * * *ALLIANCE PHARMACEUTICAL CORP. (ALLP) AYQ 7,500ALLIANCE SEMICONDUCTOR CORP. (ALSC) QAS 10,500ALLIANT TECHSYSTEMS INC. ATK 4,500ALLIED CAPITAL CORPORATION (ALLC) CQL 7,500ALLIED WASTE INDUSTRIES, INC (AWIN) WQN 20,000ALLSTATE CORPORATION ALL * * * * *ALTERA CORPORATION (ALTR) LTQ 25,000ALTERNATIVE RESOURCES CORP. (ALRC) EQM 7,500ALTRON, INC. (ALRN) NQR 7,500*ALUMINUM CO. OF AMERICA AA 25,000ALYDAAR SOFTWARE CORPORATION (ALYD) QLI 4,500AMAZON.COM, INC. (AMZN) ZQN 25,000AMBRESCO, INC. (AMMB) UKQ 10,500AMERICA WEST HOLDINGS CORPORATION AWA 10,500AMERICAN DISPOSAL SERVICES, INC. (ADSI) HIQ 7,500AMERICAN EAGLE OUTFITTERS, INC. (AEOS) AQU * * * * *AMERICAN ECO CORPORATION (ECGOF) EOQ 10,500 * *AMERICAN ELECTRIC POWER CO., INC. AEP 10,500AMERICAN EXPRESS CO. AXP 25,000AMERICAN GENERAL CORP. AGC 10,500AMERICAN INTERNATIONAL GROUP, INC. AIG * * * * *AMERICAN MANAGEMENT SYSTEMS, INC. (AMSY) YAQ 10,500 * *AMERICAN MOBILE SATELLITE CORP. (SKYC) KQF 4,500AMERICAN ONCOLOGY RESOURCES, INC. (AORI) QIA 10,500AMERICA ONLINE INC. AOL * * * * *AMERICAN POWER CONVERSION CORP.(APCC) PWQ 25,000* * * *AMERICAN STANDARD CORP. ASD 10,500 * *AMERICAN STORES COMPANY ASC 25,000AMERICAN TOWER CORPORATION CLASS A AMT 10,500AMERICREDIT CORP. ACF 7,500AMERITECH AIT * * * * *AMES DEPARTMENT STORES (AMES) QAF 7,500AMOCO CORPORATION AN * * * * *AMP, INC. AMP 25,000AMWAY ASIA PACIFIC LTD. AAP 4,500ANADARKO PETROLEUM CORPORATION APC * * * * *ANADIGICS, INC. (ANAD) DQA 10,500ANDREA ELECTRONICS CORPORATION AND 10,500*ANDREW CORP. (ANDW) AQN 25,000ANIXTER INTERNATIONAL INC. AXE 7,500ANN TAYLOR STORES CORP. ANN 7,500ANTEC CORPORATION (ANTC) AQC 10,500APACHE CORP. APA 10,500APEX PC SOLUTIONS INC. (APEX) PXQ 7,500APOLLO GROUP INC. (APOL) OAQ * * * * *APPLEBEE’S INTERNATIONAL, INC. (APPB) AQB 10,500APPLE SOUTH, INC. (APSO) SQO 10,500

UNDERLYING STOCK SYMBOL POSITIONAPPLIED MAGNETICS CORPORATION APM 25,000APPLIED MICRO CIRCUITS CORP. (AMCC) QLL 7,500APPLIX, INC. (APLX) LQX 7,500 *APRIA HEALTHCARE GROUP INC. AHG 10,500ARACRUZ CELLULOSE SA ARA 7,500ARBOR SOFTWARE CORPORATION (ARSW) WQE 7,500ARCADIA FINANCIAL LTD. AAC 7,500ARCTIC CAT INC. (ACAT) AQO 4,500ARKANSAS BEST CORPORATION (ABFS) QFA 7,500ARQUILE, INC. (ARQL) QET 7,500ARTERIAL VASCULAR ENGINEERING, INC. (AVEI) GQZ 25,000ARTESYN TECHNOLOGIES, INC. (ATSN) DQP 10,500ASA HOLDINGS, INC. (ASAI) AIQ 7,500ASCEND COMMUNICATIONS (ASND) QQA 25,000ASE TEST LIMITED (ASTSF) QDQ 7,500ASM INTERNATIONAL N.V. (ASMIF) IQB 7,500 *ASM LITHOGRAPHY HOLDING NV (ASMLF) MFQ * * * * *ASPECT DEVELOPMENT, INC. (ASDV) QDV 7,500ASSOCIATED BANC-CORP (ASBC) QVS * * * * *ASSOCIATED FIRST CAPITAL CORP. AFS 25,000ASTORIA FINANCIAL CORPORATION (ASFC) AQR 7,500AT HOME CORPORATION (ATHM) AHQ 25,000AT&T CORP. T 25,000ATLANTIC COAST AIRLINES (ACAI) QKA 7,500ATLANTIC RICHFIELD CO. ARC * * * * *ATLAS AIR, INC. CGO 7,500 *ATMEL CORPORATION (ATML) AQT 25,000ATRIA COMMUNITIES, INC. (ATRC) QFW 7,500AU BON PAIN CO., INC. (ABPCA) BPQ 4,500AUSPEX SYSTEMS, INC. (ASPX) AQX 7,500AUTOLIV, INC. ALV 7,500 *AUTOMOBILE PROTECTION CORPORATION QFM 7,500 (APCO)AUTOZONE INC. AZO 20,000AVID TECHNOLOGY INC. (AVID) AQI 10,500AVIRON (AVIR) QCV 7,500AVIS RENT A CAR, INC. AVI 10,500AVON PRODUCTS, INC. AVP 25,000 * * *AVX CORP. AVX 7,500 *AZTAR CORPORATION AZR 7,500B.F. GOODRICH COMPANY GR 10,500 * *BA MERCHANT SERVICES, INC. BPI 4,500BAAN COMPANY NV (BAANF) BQF 25,000BAKER (J.) INC. (JBAK) JBQ 4,500BALLARD POWER SYSTEMS, INC. (BLDPF) DFQ * * * * *BANCO FRANCES DEL RIO DE LA PLATA S.A. ADR BFR 7,500 *BANCO RIO DE LA PLATE S.A. ADR BRS 10,500 * *BANCTEC, INC. BTC 4,500BANK OF COMMERCE (BCOM) QMB 4,500BANK OF NEW YORK CO. BK 25,000BANK OF TOKYO MITSUBISHI ADR MBK 10,500BANKAMERICA CORP. BAC * * * * *BANTA CORP. (BNTA) BQQ 4,500BANYAN SYSTEMS INC. (BNYN) QYN 10,500BARNES AND NOBLE, INC. BKS 10,500 * *BATTLE MOUNTAIN GOLD CO. BMG 10,500BAXTER INTERNATIONAL, INC. BAX 25,000BAYARD DRILLING TECHNOLOGIES, INC. BDI 7,500 *BAY NETWORKS, INC. BAY 25,000BB&T CORPORATION BBK 10,500 * *BEA SYSTEMS, INC. (BEAS) BRQ 10,500BEAR STEARNS COMPANIES BSC 10,500BED BATH & BEYOND INC. (BBBY) BHQ 20,000BELL ATLANTIC CORP. BEL * * * * *BELLWETHER EXPLORATION CO. (BELW) UQQ 7,500 *BERGEN BRUNSWIG CORPORATION BBC 10,500 * *BEST BUY CO., INC. BBY 25,000BETHLEHEM STEEL CORP. BS 25,000BIOCHEM PHARMA, INC. (BCHE) BQX * * * * *BIOGEN INC. (BGEN) BGQ 25,000BIOMET, INC. (BMET) BIQ 10,500BIO-TECHNOLOGY GENERAL CORP. (BTGC) QTG 10,500BIOTIME, INC. (BTIM) QBO 7,500BIOVAIL CORPORATION INTERNATIONAL BVF 7,500BIRMINGHAM STEEL CORPORATION BIR 4,500BJ SERVICES COMPANY BJS 25,000BJ’S WHOLESALE CLUB, INC.BLACK & DECKER MANUFACTURING CO. BDK 10,500BMC SOFTWARE, INC. (BMCS) BCQ * * * * *BOEING CO. BA *****


UNDERLYING STOCK SYMBOL POSITIONBOISE CASCADE CORP. BCC 7,500

BJ 7,500BOISE CASCADE OFFICE PRODUCTS CORPORATION BOP 4,500BORDEN CHEMICALS AND PLASTICS L.P. BCU 4,500BORDERS GROUP, INC. BGP 10,500 * *BOSTON CHICKEN, INC. (BOST) BQN 25,000BOSTON COMMUNICATIONS GROUP, INC. (BCGI)QGB 7,500BOSTON SCIENTIFIC CORPORATION BSX 25,000BRIGHTPOINT, INC. (CELL) QEF 25,000BRISTOL-MYERS SQUIBB CO. BMY 25,000BRITISH SKY BROADCASTING GROUP PLC ADS BSY 4,500BRITISH STEEL PLC ADS BST 10,500BRITISH TELECOMMUNICATIONS PLC BTY 10,500 *BROADBAND TECHNOLOGIES, INC. (BBTK) BQK 7,500 *BRODERBUND SOFTWARE, INC. (BROD) BDQ 10,500BROOKS AUTOMATION, INC. (BRKS) BQE 7,500 *BRUNSWICK CORP. BC 10,500BUFFETS, INC. (BOCB) BOQ 10,500BURLINGTON NORTHERN SANTA FE CORP. BNI 10,500BURR BROWN CORP. (BBRC) BQB * * * * *BUSINESS OBJECTS S.A. ADR (BOBJY) BBQ 10,500C-CUBE MICROSYSTEMS, INC. (CUBE) UQB 25.000 * * * *CABLE & WIRELESS PLC ADS CWP 10,500 * *CABLEVISION SYSTEMS CORPORATION CLASS A CVC * * * * *CABOT CORPORATION CBT 7,500CADENCE DESIGN SYSTEMS, INC. CDN 25,000CADIZ LAND COMPANY, INC. (CLCI) QAZ 7,500 *CALLAWAY GOLF CO. ELY 25,000CAMPBELL SOUP COMPANY CPB * * * * *CANADIAN NATIONAL RAILWAY COMPANY CNI 10,500CAPITAL ONE FINANCIAL COF 10,500CARDIO THORACIC SYSTEMS INC. (CTSI) QAO 4,500CARIBINER INTERNATIONAL, INC. CWC 10,500CARNIVAL CORPORATION CCL 25,000CARRAMERICA REALTY CORP. CRE 7,500CARTER-WALLACE, INC. CAR 4,500CASEY’S GENERAL STORES, INC. (CASY) YQC 7,500CASH AMERICA INTERNATIONAL, INC. PWN 4,500CATALYTICA INC. (CTAL) QAN 7,500CATELLUS DEVELOPMENT CORP. CDX 7,500CATO CORPORATION (CACOA) CQO 7,500 *CBT GROUP PLC ADR (CBTSY) QAG * * * * *CDW COMPUTER CENTERS, INC. (CDWC) DWQ 7,500CELGENE CORP. (CELG) LQH 4,500CELL GENESYS, INC. (CEGE) QII 7,500 *CELLSTAR CORP. (CLST) EQL * * * * *CENDANT CORPORATION CD * * * * *CENTEX CORPORATION CTX 10,500CENTOCOR INC. (CNTO) COQ 25,000CENTRAL GARDEN AND PET CO. (CENT) EQH 7,500CENTURY COMMUNICATIONS CORPORATION (CTYA) CQA 7,500CEPHALON INC. (CEPH) CQE 20,000 * * *CERIDIAN CORP. CEN 10,500 * *CERNER CORP. (CERN) CQN 10,500CHAMPION INTERNATIONAL CORP. CHA 10,500CHARLES SCHWAB CORPORATION (THE) SCH * * * * *CHECKFREE HOLDINGS CORPORATION (CKFR) FCQ 10,500CHECK POINT SOFTWARE TECHNOLOGIES LTD. (CHKPF) KEQ 25,000CHINA TELECOM HK LTD., ADR CHL 10,500 *CHIRON CORP. (CHIR) CIQ * * * * *CHOLESTECH CORPORATION (CTEC) QDT 4,500CHRIS-CRAFT INDUSTRIES, INC. CCN * * * * *CHRONIMED, INC. (CHMD) HQC 4,500CHRYSLER CORP. C 25,000CHS ELECTRONICS, INC. (CHSE) KZQ 25,000CHUBB CORPORATION CB 10,500CIDCO, INC. (CDCO) OQI 7,500CIENA CORPORATION, INC. (CIEN) EUQ 25,000CIGNA CORP. CI * * * * *CINCINNATI BELL INC. CSN 10,500CINERGY CORP. CIN 10,500CIRCUIT CITY STORES CARMAX GROUP KMX 4,500CIRRUS LOGIC, INC. (CRUS) CUQ 25,000CISCO SYSTEMS, INC. (CSCO) CYQ * * * * *C.I.T. GROUP (THE) CIT 7,500CITICORP CCI 25,000CITRIX SYSTEMS, INC. (CTXS) XSQ * * * * *CITY NATIONAL CORP. CYN 4,500CKE RESTAURANTS, INC. CKR 10,500CKS GROUP, INC. (CKSG) OIQ 7,500

UNDERLYING STOCK SYMBOL POSITIONCLAIRES STORES INC. CLE 10,500CLARIFY, INC. (CLFY) QCY 20,000 * * *CLAYTON HOMES CMH 10,500 * *CLEAR CHANNEL COMMUNICATIONS, INC. CCU 10,500CLIFFS DRILLING CO. CDG 10,500CMG INFORMATION SERVICES, INC. (CMGI) QGC 20,000CMS ENERGY CORPORATION CMS 7,500CNF TRANSPORATION INC. CNF 10,500CNS, INC. (CNXS) CQX 7,500 *COASTAL CORP. CGP * * * * *COCA-COLA CO. KO 25,000COCA-COLA ENTERPRISES, INC. CCE 25,000 * * * *COCA-COLA FEMSA S.A. KOF 10,500COEUR D’ALENE MINES CORPORATION CDE 7,500COFLEXIP SA ADR (CXIPY) QCP 7,500COHO ENERGY, INC. (COHO) QHO 10,500 * *COLGATE PALMOLIVE CO. CL 25,000 * * * *COLUMBIA HCA/HEALTHCARE CORPORATION COL 25,000COLUMBIA LABORATORIES, INC. COB 7,500COMAIR HOLDINGS INC. (COMR) KHQ 10,500COMMONWEALTH INDUSTRIES, INC, (CMIN) LQC 4,500COMPANHIA CERVEJARIA BRAHMA ADR BRH 10,500COMPANIA ANONIMA NACIONAL TELEFONOS DE VENEZUELA VNT 10,500COMPANIA DE TELECOMUICACIONES CTC * * * * * DE CHILE S.A.COMPLETE BUSINESS SOLUTIONS, INC. (CBSL) CQQ 7,500COMPUCOM SYSTEMS, INC. (CMPC) ICQ 10,500COMPUSA INC. CPU 25,000COMPUSERVE CORP. (CSRV) SVW 10,500COMPUTER ASSOCIATES INTERNATIONAL INC. CA 25,000COMPUTER HORIZONS CORP. (CHRZ) ZQH 10,500COMPUTER LEARNING CENTERS, INC. (CLCX) QXT 25,000COMPUTER SCIENCES CORP. CSC 25,000COMPUWARE CORPORATION (CPWR) CWQ 25,000COMSHARE, INC. (CSRE) RQJ 4,500COMSTOCK RESOURCES INC. CRK 7,500 *COMVERSE TECHNOLOGY (CMVT) CQV 10,500CONCENTRA MANAGED CARE, INC. (CCMC) QYS 10,500CONSECO, INC. CNC * * * * *CONSOLIDATED FREIGHTWAYS CORP. (CFWY) XQF 7,500CONSOLIDATED GRAPHICS, INC. CGX 4,500CONSOLIDATION CAPITAL CORP. (BUYR) QYB 7,500CONTINENTAL AIRLINES, INC. (CAI.B) CAI 10,500CORNING INCORPORATED GLW 25,000CORPORATE EXPRESS, INC. (CEXP) XQP 25,000CORRECTIONS CORP. OF AMERICA CCA 20,000COTT CORPORATION (COTTF) CQT 7,500COULTER PHARMACEUTICAL, INC. (CLTR) QCE 4,500COVANCE INC. CVD 10,500 * *COVENTRY HEALTHCARE, INC, (CVTY) OVQ 10,500 * *COX COMMUNICATIONS COX 10,500COX RADIO, INC. CXR 4,500CREATIVE TECHNOLOGY (CREAF) RFQ 25,000CREE RESEARCH, INC. (CREE) CQR 7,500CSG SYSTEMS INTERNATIONAL, INC. (CSGS) QGA 7,500CUMMINS ENGINE COMPANY INC. CUM 7,500CURATIVE HEALTH SERVICES, INC. (CURE) NQH 4,500CYBERCASH, INC, (CYCH) KBQ 10,500CYBERGUARD CORPORATION (CYBG) HFQ 7,500CYBERONICS, INC. (CYBX) QAJ 10,500CYLINK CORP. (CYLK) YQB 7,500CYMER INC. (CYMI) CQG 25,000 * * * *CYPRESS SEMICONDUCTOR CORP. CY 25,000CYPRUS AMAX MINERALS COMPANY CYM 10,500CYTYC CORP. (CYTC) YQK 10,500CYTOTHERAPEUTICS, INC. (CTII) QIT 4,500DAIMLER BENZ AG DAI * * * * *DAMARK INTERNATIONAL, INC. (DMRK) DQN 4,500DANA CORPORATION DCN 10,500DAOU SYSTEMS, INC. (DAOU) QQX 10,500DARDEN RESTAURANTS, INC. DRI 10,500DATA BROADCASTING CORP. (DBCC) BQD 7,500DATA DIMENSIONS INC. (DDIM) QM 10,500DATAWORKS CORPORATION (DWRX) XBQ 7,500DAVE & BUSTER’S INC. (DANB) QUB 7,500 *DEKALB GENETICS CORP.-CLASS B DKB 7,500DELTA AIR LINES, INC. DAL 20,000 * * *DELTA & PINE LAND COMPANY DLP 7,500DELTA WOODSIDE INDUSTRIES, INC. DLW 4,500DENTSPLY INTERNATIONAL INC. (XRAY) XRQ 7,500


UNDERLYING STOCK SYMBOL POSITIONDETROIT DIESEL CORP. DDC 4,500DEUTSCHE TELEKOM AG ADR DT 7,500DIAMOND MULTIMEDIA SYSTEMS, INC (DIMD) DAQ 25,000DIAMOND OFFSHORE DRILLING, INC. DO 25,000DIGITAL EQUIPMENT CORP. DEY * * * * *DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. DTG 7,500DONALDSON LUFKIN & JENRETTE INC. DLJ * * * * *DONNA KARAN INTERNATIONAL, INC. DK 7,500 *DOUBLETREE CORPORATION (TREE) KOZ * * * * *DOW CHEMICAL CO. DOW 25,000 * * * *DRESS BARN INC. (DBRN) DBQ 7,500DREXLER TECHNOLOGY CORPORATION (DRXR) RXQ 4,500DSP GROUP, INC. (DSPG) DPQ 10,500 * *DSP COMMUNICATIONS, INC. (DSP) DQC 25,000 * * * *DURA PHARMACEUTICALS, INC. (DURA) DQR 25,000DURAMED PHARMACEUTICALS, INC. (DRMD) DUQ 7,500E.I. DUPONT DE NEMOURS & CO. DD * * * * *EAGLE HARDWARE & GARDEN (EAGL) HGQ 10,500EARTHLINK NETWORK, INC. (ELNK) QKL 7,500EARTHSHELL CORPORATION (ERTH) QER 10,500EASTMAN CHEMICAL COMPANY EMN 7,500EASTMAN KODAK CO. EK 25,000EATON CORP. ETN 10,500ECHOSTAR COMMUNICATIONS CORP. (DISH) QHS 7,500ECI TELECOM LTD. (ECILF) ECQ 10,500ECOLAB INC. ECL 7,5008X8, INC. (EGHT) EDQ 7,500EINSTEIN/NOAH BAGEL CORP. (ENBX) BXQ 10,500 * *ELAN CORPORATION, PLC ADRs ELN 10,500ELECTRIC LIGHTWAVE, INC. CI A (ELIX) XQQ 7,500ELECTROGLAS, INC. (EGLS) EIQ 10,500 * *ELECTRONIC ARTS (ERTS) EZQ 25,000ELECTRO SCIENTIFIC INDUSTRIES, INC. (ESIO) EQO 4,500ELECTRONICS FOR IMAGING, INC. (EFII) EFQ 25,000ELF AQUITAINE ADS ELF 10,500EMC CORP. EMC * * * * *EMISPHERE TECHNOLOGIES, INC. (EMIS) MTQ 4,500EMMIS COMMUNICATION CORPORATION (EMMS)QMJ 4,500EMPLOYEE SOLUTIONS, INC. (ESOL) OQC 25,000 * * *EMPRESAS ICA SOCIEDAD CONTROLADORA S.A. DE C.V. ICA 10,500 * *EMPRESAS LA MODERNA S.A. DE C.V. ELM 4,500ENCAD, INC. (ENCD) QEM 10,500 * *ENDOSONICS CORP. (ESON) QEN 7,500ENERGY GROUP PLC ADS TEG 7,500ENGLEHARD CORP. EC 10,500ENRON CORP. ENE 25,000ENRON OIL & GAS EOG 10,500ENSCO INTERNATIONAL, INC. ESV 25,000ENTERGY CORPORATION ETR 25,000ENTREMED, INC. (ENMD) QMA 10,500ENZO BIOCHEM, INC. ENZ 4,500EPITOPE, INC. (EPTO) QTP 4,500EQUITABLE COMPANIES INCORPORATED EQ 10,500EQUITY CORPORATION INTERNATIONAL EQU 4,500ERICSSON (L.M.) TELEPHONE CO. (ERICY) RQC * * * * *ESC MEDICAL SYSTEMS LIMITED (ESCMF) QFC 10,500ESS TECHNOLOGY, INC. (ESST) SEQ 25,000 * * * *ESTEE LAUDER COMPANIES INC. EL 7,500E*TRADE GROUP, INC. (EGRP) QGR 25,000EVEREST REINSURANCE HOLDINGS INC. RE 7,500EVI WEATHERFORD, INC. EVI * * * * *E.W. SCRIPPS COMPANY (THE) SSP 4,500EXABYTE CORPORATION (EXBT) EXQ 10,500 * *EXCALIBUR TECHNOLOGIES CORP. (EXCA) XQA 4,500EXCEL COMMUNICATIONS, INC. ECI 10,500EXCEL TECHNOLOGY, INC. (XLTC) XNQ 7,500 *EXCITE, INC. (XCIT) KQB 25,000EXTENDED STAY AMERICA, INC. ESA 10,500 * *EXXON CORP. XON 25,000FAMILY GOLF CENTERS (FGCI) JZQ * * * * *FDX CORPORATION FDX 10,500FEDDERS CORPORATION FJC 4,500FEDERATED DEPARTMENT STORES, INC. FD 25,000FIDELITY NATIONAL FINANCIAL, INC. FNF 4,500FILA HOLDING SPA ADR FLH 7,500 *FILENET CORP. (FILE) ILQ 25,000FINGERHUT CO. INC. FHT 7,500FINISH LINE, INC. (FINL) FQN 10,500FIRST AMERICAN CORP. OF TENNESSEE FAM 10,500 * *FIRST CHICAGO NBD CORPORATION FCN 25,000FIRST COMMERCE CORPORATION (FCOM/OZQ) OZY 7,500FIRST DATA CORPORATION FDC 25,000FIRST HAWAIIAN, INC. (FHWN) WQW 4,500FIRST HEALTH GROUP CORPORATION (FHCC) HLQ * * * * *FIRST SECURITY CORPORATION (FSCO) FQB * * * * *FIRST UNION REAL ESTATE INVESTMENTS FUR 7,500

UNDERLYING STOCK SYMBOL POSITIONFIRSTAR CORP. FSR 10,500FLORIDA PANTHERS HOLDINGS INC. PAW 4,500FLOWSERVE CORPORATION FLS 7,500 *FLUOR CORP. FLR 20,000 * * *FMC CORPORATION FMC 4,500FOAMEX INTERNATIONAL, INC. (FMXI) FQX 4,500FOODMAKER, INC. FM 7,500FORD MOTOR CO. F * * * * *FORE SYSTEMS, INC. (FORE) FQO 25,000FOREST LABORATORIES, INC. FRX * * * * *FOREST OIL CORP. FST 4,500FORT JAMES CORPORATION FJ 25,000FORTE SOFTWARE, INC. (FRTE) RQF 7,500FOUNDATION HEALTH SYSTEMS, INC. FHS 10,500FPA MEDICAL MANAGEMENT, INC. (FPAM) FFQ 25,000FRANCE TELECOM SA, ADR FTE 4,500FREEPORT-MC MORAN COPPER & GOLD INC. FCX 20,000FRESENIUS MEDICAL CARE AG ADS FMS 7,500 *FRIEDE GOLDMAN INTERNATIONAL INC. (FGII) FQG 10,500FRITZ COMPANIES, INC. (FRTZ) TQZ 7,500 *FRONTIER CORPORATION FRO 10,500FRUIT OF THE LOOM INC. FTL 10,500FSI INTERNATIONAL (FSII) FQH 7,500 *FUISZ TECHNOLOGIES LTD. (FUSE) QML 7,500FURNITURE BRANDS INTERNATIONAL, INC. FBN 7,500GADZOOKS, INC. (GADZ) EQK 10,500 * *GAP INC. GPS * * * * *GALILEO INTERNATIONAL, INC. GLC 10,500 * *GALILEO TECHNOLOGY LTD. (GALTF) QFG 10,500GALOOB TOYS, INC. GAL 7,500 *GARDEN RIDGE CORP. (GRDG) DQQ 4,500GARTNER GROUP (GART) GQT 20,000GATEWAY 2000 INC. GTW 25,000GAYLORD CONTAINER CORP. GCR 7,500GAYLORD ENTERTAINMENT COMPANY GET 7,500 *GEMSTAR INTERNATIONAL GROUP LTD. (GMSTF) QLF 10,500GENCORP GY 7,500 *GENERAL CABLE CORP. GCN * * * * *GENERAL CIGAR HOLDINGS, INC. MPP 4,500GENERAL DATACOMM INDUSTRIES, INC. GDC 7,500 *GENERAL DYNAMICS CO. GD * * * * *GENERAL ELECTRIC CO. GE 25,000GENERAL MAGIC, INC. (GMGC) GGQ 25,000GENERAL MOTORS CORP. GM * * * * *GENERAL MOTORS CORP. CLASS H GMH 20,000GENERAL NUTRITION COMPANIES, INC. (GNCI) GQN 25,000GENESYS TELECOMMUNICATIONS LABORATORIES, INC. (GCTI) QHF 7,500GENZYME CORPORATION (GENZ) GZQ 20,000GENZYME GENERAL DIVISION CORP. (GENZL) YQZ 7,500 *

4,500GENZYME TRANSGENICS CORPORATION (GZTC) GEQ 4,500GEOTEL COMMUNICATIONS CORPORATION (GEOC)QEG 7,500GERON CORPORATION (GERN) GQD 10,500 * *GILAT SATELLITE NETWORKS LTD. (GILTF) FQI 4,500GLENAYRE TECHNOLOGIES, INC. (GEMS) GQM 25,000 * * * *GLIATECH, INC. (GLIA) QGL 4,500GLOBAL MARINE, INC. GLM 25,000GLOBALSTAR TELECOMMUNICATIONS LTD. (GSTRF)YVQ 20,000GOLDEN STATE BANCORP, INC. GSB * * * * *GOOD GUYS, INC. (GGUY) GQU 7,500GPU, INC. GPU 10,500GRAHAM FIELD HEALTH PRODUCTS GFI 10,500GRAND CASINOS, INC. GND 10,500 * *GREAT LAKES CHEMICAL CORPORATION GLK * * * * *GREENPOINT FINANCIAL CORP. GPT * * * * *GREEN TREE FINANCIAL CORP. (GNT) UNG * * * * *GREY WOLF, INC. GW 25,000 * * * *GRIFFON CORPORATION GFF 4,500GRUPO TELEVISA, S.A. TV 25,000 * * *GRUPO TRIBASA S.A. GTR 10,500 * *GST TELECOMMUNICATIONS, INC. (GSTX) QGS 7,500GT INTERACTIVE SOFTWARE CORP. (GTIS) GQB 7,500GTECH HOLDINGS CORPORATION GTK 7,500GUCCI GROUP, INC. GUC 10,500GUESS?, INC. GES 4,500GUILFORD PHARMACEUTICALS, INC. (GLFD) GQF 7,500 *GULF CANADA RESOURCES LTD. GOU 25,000GULF ISLAND FABRICATION, INC. (GIFI) QIF 7,500 *GULF INDONESIA RESOURCES, LTD. GRL 7,500GULF SOUTH MEDICAL SUPPLY, INC. (GSMS) MUG 7,500GULFSTREAM AEROSPACE CORP. GAC 10,500GYMBOREE CORPORATION (THE) (GYMB) GMQ 10,500H.J. HEINZ COMPANY HNZ 25,000HADCO CORPORATION (HDCO) HQO 10,500 * *HAEMONETICS CORPORATION HAE 4,500HAIN FOOD, INC. (HAIN) QQH 7,500


UNDERLYING STOCK SYMBOL POSITIONHALLIBURTON CO. HAL * * * * *HAMBRECHT & QUIST GROUP HQ 7,500HANSON TRUST, P.L.C. HAN 7,500HARCOURT GENERAL, INC. H 7,500 *HARMAN INTERNATIONAL INDUSTRIES, INC. HAR 4,500HARMONIC LIGHTWAVES, INC. (HLIT) LOQ 7,500HARRAH’S ENTERTAINMENT, INC. HET 10,500HARRIS CORP. HRS 7,500HARTFORD FINANCIAL SERVICES GROUP, INC. (THE)HIG * * * * *HARTFORD LIFE, INC. HLI 7,500HEALTH MANAGEMENT ASSOCIATES, INC. HMA 10,500HEALTH SOUTH CORPORATION HRC 25,000HEARTPORT INC. (HPRT) HQK 10,500HEFTEL BROADCASTING CORPORATION CLASS A (HBCCA) QBH 7,500HEILIG-MEYERS CO. HMY 10,500 * *HELENE CURTIS INDUSTRIES INC. RHC 4,500HELMERICH AND PAYNE INC. HP 10,500HENRY SCHEIN, INC. (HSIC) HQE 7,500HERBALIFE INTERNATIONAL INC. (HERBA) HQR 7,500 *HERMAN MILLER, INC. (MLHR) MHQ * * * * *HERTZ CORPORATION HRZ 7,500HEWLETT-PACKARD CO. HWP * * * * *HFS, INC. (HFS) VFZ * * * * *HIBERNIA CORP. HIB 10,500HIGHWOODS PROPERTIES INC. HIW 7,500HITACHI, LTD. HIT 4,500HMT TECHNOLOGY CORP. (HMTT) HTQ 25,000 * * *HOECHST AG HOE 7,500HOLLINGER INTERNATIONAL, INC. HLR 10,500HOLLYWOOD ENTERTAINMENT CORP. (HLYW) HWQ 10,500HOLLYWOOD PARK INC. HPK 7,500 *HOMEBASE, INC. HBI 7,500HOMESTAKE MINING CO. HM 25,000HONEYWELL, INC. HON 10,500HONG KONG TELECOMMUNICATIONS HKT 10,500HOSPITALITY PROPERTIES TRUST HPT 4,500HOUSTON INDUSTRIES INC. HOU 25,000 * * * *HRPT PROPERTIES, INC. HRP 10,500HUBCO, INC. (HUBC) QOE 4,500HUMANA, INC. HUM 25,000HUMMINGBIRD COMMUNICATIONS LTD. (HUMCF) UQH 4,500HUNTINGTON BANCSHARES INC. (HBAN) HQB * * * * *HUSSMAN INTERNATIONAL, INC. HSM 7,500HUTCHINSON TECHNOLOGY, INC. (HTCH) UTQ 25,000 * * *HYPERION SOFTWARE CORP. (HYSW) QHY 7,500I-STAT CORP. (STAT) TAQ 4,500ICG COMMUNICATIONS, INC. (ICGX) QIG 25,000ICN PHARMACEUTICALS ICN * * * * *ICOS CORP. (ICOS) IIQ 10,500IDEXX LABORATORIES, INC. (IDXX) IQX 25,000 * * *IKON OFFICE SOLUTIONS, INC. IKN 25,000 * * * *IKOS SYSTEMS, INC. (IKOS) QIK 7,500 *IMATION CORP. IMN 7,500IMC GLOBAL, INC. IGL 10,500IMCLONE SYSTEMS, INC. (IMCL) QCI 10,500IMMUNE RESPONSE CORP. (IMNR) IMQ 10,500IMMUNOMEDICS, INC. (IMMU) QUI 7,500IMNET SYSTEMS, INC. (IMNT) IWQ 10,500 * *IMPERIAL CHEMICAL INDUSTRIES PLC ADR ICI 7,500IMPERIAL CREDIT INDUSTRIES, INC. (ICII) BQJ 10,500 * *IMPERIAL OIL LTD. IMO * * * * *INDEPENDECE COMMUNITY BANK (ICBC) QYC 10,500INDIGO N.V. (INDGF) DQF 7,500INDUSTRY-MATEMATIK I INTERNATIONAL CORPORATION (IMIC) QVU 7,500IN FOCUS SYSTEMS, INC. (INFS) IQL * * * * *INFORMATION MANAGEMENT RESOURCES, INC. (IMRS) QIQ * * * * *INFORMATION RESOURCES, INC. (IRIC) IRQ 7,500INFORMIX CORP. (IFMX) IFQ 25,000ING GROEP NV ADR ING 7,500 *INGERSOLL RAND COMPANY IR 10,500INGRAM MICRO, INC. IM 10,500INNOVEX, INC. (INVX) IVQ 10,500INPRISE CORPORATION (INPR) BLQ 25,000 * * *INPUT/OUTPUT, INC. IO 10,500 * *INTEGRATED CIRCUIT SYSTEMS INC. (ICST) IBQ 10,500INTEGRATED DEVICE TECHNOLOGY, INC. (IDTI) ITQ 25,000INTEGRATED HEALTH SERVICES INC. IHS 7,500INTERMAGNETICS GENERAL CORPORATION IMG 4,500INTEGRATED PROCESS EQUIPMENT CORPORATION (IPEC) IQP 20,000 * * *

UNDERLYING STOCK SYMBOL POSITIONINTEGRATED SILICON SOLUTION, INC. (ISSI) IXQ 10,500 * *IINTL BUSINESS MACHINES CORP. IBM * * * * *INTERIM SERVICE INC. IS 7,500INTERNT’L FLAVORS & FRAGRANCES INC. IFF 10,500INTERNATIONAL PAPER CO. IP 25,000INTERNATIONAL RECTIFIER CORP. IRF 10,500 * *INTERPUBLIC GROUP OF COMPANIES INC. IPG 10,500INTERSOLV, INC. (ISLI) IQV 10,500INTERSTATE BAKERIES CORP. IBC 7,500NTERVOICE, INC. (INTV) VQN 4,500INTIMATE BRANDS, INC. IBI 10,500INTUIT CORP. (INTU) IQU 25,000INVISION TECHNOLOGIES, INC. (INVN) VYQ 7,500IOMEGA CORP. IOM * * * * *IONA TECHNOLOGIES PLC (IONAY) YWQ 7,500 *IRI INTERNATIONAL CORPORATION IIR 7,500IRIDIUM WORLD COMMUNICATION, INC. (IRIDF) QAK 10,500ISIS PHARMACEUTICALS, INC. (ISIP) QIS 7,500ITEQ, INC. (ITEQ) QIE 10,500ITT CORP. (ITT) IZT * * * * *ITT INDUSTRIES, INC. IIN 7,500IVAX CORP. IVX 10,500JABIL CIRCUIT, INC. JBL 25,000JACKPOT ENTERPRISES, INC. J 4,500J.D. EDWARDS & COMPANY (JDEC) QJD 10,500JDA SOFTWARE GROUP, INC. (JDAS) QAH * * * * *JEFFERSON SMURFIT CORP. (JJSC) JJQ 7,500JLG INDUSTRIES, INC. JLG 7,500JOHN H. HARLAND COMPANY JH 7,500JOHN MANVILLE CORPORATION JM 4,500JOHNSON & JOHNSON JNJ 25,000JONES APPAREL GROUP, INC. JNY * * * * *JONES PHARMA INCORPORATED (JMED) JQM 20,000 * * *JOSTENS INC. JOS 4,500JUST FOR FEET, INC. (FEET) JQF 10,500K MART CORP. KM 25,000KEEBLER FOODS COMPANY KBL 7,500KELLSTROM INDUSTRIES, INC. (KELL) KQC 7,500KELLY SERVICES INC. CL.A (KELYA) YQE 4,500KEMET COPORATION (KMET) KQE 10,500 * *KENT ELECTRONICS CORP. KNT 7,500KERR-MCGEE CORP. KMG 7,500KEYSTONE FINANCIAL, INC. (KSTN) QPX 4,500KINDER MORGAN ENERGY PARTNERS LP ENP 4,500KLA -TENCOR CORPORATION (KLAC) KCQ 25,000KLM ROYAL DUTCH AIRLINES ADRS KLM 7,500KIRBY CORP. KEX 4,500KOHL’S CORPORATION KSS * * * * *KOPIN CORP. (KOPN) KQO 4,500KULICKE AND SOFFA INDUSTRIES, INC. (KLIC) KQS 25,000 * * *LANCASTER COLONY CORP. (LANC) LCQ * * * * *LAND’S END, INC. LE 4,500LANDRY’S SEAFOOD RESTAURANTS, INC. (LDRY) YQR 10,500LA QUINTA INNS INC. LQI 10,500LASER VISION CENTERS, INC. (LVCI) QVL 4,500LATTICE SEMICONDUCTOR CORP. (LSCC) LQT 25,000 * * *LCI INTERNATIONAL, INC. (LCI) LCZ * * * * *LEARNING COMPANY (THE) TLC 10,500LEGG MASON, INC. LM 4,500LEGATO SYSTEMS, INC. (LGTO) EQN * * * * *LEHMAN BROTHERS HOLDING CORP. LEH 20,000LEVEL ONE COMMUNICATIONS, INC. (LEVL) LVQ * * * * *LEVEL THREE COMMUNICATIONS, INC. (LVLT) QHN 10,500LEXMARK INTERNATIONAL GROUP, INC. LXK 10,500LIMITED, INC. LTD * * * * *LIPOSOME COMPANY INC. (LIPO) LPQ 25,000 * * *LITTON INDUSTRIES, INC. LIT 7,500LIZ CLAIBORNE, INC. LIZ 10,500LOEWEN GROUP, INC. LWN 7,500LOEWS CORPORATION LTR 7,500LOJACK CORPORATION (LOJN) LQJ 4,500LONE STAR STEAKHOUSE AND SALOON, INC. (STAR) LQS 25,000 * * * *LONG BEACH FINANCIAL CORP. (LBFC) QBB 10,500 * *LONG ISLAND BANCORP, INC. (LISB) LBQ 10,500LONG ISLAND LIGHTING COMPANY LIL 10,500LONGVIEW FIBRE COMPANY LFB 7,500 *LORAL SPACE & COMMUNICATIONS LTD. LOR 25,000LSI LOGIC CORP. LSI 25,000LTX CORP. (LTXX) XQT 10,500 * *LTV CORPORATION LTV 10,500LUCASVARITY PLC LVA 7,500 *LUCENT TECHNOLOGIES INC. LU * * * * *LYCOS, INC. (LCOS) QWL 25,000


UNDERLYING STOCK SYMBOL POSITIONLYONDELL PETROCHEMICAL COMPANY LYO 10,500MACHROCHEM CORPORATION (MCHM) QQ 7,500MADERAS Y SINTETICOS S. A. ADS MYS 4,500MAGAININ PHARMACEUTICALS INC. (MAGN) NQG 7,500MADGE, N.V. (MADGF) MQE 20,000 * * *MAGNA INTERNATIONAL INC. MGA 10,500M.A. HANNA COMPANY MAH 7,500MALLINCKRODT GROUP INC. MKG 10,500 * *MANPOWER INC. MAN 10,500MANUGISTICS GROUP, INC. (MANU) ZUQ 25,000MARINE DRILLING COMPANIES INC. (MDCO) QDM 25,000MARINER HEALTH GROUP, INC. (MRNR) MQO 7,500MARK IV INDUSTRIES IV 7,500MARKET SPAN CORPORATION MN 10,500MASCOTECH, INC. MSX 7,500MAY DEPARTMENT STORES MAY 20,000 * * *MAYTAG CORPORATION MYG 10,500MBNA CORPORATION KRB * * * * *MCDONALD’S CORP. MCD 25,000MCI COMMUNICATIONS CORP. (MCIC) MCQ 25,000MCLEOD USA (MCLD) QMD 7,500MEAD CORP. MEA 10,500MEDAPHIS CORP. (MEDA) MQA 25,000MEDAREX, INC. (MEDX) XDQ 7,500MEDICIS PHARMACEUTICAL CORP. (MDRX) MXQ 10,500MEDTRONIC INC. MDT 25,000MELLON BANK CORPORATION MEL 25,000MEMC ELECTRONIC MATERIALS, INC. WFR 7,500 *MERCANTILE BANCSHARES CORP. (MRBK) QKM 7,500MERCER INTERNATIONAL, INC. (MERCS) MQC 4,500MERCK & CO. MRK 25,000MERCURY INTERACTIVE CORP. (MERQ) RQB 10,500MERITOR AUTOMOTIVE, INC. MRA 7,500MERRILL LYNCH & CO., INC. MER * * * * *MESA AIRLINES, INC. (MESA) EAQ 7,500METACREATIONS CORPORATION (MCRE) MQZ 10,500METAMOR WORLDWIDE, INC. (MMWW) EQB 10,500METHANEX CORP. (MEOHF) MQN 4,500METRICOM, INC. (MCOM) MQM 7,500 *METRO-GOLDWYN-MAYER, INC. MGM 4,500METROMEDIA FIBER NETWORK, INC. (MFNX) QFN 7,500METROMEDIA INTERNATIONAL GROUP, INC. MMG 7,500MEXICO FUND INC. MXF 7,500MGI PHARMA, INC. (MOGN) QOG 4,500MICREL, INC. (MCRL) MIQ 7,500MICROAGE INC. (MICA) MQI 10,500MICROCHIP TECHNOLOGY INC. (MCHP) QMT 25,000MICROGRAFX, INC. (MGXI) XQG 4,500MICRON ELECTRONICS, INC. (MUEI) MQU 25,000MICRON TECHNOLOGY INC. MU 25,000MICROTOUCH SYSTEMS, INC. (MTSI) TQM 4,500MIDAS, INC. MDS 4,500MIDWAY GAMES, INC. MWY 7,500MILLENNIUM CHEMICALS INC. MCH 10,500 * *MILLICOM INT’L. CELLULAR S.A. (MICCF) MQS 7,500MINNESOTA MINING & MANUFACTURING CO. MMM * * * * *MITCHAM INDUSTRIES, INC. (MIND) QMU 7,500MMC NETWORKS, INC. (MMCN) CMQ 7,500MOBIL CORP. MOB * * * * *MORGAN STANLEY DEAN WITTER & CO. MWD 25,000MOLEX INC. (MOLX) MOQ 10,500MOLEX, INC. CLASS A (MOLXA) EQD 10,500MONSANTO CO. MTC * * * * *MOORE CORP. LTD MCL 7,500MORRISON KNUDSEN CORPORATION MK 7,500 *MRV COMMUNICATIONS, INC. (MRVC) VQX 10,500MTI TECHNOLOGY CORPORATION (MTIC) QTX 7,500MUSICLAND STORES CORP. MLG 7,500MYLEX CORPORATION (MYLX) MJQ 7,500 *NABISCO HOLDINGS CORP. NA 20,000NABORS INDUSTRIES INC. NBR 25,000NAM TAI ELECTRONICS, INC. (NTAIF) QNA 7,500 *NATIONAL COMMERCE BANCORPORATION (NCBC)QTQ * * * * *NATIONAL-OILWELL, INC. NOI 7,500NATIONAL SEMICONDUCTOR CORP. NSM 25,000NATIONAL STEEL NS 7,500NATIONAL TECHTEAM, INC (TEAM) QEA 10,500 *NATIONWIDE FINANCIAL SERVICES, INC. NFS 7,500 *NAUTICA ENTERPRISES, INC. (NAUT) NQT 10,500NAVISTAR INTERNATIONAL, INC. NAV 10,500NCR CORP. NCR 10,500NEIMAN MARCUS GROUP INC. NMG 4,500NEOMAGIC CORPORATION (NMGC) GJQ 10,500NEOPATH, INC. (NPTH) DQW 4,500NEOPROBE CORP. (NEOP) PQN 7,500

UNDERLYING STOCK SYMBOL POSITIONNETSCAPE COMMUNICATIONS CORP. (NSCP) NQY 25,000NETWORK ASSOCIATES, INC. (NETA) CQM * * * * *NETWORK COMPUTING DEVICES, INC. (NCDI) NQK 7,500NETWORK PERIPHERALS, INC. (NPIX) NQA 7,500 *

NEWELL CO. NWL 10,500NEWS CORP. LTD NWS 25,000NEWSEDGE CORPORATION (NEWZ) QBE 7,500NEXTEL COMMUNICATIONS, INC. CL A (NXTL) FQC 25,000NEXTLINK COMMUNICATIONS, INC. (NXLK) QNF 7,500NICE SYSTEMS LTD. ADR (NICEY) QIC 7,500NIMBUS CD INTERNATIONAL , INC. (NMBS) NMQ 4,500NOBLE DRILLING CORPORATION NE 25,000NOKIA CORP. (NOK.A) NKA * * * * *NORFOLK SOUTHERN CORP. NSC 25,000NORTH FACE, INC. (THE) (TNFI) QFI 7,500NORTHFIELD LABORATORIES, INC. (NFLD) DHQ 4,500NORTHERN TELECOM LTD. NT 25,000NORTHERN TRUST CORP. (NTRS) NRQ 10,500NORTHLAND CRANBERRIES, INC. (CBRYA) YLQ 7,500 *NORTHROP CORP. NOC 10,500NORTHWEST AIRLINES CORP. (NWAC) NAQ 25,000NOVA CORPORATION NCX 4,500NOVA CORPORATION GEORGIA NIS 4,500NOVELLUS SYSTEMS INC. (NVLS) NLQ 25,000NTL INCORPORATED (NTLI) IQS 7,500N2K, INC. (NTKI) QNK 10,500NUCOR CORPORATION NUE 10,500 * *NUEVO ENERGY CO. NEV 7,500 *NYNEX CORP. (NYN) VNY 25,000OAK TECHNOLOGIES (OAKT) OQK 10,500OAKLEY, INC. OO 10,500 * *OBJECT DESIGN, INC. (ODIS) QSE 7,500OCCIDENTAL PETROLEUM CORP. OXY 25,000OCEAN ENERGY, INC OEI * * * * *OCTEL CORPORATION OTL 4,500OCWEN FINANCIAL CORPORATION OCN 7,500OEC MEDICAL SYSTEMS INC. OXE 4,500ODS NETWORKS INC. (ODSI) OQT 7,500 *OFFICEMAX, INC. OMX 25,000 * * * *OGDEN CORPORATION OG 7,500OLICOM A/S (OLCMF) OQL 7,500OLYMPIC STEEL, INC. (ZEUS) ZQU 7,500 *OMI CORPORATION OMM * * * * *OMNIPOINT CORP. (OMPT) QTT 10,500ONSALE, INC. (ONSL) QOL 10,500OPEN MARKET, INC. (OMKT) OQM 10,500OPEN TEXT CORPORATION (OTEXF) QFT 7,500OPTI, INC. (OPTI) OQP 4,500ORACLE SYSTEMS CORPORATION (ORCL) ORQ * * * * *ORBITAL SCIENCES CORP. ORB 10,500ORCKIT COMMUNICATIONS, LTD. (ORCTF) QFY 4,500OREGON METALLURGICAL CORPORATION (OREM)OUY * * * * *ORGANOGENESIS, INC. ORG * * * * *ORTEL CORP. (ORTL) OQE 4,500ORTHOLOGIC CORPORATION (OLGC) QLG 7,500ORYX ENERGY CO. ORX 10,500OUTBACK STEAKHOUSE, INC. (OSSI) OSQ 10,500OWENS-ILLINOIS, INC. OI 10,500OXFORD HEALTH PLANS, INC. (OXHP) OQX 25,000PACCAR INC. (PCAR) PAQ 10,500PACIFIC GATEWAY EXCHANGE, INC. (PGEX) QAE 7,500PACIFIC HEALTH SYSTEMS, INC. CL. B (PHSYB) HYQ 10,500PAINE WEBBER GROUP INC. PWJ 10,500PAIR GAIN TECHNOLOGIES, INC.(PAIR) PQG 25,000PALL CORPORATION PLL 10,500PAN AMERICAN BEVERAGES, INC. PB 7,500PANAMSAT CORP. (SPOT) OQO 7,500PAPA JOHN=S INTERNATIONAL, INC. (PZZA) ZZQ 7,500PARKER DRILLNG COMPANY PKD 20,000PATHOGENESIS CORP. (PGNS) PHQ 7,500PATTERSON DENTAL CORPORATION (PDCO) QDA * * * * *PATTERSON ENERGY, INC. (PTEN) NZQ 25,000PAXSON COMMUNICATIONS CORPORATION PAX 7,500PAYLESS SHOESOURCE, INC. PSS 4,500PC DOCS GROUP INTERNATIONAL (DOCSF) OQZ 4,500P-COM, INC. (PCMS) PQP 25,000PEAPOD, INC. (PPOD) QPP 7,500PEERLESS SYSTEMS CORPORATION (PRLS) QLS 7,500PENNZOIL CO. PZL 10,500 * *PEOPLE’S BANK BRIDGEPORT (PBCT) PQY 7,500 *PEOPLES HERITAGE FINANCIAL GROUP, INC. (PHBK)EQP 10,500PEOPLESOFT INC. (PSFT) PQO 25,000PEP BOYS MANNY MOE AND JACK PBY 10,500PEPSI-GEMEX, S.A. DE C.V. GEM 4,500


UNDERLYING STOCK SYMBOL POSITIONPEPSICO INC. PEP * * * * *PERRIGO CO. (PRGO) POQ 10,500PETROLEUM GEO-SERVICE A/S PGO * * * * *PHARMACIA & UPJOHN, INC. PNU 25,000PHARMERICA, INC. (DOSE) XUQ 25,000PHILIPPINE LONG DISTANCE TELEPHONE PHI 7,500PHILIPS ELECTRONICS N.V. ADRS PHG 25,000PHILLIPS VAN HUESEN CORP. PVH 4,500PHP HEALTHCARE CORP. PPH 4,500PHYSIO-CONTROL HOLDINGS INC. (PHYS) QBK 7,500PIER 1 IMPORTS INC. PIR 10,500PILLOWTEX CORPORATION PTX 4,500PLANET HOLLYWOOD PHL 10,500 * * INTERNATIONAL, INC.PLATINUM SOFTWARE CORP. (PSQL) PQS 10,500PLATINUM TECHNOLOGY, INC. (PLAT) FLQ 25,000PLC SYSTEMS, INC. PLC 10,500PLEXUS CORPORATION (PLXS) QUA 7,500 *PMI GROUP INC. PMA 7,500PMT SERVICES, INC. (PMTS) QAM 10,500POGO PRODUCING COMPANY PPP 7,500POLAROID CORP. PRD 7,500POLO RALPH LAUREN CORP. RL 10,500 * *POLYCOM, INC. (PLCM) QHD 7,500POOL ENERGY SERVICES, CO. (PESC) UVQ 10,500POTASH CORP. OF SASKATCHEWAN POT 10,500 * *POTLATCH CORPORATION PCH 4,500POWERHOUSE TECHNOLOGIES, INC. (PWRH) QV 4,500POWERWAVE TECHNOLOGIES, INC. (PWAV) VFQ 25,000PRECISION RESPONSE CORP. (PRRC) MQX 7,500PREMARK INTERNATIONAL PMI 7,500PREMIER LASER SYSTEMS, INC. (PLSIA) JTQ 10,500 * *PREMIERE TECHNOLOGIES, INC. (PTEK) TQO 25,000PREMISYS COMMUNICATIONS, INC. (PRMS) RQS 25,000 * * *PRESSTEK, INC. (PRST) PQK 7,500PREVIEW TRAVEL, INC. (PTVL) QUT 7,500PRI AUTOMATION INC. (PRIA) UXQ 10,500PRIMADONNA RESORTS, INC (PRMA) PQR 7,500PRIMARK CORPORATION PMK 7,500PRIME MEDICAL SERVICES, INC. (PMSI) QSI 4,500PROGRESS SOFTWARE CORPORATION (PRGS) RGQ * * * * *PROMUS HOTELS CORPORATION PRH * * * * *PROTECTION ONE, INC. (ALRM) QLR 7,500PROTEIN DESIGN LABS, INC. (PDLI) PQI 7,500PROVIDENT BANKSHARES CORPORATION (PBKS) QEB * * * * *PROVIDIAN CORP. PVN 10,500PROXIM, INC. (PROX) WQG 7,500 *PROXY MED, INC. (PILL) PQQ 4,500PSINET INC. (PSIX) SQP 25,000PUMA TECHNOLOGY, INC. (PUMA) ZVQ 4,500QUADRAMED CORP. (QMDC) QCD 7,500QUALCOMM INC. (QCOM) QAQ 25,000QUANTUM CORPORATION (QNTM) QNQ 25,000QUEST DIAGNOSTICS INCORPORATED DGX 7,500 *QUICKTURN DESIGN SYSTEMS INC. (QKTN) TQB 7,500 *QUIGLEY CORPORATION (QGLY) QGY 7,500QUINTILES TRANSNATIONAL CORP. (QTRN) QRT 20,000QWEST COMMUNICATION INC. (QWST) QWA * * * * *RADICA GAMES LTD. (RADAF) QDR 7,500RAINFOREST CAFE, INC. (RAIN) QRI * * * * *RALCORP HOLDING, INC. RAH 4,500RALSTON-RALSTON PURINA CO. RAL * * * * *RAMBUS INC. (RMBS) BNQ 20,000RAMTRON INTERNATIONAL CORP. (RMTR) RQM 7,500RANGER OIL LTD. RGO 7,500RAPTOR SYSTEMS, INC. (RAPT) YRP 7,500RATIONAL SOFTWARE CORP. (RATL) RAQ 25,000RAYONIER INC. RYN 4,500RAYTHEON COMPANY CLASS A (RTN.A) RYA 20,000 * * *RAYTHEON CO. (RTN.B) RTN 25,000READERS DIGEST RDA 7,500READ-RITE CORP. (RDRT) RDQ 25,000REALNETWORKS INC. (RNWK) QRN 7,500RENAISSANCE WORLDWIDE, INC. (THE) (REGI) QRG 10,500REMEDY CORPORATION (RMDY) LRQ 10,500RENO AIR, INC. (RENO) RQN 7,500RENT-WAY, INC. (RWAY) QCC 4,500REPUBLIC WASTE INDUSTRIES, INC. RII 25,000RES CARE, INC. (RSCR) QQR * * * * *RESOUND CORP. (RSND) RQD 4,500RESPIRONICS, INC. (RESP) RQT 10,500REVLON, INC. REV 4,500REXALL SUNDOWN, INC. (RXSD) RKQ 20,000REYNOLDS & REYNOLDS COMPANY REY 10,500RHODIA, INC. RHA 4,500RHONE-POULENC SA ADR RP 7,500RIO HOTEL & CASINO, INC. (RIOH) RHC 4,500

UNDERLYING STOCK SYMBOL POSITIONRJR NABISCO HOLDINGS CORP. RN 25,000ROBERTS PHARMACEUTICAL CORP. RPC 7,500ROCKWELL INTERNATIONAL CORP. ROK 20,000ROSLYN BANCORP. INC. (RSLN) OQU 7,500RPM. INC. RPM 7,500RSL COMMUINICATIONS LTD. (RSLCF) QRL 7,500RUBY TUESDAY INC. RI 4,500RUSS BERRIE AND COMPANY INC. RUS 4,500S3 INCORPORATED (SIII) SQI 25,000SABRE GROUP HOLDINGS INC. TSG 7,500 *SAFECO CORPORATION (SAFC) SAQ 10,500SAFEGUARD SCIENTIFICS INC. SFE * * * * *SAFEWAY, INC. SWY * * * * *SAKS HOLDINGS, INC. SKS 10,500SAMSONITE CORPORATION (SAMC) QDS 10,500SANMINA CORP. (SANM) SQN 25,000SANTA CRUZ OPERATION (SCOC) UQS 7,500SANTA FE INTERNATIONAL CORP. SDC 10,500SAPIENS INTERNATIONAL CORP. N.V. (SPNSF) QHH 7,500 *SAPIENT CORPORATION (SAPE) QPE 7,500SAVILLE SYSTEMS IRELAND PLC ADR (SAVLY) QVY 10,500SAWTEK INC. (SAWS) QWS 10,500SCHLUMBERGER LTD SLB * * * * *SCHOLASTIC CORPORATION (SCHL) NHQ 4,500SCI SYSTEMS, INC. SCI 10,500SCIENTIFIC GAMES HOLDINGS CORP. SG 4,500SCOPUS TECHNOLOGY, INC. (SCOP) QHT * * * * *SDL, INC. (SDLI) QSL 4,500SEACOR SMIT, INC. CKH 4,500SEARS ROEBUCK & CO. S 25,000SED INTERNATIONAL HOLDINGS (SECX) QQE 7,500 *SEITEL, INC. SEI 4,500SEMITOOL, INC. (SMTL) PQD 7,500 *SEMTECH CORPORATION (SMTC) QTU 7,500SEPRACOR INC. (SEPR) ERQ 10,500 * *SFX ENTERTAINMENT, INC. (SFXE) QSX 7,500SHANGHAI PETROCHEMICAL CO. LTD. SHI 4,500SHAW INDUSTRIES SHX 10,500SHELL TRANSPORT & TRADING CO., P.L.C. SC 7,500 *SHERWIN-WILLIAMS CO. SHW 10,500SHIVA CORP. (SHVA) VQS 25,000 * * * *SIEBEL SYSTEMS, INC. (SEBL) SGQ * * * * *SIGMA ALDRICH CP (SIAL) IAQ 10,500SIPEX CORPORATION (SIPX) UQX 7,500SILICON VALLEY GROUP INC. (SVGI) VQQ 20,000 * * *SINGER COMPANY N.V. SEW 10,500 * *SK TELECOM CO., LTD. ADS SKM 10,500SKYTEL COMMUNICATIONS, INC. (SKYT) MMQ 20,000 * * *SKYLINE CORP. SKY 4,500SKYWEST INC. (SKYW) UWQ 10,500SLM HOLDING CORPORATION SLM * * * * *SMARTALK TELESERVICES, INC. (SMTK) QMM 20,000SMART MODULAR TECHNOLOGIES, INC. (SMOD)UYQ 25,000SNYDER COMMUNICATIONS, INC. SNC 10,500SODAK GAMING, INC. (SODK) RQK 4,500SOFAMOR/DANEK GROUP, INC. SDG 4,500SOLA INTERNATIONAL, INC. SOL 4,500SOLECTRON CORPORATION SLR 20,000SOLUTIA, INC. SOI 20,000 * * *SOMATOGEN, INC. (SMTG) GNW * * * * *SOUTHERN CO. SO 25,000SOUTHERN NEW ENGLAND TELECOMMUN. CORP.SNG 7,500SOUTHERN PACIFIC FUNDING CORP. SFC 7,500SOUTHWEST AIRLINES CO. LUV * * * * *SPECTRIAN CORPORATION (SPCT) QCS 10,500 * *SPEEDFAM INTERNATIONAL, INC. (SFAM) FQF 10,500 * *SPELLING ENTERTAINMENT GROUP, INC. SP 4,500SPIEGEL, INC. (SPGLA) SQE 4,500SPLASH TECHNOLOGY HOLDINGS, INC. (SPLH) QRX 10,500SPORTS (THE) AUTHORITY TSA 10,500SPORTSLINE USA, INC. (SPLN) QSP 10,500SPX CORPORATION SPW 4,500SPYGLASS, INC. (SPYG) YQG 10,500ST. JUDE MEDICAL INC. STJ 10,500ST. PAUL COMPANIES SPC 20,000STAAR SURGICAL COMPANY (STAA) SQT 4,500STAFF LEASING, INC. (STFF) QFF 4,500STAGE STORES, INC. SGE 10,500 * *STANDARD MICROSYSTEMS (SMSC) OMQ 7,500 *STAR TELECOMMUNICATIONS, INC. (STRX) TQQ 10,500STARBUCKS CORPORATION (SBUX) SQX 25,000STARWOOD HOTELS & RESORTS TRUST HOT * * * * *STATEN ISLAND BANCORP, INC. SIB 7,500STATION CASINOS, INC. STN 7,500STB SYSTEMS, INC. (STBI) SQK 10,500STEELCASE INC. SCS 7,500


UNDERLYING STOCK SYMBOL POSITIONSTEINER LEISURE LIMITED (STNRF) QFR 4,500STERIS CORP. (STRL) SQR 10,500 * *STERLING BANCORP STL 4,500STERLING COMMERCE, INC. SE 10,500STMICROELECTRONICS NV STM 10,500STORAGE TECHNOLOGY STK * * * * *STURM RUGER & COMPANY, INC. RGR 4,500SUBURBAN LODGES OF AMERICA, INC. (SLAM) QBR 7,500SUMMIT BANCORP SUB 10,500SUMMIT DESIGN, INC. (SMMT) DQB 7,500 *SUMMIT TECHNOLOGY INC. (BEAM) BAQ 10,500SUNDSTRAND CORPORATION SNS 7,500SUNGLASS HUT INTERNATIONAL, INC. (RAYS) RQY 25,000SUN HEALTHCARE GROUP, INC. SHG 7,500SUN INTERNATIONAL HOTELS LTD. SIH 4,500SUNRISE ASSISTED LIVING INC. (SNRZ) QSR 10,500SUNTERRA CORPORATION OWN 10,500SUPERIOR ENERGY SERVICES, INC. (SESI) SCQ 10,500SUPERIOR INDUSTRIES INTERNATIONAL SUP 4,500SUPERIOR SERVICES, INC. (SUPR) QSU 4,500SWIFT ENERGY CORPORATION SFY 7,500 *SWIFT TRANSPORTATION CO., INC. (SWFT) FQW * * * * *SYNOPSYS, INC. (SNPS) YPQ 25,000SYNOVOUS FINANCIAL CORP. SNV * * * * *SYNTHETECH, INC. (NZYM) YZQ 4,500SYSCO CORPORATION SYY 25,000SYSTEMSOFT CORP. (SYSF) QSY 10,500 * *T. ROWE PRICE ASSOCIATES, INC. (TROW) RQW * * * * *TADIRAN LIMITED TAD 4,500TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY, LTD. ADR TSM 10,500TANDY CORP. TAN 20,000 * * *TAUBMAN CENTERS INC. TCO 7,500 *TAVA TECHNOLOGIES, INC. (TAVA) QTV 20,000TBC CORPORATION (TBCC) TBQ 4,500TCA CABLE TV, INC. (TCAT) TTQ 4,500TCF FINANCIAL CORP. TCB 7,500TCI SATELLITE ENTERTAINMENT, INC. (TSATA) TSQ 10,500TCI VENTURES GRP-A (TCIVA) VXQ 25,000TCSI CORP. (TCSI) QSC 7,500TECHNOLOGY SOLUTIONS CO. (TSCC) QST 7,500TEL-SAVE HOLDINGS INC. (TALK) QQK 25,000TELECOM ARGENTINA STET-FRANCE TELECOM S.A. ADR TEO 10,500TELECOM ITALIA SPA ADR TI 4,500TELCOM SEMICONDUCTOR, INC. (TLCM) QOC 7,500 *TELECOMMUNICATIONS INTERNATIONAL (TINTA) YQT 7,500TELECOMUNICACOES BRASILEIRAS SA (TELEBRAS) TBR 25,000TELE-DANMARK A/S TLD 7,500TELEDATA COMMUNICATIONS LTD. (TLDCF) QBC 10,500TELEFONICA DE ARGENTINA S.A. TAR 25,000 * * * *TELEFONICA DEL PERU S.A. ADR TDP 10,500TELEFONOS DE MEXICO TMX 25,000TELEGLOBE, INC. TGO 4,500TELEGROUP, INC. (TGRP) GQR 7,500TELEPORT COMMUNICATIONS GROUP INC. (TCGI) GQV 25,000TELESPECTRUM WORLDWIDE, INC. (TLSP) QBA 10,500TELETECH HOLDINGS, INC. (TTEC) QTC 10,500 * *TELXON CORP. (TLXN) TNQ 7,500TERA COMPUTER COMPANY (TERA) QIP 7,500 *TERRA INDUSTRIES INC. TRA 4,500TEVA PHARMACEUTICALS INDUSTRIES LTD. (TEVIY) TVQ 20,000 * * *TEXAS INSTRUMENTS INC. TXN * * * * *THERAGENICS CORPORATION (THRX) XQH * * * * *3DFX INTERACTIVE, INC. (TDFX) FQ 10,500360 COMMUNICATIONS (XO) XRS 10,500THERMO ELECTRON CORPORATION TMO 10,500TIDEWATER INC. TDW 25,000TIMES MIRROR COMPANY TMC 7,500TIMKEN COMPANY TKR 7,500TITAN EXPLORATION, INC. (TEXP) XXQ 7,500 *TJX COMPANIES, INC. (THE) TJX * * * * *TOMMY HILFIGER CORP. TOM 10,500 * *TOTAL RENAL CARE HOLDINGS, INC. TRL 10,500TOYS ‘R’ US, INC. TOY 25,000TRACOR, INC. (TTRR) HQU 7,500TRANS WORLD AIRLINES, INC. TWA 25,000TRANS WORLD ENTERTAINMENT (TWMC) TQT 7,500TRANSCANADA PIPELINES LTD. TRP * * * * *TRANSITION SYSTEMS, INC. (TSIX) QXS 7,500

UNDERLYING STOCK SYMBOL POSITIONTRANSPORTATION MARITIMA MEXICANA S.A. DE C.V. TMM 4,500TRIBUNE COMPANY TRB 10,500 * *TRICO MARINE (TMAR) MUQ 10,500TRICON GLOBAL RESTAURANTS, INC. YUM 25,000 * * *TRIQUINT SEMICONDUCTOR, INC. (TQNT) TQN 7,500 *TRITON ENERGY CORPORATION OIL 10,500TRIZEC HAHN CORPORATION TZH 7,500TUBOS DE ACERO DE MEXICA SA ADR TAM 10,500TUBOSOPE , INC. TBI 7,500TUPPERWARE CORP. TUP 10,500 * *T.V. AZTECA S.A. DE C.V. ADR TZA 7,500TWENTIETH CENTURY INDUSTRIES TW 4,500TWINLAB CORPORATION (TWLB) QBT 7,500UAL CORPORATION UAL 10,500UCAR INTERNATIONAL INC. UCR 10,500UGLY DUCKLING CORP. (UGLY) QRD 10,500 * *UICI (UICI) FQJ 7,500ULTRAK INC. (ULTK) ULQ 4,500ULTRATECH STEPPER, INC. (UTEK) UQT 10,500 * *ULTRAMAR DIAMOND SHAMROCK CORP. UDS 7,500UNIBANCO UNIAO DE BANCOS BRASILEROS UBB 10,500 * *UNICOM CORPORATION UCM 25,000UNION CAMP CORP. UCC 7,500UNION PACIFIC RESOURCES GROUP, INC. UPR 25,000UNIFI, INC. UFI 7,500UNIPHASE CORPORATION (UNPH) UQD 10,500UNISOURCE WORLDWIDE INC. UWW 10,500 * *UNIT CORP. UNT 7,500 *UNITED AUTO GROUP, INC. UAG 7,500UNITED HEALTHCARE CORPORATION UNH 25,000UNITED MERIDIAN CORP. (UMC) UMZ * * * * *UNITED STATES FILTER CORPORATION USF 25,000UNITED STATIONERS, INC. (USTR) QTR 4,500UNITED TECHNOLOGIES INC. UTX 25,000 * * * *UNIVERSAL CORPORATION UVV 4,500UNOVA, INC. UNA 7,500 *U.S. BANCORP. USB * * * * *U.S. BIOSCIENCE, INC. UBS 7,500 *U.S. DIAGNOSTIC LABS, INC. (USDL) DQH 10,500 * *U.S. FOOD SERVICE UFS 7,500U.S. FREIGHTWAYS CORPORATION (USFC) TFQ 7,500U.S. INDUSTRIES, INC. USI 7,500US OFFICE PRODUCTS COMPANY (OFIS) OFQ * * * * *U.S. ROBOTICS, INC. (USRX) VUZ * * * * *US SATELLITE BROADCASTING CO., INC.(USSB) QUS 7,500USA NETWORKS, INC. (USAI) QTH * * * * *USA WASTE SERVICES, INC. UW 25,000USCS INTERNATIONAL, INC. (USCS) QSK 7,500 *USG CORP. USG 7,500UST INC. UST 25,000 * * *USWEB CORPORATION (USWB) QWB 20,000VAIL RESORTS, INC. MTN 7,500 *VALASSIS COMMUNICATIONS, INC. VCI 7,500VALENCE TECHNOLOGY, INC. (VLNC) VHQ 7,500VANGUARD CELLULAR SYSTEMS (VCELA) VCQ 10,500VANS, INC. (VANS) VQG 7,500VANSTAR CORP. VST 10,500 * *VANTIVE CORP. (VNTV) QTZ 10.500VEECO INSTRUMENTS, INC. (VECO) QVC 7,500ERIFONE, INC. (VFI) VVX * * * * *VERILINK CORP. (VRLK) QWQ 7,500 *VERITAS SOFTWARE CORPORATION (VRTS) VUQ * * * * *VERITY, INC. (VRTY) YQV 7,500VERSANT OBJECT TECHNOLOGY CORP. (VSNT) VQK 7,500 *VERTEL CORPORATION (VRTL) QXD 10,500 * *V.F. CORPORATION VFC 7,500VIACOM INC. B (VIAB) VMB 25,000VIASOFT, INC. (VIAS) QVV 25,000VIATEL, INC. (VYTL) VQL 4,500VICOR CORP. (VICR) VIQ 7,500VIDEOSERVER, INC. (VSVR) UFQ 7,500 *VIMPEL-COMMUNICATIONS ADR VIP 4,500VITESSE SEMICONDUCTOR CORPORATION (VTSS) VQT * * * * *VITRO SOCIEDAD AMOMINA ADR VTO 10,500 * *VLASIC FOODS INTERNATIONAL, INC. VL 7,500VLSI TECHNOLOGY, INC. (VLSI) VLQ 25,000VODAFONE GROUP PLC VOD 10,500 * *VOLVO AB-ADR (VOLVY) VQY 7,500VTEL CORPORATION (VTEL) VQE 7,500WABASH NATIONAL CORPORATION WNC 4,500WACKENHUT CORRECTIONS CORP. WHC 4,500WALL DATA INC. (WALL) WLQ 4,500WAL-MART STORES INC. WMT 25,000


UNDERLYING STOCK SYMBOL POSITIONWALT DISNEY COMPANY (THE) DIS * * * * *WANG LABORATORIES, INC. (WANG) WQA 10,500WASTE MANAGEMENT INT’L PLC WME 4,500WATSON PHARMACEUTICALS INC. WPI 10,500WEATHERFORD ENTERRA, INC (WII) WIV * * * * *WEBSTER FINANCIAL CORPORATION (WBST) QBN 4,500WELLMAN INC. WLM 4,500WELLPOINT HEALTH NETWORKS INC. WLP 10,500WESLEY JESSEN VISIONCARE, INC. (WJCO) JQJ 7,500WESTELL TECHNOLOGIES, INC. (WSTL) QLW 10,500 * *WESTERN ATLAS, INC. WAI 10,500WESTERNBANK PUERTO RICO (WBPR) QHB 7,500 *WESTERN NATIONAL CORP. (WNH) NHW 7,500WESTERN RESOURCES, INC. WR 7,500WESTPOINT STEVENS INC. (WPSN) WQQ * * * * *WET SEAL, INC. (WTSLA) UUQ 7,500WEYERHAEUSER CO. WY 10,500WHX CORPORATION HOLDING CO. WHX 7,500 *WHIRLPOOL CORP. WHR 10,500 * *WHITMAN CORPORATION WH * * * * *WHITMAN-HART, INC. (WHIT) WMQ 7,500WILD OATS MARKETS, INC. (OATS) QOQ 7,500WILLAMETTE INDUSTRIES INC. WLL 7,500WILLIAMS COMPANIES WMB 25,000WILLIAM-SONOMA, INC. WSM * * * * *WINN-DIXIE STORES INC. WIN 7,500WINNEBAGO INDUSTRIES, INC. WGO 4,500

UNDERLYING STOCK SYBOL POSITIONWINSTAR COMUNICATION, INC. (WCII) WQS 25,000WIRELESS TELECOM GROUP, INC. WTT 4,500WISCONSIN CENTRAL TRANSPORATION CORPORATION (WCLX) WQC 10,500WISCONSIN ENERGY CORPORATION WEC 7,500WITCO CORPORATION WIT 7,500WORLD ACCESS CORP. (WAXS) WXQ 20,000WORLD COLOR PRESS, INC. WRC 4,500WYMAN-GORDON (WYMN) WQY 10,500 * *XEROX CORP. XRX 25,000XILINX INC. (XLNX) XLQ 25,000XIRCOM INC. (XIRC) XQR 20,000 * * *XYLAN CORP. (XYLN) YXQ 25,000YAHOO! INC. (YHOO) YHQ 25,000YORK INTERNATIONAL CORPORATION YRK 7,500YOUNG BROADCASTING INC. CL. A. (YBTVA) YQD 4,500YPF SOCIEDAD ANONIMA YPF 25,000YURIE SYSTEMS, INC. (YURI) YQI 10,500ZALE CORP. ZLC 7,500 *ZAPATA CORPORATION ZAP 7,500ZEBRA TECHNOLOGIES CORP. (ZBRA) ZBQ 7,500 *ZENECA GROUP PLC ADS ZEN 7,500ZILA, INC. (ZILA) QWC 4,500ZITEL CORP. (ZITL) ZQI 25,000 * * * *ZOLTEK COMPANIES, INC. (ZOLT) QOT 10,500 * *ZONAGEN, INC. (ZONA) NQZ 10,500


*LIMITS FOR THESE CLASSES WILL BE DECREASED TO 4,500CONTRACTS EFFECTIVE THE DATES AS NOTED BELOW:

EFFECTIVE DATECLASS FOR 4,500 LIMITALV 11/21/98AND 2/20/99AVQ 1/16/99AVX 2/20/99BDI 1/16/99BFR 1/16/99BQE 1/16/99BQK 2/20/99BTY 1/16/99CGO 1/16/99CHL 3/20/99CQO 2/20/99CQX 1/16/99CRK 2/20/99CWP 2/20/99DGX 8/22/98DK 1/16/99DQB 2/20/99FLH 1/16/99FLS 2/20/99FMS 2/20/99FQH 3/20/99GAL 2/20/99GDC tGET 9/19/98GQF 3/20/99GY 3/20/99H 2/20/99HQR 3/20/99HPK 3/20/99ING 1/16/99IQB 3/20/99LFB 3/20/99LQX 1/16/99LVA 2/20/99MJQ 2/20/99MK 8/22/98MQM 1/16/99MTN 9/19/98NEV 1/16/99NFS 1/16/99NQA 9/19/98NQR 2/20/99OEQ 1/16/99OMM 1/16/99

EFFECTIVE DATECLASS FOR 4,500 LIMIT

**LIMITS FOR THESE CLASSES WILL BE DECREASEDTO 7,500 CONTRACTS EFFECTIVE THE DATES ASNOTED BELOW:

CLASS EFFECTIVEDATE FOR 7,500 LIMITAAM 3/20/99ASD 1/16/99BBC 3/20/99BBK 3/20/99BGP 8/22/98BKS 1/16/99BQJ 3/20/99BRS 1/16/99BXQ 2/20/99CEN 2/20/99CMH 8/22/98CVD 8/22/98CWP 8/22/98DPQ 1/16/99DQH tEIQ 1/16/99EOQ 3/20/99ESA 9/19/98EQK 3/20/99ERQ 1/16/99EXQ 8/22/98FAM 9/19/98FQF 1/16/99GLC 1/16/99GND 8/22/98GQD 3/20/99GR 2/20/99GTR 1/16/99HIG 3/20/99HMY 2/20/99HQO 1/16/99ICA 1/16/99IO 2/20/99IRF 3/20/99IWQ 2/20/99IXQ 3/20/99JTQ 8/22/98KQE 1/16/99LPQ 1/20/01

OMQ 2/20/99OQT 8/22/98PQD 3/20/99PQY 1/16/99QAZ 1/16/99QEA 2/20/99QEB 1/16/99QHB 1/16/99QHH 1/16/99QIF 2/20/99QII 3/20/99QIK tQIP 3/20/99QNA 3/20/99QOC tQQE 2/20/99QSK 1/16/99QUA 3/20/99QUB 2/20/99QWQ 1/16/99SC 2/20/99SFY 1/16/99TCO 3/20/99TQB 1/16/99TQN 2/20/99TQZ 2/20/99TSG 2/20/99UBS 9/19/98UFQ 1/16/99UNA 3/20/99UNT 9/19/99UQQ 1/16/99VQK 2/20/99WFR 1/22/00WHX 1/16/99WQG 3/20/99XNQ 1/16/99XXQ 1/16/99YLQ 8/22/98YQZ 1/16/99YWQ 3/20/99ZBQ 8/22/98ZQU 8/22/98ZLC 8/22/98

CLASS EFFECTIVEDATE FOR 7,500 LIMITMCH 9/19/98MKG 1/16/99MQE 1/20/01NUE 1/16/99OO 2/20/99OQC tOVQ 1/16/99PHL 9/19/98POT 1/16/99PZL 1/16/99QBB 2/20/99QCS 2/20/99QCY 1/20/01QEM 2/20/99QHO 1/16/99QLW 2/20/99QOT 1/16/99QRD 3/20/99QSY tQTC 1/16/99QXD tRL 1/16/99SEQ 1/20/01SEW 1/16/99SGE 1/16/99SQR 3/20/99TOM 1/20/01TRB 2/20/99TUP 1/16/99UBB 1/16/99UQT 2/20/99UWW 8/22/98VOD 1/16/99VST 8/22/98VTO 2/20/99WHR 3/20/99WQY 3/20/99XQT tYAQ 1/16/99


***LIMITS FOR THESE CLASSES WILL BE DECREASED TO10,500 CONTRACTS EFFECTIVE THE DATES AS NOTEDBELOW:

CLASS EFFECTIVEDATE FOR10,500 LIMIT

AAM 9/19/98AVP 1/22/00BLQ 1/22/00CQE 8/22/98DAL 1/16/99DOW 1/22/00DQC 2/20/99FLR 1/16/99GQA 2/19/99HTQ 1/16/99IQP 2/20/99IQX 9/19/98JQM 3/20/99KQS 1/16/99LPQ 1/22/00LQS 3/20/99LQT 3/20/99MAY 9/19/98MMQ 1/22/00


MQE 1/16/99OFQ 2/20/99OQC 8/22/98QCY 1/22/00RQS 1/16/99RYA 2/20/99SOI 1/20/01TAN 1/16/99TAR 1/20/01TV 1/22/00TVQ 9/19/98UST 8/22/98UTQ 8/22/98VQQ 3/20/99VQS 2/20/99XQR 9/19/98YUM 1/16/99

****LIMITS FOR THESE CLASSES WILL BE DE-CREASED TO 20,000 CONTRACTS EFFECTIVE THEDATES AS NOTED BELOW:


CCE 2/20/99CIQ 1/20/01CL 1/20/01CQG 2/20/99DOW 1/16/99DQC 8/22/98GQM 3/20/99GW 1/16/99HOU 3/20/99IKN 1/22/00LQS 9/19/98OMX 9/19/98PWQ 3/20/99SEQ 1/22/00TAR 1/22/00UQB 1/20/01UTX 1/20/01VQS 8/22/99

ZQI 9/19/98

tThe Effective date for the decreased in the limit will be determined after the July 1998 expiration.

*****PLEASE NOTE: REFER TO THE EXCHANGE BULLETIN AND THE FOLLOWING LIST FOR THE NON-STAN-DARD POSITION AND EXERCISE LIMITS.


*****S P E C I A L P O S I T I O N A N D E X E R C I S E L I M I T S

CLASS STOCK SPLIT/ ADJUSTED DATE THE LIMIT EXPIRES ANDDISTRIBUTION EX-DATE POSITION LIMIT LIMIT THEREAFTER

DATE LIMITAC 2-for-1 4/3/98 9,000 Contracts 10/17/98 7,500 ContractsAIG/VAF/LAJ/VXE/LVJ 3-for-2 7/28/97 3,750.000 Shares 1/22/00 25,000 Contracts of AIGAIT/VHO/LHT 2-for-1 1/27/98 50,000 Contracts 1/22/00 25,000 ContractsALL/LZL/ZZL 2-for-1 7/2/98 50,000 Contracts 1/20/01 25,000 ContractsALT/OUY Merger 3/25/98 2,404,500 Shares 11/21/98 10,500 Contracts of ALTAN/VAQ/LAQ 2-for-1 4/29/98 50,000 Contracts 1/22/00 25,000 ContractsAOL/VAN/LOL 2-for-1 3/17/98 50,000 Contracts 1/22/00 25,000 ContractsAPC 2-for-1 7/2/98 15,000 Contracts 2/20/99 7,500 ContractsAQU/ABU 3-for-2 5/11/98 1,125,000 Shares 11/21/98 10,500 ContractsARC/VFR/LFR 2-for-1 6/16/97 40,000 Contracts 1/22/00 25,000 ContractsBA/WBO/VBO 2-for-1 6/9/97 50,000 Contracts 1/16/99 25,000 ContractsBAC/VBA/LBA 2-for-1 6/17/97 50,000 Contracts 1/22/00 25,000 ContractsBAX/GNW Merger 5/4/98 32,500 Contracts 10/17/98 25,000 Contracts of BAXBCQ 2-for-1 5/18/98 50,000 Contracts 11/21/98 25,000 ContractsBEL/LEU/ZLE 2-for-1 6/30/98 50,000 Contracts 1/20/01 25,000 ContractsBLC 2-for-1 6/8/98 9,000 Contracts 11/21/98 7,500 ContractsBQB/BZB 3-for-2 3/23/98 1,125,000 Shares 10/17/98 7,500 ContractsBQX Stock Distribution 6/29/98 25,000 Contracts 1/16/99 25,000 ContractsCCN/CXN 3% Stock Dividend 3/18/98 463,500 Shares 10/17/98 4,500 Contracts of CCNCD/VFS/LFZVUC/LUL Merger 12/17/97 9,750,000 Shares 1/16/99 8,500,000 Shares

1/22/00 25,000 Contracts of CDCGP 2-for-1 7/2/98 15,000 Contracts 12/19/98 7,500 ContractsCI 3-for-1 5/18/98 22,500 Contracts 1/16/99 10,500 ContractsCIQ/WCI/VHR 4-for-1 8/5/96 42,000 Contracts 1/16/99 25,000**** Contracts of CIGCNC/UNG/VJS/LLG Merger 7/1/98 4,775,000 Shares 1/22/00 25,000 of CNCCQM/QOZ/NWY/NZS 3-for-2 6/1/98 3,750,000 Shares 12/19/98 25,000 Contracts of CQMCPB/VLL/LLL/ZCP/VXL/ULL Stock Distribution 3/31/98 25,000 Contracts 1/22/00 25,000 Contracts of CPBCTC/VDT/LTD/VXD Rights Offering 6/3/98 4,462,500 ADSs 1/16/99 10,500 ContractsCVC 2-for-1 3/31/98 9,000 Contracts 9/19/98 7,500 ContractsCYQ/VYC/LCY/CYZ/VYV/LYL 3-for-2 12/17/97 3,750,000 Shares 1/22/00 25,000 ContractsDAI/DAU Cash Distribution 5/22/98 10,500 Contracts 10/17/98 10,500 Contracts of DAIDD/VDD/LDD 2-for-1 6/13/97 50,000 Contracts 1/22/00 25,000 Contracts

DEY/LYY/YZD/CPQ Merger 6/12/98 14,850,000 Shares 1/22/00 25,000 Contracts of CPQ (PSE)

4,850,000 Shares 1/20/01DFQ 3-for-1 6/3/98 13,500 Contracts 11/21/98 10,500 ContractsDIS/LWD/ZDS 3-for-1 7/10/98 75,000 Contracts 1/20/01 25,000 ContractsDLJ 2-for-1 5/12/98 9,000 Contracts 10/17/98 7,500 ContractsECL 2-for-1 1/16/98 15,000 Contracts 7/18/98 7,500 ContractsEMC/VUE/LUE 2-for-1 11/18/97 50,000 Contracts 1/22/00 25,000 ContractsEQL 2-for-1 6/24/98 50,000 Contracts 2/20/99 25,000 ContractsEQN 2-for-1 4/20/98 21,000 Contracts 12/19/98 10,500 ContractsEVI/WIV Merger 5/28/98 35,000 Contracts 12/19/98 25,000 Contracts of EVIF/VFO/LFO/FZ/VFV/LFV Rights Distribution 4/8/98 25,000 Contracts 1/22/00 25,000 Contracts of FFQB/FXB 3-for-2 2/25/98 1,575,000 Shares 9/19/98 10,500 ContractsFQW/FWW 3-for-2 3/13/98 750,000 Shares 10/17/98 7,500 Contracts of FQWFRX 2-for-1 3/26/98 15,000 Contracts 11/21/98 10,500 ContractsGCN/GZZ 3-for-2 5/15/98 750,000 Shares 11/21/98 7,500 ContractsGD 2-for-1 4/3/98 15,000 Contracts 11/21/98 10,500 ContractsGLK/GDZ Stock Distribution 5/26/98 7,500 Contracts 12/19/98 7,500 ContractsGM/LGM/VGN/LGZ Stock Distribution 12/19/97 25,000 Contracts 1/22/00 25,000 Contracts of GMGNW/BAX Merger 5/4/98 32,500 Contracts 10/17/98 25,000 Contracts of BAXGPS/VGS/LGS/VWS/LYP 3-for-2 12/23/97 3,750,000 Shares 1/22/00 25,000 ContractsGPT 2-for-1 3/5/98 9,000 Contracts 10/17/98 7,500 ContractsGSB/GVB Rights Distribution 6/1/98 10,500 Contracts 1/16/99 10,500 Contracts of GSBHAL/VHW 2-for-1 7/22/97 50,000 Contracts 1/16/99 25,000 ContractsHIG 2-for-1 7/16/98 21,000 Contracts 12/19/98 10,500** Contracts


HQB/HZB 10% Stock Dividend 7/13/98 1,155,000 Shares 1/16/99 10,500 Contracts of HQBHLQ 2-for-1 6/24/98 21,000 Contracts 8/22/982/20/99 15,000 Contracts10,500 ContractsHOT/IZT/VLA Merger 2/24/98 4,900,000 Shares 1/16/99 25,000 Contracts of HOTHWP/VVX Merger 6/26/97 32,500 Contracts 1/22/00 25,000 Contracts of HWPIBM/VIB/LIB 2-for-1 5/28/97 50,000 Contracts 1/22/00 25,000 ContractsICN/IVN 3-for-2 3/17/98 1,575,000 Shares 9/19/98 10,500 ContractsIMO 2-for-1 5/27/98 9,000 Contracts 11/21/98 7,500 ContractsIOM 2-for-1 12/23/97 50,000 Contracts 8/22/98 25,000 ContractsIQL 2-for-1 3/2/98 15,000 Contracts 10/17/98 10,500 ContractsIZT/VZU/HOT Merger 2/24/98 4,900,000 Shares 1/16/99 10,500 Contracts of HOTJNY 2-for-1 6/26/98 21,000 Contracts 2/20/99 10,500 ContractsJZQ/JZZ 3-for-2 5/5/98 1,125,000 Shares 11/21/98 10,500 ContractsKOZ/PRH Merger 12/19/97 15,000 Contracts 8/22/98 7,500 Contracts of PRHKRB/VUK/LXK/VKX/VZK 3-for-2 10/2/97 4,500,000 Shares 1/16/99 25,000 ContractsKSS 2-for-1 4/28/98 15,000 Contracts 10/17/98 10,500 ContractsLCQ/YLC 3-for-2 1/28/98 675,000 Shares 9/19/98 4,500 ContractsLCZ/QWA Merger 6/8/98 5,400,000 Shares 12/19/98 25,000 Contracts of QWALTD/VLD/LLD/TDU/VUD/LDX Stock Distribution 6/2/98 25,000 Contracts 1/22/00 25,000 Contracts of LTDLVQ/LWQ 3-for-2 5/22/98 2,500,000 Shares 11/21/98 25,000 ContractsLU/VEU/LUN 2-for-1 4/2/98 50,000 Contracts 1/22/00 25,000 Contracts of LULUV/VUV/LOVLZY/VUY/LVW 3-for-2 11/28/97 3,000.000 Shares 1/22/00 25,000 Contracts of LUVMER/VME/LME 2-for-1 6/2/97 50,000 Contracts 1/16/99

40,000 Contracts 1/22/00 25,000 ContractsMFQ 2-for-1 5/8/98 50,000 Contracts 10/17/98 25,000 ContractsMHQ 2-for-1 3/17/98 21,000 Contracts 8/22/98 10,500 ContractsMMM/WMU/VMU/VMV Stock Distribution 7/16/96 25,000 Contracts 1/16/99 25,000 Contracts of MMMMOB/VML/LML 2-for-1 6/25/97 50,000 Contracts 2/19/00 25,000 ContractsMTC/VM/LCT/VZV/LYC Stock Distribution 9/13/97 25,000 Contracts 1/22/00 25,000 Contracts of MTCNKA/VOK/LOK 2-for-1 4/16/98 50,000 Contracts 1/22/00 25,000 Contracts

OAQ 3-for-2 4/28/98 1,575,000 Shares 8/22/98 1,125,000 Shares11/21/98 10,500 Contracts

OEI/UMZ Merger 3/30/98 1,725,000 Shares 10/17/98 10,500 Contracts of OEIOFQ/QFZ 1-for-4 6/10/98 25,000 Contracts 11/21/98 25,000*** Contracts of OFQOMM/OMV Stock Distribution 6/18/98 7,500 Contracts 1/16/99 7,500* Contracts of OMMORG/OZG 5-for-4 4/30/98 1,050,000 Shares 10/17/98 10,500 ContractsORQ/VOR/LRO/VZR/LRZ 3-for-2 8/18/97 3,750,000 Shares 1/22/00 25,000 Contracts of ORQOUY/ALT Merger 3/25/98 2,404,500 Shares 11/21/98 10,500 Contracts of ALTPEP/VP/LPP/VPR/LDV Stock Distribution 10/7/97 25,000 Contracts 1/22/00 25,000 ContractsPGO 2-for-1 ADR 6/25/98 21,000 Contracts 8/22/98 9,000 Contracts

2/20/99 4,500 ContractsPRH/KOZ Merger 12/19/97 15,000 Contracts 8/22/98 7,500 Contracts of PRHQAG 2-for-1 3/10/98 15,000 Contracts 8/22/98 10,500 ContractsQAH/QZH 3-for-2 7/20/98 1,125,000 Shares 1/16/99 7,500 Contracts of QAHQDA/QXA 3-for-2 2/18/98 675,000 Shares 9/19/98 4,500 Contracts of QDAQEB/QXB 5% Stock Dividend 4/23/98 787,500 Shares 10/17/98 7,500* Contracts of QEBQIQ/QIZ 3-for-2 4/6/97 1,125,000 Shares 11/21/98 10,500 Contracts of QIQQQR/QUR 3-for-2 6/5/98 675,000 Shares 1/16/99 4,500 Contracts of QQRQRI/RIU 3-for-2 1/16/98 1,125,000 Shares 8/22/98 10,500 ContractsQTH 2-for-1 3/27/98 21,000 Contracts 10/17/98 10.500 ContractsQTQ 2-for-1 7/2/98 9,000 Contracts 1/16/99 4,500 ContractsQVS/QSZ 5-for-4 6/15/98 1,125,000 Shares 12/19/98 7,500 Contracts of QVSQWA/LCZ Merger 6/8/98 5,400,000 Shares 12/19/98 25,000 Contracts of QWAQZT/SGQ Merger 5/20/98 41,000 Contracts 11/21/98 40,000 Contracts

1/16/99 25,000 Contracts of SGQRAL/BLW 3-for-1 7/16/98 22,500 Contracts 4/18/98 7,500 Contracts of RALRGQ/RGZ 3-for-2 7/14/98 675,000 Shares 12/19/98 4,500 Contracts of RGQ


DATE LIMIT



RQC/LYD/ZYD 2-for-1 ADR Split 5/22/98 50,000 Contracts 1/22/00 25,000 Contracts of RQCRQW 2-for-1 5/1/98 15,000 Contracts 10/17/98 10,500 ContractsSCH/VYS/LWS/VZY/LWZ 3-for-2 9/16/97 2,000,000 Shares 1/22/00 20,000 ContractsSFE/SGZ Rights Distribution 2/26/98 4,500 Contracts 8/22/98 4,500 ContractsSGQ/QZT Merger 5/20/98 41,000 Contracts 11/21/98 40,000 Contracts

1/16/99 25,000 Contracts of SGQSLB/VWY/LYS 2-for-1 7/14/97 50,000 Contracts 1/22/00 25,000 ContractsSLM/VRM/LOS/SLZ/VZL/LYM 7-for-2 1/5/98 2,625,000 Shares 1/22/00 25,000 ContractsSNV/SVV 3-for-2 5/22/98 1,575,000 Shares 11/21/98 10,500 ContractsSTK/VSK/LSK 2-for-1 6/29/98 40,000 Contracts 1/16/99 21,000 Contracts

1/22/00 10,500 ContractsSWY/VYW/LYN 2-for-1 2/26/96 40,000 Contracts 1/22/00 25,000 ContractsTJX 2-for-1 6/26/98 50,000 Contracts 1/16/99 25,000 ContractsTRP/TZP Stock Distribution 7/13/98 4,500 Contracts 12/19/98 4,500 Contracts of TRPTXN/VXT/LTN 2-for-1 11/24/97 50,000 Contracts 1/22/00 25,000 ContractsUMZ/OEI Merger 3/30/98 1,725,000 Shares 10/17/98 7,500 Contracts of OEIUNG/VJS/LLG/CNC Merger 7/1/98 4,775,000 Shares 1/22/00 25,000 Contracts of CNCUSB 3-for-1 5/19/98 60,000 Contracts 12/19/98 25,000 ContractsVFZ/LFZ/CDVUC/LUL Merger 12/17/97 9,750,000 Shares 1/16/99 8,500,000 Shares

1/22/00 25,000 Contracts of CDVQT 2-for-1 5/27/98 40,000 Contracts 1/16/99 25,000 ContractsVUQ/VUX 3-for-2 5/21/98 1,575,000 Shares 11/21/98 10,500 ContractsVUZ/THQ/VTH/LTH Merger 6/12/97 6,875,000 Shares 1/16/99 25,000 contracts of THQ (PSE)VVX/HWP Merger 6/26/97 32,500 Contracts 1/22/00 25,000 Contracts of HWPWH/WZH Stock Distribution 1/30/98 10,500 Contracts 9/19/98 10,500 Contracts of WHXQH 2-for-1 4/16/98 15,000 Contracts 9/19/98 10,500 ContractsWIV/EVI Merger 5/28/98 35,000 Contracts 12/19/98 20,000 Contracts of EVIWQQ 2-for-1 3/3/98 15,000 Contracts 9/19/98 4,500 ContractsWSM 2-for-1 5/18/98 21,000 Contracts 11/21/98 10,500 Contracts XSQ/XYQ3-for-2 2/23/98 3,750,000 Shares 9/19/98 25,000 Contracts of XSQ YVQ 2-for-1 6/9/98 15,000 Contracts 12/19/98 10,500 Contracts


BROAD-BASED AND FLEX INDEX OPTIONS

Overall Standard Near-Term Standard

Broad-Based Index Type Option Symbol Contract Limit Contract Limit

S & P 1007 OEX/OEB/OEW/OEY/OEZ/ 150,000 100,000

CPO/OAX#/ OCX#/OLX#

S & P 5007 SPX(AM)/SPB(AM)/SPQ(AM)/SPT(AM)/ 100,000

SPZ(AM)/SXB(AM)/SPL(AM)/SXG(AM)/

SKY(AM)/LSX##(AM)/LSW## (AM)/

LSY##(AM)/CPS (AM)/SPB(AM)(SET@@)

S & P Small Cap 600 SML(XSM@@) 100,000 60,000

NASDAQ-1007 NDXK/NCZ/NDU/NXD/NDVK 25,000 15,000

IPC7 MXX 50,000 30,000

Russell 20007 RUT/RUY/RUZ/ZRU##/WRU##/ 50,000 30,000

VRU##(RLS@@)

NIKKEI 300 NIK/ZNX## 25,000 15,000

FLEX 200,000@

S & P 5007/Barra Growth and Value SGX/SVX(SGS@@/SVS@@) 36,000 21,500

GSTIJ Composite GTC(GTZ @@) 100,000 60,000

DJIA DJX/DJV/WDJ/VDJ/LDJ/VDK 1,000,000

Morgan Stanley Multinational NFT(NMS@@) 50,000 30,000

Company

NYSE Composite NYA(NYX@@) 45,000 21,500

Lipper/Salomon Growth Funds LGO 75,000 50,000

Lipper/Salomon Growth & Income LIO 75,000 50,000

Funds

NARROWED-BASED INDEX OPTIONS

Narrowed-Based Index Type Option Symbol Standard Contract Limit

Automotive AUS(AXS@@) 12,000

Computer Software CWX (CWS@@) 12,000

DJUA DUX/WDU ##/VDU ##/LDU ## 15,000

DJTA DTX/WDX ##/VDN ##/LDN ## 15,000

Environmental EVX (EVS@@) 12,000

Gaming GAX/GAW (GXS@@) 12,000


Gold GOX (GDS@@) 15,000#

GSTIJ Hardware GHA (GHZ@@) 12,000

GSTIJ Internet GIN(GGZ@@) 12,000

GSTIJ Multmedia Networking GIP (GPZ@@) 12,000

GSTIJ Semiconductor GSM (GMZ@@) 12,000

GSTIJ Services GSV(GVZ@@) 12,000

GSTIJ Software GSO(GSZ@@) 12,000

Israel ISX (ILS@@) 12,000

Internet INX/ZIX ##/WXI ##(ITS@@) 15,000

Latin 15 LTX (SLX@@) 15,000

Mexico MEX/MZX/ZEX ##/WXE##/VEX ## (MEO@@) 12,000

OIL OIX(OXS@@) 15,000

REITS RIX(RSI@@) 15,000

S & P7 Bank BIX/BIW/BIY(BBS@@) 15,000

S & P7 Chemical CEX (CXS@@) 9,000

S & P7 Health Care HCX/HCZ/VHX##/LXH##(HCS@@) 12,000

S & P7 Insurance IUX/IUY(IUS@@) 12,000

S & P7 Retail RLX (RRS@@) 12,000

S & P7 Transportation TRX (TRS@@) 12,000

Technology TXX/ZOC## /VOC ## /WXC ## (TTS@@) 15,000

# 5 Leap7 contracts = 1 option contract

##10 Leap7 contracts = 1 option contract@The aggregate position limit on the same side of the market in FLEX Index Options on the S&P100, the S&P 500, the NASDAQ7 100, theRussell 2000 Index, or the Nikkei 300 Index@@Exercise Settlement Value#Limit for the GOX option class will be decreased to 12,000 contracts effective 3/20/99.

Narrowed-Based Index Type Option Symbol Standard Contract Limit


INDEX WARRANTS

15 Million Warrants on the same side of the market in aggregate of all warrants issued on the same index

S & P 500 Index Bear Market Warrants OPT.WSJapan Export Index Call Warrants JXC.WS

OPTIONS ON INTEREST RATES

Interest Rate Type Option Symbol Standard Contract Limit

Short-Term IRX/VXB(SSX@@) 5,000

Long-Term

5-Year Yield FVX/VXV(FVS@@) 25,000

10-Year Yield TNX/VXN(TNS@@) 25,000

30-Year Yield TYX/VYY(TYS@@) 25,000


RESEARCH CIRCULARS

The following Research Circulars were distributed between July 6, 1998 and July 9, 1998 . If you wish to read the entire document, and have access toa fax machine, please call the CBOE FaxLine at 1-800-OPTIONS, choose option “4” and then option “1”. Please have your fax number and thecorresponding FaxLine document number ready. The FaxLine number is listed adjacent to each circular. To receive a list of all available documents, usethe FaxLine number 000. You may also access the Research Circulars on our Web Site at http://www.cboe.com Questions regarding any of theinformation that is discussed in any Research Circular may be directed to the CBOE Investor Services Department at 1-800-OPTIONS.

CBOE Research Circular #RS98-352 FaxLine Document No. 880July 6, 1998Huntington Bancshares Incorporated (“HBAN/HQB”) 10% Common Stock DividendEx-Distribution Date: July 13, 1998

CBOE Research Circular #RS98-354 FaxLine Document No. 900July 2, 1998New LEAPS ® Listings: Enron Corporation (ENE - LYN/ZOZ)

ICOS Corporation (ICOS/IIQ - LJI/ZIL)Marine Drilling Companies, Inc. (MDCO/QDM - LJM/ZDQ)Northern Telecom Limited (NT - LOZ/ZOO)PeopleSoft, Inc. (PSFT/PQO - LLP/ZPQ)Rational Software Corporation (RATL/RAQ - LJR/ZRA)VLSI Technology, Inc. (VLSI/VLQ - LJV/ZQV)

CBOE Research Circular #RS98-355 FaxLine Document No. 881July 2, 1998Diamond Offshore Drilling, Inc. (“DO/VDC/LXE”) 1999 LEAPS Symbol to Change from “VDC” to “VDT”Effective Date: July 7, 1998

CBOE Research Circular #RS98-356 FaxLine Document No. 882July 6, 1998Hartford Financial Services Group, Inc. (“HIG”) 2-for-1 Stock SplitEx-Distribution Date: July 16, 1998

CBOE Research Circular #RS98-357 FaxLine Document No. 883July 6, 1998Progress Software Corporation (“PRGS/RGQ”) 3-for-2 Stock SplitEx-Distribution Date: July 14, 1998

CBOE Research Circular #RS98-358 FaxLine Document No. 884July 6, 1998Ralston-Ralston Purina Group (“RAL & adj. BLW”) 3-for-1 Stock SplitEx-Distribution Date: July 16, 1998

CBOE Research Circular #RS98-359 FaxLine Document No. 885July 7, 1998TransCanada PipeLines Limited (“TRP”) Distribution of Shares of NOVA Corporation (New) (“NCX”)Ex-Distribution Date: July 13, 1998

CBOE Research Circular #RS98-360 FaxLine Document No. 886July 8, 1998U.S. Office Products Company (“OFISD/OFQ & adj. QFZ”) Underlying Symbol Change to “OFIS”Effective Date: July 9, 1998

CBOE Research Circular #RS98-361 FaxLine Document No. 900July 8, 1998New Listings: Rhodia SA ADR (“RHA”)

Viatel, Inc. (“VYTL/VQL”)

CBOE Research Circular #RS98-362 FaxLine Document No. 887July 9, 1998Orbital Sciences Corporation (“ORBI/OQB”) Stock and Option Symbol Change to “ORB”Effective Date: July 10, 1998

CBOE Research Circular #RS98-363 FaxLine Document No. 900July 9, 1998New LEAPS® Listing: Solectron Corporation (“SLR”) — LOP & ZSR

CBOE Research Circular #RS98-364 FaxLine Document No. 900July 9, 1998New Listings: Earthlink Network, Inc. (“ELNK/QKL”)

Nova Corporation (“NCX”)

RegulatoryBulletin

July 17, 1998 Volume RB9, Number 14

The Constitution and Rules of the Chicago Board Options Exchange, (Incorporated (“Ex-change”), in certain specific instances, require the Exchange to provide notice to themembership. The Regulatory Bulletin is delivered to all individual members and nomi-nees of member organizations twice a month to satisfy this requirement.

RegulatoryCirculars

Regulatory Circular RG98-74

Date: July 1, 1998

To: Members and Member Organizations

Attention: Chief Executive Officers/Managing Partners/Compliance Officers/Senior Registered Options Principals

From: Capital Markets Division

Subject: 1998 Ten + SM Index Call WarrantsExpiring * , 2000

The Warrants are the subject of a Preliminary Prospectus Supplement dated June 16,1998 and will commence trading at a date to be announced (Trading Symbol: TPW.WS).

Each Call Warrant will entitle Holders to receive from Salomon Smith Barney Holding Inc.an amount in cash (i.e., “Cash Settlement Value”) computed by reference to price in-creases, if any, in the 1998 Ten + Index, a diversified basket of equity securities which willcontain between 15 and 20 common stocks (which may be ADR’s, or ordinary shares offoreign stock). The specific equity securities will be selected and announced prior totrading. These “American Style” Warrants will be exercisable on any Business Day from* , 1998 and until 3:00 P.M. Eastern Time on the fourth Business Day immediatelypreceding expiration. All in-the-money Warrants not exercised will be automatically exer-cised on the expiration date.

As more fully detailed in the Prospectus, the Cash Settlement Value will equal the greaterof (A) zero and (B) the product (rounded down to the nearest cent) of (i) the quotientobtained by dividing (x) the amount, if any, by which the Spot Index Value for the appli-cable Valuation Date exceeds the product of (a) .8 and (b) the Initial Index Value by (y) theInitial Index Value and (ii) $10. The Initial Index Value will be set at the close of the marketon the 21st Trading Day following issuance of the Warrants and will remain constantthroughout the term of the Warrants. The Valuation Date will be the first Business Dayafter the Exercise Date, except in the case of an Extraordinary Event or a Market Disrup-tion Event, as more fully described in the Prospectus.________________________________________The purpose of this Circular is to provide basic information to Members and Member Organizationsregarding a proposed new issue of Call Warrants on the 1998 Ten + SM Index and to advise of certaincompliance responsibilities when handling transactions in the Warrants. This is not a sales document andis not intended to be distributed to customers. Warrants can only be sold to investors whose accountshave been approved for the trading of standardized options.

* To be announced at the time of the initial public offering.

“Ten +” is a registered service mark of Salomon Smith Barney Holdings Inc.

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Regulatory Circularscontinued

Regulatory Circular RG98-74 continued

1998 Ten + INDEX SUMMARY:

The Index will be calculated and disseminated by the CBOE (Symbol: TXS) using an“equal dollar-weighting” methodology. To create the Index, Salomon Smith Barney willcalculate a notional portfolio of stocks representing an investment of $10,000 in each com-ponent security (rounded to the nearest whole share). The first Index value will be com-puted by taking the sum of the assigned number of shares of each of the underlying stocksand dividing that number by a divisor to provide a benchmark value of $100.00. For cashsettlement value purposes, however, the level of the Index at the close of trading on August* , 1998 (21 Trading Days following issuance) will be deemed to be the “Initial Index Value,”and once determined will remain fixed throughout the life of the instrument.

The number of shares of each underlying stock will remain fixed except in the event ofcertain types of corporate actions such as the payment of a dividend (other than an ordinarycash dividend), a stock distribution, stock split, reverse stock split, reorganization, recapi-talization, or other such event. The number of shares of each underlying stock may also beadjusted by the CBOE, if necessary, in the event of a merger, consolidation, dissolution, orliquidation or in certain other events such as the distribution of property or nationalization ofa foreign issuer. Shares of an underlying stock may be replaced (or supplemented) by theCBOE with another security only under certain limited circumstances. No attempt will bemade to find a replacement stock or to otherwise compensate for an underlying stock thatis extinguished due to bankruptcy or similar circumstances.

OTHER IMPORTANT INFORMATION:

• Calculation of the Cash Settlement Value may be postponed and possibly madeunder an alternative formula due to an “Extraordinary Event” or a “Market Disrup-tion Event” as set forth in the Prospectus Supplement.

• A Warrantholder may exercise no fewer than * Warrants at any one time,except in the case of automatic exercise. Warrantholders will also have the rightto specify that such Warrants are not to be exercised if the Index Spot Price onthe applicable Valuation Date is * or more points lower than the most recentclosing level of the Index on the applicable Exercise Date.

• The Issuer has the right to limit the number of Warrants exercisable on any date(except on automatic exercise) to an aggregate of * and, to limit the number ofWarrants exercisable by or on behalf of any person or entity, either individually orin concert with any other person or entity, on such date to * .

• The Index may include stocks of non-U.S. companies in the form of ordinaryshares or ADR’s. There are certain risks involved in investing in these types ofsecurities which are in addition to the investment risks inherent in U.S. securities.

CERTAIN RISK FACTORS

• Investing in Warrants involves a high degree of risk including the risk of the War-rants expiring worthless if the Spot Index Value is less than or equal to 80% of theInitial Index Value. Thus, prospective purchasers of the Warrants should recog-nize that their Warrants may expire worthless and should be prepared to sustaina total loss of their investment.

• The Warrants will not be exercisable at the time of their initial public offering. TheCash Settlement Value of the Warrants at any time prior to their expiration isexpected typically to be less than the trading price of the Warrants at that time.The difference between the trading price and the Cash Settlement Value will re-flect, among other things, a “time value” for the Warrants.

SM

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Regulatory Circular RG98-74 continuedRegulatory Circularscontinued

• Investment decisions relating to the Warrants, require the investor to predict thedirection of movements of the stocks underlying the Index as well as the amountand timing of those movements. Moreover, as the Warrants are a “wasting asset,”in the absence of countervailing factors such as an offsetting change in the level ofthe Index, the price of the Warrants will tend to decrease over time and will have novalue after the time for exercise has expired.

• A Warrantholder will not be able to determine, at the time of exercise, the IndexSpot Price that will be used in calculating the Cash Settlement Value. In addition,the Valuation Date for exercised Warrants may be postponed upon the occurrenceand continuation of an Extraordinary Event or a Market Disruption Event.

• The trading value of a Warrant is expected to be dependent upon the relationshipbetween the Initial Index Value and the Spot Index Value at such time as well as anumber of complex interrelated factors, including the level of the Index, the volatilityof the Index, the time remaining to the expiration, and the dividend rate on thestocks comprising the Index.

• It is not possible to predict how the Warrants will trade in the secondary market orwhether such market will be liquid or illiquid. To the extent Warrants are exercised,the number of Warrants outstanding will decrease, resulting in a decrease in theliquidity. In addition, the Issuer or one or more of its affiliates or the Underwritersmay from time to time purchase Warrants resulting in a decrease in the liquidity ofthe Warrants.

• Prices of the stocks underlying the Index will be influenced by political, economic,financial, and other factors that can affect the capital markets generally and theequity trading markets on which the underlying stocks are traded.

The foregoing information is excerpted from the Prospectus, and the Exchange assumes noresponsibility for the accuracy or completeness of such information. Members and associ-ated persons of member organizations are advised to read the entire Prospectus for informa-tion relating to the Warrants.

REGULATORY CONSIDERATIONS

The Warrants involve a high degree of risk and are not for everyone. It is important thatinvestors be afforded an explanation of the special characteristics and risks of the Warrants.Transactions in the Warrants may only be effected for customers whose accounts havebeen approved for options trading pursuant to CBOE Rule 9. 7. Attention is also directed toCBOE Rule 9.9 which is applicable to recommendations concerning transactions in theWarrants. Further, the requirements of CBOE Rules 9.10, (“Discretionary Accounts”) and9.21 (“Communication to Customers”), are applicable to the Warrants.

Member and Member Organizations are reminded that SEC Rule 10a-1 (“Short Sales”) and“front running” prohibitions (RG92-29) apply to trading the Warrants on the Exchange.

MARGINS AND OTHER REGULATORY INFORMATION

The margin requirement for a short Warrant will be 100% of the premium plus 20% of theunderlying value, less out-of-the-money dollar amount, if any, to a minimum of 10% of theIndex Value. A long Warrant position must be paid for in full. Straddles will be permitted forcall and put Warrants covering the same underlying value. Members should be aware thatthe special characteristics of Warrants (e.g., the necessity of borrowing to make delivery onshort sales, the issuer credit risk associated with long warrants, and pricing differences




between Warrants and Options) may cause these margin requirements to be insufficient tofully cover the risk of positions in the Warrants in certain circumstances. Members mustbe prepared to call for additional margin when appropriate.

For capital purposes, the Warrants will be treated as narrow based stock index options.Rules for trading Warrants are found in Chapter XXX of the Exchange Guide. Membersmust be approved by application submitted to the Membership Committee pursuant toExchange Rule 30.2 to participate in the trading on the Exchange of securities subject tothe rules of Chapter XXX.

POSITION LIMITS

Pursuant to Exchange Rule 30.35 (a) the applicable position and exercise limit is 15 millionWarrants on the same side of the market in aggregate of all warrants issued on the 1998Ten + SM Index.

REPORTABLE POSITIONS

Pursuant to Exchange Rules 4.13 (a) and 30.35 (d), each member shall file a report with theDepartment of Market Regulation identifying those customer accounts with an aggregateposition in excess of 100,000 Warrants overlying the same stock index. Copies of thereporting form are available in the Department of Market Regulation.

* * * *

Questions regarding suitability of customer transactions in these Warrants should be di-rected to Larry Bresnahan (312) 786-7713 and questions regarding marginability should bedirected to Jim Adams (312) 786-7718. General product questions should be directed toNick Parcharidis of the Capital Markets Division in New York at (212) 803-1411.

CME (S&P 500® FUTURES) NYSE ACTION CBOT (DJIA SM FUTURES) CBOE ACTION

27 POINTS (2.5%) BELOWPREVIOUS DAY’S SETTLEMENT

When S&P 500 futures contract reaches12 points below previous day’s close:Side Car restrictions on program trading andstop orders or stop limit orders.

When the DJIA advances (or declines)50 points from the previous day's close:Index arbitrage orders for S&P® componentstocks must be entered with buy-minus(or sell-plus) instruction until the advanceor decline returns to within 25 points fromprevious day's close.

None required.Limit comes into effect: On CMEopening (8:30 a.m.).

Trading halt: For 2 minutes if the offeris at limit 10 minutes after limit is reachedor at 2:30 p.m.

Limit no longer in effect: After the2 minute halt or, if no halt, 10 minutesafter the limit is reached or otherwise at2:30 p.m.

55 POINTS (5%) BELOWPREVIOUS DAY’S SETTLEMENT

Limit comes into effect: After the 27point (2.5%) limit.

Trading halt: For 2 minutes if the offer isat limit 10 minutes after limit is reached orat 2:30 p.m.

Limit no longer in effect: After the2 minute halt or, if no halt, 10 minutesafter the limit is reached or otherwise at2:30 p.m.


Limit comes into effect: After the 55point (5%) limit or at 2:30 p.m.

Trading halts (Normal Limits): Tradingwill halt for the following time periods ifthe futures contract is limit offered underthe following circumstances:

During an NYSE trading halt: UntilNYSE ends its trading halt and 50%of the underlying stocks (capitalizationweighted) have resumed trading.

After 1:30 p.m., if no NYSE tradinghalt is declared: For 2 minutes if thecontract is limit offered 10 minutesafter the limit is reached.

Limit no longer in effect (NormalLimits): After a mandated futurestrading halt.

(Continued on back)

900 DJIA POINTS (10%)BELOW PREVIOUS DAY'S

CLOSING VALUETrading halts: Trading in all stocks haltsfor the following time periods when theDJIA reaches this value at the followingtimes:

Before 1:00 p.m.: for one hour;From 1:00 p.m. but before 1:30 p.m.:for 30 minutes;From and after 1:30 p.m.:no mandated trading halt

Limit comes into effect: On CBOTopening (7:20 a.m.).

Trading halt: If the futures contract islimit offered during an NYSE trading halt,futures trading will halt until NYSE ends itstrading halt and 50% of the underlyingstocks (capitalization weighted) haveresumed trading.

Limit no longer in effect: After futurestrading has resumed following an NYSEtrading halt or at 1:30 p.m.

900 POINTS (10%) BELOWPREVIOUS DAY'S SETTLEMENT

Because CME or CBOT limit is reached:None required; discretionary action in-clude trading halts and suspensions (withthe exercise restrictions described above).

Because NYSE declares floor-widecircuit breaker halt: Trading in allsecurities halted during NYSE circuitbreaker halt (with the exerciserestrictions described above).

None required because of CME or CBOTlimit or NYSE actions; discretionary actionsinclude, trading halts and suspensions.

Except on the last business day beforeexpiration, CBOE normally will restrictexercise of American style, cash settledindex options during any trading halt.CBOE may restrict exercise in equityoptions (other than during the 10 businessdays before expiration), but it normally willnot do so because of trading halts.

None required; discretionary actionsinclude trading halts and suspensions(with the exercise restrictions describedabove).

This information has been compiled by CBOE for general information purposes only, and therefore should not be considered complete or precise. Most matters discussed are subject to detailed exchange rules and to the discretionof exchange officials. The rules of the various exchanges are subject to change and may not be reflected in this information. CBOE assumes no responsibility for any errors or omissions in the information presented. In addition, thiscircular does not address specialized circumstances, such as the times that would be applicable on days when one or more underlying equity markets is scheduled to close trading earlier than normal or the rules applicable toChapter 30 securities. These specialized matters are covered in detail by exchange rules. All times listed are Central times.

“S&P” and “S&P 500” are trademarks of Mc-Graw Hill, Inc., and "DJIA" is a service mark of Dow Jones & Company, Inc., and neither company assumes any liability in connection with the trading of any contract based on its indexes.

(Date of issuance: July 1, 1998)

(OVER)

None required; discretionary actions includetrading halts in individual stocks.

None required.

Regulatory Circular RG98-75(supersedes Regulatory Circular RG98-51)

INTER-EXCHANGE PROCEDURES IN VOLATILE MARKETSFOR THIRD QUARTER 1998

As of July 1, 1998

CME (S&P 500 FUTURES) NYSE ACTION CBOT (DJIA FUTURES) CBOE ACTION

Regulatory Circular RG98-75As of 7/1/98


CLOSING VALUE(CONTINUED)


(CONTINUED)


(CONTINUED)

(See front)Trading halts on a day after the futurescontract was limit offered at the 220point (20%) level (Second Day Limits):

Trading will halt:

During an NYSE trading halt(regardless whether the futurescontract is limit offered): UntilNYSE ends its trading halt and 50% ofthe underlying stocks (capitalizationweighted) have resumed trading.

If no NYSE trading halt is declared:For 2 minutes if the contract is limitoffered 10 minutes after the limit isreached or at 2:30 p.m.

Limit no longer in effect (Second DayLimits): After a mandated futures tradinghalt or, if no halt, 10 minutes after thelimit is reached or otherwise at 2:30 p.m.


Limit comes into effect: After the 110point (10%) limit.

Limit remains in effect for the remainderof the trading day.

Trading halt:

(Normal Limits): If the futurescontract is limit offered during anNYSE trading halt.

(Second Day Limits): If there is anNYSE trading halt, regardless whetherthe futures contract is limit offered.

Trading will resume when NYSE ends itstrading halt and 50% of the underlyingstocks (capitalization weighted) haveresumed trading.

Settlement value will not be less than thelimit value, regardless of the value of thecash index.

(See front) (See front) (See front)

For more information on the inter-exchange procedures in volatile marketsor on CBOE options products,

call 1-800-OPTIONS or visit our Web site at http://www.cboe.com


CLOSING VALUE

Trading halts and does not reopen for theday.

The 220 point (20%) limit remains ineffect.

Settlement value will not be less than thelimit value, regardless of the value of thecash index.

Limit comes into effect: After the 1750point (20%) limit.

Limit remains in effect for the remainder ofthe trading day.

Trading halt: Trading shall halt for the restof the day if the futures contract is limitoffered at any time during the trading dayand the NYSE declares a trading halt forthe rest of the trading day.

2650 POINTS (30%)BELOW PREVIOUS DAY'S

SETTLEMENT

If NYSE declares floor wide tradinghalt for the remainder of the day:CBOE halts trading for the remainder ofthe day (with the exercise restrictionsdescribed above).

Because CBOT limit is reached: Nonerequired; discretionary actions includetrading halts and suspensions (with theexercise restrictions described above).


CLOSING VALUE

Trading halts: Trading in all stocks haltsfor the following time periods when theDJIA reaches this value at the followingtimes:

Before 12:00 p.m.: for two hoursFrom 12:00 p.m. but before 1:00p.m.: for one hourFrom and after 1:00 p.m.: for theremainder of the day

Limit comes into effect: After the 900point (10%) limit or at 1:30 p.m.

Trading halt: If the futures contract islimit offered during an NYSE trading halt,futures trading will halt until NYSE ends itstrading halt and 50% of the underlyingstocks (capitalization weighted) haveresumed trading.

Limit no longer in effect: After futurestrading has resumed following an NYSEtrading halt.

Because CME or CBOT limit isreached: None required; discretionaryactions include trading halts andsuspensions (with the exerciserestrictions described above).

Because NYSE declares a floor widecircuit breaker halt: Trading in allCBOE securities halted during NYSEcircuit breaker halt (with the exerciserestrictions described above).


INTER-EXCHANGE PROCEDURES IN VOLATILE MARKETS(continued)



Regulatory Circular RG 98-76

Date: July 6, 1998

To: Members and Member Organizations

From: Equity Floor Procedure Committee

Re: Stop-Orders

A rule filing clarifying the definition of a stop order was approved by the Securities andExchange Commission on June 23, 1998. The filing codified in Rule 6.53 what is the currentpractice, namely that a stop is triggered when an option contract reaches a specified priceon the CBOE floor. That is, the stop is triggered when the option contract trades or is bid ator above the stop price on the CBOE floor (in the case of a buy order) or trades or is offeredat or below the stop price on the CBOE floor (in the case of a sell order).

Questions regarding this filing may be addressed to the Legal Department, Stephanie Mullinsat (312) 786-7433.

Regulatory Circular RG98-77

Date: July 7, 1998

To: All Members

From: Modified Trading System (MTS) Appointments Committee

Re: DPM Participation Rights

In conjunction with the membership vote to eliminate the DPM volume cap, and its presentpolicy which reduces the minimum participation rights of DPMs, the Modified Trading Sys-tem (MTS) Appointments Committee has reviewed the average daily volume of those optionclasses traded at the various DPM stations across the trading floor. Based on that review,and in accordance with Exchange Rule 8.80, the Committee has determined that the level ofparticipation that a DPM may assert in transactions which occur at his principal bid or offerwill be as follows:

Average Daily Volume Over Participation Right DuringPrevious Calendar Quarter Next Calendar Quarter

Up to 2500 contracts 40% per tradeFrom 2501 to 5000 contracts 30% per tradeOver 5000 contracts No guaranteed participation

Based upon the average daily contract volume during the calendar quarterending June 30, 1998, all DPM assigned classes which are not multiply tradedwill be treated according to the above schedule. Therefore, pursuant to theabove schedule for the 3rd Quarter of 1998, the following is a listing of thoseoption classes where a DPM has a participation right other than 40%.

Class Participation Right

Bay Networks, Inc. (BAY) No guaranteed participationOracle Corporation (ORQ) No guaranteed participationMellon Bank (MEL) No guaranteed participationBaan Company NV (BQF) 30%Russell 2000 Index (RUT) 30%Samsonite Corporation (QDS) 30%United States Filter Corporation (USF) 30%


Rule Changes,Interpretations andPolicies continued


The MTS Committee has determined to maintain all multiply traded option classesat the 40% participation level until further notice.

Any questions concerning this memorandum may be addressed to Daniel Hustad at 786-7715 or to a member of the MTS Committee.

DisciplinaryDecisions

At its June 24, 1998 meeting, the Business Conduct Committee (“BCC”) resolved thefollowing disciplinary matters by accepting six offers of settlement wherein the respondentsconsented to stipulations of facts and findings as detailed below without admitting or deny-ing that Exchange Rules had been violated.

File No. 98-0006 (Offer of Settlement) Thomas E. Callahan, an Exchange market-maker,was fined $3,700 for the following conduct. On July 16, 1996, at approximately 3:23 p.m.(Central Time), Callahan submitted an advice to the Exchange indicating his intent toexercise 20 OEX Jul 625 put option contracts, after the 3:20 p.m. cutoff time and after 3:19p.m. when Intel Corp. reported second quarter earnings of $1.17 (greater than the $ .99 pershare earnings predicted by analysts). Intel was a component of the OEX option class witha 2.85% weighting at the time. (CBOE Rule 11.1.)

File No. 98-0008 (Offer of Settlement) First Marathon America, Inc., an Exchange memberorganization, was fined $75,000 for the following conduct. On July 16, 1996, at approxi-mately 3:23 p.m. (Central Time), First Marathon submitted an advice to the Exchangeindicating its intent to exercise 749 OEX Jul 650 put option contracts, after the 3:20 p.m.cutoff time and after 3:19 p.m. when Intel Corp. reported second quarter earnings of $1.17,versus $.99 per share for the prior year’s quarter, which were greater than the per shareearnings predicted by analysts. Intel was a component of the OEX option class with a2.85% weighting at the time. In determining the sanction in this matter, the Committeeconsidered the number of option contracts exercised. (CBOE Rule 11.1.)

File No. 98-0010 (Offer of Settlement) Donald Finkelman, an Exchange market-maker, wasadmonished and fined $4,500 for the following conduct. During the fourth quarter of 1996,Finkelman initiated at least 35 option orders resulting in numerous transactions that in-creased or established positions in his market-maker account while Finkelman was notpresent on the trading floor of the Exchange. Finkelman failed to execute in person, andnot through the use of orders, at least 80% of his total transactions. As a result, the 35opening option orders were not eligible to be effected in a market-maker account from offthe trading floor. Finkelman received specialist exempt credit for margin purposes for theseoption transactions. In accepting the Offer of Settlement, the Committee considered cer-tain mitigating factors, including that Finkelman initiated only a small number of orders fromoff of the Exchange trading floor during a single quarter, and that Finkelman may have hadreason to believe at the time he entered the orders from off the floor that he was in compli-ance with the in-person trading requirements of Exchange Rule 8.7 and Interpretation andPolicy .03B thereunder. (CBOE Rules 4.2 and 8.1, and Regulation X of the Board ofGovernors of the Federal Reserve System.)

File No. 98-0012 (Offer of Settlement) Richard Macht, a former Registered Representativeof Prudential Securities Incorporated (“Prudential”), an Exchange member organization,was censured and barred for six consecutive months from Exchange membership and fromassociation with any Exchange member or member organization for the following conduct.During the period from on or about September 26, 1996 through on or about January 17,1997, Macht effected numerous stock and option transactions in the account of publiccustomer (“Customer A”) on a discretionary basis without prior written authorization fromthe customer and written approval by Prudential. On or about January 17, 1997, Machteffected an unauthorized closing transaction involving the purchase of 3 Jan 40 US Surgical(USS) call option contracts and an unauthorized opening transaction involving the sale of 3


DisciplinaryDecisions continued

Apr 45 USS call option contracts in the account of Customer A. (CBOE Rules 4.1 and9.10(a).)

File No. 98-0013 (Offer of Settlement) H&P Trading Limited Partnership, an Exchangemember organization; Jeffrey L. Klein, a market-maker and a nominee of H&P Trading; andDavid Hansen, the Managing Partner of H&P Trading, were each censured and jointly andseverally fined $7,500 for the following conduct. Klein and/or Hansen initiated and enterednumerous option orders that increased or established positions in Klein’s market-makeraccount from off of the Exchange trading floor with Exchange floor broker members. Theexecution of these orders resulted in transactions representing numerous option contractswhich Klein allowed to be cleared into Klein’s market-maker account. In accepting theOffer of Settlement, the Committee considered certain mitigating factors, including that theRespondents as Joint Back Office participants, did not receive any inappropriate marginbenefit in connection with the transactions described above. Additionally, the transactionsdescribed above were directly related to the market-maker transactions and were done forthe purpose of hedging and risk reduction in the market-maker account. (CBOE Rules 4.1and 8.1.)

File No. 98-0014 (Offer of Settlement) Equimax Partners, L.P., a former Exchange memberorganization; Brian Patton, an Exchange market-maker and former nominee of Equimax;and Robert Frame, the General Partner of Equimax, were each censured and jointly andseverally fined $7,500 for the following conduct. During the third quarter of 1996, Pattoninitiated numerous option orders resulting in numerous transactions that increased or es-tablished positions in his market-maker account while Patton was not present on thetrading floor of the Exchange. As a result, Patton and Equimax received specialist exemptcredit for margin purposes for these option transactions. In addition, Frame, who was notregistered with the Exchange as a market-maker, initiated and entered numerous optionorders from off of the Exchange trading floor on behalf of Patton’s market-maker accountwith Exchange floor broker members. The execution of these orders resulted in transac-tions representing numerous option contracts which Patton allowed to be cleared intoPatton’s market-maker account when Patton did not initiate or approve these orders. As aresult of the transactions clearing into Patton’s market-maker account, these transactionsreceived preferential market-maker haircut and specialist exempt credit for margin pur-poses. In accepting the Offer of Settlement, the Committee considered certain mitigatingfactors, including that the Respondents had sufficient equity in the partnership’s market-maker account to have margined the transactions referred to above and Patton’s in persontrading percentage. Additionally, the transactions described above occurred during onequarter, directly related to market-maker transactions and were done for the purpose ofhedging and reducing risk in the market-maker account. (CBOE Rules 4.1, 4.2 and 8.1,and Regulation X of the Board of Governors of the Federal Reserve System.)

File No. 98-0012 (Offer of Settlement) continued

Documents

Exchange · 2016-09-08 · Board Options Exchange, Attention: Investor Services Department, 400 South LaSalle, Chicago, Illinois 60605. The cost of an annual sub-scription (July 1