Exchange Bulletin - CBOE

July 17, 1998 Volume 26, Number 28 

Exchange 

Bulletin 

The Constitution and Rules of the Chicago Board Options Exchange, Incorporated ("Exchange"), in certain specific instances, require the 

Exchange 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 weekly 

basis. 

Additional subscriptions may be obtained by submitting your name, firm, mailing address, e-mail address and telephone number to: Chicago 

Board Options Exchange, Attention: Investor Services Department, 400 South LaSalle, Chicago, Illinois 60605. The cost of an annual subscription 

(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, payable 

in advance. Non-members are welcome to subscribe. 

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 Schedule 

approved 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 first 

quarter 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. 

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 to 

Exchange Rule 3.6(b). For Seat Market Quotes, call (312) 786-7456. 

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 

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 Department 

within 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 RECEIVED 

This notice is given persuant to Exchange Rule 3.9. Please send any 

comments to the Membership Committee in care of the Membership 

Department. 

Individual Member Applicants Date Posted 

Christ L. Sirigas, Nominee 07/02/98 

Timber Hill LLC 

10848 S. Lyman Ave. 

Chicago Ridge, IL 60415 

Kevin F. Mullen, CBT Individual 07/02/98 

P.O. Box 1615 

Chicago, IL 60690 

Garett J. Nesbitt, Nominee 07/02/98 

BOTTA Trading, Inc. 

2756 N. Pine Grove - Apt. 1110 


Richard L. Watkins, Nominee 07/02/98 

Tague Securities Corporation 

1711 N. Hoyne Ave. - #3 


Norman D. Friedman, Nominee 07/06/98 

JSS Investments, L.L.C. 

4142 Miller Drive 

Glenview, IL 60025 

Date Posted 

Eric W. Jones, Nominee 07/06/98 

Anteros Capital Markets L.L.C. 

516 W. Briar Pl. - #1D 


Keir S. Collins, Nominee 07/06/98 

Spear, Leeds & Kellogg 

3170 N. Sheridan Rd., Apt. 1229S 


Gregory J. Holstrom, Nominee 07/06/98 


600 W. Diversey - #905 


Dimitrios Cholevas, Lessee 07/06/98 

2233 W. Medill Ave. - #A 


Scott Trigg Thorstenson, Nominee 07/06/98 

Futrex Trading Llc 

2288 N. Kenmore 


Timothy D. Ritschel, Nominee 07/06/98 


1100 N. LaSalle - Apt. 513 


Brian J. Dowling, CBT Registered For 07/06/98 

Blackhawk Financial L.L.C. 

368 Fairbank Road 

Riverside, IL 60546

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

Date Posted 

Jeffrey D. Perkosky, Nominee 07/06/98 


111 W. Maple - #703 


Brian C. Morrison, Nominee 07/06/98 


2424 N. Clark St. - Apt. 612 


Jason A. Kaltz, Nominee 07/07/98 

Lakota Trading, Inc. 

1301 W. Fletcher - #129 


Paul J. Stravato, Nominee 07/07/98 

W.H. Trading, L.L.C. 

510 W. Wellington - #1T 


Thomas W. Simpson, Nominee 07/07/98 

Fulcrum Investment Group, L.L.C. 

574 Darlington - #15 

Crystal Lake, IL 60014 

Patrick J. Burke, Nominee 07/07/98 

James V. Proesel, Jr., Inc. 

13937 Charleston 

Orland Park, IL 60462 

Matthew N. Hulsizer, Nominee 07/07/98 

Peak6 Capital Management Llc 

743 N. Dearborn 


David S. Graff, CBT Registered For 07/07/98 

LFG, L.L.C. 

1722 Birch Street 

Des Plaines, IL 60018 

Joseph D. Mueller, Nominee 07/07/98 

RMB & Associates, L.P. 

10024 S. Longwood 


Richard J. Pyle, Nominee 07/07/98 

Peak6 Capital Management Llc 

3033 N. Sheridan Rd. 


Norman D. Gershon, Lessee 07/07/98 

2470 N. Clark - #607 


Richard L. Watkins, Nominee 07/08/98 

Eclipse J.V 

1711 N. Hoyne Ave. - #3 


Walter O. Teske, Lessee 07/08/98 

2229 N. Fremont 


Steven J. Pettinato, CBT Registered For 07/08/98 

Woody Creek Capital Management,Ltd. 

3713 N. Hermitage 


Date Posted 

Barry A. Levin, CBT Individual 07/08/98 

80 East St. Andrews Lane 

Deerfield, IL 60015 

Member Organization Applicants Date Posted 

BEEBE Trading, L.L.C. 07/06/98 

Larry S. Beebe, Nominee 

Erica L. Heine, Nominee 

230 S. LaSalle - Ste. 688 


Larry S. Beebe - Managing Member 

Taylor Trading, L.L.C. 07/06/98 

Jason B. Taylor, CBT Registered For 



Jason B. Taylor - Managing Member 

Wigley Trading Co., Inc. - Member 

Jefferson Wigley - Member 

CBC Options Corp. - Member 

Charles B. Cox III - Member 

CSS, LLC 07/07/98 

Michael J. Carusillo, CBT Registered For 



Michael J. Carusillo - Managing Member 

Clayton A. Strune - Managing Member 

Nicholas D. Schoewe - Manager 

Fireside Investments L.P. - Member 

Nicholas D. Schoewe - Shareholder 

John Robert Trading, L.P. 07/07/98 

Robert E. Elizondo, Nominee 



Robert E. Elizondo - General Partner 

John J. Monik - Limited Partner 

Terrapin Trading Group, L.L.C. 07/07/98 

Brian J. Haag, Nominee 

111 Broadway - 2nd Floor 

New 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 07/07/98 

Patrick Connelly, Nominee 

James M. Halliday, Nominee 



Patrick J. Connelly - Managing Member 

Izee Trading Company 07/07/98 

Marc R. Eisenberg, Nominee 



Marc R. Eisenberg - President


Furman Trading Group, L.L.C. 07/07/98 

Boris Furman, CBT Registered for 

Neal A. Jaffe, Nominee 



Maple Trading Corp. - Member 

Boris Furman - President 

LaRocque Trading Group L.L.C. - Member 

LaRocque Trading, Inc. - Managing Member 

John P. LaRocque - President 

The Dooley Group Inc 07/08/98 

Robert B. Hutchison, CBT Registered For 



William P. Dooley - President 

William P. Dooley Jr. - Vice President/Secretary 

MEMBERSHIP LEASES 

This notice is given pursuant to Exchange Rules 3.15 and 3.16 which 

permit certain types of claims to be filed with the Membership Department 


New Leases Effective Date 

Lessor: Alexander T. Mc Intosh 07/02/98 

Lessee: The Helios Group Illinois L.L.C. 

Matthew M. Heisler, NOMINEE 

Rate: 1 1/8% Term: Monthly 

Lessor: Alan Zahtz 07/02/98 

Lessee: QSA, L.L.C. 

Dirk R. La Borne, NOMINEE 


Lessor: David M. Ofman 07/06/98 

Lessee: Sallerson-Troob L.L.C. 

Michael H. Costley, NOMINEE 


Lessor: Richard F. Belden 07/06/98 

Lessee: Susquehanna Securities 

Robert Lawrence Wilson, NOMINEE 


Lessor: Anthony Dicrescenzo 07/06/98 

Lessee: ADC Options 

Joseph P. Knoch, NOMINEE 

Rate: $1.00 Term: Monthly 

Lessor: J.E.M. Worldwide Holding Ltd. 07/07/98 

Lessee: Alan M. Sartin 


Lessor: PBL Partners LLC 07/07/98 

Lessee: OTA Limited Partnership 

Brian P. Kelly, NOMINEE 

Rate: 1 1/8% Term: 15 Days 

Lessor: Paul J. Weiss 07/07/98 

Lessee: First Options Of Chicago, Inc. 

Nicholas L. Marovich, NOMINEE 

Rate: 1 % Term: One Day 

Lessor: Victor C. Faraci 07/07/98 

Lessee: Triangle Trading, L.L.C. 

Robert F. Piekarz, NOMINEE 


Date Posted Effective Date 

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

Lessee: KC-CO II L.L.C. 

Ryan T. Hauldren, NOMINEE 




James P. Fitzgibbons, NOMINEE 



Lessee: GPZ Trading, L.L.C. 

Timothy J. Smock, NOMINEE 


Lessor: M.B. Partners II 07/08/98 

Lessee: Thomas J. Corbett Jr. 




Robert A. Butler, NOMINEE 



Lessee: TPHCO 

Thomas P. Haugh, NOMINEE 


Lessor: PBL Partners L.L.C. 07/06/98 

Lessee: Mesirow Financial Inc.. 

Daniel K. Busse, NOMINEE 

Rate: 1 1/4% Term: One Year 

Terminated Leases Termination Date 

Lessor: Louis M. Skydell 07/02/98 


Lessor: Alan Zahtz 07/02/98 

Lessee: Stuart B. Young (SPY) 

Lessor: Anthony Dicrescenzo 07/06/98 

Lessee: BEL Options Limited Partnership 

Jennifer M. Trumpis (JEN), NOMINEE 

Lessor: J.E.M. Worldwide Holding Ltd. 07/07/98 

Lessee: WST Trading Inc. 

Alan M. Sartin (MVS), NOMINEE 

Lessor: Boggs-Speth Partnership 07/07/98 

Lessee: Triangle Trading, L.L.C. 

Robert F. Piekarz (WDO), NOMINEE 

Lessor: Victor C. Faraci 07/07/98 

Lessee: Ing TT&S (U.S.) Securities Inc. 


Lessee: First Options Of Chicago, Inc. 

Nicholas L. Marovich (NIC), NOMINEE 

Lessor: M.B. Partners Ii 07/08/98 

Lessee: KC-Co II L.L.C. 

Ryan T. Hauldren (RTH), NOMINEE 

Lessor: Jed H. Abraham 07/08/98 


James P. Fitzgibbons (FTZ), NOMINEE


Effective Date 

Lessor: William S. Persky 07/08/98 

Lessee: GPZ Trading, L.L.C. 

Timothy J. Smock (OCK), NOMINEE 

Lessor: Howard S. Kotzen, Inc. 07/08/98 


Robert A. Butler (BUL), NOMINEE 

Lessor: Robin Spitalny 07/08/98 

Lessee: TPHCO 

Thomas P. Haugh (TPH), NOMINEE 

Lessor: Bernard & Yolanda Miller (Ptrshp) 07/08/98 

Lessee: Mesirow Financial Inc. 

Daniel K. Busse (DKB), NOMINEE 

OPTION TRADING PERMIT LEASES 

New OTP Leases Effective Date 




Lessor: William E. Vezo 07/02/98 

Lessee: Lawrence Helfant Inc. 

Anna M. Degrassi-Kalkis, NOMINEE 

Rate: 1800.00 Term: Monthly 

Lessor: Spear, Leeds & Kellogg 07/07/98 

Lessee: CMB Trading Group L.L.C. 

Maria Rosario S. Pavkovic, NOMINEE 

Rate: $750.00 Term: Four Months 

Lessor: David M. Fleming 07/08/98 

Lessee: Sondra C. Rabin 

Rate: $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 07/02/98 

Lessee: ABN AMRO Incorporated 

H. Thomas Hampton, NOMINEE 



Lessee: Spear, Leeds & Kellogg 

Peter T. Lawler, NOMINEE 



Lessee: Spear, Leeds & Kellogg 

Gavin M. Lowrey, NOMINEE 



Lessee: G-Bar Limited Partnership 

Brendan Byrd, NOMINEE 


Effective Date 


Lessee: William E. Vezo 


Terminated OTP Leases Termination Date 





Lessee: Signal House Corp. 


Lessee: ABN AMRO Incorporated 

H Thomas Hampton (TMY), NOMINEE 


Lessee: Lawrence Helfant Inc. 

Anna M. Degrassi-Kalkis (ANZ), NOMINEE 


Lessee: G-Bar Limited Partnership 

Michael W. Mayer (MKE), NOMINEE 

MEMBERSHIP TERMINATIONS 

Individual Members Termination Date 

CBT Registered For: 

Steven A. Smith (STX) 07/07/98 

LETCO Trading, L.P. 



Lessee(s): 

Stuart B. Young (SPY) 07/02/98 



Lessor(s): 

Louis M. Skydell 07/02/98 

633 Sheridan Square 

Evanston, IL 60202 

Jed H. Abraham () 07/08/98 

3500 W. Church, #108 


Robin Spitalny 07/08/98 

84 Annin Rd. 

Far Hills, NJ 07931 

Nominee(s) / Inactive Nominee(s): 

Randall L. Swanson (SOS) 07/06/98 

RMB & Associates, L.P. 

RMB & Associates 

440 S. LaSalle-Ste 2525 

Chicago, IL 60605


Member Organizations 

Signal House Corp. 07/02/98 

14 Wall Street, 30th Floor 


Boggs-Speth Partnership 07/07/98 

ATTN: William Speth 

3240 Hartzell St. 


Bernard & Yolanda Miller (Ptnrshp) 07/08/98 

3500 N. Lake Shore Dr. 


EFFECTIVE MEMBERSHIPS 

This notice is given pursuant to Exchange Rule 3.11. 

Individual Members Effective Date 

CBT Exercisers: 

Robert L. Oakum (RLO) 07/07/98 

440 S. LaSalle - Ste 1646 


Type of Business to be Conducted: Market Maker 

Nominee(s) / Inactive Nominee(s): 

Termination Date 

Amy Ann Spejewski (AMI) 07/02/98 

BEL Options Limited Partnership 

7641 Hohman 

Munster, IN 46321 

Type of Business to be Conducted: Floor Broker Market Maker 

Matthew M. Heisler (MMH) 07/02/98 

The Helios Group Illinois L.L.C. 

311 South Wacker Drive, Ste. #5440 



Michael H. Costley (MHC) 07/06/98 

Sallerson-Troob L.L.C. 



Type of Business to be Conducted: Floor Broker Market Maker 

Robert Lawrence Wilson (BOB) 07/06/98 

Susquehanna Securities 

141 W. Jackson Blvd., Ste 2201-A 



Joseph P. Knoch (ACD) 07/06/98 

ADC Options 

400 S. LaSalle-CBOE Box 139 


Type of Business to be Conducted: Floor Broker 

Maria Rosario S. Pavkovic (MRY) 07/07/98 

CMB Trading Group L.L.C. 

5449 W. Pensacola 



JOINT ACCOUNTS 

This 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 07/02/98 

From: Nominee For Flash Trading L.L.C.; 

Floor Broker, Market Maker 

To: Nominee For The Option Resource Group; 

Floor Broker, Market Maker 

William E. Vezo 07/02/98 

From: OTP Owner; Market Maker 

To: Lessee From Chicago Board Options Exchange; 

Market Maker/Lessor to Lawrence Helfant, Inc.


David M. Ofman 07/06/98 

From: Owner; Market Maker, Floor Broker 

To: Lessor to Sallerson-Troob L.L.C. 

Richard F. Belden Jr. 07/06/98 

From: Owner; Market Maker 

To: Lessor to Susquehanna Securities 

Terrence S. Terrana 07/06/98 

From: CBT Exerciser Registered For J.T. 

Limited Partnership; Market Maker 

To: CBT Exerciser Registered For Sparta 

Group Of Chicago, L.P.; Market Maker 

Alan M. Sartin 07/07/98 

From: Nominee For WST Trading Inc.; Market Maker 

To: Lessee From JEM Worldwide Holding Ltd.; 

Market Maker 

Paul J. Weiss 07/07/98 

From: Lessee From Evangeline Maloney; 

Market Maker 

To: Lessee From Evangeline Maloney; 

Market Maker/ Lessor To TPHCO; 

Thomas J. Corbett Jr. 07/08/98 

From: Owner; Market Maker 

To: Lessee From MB Partners II; Market Maker 

Sondra C. Rabin 07/08/98 

From: Owner; Market Maker, Floor Broker 

To: Lessee from David M. Fleming; Market Maker 

William S. Persky 07/08/98 

From: 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 07/02/98 

7061 N. Kedzie Ave. - Apt. 208 


Michael De Filippis 07/06/98 

908 Valley View Trail 

Carol Stream, IL 60188 

Richard J. Bloss 07/06/98 

6747 N. Olmsted, #1-A 


Daniel T. Dismukes 07/06/98 

PO Box 643116 


Effective Date Effective Date 

Steven J. Pettinato 07/08/98 

1 Financial Plaza, Ste 1600 


Thomas J. Corbett Jr. 07/08/98 

601 Glenridge Dr. 

Glenview, IL 60025 

Scott Trigg Thorstenson 07/08/98 

30 S. Wacker, Ste 1611 


Brian J. Haag 07/08/98 

111 Broadway, 2nd Floor 

New York, IL 10006 

Robert E. Elizondo 07/08/98 

1344 N. Dearborn, Apt.#7-E 


Joseph D. Mueller 07/08/98 

C/O Sage Clearing 

440 S. LaSalle, Ste. 2500 


Marc R. Eisenberg 07/08/98 

c/o Sage Clearing 

440 S. LaSalle-Ste 2500 


Norman D. Gershon 07/08/98 



Member Organizations Effective Date 

CSS,LLC 07/08/98 

401 South LaSalle Street, #1703 


John Robert Trading, L.P. 07/08/98 



Terrapin Trading Group, L.L.C. 07/08/98 

111 Broadway, 2nd Flr. 


The Dooley Group Inc 07/08/98 

Attn: William P. Dooley 

440 S. LaSalle, Suite 1507 


Furman Trading Group, L.L.C. 07/08/98 

440 South LaSalle St., Ste. 700 

Chicago, 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 and 

4.12 will be applicable. For a complete list of all applicable limits, check 2nd floor data information bins or contact the Department of 

Market Regulation. If you wish to receive regular updates of the position limit list, please contact Candice Nickrand at (312) 786-7730 of 

the Department of Market Regulation. 

Class Limit Date 

BQR/FLT 2,927,500 shares 7/18/98 

ECL 15,000 contracts 7/18/98 

ENZ/ENX 472,500 shares 7/18/98 

EQD/EZD 937,500 shares 7/18/98 

MEA 15,000 contracts 7/18/98 

MOQ/MOZ 937,500 shares 7/18/98 

NWY/CQM 3,320,000 shares 7/18/98 

ORG/ORY 750,000 shares 7/18/98 

PQO 50,000 contracts 7/18/98 

QIG/TWZ 2,500,000 shares 7/18/98 

QRT 21,000 contracts 7/18/98 

QTP/ZTP 4,500 contracts 7/18/98 

TCB 9,000 contracts 7/18/98 

TWZ/QIG 2,500,000 shares 7/18/98 

VXQ 50,000 contracts 7/18/98 

YQC 9,000 contracts 7/18/98 

HLQ 21,000 contracts 8/22/98 

IOM 50,000 contracts 8/22/98 

KOZ/PPZ/PRH 15,000 contracts 8/22/98 

MHQ 21,000 contracts 8/22/98 

OAQ/OWQ 1,575,000 shares 8/22/98 

PGO 21,000 contracts 8/22/98 

PRH/PPZ/KOZ 15,000 contracts 8/22/98 

QAG 15,000 contracts 8/22/98 

QRI/RIU 1,125,000 shares 8/22/98 

SFE/SGZ 4,500 contracts 8/22/98 

CSC 21,000 contracts 9/19/98 

CVC 9,000 contracts 9/19/98 

FQB/FXB 1,575,000 shares 9/19/98 

ICN 1,575,000 shares 9/19/98 

QDA/QXA 675,000 shares 9/19/98 

RAL/BLW 7,500 contracts 9/19/98 

XSQ/XYQ 3,750,000 shares 9/19/98 

WH/WHZ 10,500 contracts 9/19/98 

WQQ 15,000 contracts 9/19/98 

XQH 15,000 contracts 9/19/98 

AC 9,000 contracts 10/17/98 

BAX/GNW 32,500 contracts 10/17/98 

BJS 21,000 contracts 10/17/98 

BQB/BZB 1,125,000 shares 10/17/98 

CCN/CXN 463,500 shares 10/17/98 

DAI/DAU 7,500 contracts 10/17/98 

DLJ 9,000 contracts 10/17/98 

FQW/FWW 750,000 shares 10/17/98 

GNW/BAX 32,500 contracts 10/17/98 

GPT 9,000 contracts 10/17/98 

GQZ 21,000 contracts 10/17/98 

KSS 15,000 contracts 10/17/98 

IQL 15,000 contracts 10/17/98 

MFQ 50,000 contracts 10/17/98 

OEI/UMZ 1,725,000 shares 10/17/98 

ORG/OZG 1,050,000 shares 10/17/98 

QEB/QXB 787,500 shares 10/17/98 

QTH 21,000 contracts 10/17/98 

RQW 15,000 contracts 10/17/98 

UMZ/OEI 1,725,000 shares 10/17/98 

AQU/ABU 1,125,000 shares 11/21/98 

BCQ 50,000 contracts 11/21/98 

BLC 9,000 contracts 11/21/98 

DFQ 13,500 contracts 11/21/98 

FRX 15,000 contracts 11/21/98 

GCN/GZZ 750,000 shares 11/21/98 

GD 15,000 contracts 11/21/98 

IMO 9,000 contracts 11/21/98 

JZQ/JZZ 1,125,000 shares 11/21/98 

LVQ/LWQ 2,000,000 shares 11/21/98 

OFQ/QFZ 25,000 contracts 11/21/98 

QIQ/QIZ 1,125,000 shares 11/21/98 

QZY/SGQ 41,000 contracts 11/21/98 

SGQ/QZY 41,000 contracts 11/21/98 

SNV/SVV 1,575,000 shares 11/21/98 

WSM 21,000 contracts 11/21/98 

CGP 15,000 contracts 12/19/98 

CQM/QUZ/NWY/NZS 3,750,000 shares 12/19/98 

EQN 21,000 contracts 12/19/98 

EVI/WIV 35,000 contracts 12/19/98 

GLK/GDZ 7,500 contracts 12/19/98 

HQR/HZR 7,500 contracts 12/19/98 

QVS/QSZ 1,125,000 shares 12/19/98 

RGQ/RGZ 675,000 shares 12/19/98 

Class Limit Date 

TRP/TZP 4,500 contracts 12/19/98 

WIV/EVI 35,000 contracts 12/19/98 

AAL/VHW 50,000 contracts 1/16/99 

BQX/BQZ 25,000 contracts 1/16/99 

CD/VUC/LUL/VFS/ 

LFS 

9,750,000 shares 1/16/99 

CI 22,500 contracts 1/16/99 

CIQ/WCI/VHR 42,000 contracts 1/16/99 

CTC/VDT/VXD/LDT 4,462,500 ADSs 1/16/99 

GSB/GVB 10,500 contracts 1/16/99 

HAL/VHW 50,000 contracts 1/16/99 

HOT/IZT/VZU 4,900,000 shares 1/16/99 

HQB/HZB 1,155,000 shares 1/16/99 

IZT/VZU/HOT 4,900,000 shares 1/16/99 

KRB/LXK//VUK/ 

VKX/VZK 

4,500,000 shares 1/16/99 

MER/VME/LME 50,000 contracts 1/16/99 

MMM/WMU/VMU/ 

VMV 

25,000 contracts 1/16/99 

OMM/OMV 7,500 contracts 1/16/99 

QQR/QUR 675,000 shares 1/16/99 

QTQ 9,000 contracts 1/16/99 

STK/VSK/LSK 40,000 contracts 1/16/99 

TJX 50,000 contracts 1/16/99 

VFS/LFZ/CD/ 

VUC/LUL 

9,750,000 shares 1/16/99 

VQT 40,000 contracts 1/16/99 

VUZ/THQ/VTH/ 

LTH 

6,875,000 shares 1/16/99 

APC 15,000 contracts 2/20/99 

EQL 50,000 contracts 2/20/99 

JNY 21,000 contracts 2/20/99 

MZY/OFQ/OFZ 3,103,000 shares 6/20/99 

AIG/VAF/LAJ/ 

VXE/LVJ 

3,750,000 shares 1/22/2000 

AN/VAQ/LAQ 50,000 contracts 1/22/2000 

AOL/VAN/LOL 50,000 contracts 1/22/2000 

ARC/VFR/LFR 40,000 contracts 1/22/2000 

BAC/VBA/LBA 50,000 contracts 1/22/2000 

CYQ/VYC/LCY/CYZ 

VYV/LYL 

3,750,000 shares 1/22/2000 

DD/VDD/LDD 50,000 contracts 1/22/2000 

EMC/VUE/LUE 50,000 contracts 1/22/2000 

CNC/UNG/VJS/LLG 4,775,000 shares 1/22/2000 

CPB/VLL/LLL/ZCP/ 

VXL/ULL 

25,000 contracts 1/22/2000 

F/VFO/LFO/FZ/ 

VFV/LFV 

25,000 contracts 1/22/2000 

GM/LGM/ 

VGN/LGZ 

25,000 contracts 1/22/2000 

GPS/VGS/LGS 

VWS/LVP 

3,750,000 shares 1/22/2000 

HWP/VVX 32,500 contracts 1/22/2000 

IBM/VIB/LIB 50,000 contracts 1/22/2000 

LTD/VLD/LLD/TDU 

VUD/LDX 

25,000 contracts 1/22/2000 

LU/VEU/LUN 50,000 contracts 1/22/2000 

LUV/VUV/LOV/ 

LYU/VUY/LVW 

3,000,000 shares 1/22/2000 

MTC/VM/LCT/ 

VZV/LYC 

25,000 contracts 1/22/2000 

NKA/VOK/LOK 50,000 contracts 1/22/2000 

ORQ/VOR/LRO/OWQ 3,750,000 shares 

VZR/LRZ/WOU 

1/22/2000 

PEP/VP/LPP// 

VPR/LDV 

25,000 contracts 1/22/2000 

SCH/VYS/LWS 

SYH/VZY/LWZ 

2,000,000 shares 1/22/2000 

SLB/VWY/LYS 50,000 contracts 1/22/2000 

SLM/VRM/LOS/SLZ/ 

VZL/LYM 

2,625,000 shares 1/22/2000 

SWY/VYW/LYW 40,000 contracts 1/22/2000 

TXN/VXT/LTN 50,000 contracts 1/22/2000 

UNG/CNC/VJS/LLG 4,775,000 shares 1/22/2000 

VSZ/WZY/VVX/HWP 32,500 contracts 1/22/2000 

WMB/VBB/LMB 21,000 contracts 1/22/2000 

MOB/VML/LML 50,000 contracts 2/19/2000 

ALL/LZL/ZZL 50,000 contracts 1/20/2001 

BEL/LEU/ZLE 50,000 contracts 1/20/2001 

DIS/LWD/ZDS 75,000 contracts 1/20/2001


Position Limit Circulars 

Position Limit Circular PL98-51 

Effective 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 been 

reviewed 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. Accounts 

which are directly or indirectly controlled by the same individual or entity must be aggregated to determine compliance with the position and exercise 

limit 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 have 

totaled 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 readily 

convertible into stock to be three times the standard limit for determining position and exercise limit compliance. The exemption applies to 

customer, firm and market-maker accounts. The exemption is automatic for accounts that have established one of the following four hedge 

strategies: long call/short stock, short call/long stock, long put/long stock, short put/short stock. As an example, a member or customer 

maintaining a short position of 5,000,000 shares of IBM common stock may establish a maximum long call, short put position of 75,000 IBM 

option contracts provided that two-thirds or 50,000 option contracts are hedged as described above. Members should also be reminded that 

the 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 eligible 

for 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 a 

lower 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 as 

stock 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-month 

review, 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 and 

exercise limit will be increased at that time. Industry index option position and exercise limits may also be increased prior to the January 1999 review 

if 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 7/20/98 

Note: Exchange Rules 4.11 and 4.12 allow equity option positions hedged with stock to be exempt in determining position and exercise limit compliance; 

however, the maximum position, after exempting positions where the option contract is hedged by 100 shares of the underlying security or securities readily 

convertible into stock to be three times the standard base limit. 

UNDERLYING STOCK SYMBOL POSITION 

A.G. EDWARDS, INC. AGE 7,500 

A.H. BELO CORP. BLC ***** 

AAMES FINANCIAL CORP. AAM 20,000* * * 

AAVID THERMAL TECHNOLOGIES (AATT) QVI 4,500 

ABERCROMBIE & FITCH COMPANY ANF 10,500 

ABITIBI-CONSOLIDATED INC. ABY 7,500 

ABLE TELCOM, INC. (ABTE) QZB 7,500 

ABN AMRO HOLDING NV ADR AAN 4,500 

ACCESS HEALTH, INC. (ACCS) QQC 10,500 

ACCLAIM ENTERTAINMENT, INC. (AKLM) KKQ 25,000 

ACCUSTAFF, INC. ASI 20,000 

ACT NETWORKS, INC. (ANET) QTE 7,500 

ACTION PERFORMANCE COMPANIES, INC. (ACTN) QNC 10,500 

ACTIVISION, INC. (ATVI) AQV 7,500 

ADVANCED ENERGY INDUSTRIES, INC. (AEIS) OEQ 7,500* 

ADVANTA CORP. (ADVNA) AVQ 10,500* 

AERIAL COMMUNICATIONS, INC. (AERL) IQA 7,500 

AES CORP. AES 10,500 

AGNICO-EAGLE MINES LTD. AEM 4,500 

AGOURON PHARMACEUTICALS, INC. (AGPH) GQA 25,000* * * 

AGRIBIOTECH, INC. (ABTX) QXQ 20,000 

AGRIBRANDS INTERNATIONAL, INC. AGX 4,500 

AGRIUM, INC. AGU 10,500 

AIRTOUCH COMMUNICATION, INC. ATI 25,000 

AIRTRAN HOLDINGS, INC. (AAIR) VJQ 20,000 

AK STEEL HOLDING CORPORATION AKS 7,500 

ALBEMARLE CORP. ALB 4,500 

ALBERTO CULVER CO. ACV 4,500 

ALBERTO CULVER CO. CLASS A (ACV.A) ACJ 4,500 

ALCATEL ALSTHOM ALA 25,000 

ALLEGHENY TELEDYNE INCORPORATED ALT ***** 

ALLEGIANCE CORP. AEH 7,500 

ALLIANCE CAPITAL MANAGEMENT AC ***** 

ALLIANCE PHARMACEUTICAL CORP. (ALLP) AYQ 7,500 

ALLIANCE SEMICONDUCTOR CORP. (ALSC) QAS 10,500 

ALLIANT TECHSYSTEMS INC. ATK 4,500 

ALLIED CAPITAL CORPORATION (ALLC) CQL 7,500 

ALLIED WASTE INDUSTRIES, INC (AWIN) WQN 20,000 

ALLSTATE CORPORATION ALL ***** 

ALTERA CORPORATION (ALTR) LTQ 25,000 

ALTERNATIVE RESOURCES CORP. (ALRC) EQM 7,500 

ALTRON, INC. (ALRN) NQR 7,500* 

ALUMINUM CO. OF AMERICA AA 25,000 

ALYDAAR SOFTWARE CORPORATION (ALYD) QLI 4,500 

AMAZON.COM, INC. (AMZN) ZQN 25,000 

AMBRESCO, INC. (AMMB) UKQ 10,500 

AMERICA WEST HOLDINGS CORPORATION AWA 10,500 

AMERICAN DISPOSAL SERVICES, INC. (ADSI) HIQ 7,500 

AMERICAN EAGLE OUTFITTERS, INC. (AEOS) AQU ***** 

AMERICAN ECO CORPORATION (ECGOF) EOQ 10,500* * 

AMERICAN ELECTRIC POWER CO., INC. AEP 10,500 

AMERICAN EXPRESS CO. AXP 25,000 

AMERICAN GENERAL CORP. AGC 10,500 

AMERICAN INTERNATIONAL GROUP, INC. AIG ***** 

AMERICAN MANAGEMENT 

SYSTEMS, INC. (AMSY) YAQ 10,500* * 

AMERICAN MOBILE SATELLITE CORP. (SKYC) KQF 4,500 

AMERICAN ONCOLOGY RESOURCES, INC. (AORI) QIA 10,500 

AMERICA ONLINE INC. AOL ***** 

AMERICAN POWER CONVERSION CORP.(APCC) PWQ 25,000**** 

AMERICAN STANDARD CORP. ASD 10,500* * 

AMERICAN STORES COMPANY ASC 25,000 

AMERICAN TOWER CORPORATION CLASS A AMT 10,500 

AMERICREDIT CORP. ACF 7,500 

AMERITECH AIT ***** 

AMES DEPARTMENT STORES (AMES) QAF 7,500 

AMOCO CORPORATION AN ***** 

AMP, INC. AMP 25,000 

AMWAY ASIA PACIFIC LTD. AAP 4,500 

ANADARKO PETROLEUM CORPORATION APC ***** 

ANADIGICS, INC. (ANAD) DQA 10,500 

ANDREA ELECTRONICS CORPORATION AND 10,500* 

ANDREW CORP. (ANDW) AQN 25,000 

ANIXTER INTERNATIONAL INC. AXE 7,500 

ANN TAYLOR STORES CORP. ANN 7,500 

ANTEC CORPORATION (ANTC) AQC 10,500 

APACHE CORP. APA 10,500 

APEX PC SOLUTIONS INC. (APEX) PXQ 7,500 

APOLLO GROUP INC. (APOL) OAQ ***** 

APPLEBEE’S INTERNATIONAL, INC. (APPB) AQB 10,500 

APPLE SOUTH, INC. (APSO) SQO 10,500 


APPLIED MAGNETICS CORPORATION APM 25,000 

APPLIED MICRO CIRCUITS CORP. (AMCC) QLL 7,500 

APPLIX, INC. (APLX) LQX 7,500 * 

APRIA HEALTHCARE GROUP INC. AHG 10,500 

ARACRUZ CELLULOSE SA ARA 7,500 

ARBOR SOFTWARE CORPORATION (ARSW) WQE 7,500 

ARCADIA FINANCIAL LTD. AAC 7,500 

ARCTIC CAT INC. (ACAT) AQO 4,500 

ARKANSAS BEST CORPORATION (ABFS) QFA 7,500 

ARQUILE, INC. (ARQL) QET 7,500 

ARTERIAL VASCULAR 

ENGINEERING, INC. (AVEI) GQZ 25,000 

ARTESYN TECHNOLOGIES, INC. (ATSN) DQP 10,500 

ASA HOLDINGS, INC. (ASAI) AIQ 7,500 

ASCEND COMMUNICATIONS (ASND) QQA 25,000 

ASE TEST LIMITED (ASTSF) QDQ 7,500 

ASM INTERNATIONAL N.V. (ASMIF) IQB 7,500 * 

ASM LITHOGRAPHY HOLDING NV (ASMLF) MFQ ***** 

ASPECT DEVELOPMENT, INC. (ASDV) QDV 7,500 

ASSOCIATED BANC-CORP (ASBC) QVS ***** 

ASSOCIATED FIRST CAPITAL CORP. AFS 25,000 

ASTORIA FINANCIAL CORPORATION (ASFC) AQR 7,500 

AT HOME CORPORATION (ATHM) AHQ 25,000 

AT&T CORP. T 25,000 

ATLANTIC COAST AIRLINES (ACAI) QKA 7,500 

ATLANTIC RICHFIELD CO. ARC ***** 

ATLAS AIR, INC. CGO 7,500 * 

ATMEL CORPORATION (ATML) AQT 25,000 

ATRIA COMMUNITIES, INC. (ATRC) QFW 7,500 

AU BON PAIN CO., INC. (ABPCA) BPQ 4,500 

AUSPEX SYSTEMS, INC. (ASPX) AQX 7,500 

AUTOLIV, INC. ALV 7,500 * 

AUTOMOBILE PROTECTION CORPORATION QFM 7,500 

(APCO) 

AUTOZONE INC. AZO 20,000 

AVID TECHNOLOGY INC. (AVID) AQI 10,500 

AVIRON (AVIR) QCV 7,500 

AVIS RENT A CAR, INC. AVI 10,500 

AVON PRODUCTS, INC. AVP 25,000 * * * 

AVX CORP. AVX 7,500 * 

AZTAR CORPORATION AZR 7,500 

B.F. GOODRICH COMPANY GR 10,500 * * 

BA MERCHANT SERVICES, INC. BPI 4,500 

BAAN COMPANY NV (BAANF) BQF 25,000 

BAKER (J.) INC. (JBAK) JBQ 4,500 

BALLARD 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 4,500 

BANK OF COMMERCE (BCOM) QMB 4,500 

BANK OF NEW YORK CO. BK 25,000 

BANK OF TOKYO MITSUBISHI ADR MBK 10,500 

BANKAMERICA CORP. BAC ***** 

BANTA CORP. (BNTA) BQQ 4,500 

BANYAN SYSTEMS INC. (BNYN) QYN 10,500 

BARNES AND NOBLE, INC. BKS 10,500 * * 

BATTLE MOUNTAIN GOLD CO. BMG 10,500 

BAXTER INTERNATIONAL, INC. BAX 25,000 

BAYARD DRILLING TECHNOLOGIES, INC. BDI 7,500 * 

BAY NETWORKS, INC. BAY 25,000 

BB&T CORPORATION BBK 10,500 * * 

BEA SYSTEMS, INC. (BEAS) BRQ 10,500 

BEAR STEARNS COMPANIES BSC 10,500 

BED BATH & BEYOND INC. (BBBY) BHQ 20,000 

BELL ATLANTIC CORP. BEL ***** 

BELLWETHER EXPLORATION CO. (BELW) UQQ 7,500 * 

BERGEN BRUNSWIG CORPORATION BBC 10,500 * * 

BEST BUY CO., INC. BBY 25,000 

BETHLEHEM STEEL CORP. BS 25,000 

BIOCHEM PHARMA, INC. (BCHE) BQX ***** 

BIOGEN INC. (BGEN) BGQ 25,000 

BIOMET, INC. (BMET) BIQ 10,500 

BIO-TECHNOLOGY GENERAL CORP. (BTGC) QTG 10,500 

BIOTIME, INC. (BTIM) QBO 7,500 

BIOVAIL CORPORATION INTERNATIONAL BVF 7,500 

BIRMINGHAM STEEL CORPORATION BIR 4,500 

BJ SERVICES COMPANY BJS 25,000 

BJ’S WHOLESALE CLUB, INC. 

BLACK & DECKER MANUFACTURING CO. BDK 10,500 

BMC SOFTWARE, INC. (BMCS) BCQ ***** 

BOEING CO. BA *****



BOISE CASCADE CORP. BCC 7,500 

BJ 7,500 

BOISE CASCADE OFFICE 

PRODUCTS CORPORATION BOP 4,500 

BORDEN CHEMICALS AND PLASTICS L.P. BCU 4,500 

BORDERS GROUP, INC. BGP 10,500 * * 

BOSTON CHICKEN, INC. (BOST) BQN 25,000 

BOSTON COMMUNICATIONS GROUP, INC. (BCGI)QGB 7,500 

BOSTON SCIENTIFIC CORPORATION BSX 25,000 

BRIGHTPOINT, INC. (CELL) QEF 25,000 

BRISTOL-MYERS SQUIBB CO. BMY 25,000 

BRITISH SKY BROADCASTING GROUP 

PLC ADS BSY 4,500 

BRITISH STEEL PLC ADS BST 10,500 

BRITISH TELECOMMUNICATIONS PLC BTY 10,500 * 

BROADBAND TECHNOLOGIES, INC. (BBTK) BQK 7,500 * 

BRODERBUND SOFTWARE, INC. (BROD) BDQ 10,500 

BROOKS AUTOMATION, INC. (BRKS) BQE 7,500 * 

BRUNSWICK CORP. BC 10,500 

BUFFETS, INC. (BOCB) BOQ 10,500 

BURLINGTON NORTHERN SANTA FE CORP. BNI 10,500 

BURR BROWN CORP. (BBRC) BQB ***** 

BUSINESS OBJECTS S.A. ADR (BOBJY) BBQ 10,500 

C-CUBE MICROSYSTEMS, INC. (CUBE) UQB 25.000 **** 

CABLE & WIRELESS PLC ADS CWP 10,500 * * 

CABLEVISION SYSTEMS CORPORATION CLASS A CVC ***** 

CABOT CORPORATION CBT 7,500 

CADENCE DESIGN SYSTEMS, INC. CDN 25,000 

CADIZ LAND COMPANY, INC. (CLCI) QAZ 7,500 * 

CALLAWAY GOLF CO. ELY 25,000 

CAMPBELL SOUP COMPANY CPB ***** 

CANADIAN NATIONAL RAILWAY COMPANY CNI 10,500 

CAPITAL ONE FINANCIAL COF 10,500 

CARDIO THORACIC SYSTEMS INC. (CTSI) QAO 4,500 

CARIBINER INTERNATIONAL, INC. CWC 10,500 

CARNIVAL CORPORATION CCL 25,000 

CARRAMERICA REALTY CORP. CRE 7,500 

CARTER-WALLACE, INC. CAR 4,500 

CASEY’S GENERAL STORES, INC. (CASY) YQC 7,500 

CASH AMERICA INTERNATIONAL, INC. PWN 4,500 

CATALYTICA INC. (CTAL) QAN 7,500 

CATELLUS DEVELOPMENT CORP. CDX 7,500 

CATO CORPORATION (CACOA) CQO 7,500 * 

CBT GROUP PLC ADR (CBTSY) QAG ***** 

CDW COMPUTER CENTERS, INC. (CDWC) DWQ 7,500 

CELGENE CORP. (CELG) LQH 4,500 

CELL GENESYS, INC. (CEGE) QII 7,500 * 

CELLSTAR CORP. (CLST) EQL ***** 

CENDANT CORPORATION CD ***** 

CENTEX CORPORATION CTX 10,500 

CENTOCOR INC. (CNTO) COQ 25,000 

CENTRAL GARDEN AND PET CO. (CENT) EQH 7,500 

CENTURY COMMUNICATIONS 

CORPORATION (CTYA) CQA 7,500 

CEPHALON INC. (CEPH) CQE 20,000 * * * 

CERIDIAN CORP. CEN 10,500 * * 

CERNER CORP. (CERN) CQN 10,500 

CHAMPION INTERNATIONAL CORP. CHA 10,500 

CHARLES SCHWAB CORPORATION (THE) SCH ***** 

CHECKFREE HOLDINGS CORPORATION (CKFR) FCQ 10,500 

CHECK POINT SOFTWARE TECHNOLOGIES 

LTD. (CHKPF) KEQ 25,000 

CHINA TELECOM HK LTD., ADR CHL 10,500 * 

CHIRON CORP. (CHIR) CIQ ***** 

CHOLESTECH CORPORATION (CTEC) QDT 4,500 

CHRIS-CRAFT INDUSTRIES, INC. CCN ***** 

CHRONIMED, INC. (CHMD) HQC 4,500 

CHRYSLER CORP. C 25,000 

CHS ELECTRONICS, INC. (CHSE) KZQ 25,000 

CHUBB CORPORATION CB 10,500 

CIDCO, INC. (CDCO) OQI 7,500 

CIENA CORPORATION, INC. (CIEN) EUQ 25,000 

CIGNA CORP. CI ***** 

CINCINNATI BELL INC. CSN 10,500 

CINERGY CORP. CIN 10,500 

CIRCUIT CITY STORES CARMAX GROUP KMX 4,500 

CIRRUS LOGIC, INC. (CRUS) CUQ 25,000 

CISCO SYSTEMS, INC. (CSCO) CYQ ***** 

C.I.T. GROUP (THE) CIT 7,500 

CITICORP CCI 25,000 

CITRIX SYSTEMS, INC. (CTXS) XSQ ***** 

CITY NATIONAL CORP. CYN 4,500 

CKE RESTAURANTS, INC. CKR 10,500 

CKS GROUP, INC. (CKSG) OIQ 7,500 


CLAIRES STORES INC. CLE 10,500 

CLARIFY, INC. (CLFY) QCY 20,000 * * * 

CLAYTON HOMES CMH 10,500 * * 

CLEAR CHANNEL COMMUNICATIONS, INC. CCU 10,500 

CLIFFS DRILLING CO. CDG 10,500 

CMG INFORMATION SERVICES, INC. (CMGI) QGC 20,000 

CMS ENERGY CORPORATION CMS 7,500 

CNF TRANSPORATION INC. CNF 10,500 

CNS, INC. (CNXS) CQX 7,500 * 

COASTAL CORP. CGP ***** 

COCA-COLA CO. KO 25,000 

COCA-COLA ENTERPRISES, INC. CCE 25,000 **** 

COCA-COLA FEMSA S.A. KOF 10,500 

COEUR D’ALENE MINES CORPORATION CDE 7,500 

COFLEXIP SA ADR (CXIPY) QCP 7,500 

COHO ENERGY, INC. (COHO) QHO 10,500 ** 

COLGATE PALMOLIVE CO. CL 25,000 **** 

COLUMBIA HCA/HEALTHCARE CORPORATION COL 25,000 

COLUMBIA LABORATORIES, INC. COB 7,500 

COMAIR HOLDINGS INC. (COMR) KHQ 10,500 

COMMONWEALTH INDUSTRIES, INC, (CMIN) LQC 4,500 

COMPANHIA CERVEJARIA BRAHMA ADR BRH 10,500 

COMPANIA ANONIMA NACIONAL TELEFONOS 

DE VENEZUELA VNT 10,500 

COMPANIA DE TELECOMUICACIONES CTC ***** 

DE CHILE S.A. 

COMPLETE BUSINESS SOLUTIONS, INC. (CBSL) CQQ 7,500 

COMPUCOM SYSTEMS, INC. (CMPC) ICQ 10,500 

COMPUSA INC. CPU 25,000 

COMPUSERVE CORP. (CSRV) SVW 10,500 

COMPUTER ASSOCIATES INTERNATIONAL INC. CA 25,000 

COMPUTER HORIZONS CORP. (CHRZ) ZQH 10,500 

COMPUTER LEARNING CENTERS, INC. (CLCX) QXT 25,000 

COMPUTER SCIENCES CORP. CSC 25,000 

COMPUWARE CORPORATION (CPWR) CWQ 25,000 

COMSHARE, INC. (CSRE) RQJ 4,500 

COMSTOCK RESOURCES INC. CRK 7,500 * 

COMVERSE TECHNOLOGY (CMVT) CQV 10,500 

CONCENTRA MANAGED CARE, INC. (CCMC) QYS 10,500 

CONSECO, INC. CNC ***** 

CONSOLIDATED FREIGHTWAYS CORP. (CFWY) XQF 7,500 

CONSOLIDATED GRAPHICS, INC. CGX 4,500 

CONSOLIDATION CAPITAL CORP. (BUYR) QYB 7,500 

CONTINENTAL AIRLINES, INC. (CAI.B) CAI 10,500 

CORNING INCORPORATED GLW 25,000 

CORPORATE EXPRESS, INC. (CEXP) XQP 25,000 

CORRECTIONS CORP. OF AMERICA CCA 20,000 

COTT CORPORATION (COTTF) CQT 7,500 

COULTER PHARMACEUTICAL, INC. (CLTR) QCE 4,500 

COVANCE INC. CVD 10,500 * * 

COVENTRY HEALTHCARE, INC, (CVTY) OVQ 10,500 * * 

COX COMMUNICATIONS COX 10,500 

COX RADIO, INC. CXR 4,500 

CREATIVE TECHNOLOGY (CREAF) RFQ 25,000 

CREE RESEARCH, INC. (CREE) CQR 7,500 

CSG SYSTEMS INTERNATIONAL, INC. (CSGS) QGA 7,500 

CUMMINS ENGINE COMPANY INC. CUM 7,500 

CURATIVE HEALTH SERVICES, INC. (CURE) NQH 4,500 

CYBERCASH, INC, (CYCH) KBQ 10,500 

CYBERGUARD CORPORATION (CYBG) HFQ 7,500 

CYBERONICS, INC. (CYBX) QAJ 10,500 

CYLINK CORP. (CYLK) YQB 7,500 

CYMER INC. (CYMI) CQG 25,000 **** 

CYPRESS SEMICONDUCTOR CORP. CY 25,000 

CYPRUS AMAX MINERALS COMPANY CYM 10,500 

CYTYC CORP. (CYTC) YQK 10,500 

CYTOTHERAPEUTICS, INC. (CTII) QIT 4,500 

DAIMLER BENZ AG DAI ***** 

DAMARK INTERNATIONAL, INC. (DMRK) DQN 4,500 

DANA CORPORATION DCN 10,500 

DAOU SYSTEMS, INC. (DAOU) QQX 10,500 

DARDEN RESTAURANTS, INC. DRI 10,500 

DATA BROADCASTING CORP. (DBCC) BQD 7,500 

DATA DIMENSIONS INC. (DDIM) QM 10,500 

DATAWORKS CORPORATION (DWRX) XBQ 7,500 

DAVE & BUSTER’S INC. (DANB) QUB 7,500 * 

DEKALB GENETICS CORP.-CLASS B DKB 7,500 

DELTA AIR LINES, INC. DAL 20,000 * * * 

DELTA & PINE LAND COMPANY DLP 7,500 

DELTA WOODSIDE INDUSTRIES, INC. DLW 4,500 

DENTSPLY INTERNATIONAL INC. (XRAY) XRQ 7,500



DETROIT DIESEL CORP. DDC 4,500 

DEUTSCHE TELEKOM AG ADR DT 7,500 

DIAMOND MULTIMEDIA SYSTEMS, INC (DIMD) DAQ 25,000 

DIAMOND OFFSHORE DRILLING, INC. DO 25,000 

DIGITAL EQUIPMENT CORP. DEY ***** 

DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. DTG 7,500 

DONALDSON 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 7,500 

DREXLER TECHNOLOGY CORPORATION (DRXR) RXQ 4,500 

DSP GROUP, INC. (DSPG) DPQ 10,500 ** 

DSP COMMUNICATIONS, INC. (DSP) DQC 25,000 **** 

DURA PHARMACEUTICALS, INC. (DURA) DQR 25,000 

DURAMED PHARMACEUTICALS, INC. (DRMD) DUQ 7,500 

E.I. DUPONT DE NEMOURS & CO. DD ***** 

EAGLE HARDWARE & GARDEN (EAGL) HGQ 10,500 

EARTHLINK NETWORK, INC. (ELNK) QKL 7,500 

EARTHSHELL CORPORATION (ERTH) QER 10,500 

EASTMAN CHEMICAL COMPANY EMN 7,500 

EASTMAN KODAK CO. EK 25,000 

EATON CORP. ETN 10,500 

ECHOSTAR COMMUNICATIONS CORP. (DISH) QHS 7,500 

ECI TELECOM LTD. (ECILF) ECQ 10,500 

ECOLAB INC. ECL 7,500 

8X8, INC. (EGHT) EDQ 7,500 

EINSTEIN/NOAH BAGEL CORP. (ENBX) BXQ 10,500 ** 

ELAN CORPORATION, PLC ADRs ELN 10,500 

ELECTRIC LIGHTWAVE, INC. CI A (ELIX) XQQ 7,500 

ELECTROGLAS, INC. (EGLS) EIQ 10,500 ** 

ELECTRONIC ARTS (ERTS) EZQ 25,000 

ELECTRO SCIENTIFIC INDUSTRIES, INC. (ESIO) EQO 4,500 

ELECTRONICS FOR IMAGING, INC. (EFII) EFQ 25,000 

ELF AQUITAINE ADS ELF 10,500 

EMC CORP. EMC ***** 

EMISPHERE TECHNOLOGIES, INC. (EMIS) MTQ 4,500 

EMMIS COMMUNICATION CORPORATION (EMMS)QMJ 4,500 

EMPLOYEE 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 4,500 

ENCAD, INC. (ENCD) QEM 10,500 * * 

ENDOSONICS CORP. (ESON) QEN 7,500 

ENERGY GROUP PLC ADS TEG 7,500 

ENGLEHARD CORP. EC 10,500 

ENRON CORP. ENE 25,000 

ENRON OIL & GAS EOG 10,500 

ENSCO INTERNATIONAL, INC. ESV 25,000 

ENTERGY CORPORATION ETR 25,000 

ENTREMED, INC. (ENMD) QMA 10,500 

ENZO BIOCHEM, INC. ENZ 4,500 

EPITOPE, INC. (EPTO) QTP 4,500 

EQUITABLE COMPANIES INCORPORATED EQ 10,500 

EQUITY CORPORATION INTERNATIONAL EQU 4,500 

ERICSSON (L.M.) TELEPHONE CO. (ERICY) RQC ***** 

ESC MEDICAL SYSTEMS LIMITED (ESCMF) QFC 10,500 

ESS TECHNOLOGY, INC. (ESST) SEQ 25,000 **** 

ESTEE LAUDER COMPANIES INC. EL 7,500 

E*TRADE GROUP, INC. (EGRP) QGR 25,000 

EVEREST REINSURANCE HOLDINGS INC. RE 7,500 

EVI WEATHERFORD, INC. EVI ***** 

E.W. SCRIPPS COMPANY (THE) SSP 4,500 

EXABYTE CORPORATION (EXBT) EXQ 10,500 * * 

EXCALIBUR TECHNOLOGIES CORP. (EXCA) XQA 4,500 

EXCEL COMMUNICATIONS, INC. ECI 10,500 

EXCEL TECHNOLOGY, INC. (XLTC) XNQ 7,500 * 

EXCITE, INC. (XCIT) KQB 25,000 

EXTENDED STAY AMERICA, INC. ESA 10,500 * * 

EXXON CORP. XON 25,000 

FAMILY GOLF CENTERS (FGCI) JZQ ***** 

FDX CORPORATION FDX 10,500 

FEDDERS CORPORATION FJC 4,500 

FEDERATED DEPARTMENT STORES, INC. FD 25,000 

FIDELITY NATIONAL FINANCIAL, INC. FNF 4,500 

FILA HOLDING SPA ADR FLH 7,500 * 

FILENET CORP. (FILE) ILQ 25,000 

FINGERHUT CO. INC. FHT 7,500 

FINISH LINE, INC. (FINL) FQN 10,500 

FIRST AMERICAN CORP. OF TENNESSEE FAM 10,500 * * 

FIRST CHICAGO NBD CORPORATION FCN 25,000 

FIRST COMMERCE CORPORATION (FCOM/OZQ) OZY 7,500 

FIRST DATA CORPORATION FDC 25,000 

FIRST HAWAIIAN, INC. (FHWN) WQW 4,500 

FIRST HEALTH GROUP CORPORATION (FHCC) HLQ ***** 

FIRST SECURITY CORPORATION (FSCO) FQB ***** 

FIRST UNION REAL ESTATE INVESTMENTS FUR 7,500 


FIRSTAR CORP. FSR 10,500 

FLORIDA PANTHERS HOLDINGS INC. PAW 4,500 

FLOWSERVE CORPORATION FLS 7,500 * 

FLUOR CORP. FLR 20,000 * * * 

FMC CORPORATION FMC 4,500 

FOAMEX INTERNATIONAL, INC. (FMXI) FQX 4,500 

FOODMAKER, INC. FM 7,500 

FORD MOTOR CO. F ***** 

FORE SYSTEMS, INC. (FORE) FQO 25,000 

FOREST LABORATORIES, INC. FRX ***** 

FOREST OIL CORP. FST 4,500 

FORT JAMES CORPORATION FJ 25,000 

FORTE SOFTWARE, INC. (FRTE) RQF 7,500 

FOUNDATION HEALTH SYSTEMS, INC. FHS 10,500 

FPA MEDICAL MANAGEMENT, INC. (FPAM) FFQ 25,000 

FRANCE TELECOM SA, ADR FTE 4,500 

FREEPORT-MC MORAN COPPER & GOLD INC. FCX 20,000 

FRESENIUS MEDICAL CARE AG ADS FMS 7,500 * 

FRIEDE GOLDMAN INTERNATIONAL INC. (FGII) FQG 10,500 

FRITZ COMPANIES, INC. (FRTZ) TQZ 7,500 * 

FRONTIER CORPORATION FRO 10,500 

FRUIT OF THE LOOM INC. FTL 10,500 

FSI INTERNATIONAL (FSII) FQH 7,500 * 

FUISZ TECHNOLOGIES LTD. (FUSE) QML 7,500 

FURNITURE BRANDS INTERNATIONAL, INC. FBN 7,500 

GADZOOKS, INC. (GADZ) EQK 10,500 * * 

GAP INC. GPS ***** 

GALILEO INTERNATIONAL, INC. GLC 10,500 * * 

GALILEO TECHNOLOGY LTD. (GALTF) QFG 10,500 

GALOOB TOYS, INC. GAL 7,500 * 

GARDEN RIDGE CORP. (GRDG) DQQ 4,500 

GARTNER GROUP (GART) GQT 20,000 

GATEWAY 2000 INC. GTW 25,000 

GAYLORD CONTAINER CORP. GCR 7,500 

GAYLORD ENTERTAINMENT COMPANY GET 7,500 * 

GEMSTAR INTERNATIONAL GROUP LTD. (GMSTF) QLF 10,500 

GENCORP GY 7,500 * 

GENERAL CABLE CORP. GCN ***** 

GENERAL CIGAR HOLDINGS, INC. MPP 4,500 

GENERAL DATACOMM INDUSTRIES, INC. GDC 7,500 * 

GENERAL DYNAMICS CO. GD ***** 

GENERAL ELECTRIC CO. GE 25,000 

GENERAL MAGIC, INC. (GMGC) GGQ 25,000 

GENERAL MOTORS CORP. GM ***** 

GENERAL MOTORS CORP. CLASS H GMH 20,000 

GENERAL NUTRITION COMPANIES, INC. (GNCI) GQN 25,000 

GENESYS TELECOMMUNICATIONS 

LABORATORIES, INC. (GCTI) QHF 7,500 

GENZYME CORPORATION (GENZ) GZQ 20,000 

GENZYME GENERAL DIVISION CORP. (GENZL) YQZ 7,500 * 

4,500 

GENZYME TRANSGENICS CORPORATION (GZTC) GEQ 4,500 

GEOTEL COMMUNICATIONS CORPORATION (GEOC)QEG 7,500 

GERON CORPORATION (GERN) GQD 10,500 * * 

GILAT SATELLITE NETWORKS LTD. (GILTF) FQI 4,500 

GLENAYRE TECHNOLOGIES, INC. (GEMS) GQM 25,000 **** 

GLIATECH, INC. (GLIA) QGL 4,500 

GLOBAL MARINE, INC. GLM 25,000 

GLOBALSTAR TELECOMMUNICATIONS LTD. (GSTRF)YVQ 20,000 

GOLDEN STATE BANCORP, INC. GSB ***** 

GOOD GUYS, INC. (GGUY) GQU 7,500 

GPU, INC. GPU 10,500 

GRAHAM FIELD HEALTH PRODUCTS GFI 10,500 

GRAND 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 4,500 

GRUPO TELEVISA, S.A. TV 25,000 * * * 

GRUPO TRIBASA S.A. GTR 10,500 * * 

GST TELECOMMUNICATIONS, INC. (GSTX) QGS 7,500 

GT INTERACTIVE SOFTWARE CORP. (GTIS) GQB 7,500 

GTECH HOLDINGS CORPORATION GTK 7,500 

GUCCI GROUP, INC. GUC 10,500 

GUESS?, INC. GES 4,500 

GUILFORD PHARMACEUTICALS, INC. (GLFD) GQF 7,500 * 

GULF CANADA RESOURCES LTD. GOU 25,000 

GULF ISLAND FABRICATION, INC. (GIFI) QIF 7,500 * 

GULF INDONESIA RESOURCES, LTD. GRL 7,500 

GULF SOUTH MEDICAL SUPPLY, INC. (GSMS) MUG 7,500 

GULFSTREAM AEROSPACE CORP. GAC 10,500 

GYMBOREE CORPORATION (THE) (GYMB) GMQ 10,500 

H.J. HEINZ COMPANY HNZ 25,000 

HADCO CORPORATION (HDCO) HQO 10,500 * * 

HAEMONETICS CORPORATION HAE 4,500 

HAIN FOOD, INC. (HAIN) QQH 7,500



HALLIBURTON CO. HAL ***** 

HAMBRECHT & QUIST GROUP HQ 7,500 

HANSON TRUST, P.L.C. HAN 7,500 

HARCOURT GENERAL, INC. H 7,500 * 

HARMAN INTERNATIONAL INDUSTRIES, INC. HAR 4,500 

HARMONIC LIGHTWAVES, INC. (HLIT) LOQ 7,500 

HARRAH’S ENTERTAINMENT, INC. HET 10,500 

HARRIS CORP. HRS 7,500 

HARTFORD FINANCIAL SERVICES GROUP, INC. (THE)HIG ***** 

HARTFORD LIFE, INC. HLI 7,500 

HEALTH MANAGEMENT ASSOCIATES, INC. HMA 10,500 

HEALTH SOUTH CORPORATION HRC 25,000 

HEARTPORT INC. (HPRT) HQK 10,500 

HEFTEL BROADCASTING CORPORATION 

CLASS A (HBCCA) QBH 7,500 

HEILIG-MEYERS CO. HMY 10,500 * * 

HELENE CURTIS INDUSTRIES INC. RHC 4,500 

HELMERICH AND PAYNE INC. HP 10,500 

HENRY SCHEIN, INC. (HSIC) HQE 7,500 

HERBALIFE INTERNATIONAL INC. (HERBA) HQR 7,500 * 

HERMAN MILLER, INC. (MLHR) MHQ ***** 

HERTZ CORPORATION HRZ 7,500 

HEWLETT-PACKARD CO. HWP ***** 

HFS, INC. (HFS) VFZ ***** 

HIBERNIA CORP. HIB 10,500 

HIGHWOODS PROPERTIES INC. HIW 7,500 

HITACHI, LTD. HIT 4,500 

HMT TECHNOLOGY CORP. (HMTT) HTQ 25,000 * * * 

HOECHST AG HOE 7,500 

HOLLINGER INTERNATIONAL, INC. HLR 10,500 

HOLLYWOOD ENTERTAINMENT CORP. (HLYW) HWQ 10,500 

HOLLYWOOD PARK INC. HPK 7,500 * 

HOMEBASE, INC. HBI 7,500 

HOMESTAKE MINING CO. HM 25,000 

HONEYWELL, INC. HON 10,500 

HONG KONG TELECOMMUNICATIONS HKT 10,500 

HOSPITALITY PROPERTIES TRUST HPT 4,500 

HOUSTON INDUSTRIES INC. HOU 25,000 **** 

HRPT PROPERTIES, INC. HRP 10,500 

HUBCO, INC. (HUBC) QOE 4,500 

HUMANA, INC. HUM 25,000 

HUMMINGBIRD COMMUNICATIONS 

LTD. (HUMCF) UQH 4,500 

HUNTINGTON BANCSHARES INC. (HBAN) HQB ***** 

HUSSMAN INTERNATIONAL, INC. HSM 7,500 

HUTCHINSON TECHNOLOGY, INC. (HTCH) UTQ 25,000 * * * 

HYPERION SOFTWARE CORP. (HYSW) QHY 7,500 

I-STAT CORP. (STAT) TAQ 4,500 

ICG COMMUNICATIONS, INC. (ICGX) QIG 25,000 

ICN PHARMACEUTICALS ICN ***** 

ICOS CORP. (ICOS) IIQ 10,500 

IDEXX LABORATORIES, INC. (IDXX) IQX 25,000 * * * 

IKON OFFICE SOLUTIONS, INC. IKN 25,000 **** 

IKOS SYSTEMS, INC. (IKOS) QIK 7,500 * 

IMATION CORP. IMN 7,500 

IMC GLOBAL, INC. IGL 10,500 

IMCLONE SYSTEMS, INC. (IMCL) QCI 10,500 

IMMUNE RESPONSE CORP. (IMNR) IMQ 10,500 

IMMUNOMEDICS, INC. (IMMU) QUI 7,500 

IMNET SYSTEMS, INC. (IMNT) IWQ 10,500 * * 

IMPERIAL CHEMICAL INDUSTRIES PLC ADR ICI 7,500 

IMPERIAL CREDIT INDUSTRIES, INC. (ICII) BQJ 10,500 * * 

IMPERIAL OIL LTD. IMO ***** 

INDEPENDECE COMMUNITY BANK (ICBC) QYC 10,500 

INDIGO N.V. (INDGF) DQF 7,500 

INDUSTRY-MATEMATIK I INTERNATIONAL 

CORPORATION (IMIC) QVU 7,500 

IN FOCUS SYSTEMS, INC. (INFS) IQL ***** 

INFORMATION MANAGEMENT RESOURCES, 

INC. (IMRS) QIQ ***** 

INFORMATION RESOURCES, INC. (IRIC) IRQ 7,500 

INFORMIX CORP. (IFMX) IFQ 25,000 

ING GROEP NV ADR ING 7,500 * 

INGERSOLL RAND COMPANY IR 10,500 

INGRAM MICRO, INC. IM 10,500 

INNOVEX, INC. (INVX) IVQ 10,500 

INPRISE CORPORATION (INPR) BLQ 25,000 * * * 

INPUT/OUTPUT, INC. IO 10,500 * * 

INTEGRATED CIRCUIT SYSTEMS INC. (ICST) IBQ 10,500 

INTEGRATED DEVICE TECHNOLOGY, INC. (IDTI) ITQ 25,000 

INTEGRATED HEALTH SERVICES INC. IHS 7,500 

INTERMAGNETICS GENERAL CORPORATION IMG 4,500 

INTEGRATED PROCESS EQUIPMENT 

CORPORATION (IPEC) IQP 20,000 * * * 


INTEGRATED SILICON SOLUTION, INC. (ISSI) IXQ 10,500 * * 

IINTL BUSINESS MACHINES CORP. IBM ***** 

INTERIM SERVICE INC. IS 7,500 

INTERNT’L FLAVORS & FRAGRANCES INC. IFF 10,500 

INTERNATIONAL PAPER CO. IP 25,000 

INTERNATIONAL RECTIFIER CORP. IRF 10,500 * * 

INTERPUBLIC GROUP OF COMPANIES INC. IPG 10,500 

INTERSOLV, INC. (ISLI) IQV 10,500 

INTERSTATE BAKERIES CORP. IBC 7,500 

NTERVOICE, INC. (INTV) VQN 4,500 

INTIMATE BRANDS, INC. IBI 10,500 

INTUIT CORP. (INTU) IQU 25,000 

INVISION TECHNOLOGIES, INC. (INVN) VYQ 7,500 

IOMEGA CORP. IOM ***** 

IONA TECHNOLOGIES PLC (IONAY) YWQ 7,500 * 

IRI INTERNATIONAL CORPORATION IIR 7,500 

IRIDIUM WORLD COMMUNICATION, INC. (IRIDF) QAK 10,500 

ISIS PHARMACEUTICALS, INC. (ISIP) QIS 7,500 

ITEQ, INC. (ITEQ) QIE 10,500 

ITT CORP. (ITT) IZT ***** 

ITT INDUSTRIES, INC. IIN 7,500 

IVAX CORP. IVX 10,500 

JABIL CIRCUIT, INC. JBL 25,000 

JACKPOT ENTERPRISES, INC. J 4,500 

J.D. EDWARDS & COMPANY (JDEC) QJD 10,500 

JDA SOFTWARE GROUP, INC. (JDAS) QAH ***** 

JEFFERSON SMURFIT CORP. (JJSC) JJQ 7,500 

JLG INDUSTRIES, INC. JLG 7,500 

JOHN H. HARLAND COMPANY JH 7,500 

JOHN MANVILLE CORPORATION JM 4,500 

JOHNSON & JOHNSON JNJ 25,000 

JONES APPAREL GROUP, INC. JNY ***** 

JONES PHARMA INCORPORATED (JMED) JQM 20,000 * * * 

JOSTENS INC. JOS 4,500 

JUST FOR FEET, INC. (FEET) JQF 10,500 

K MART CORP. KM 25,000 

KEEBLER FOODS COMPANY KBL 7,500 

KELLSTROM INDUSTRIES, INC. (KELL) KQC 7,500 

KELLY SERVICES INC. CL.A (KELYA) YQE 4,500 

KEMET COPORATION (KMET) KQE 10,500 * * 

KENT ELECTRONICS CORP. KNT 7,500 

KERR-MCGEE CORP. KMG 7,500 

KEYSTONE FINANCIAL, INC. (KSTN) QPX 4,500 

KINDER MORGAN ENERGY PARTNERS LP ENP 4,500 

KLA -TENCOR CORPORATION (KLAC) KCQ 25,000 

KLM ROYAL DUTCH AIRLINES ADRS KLM 7,500 

KIRBY CORP. KEX 4,500 

KOHL’S CORPORATION KSS ***** 

KOPIN CORP. (KOPN) KQO 4,500 

KULICKE AND SOFFA INDUSTRIES, INC. (KLIC) KQS 25,000 * * * 

LANCASTER COLONY CORP. (LANC) LCQ ***** 

LAND’S END, INC. LE 4,500 

LANDRY’S SEAFOOD RESTAURANTS, 

INC. (LDRY) YQR 10,500 

LA QUINTA INNS INC. LQI 10,500 

LASER VISION CENTERS, INC. (LVCI) QVL 4,500 

LATTICE SEMICONDUCTOR CORP. (LSCC) LQT 25,000 * * * 

LCI INTERNATIONAL, INC. (LCI) LCZ ***** 

LEARNING COMPANY (THE) TLC 10,500 

LEGG MASON, INC. LM 4,500 

LEGATO SYSTEMS, INC. (LGTO) EQN ***** 

LEHMAN BROTHERS HOLDING CORP. LEH 20,000 

LEVEL ONE COMMUNICATIONS, INC. (LEVL) LVQ ***** 

LEVEL THREE COMMUNICATIONS, INC. (LVLT) QHN 10,500 

LEXMARK INTERNATIONAL GROUP, INC. LXK 10,500 

LIMITED, INC. LTD ***** 

LIPOSOME COMPANY INC. (LIPO) LPQ 25,000 * * * 

LITTON INDUSTRIES, INC. LIT 7,500 

LIZ CLAIBORNE, INC. LIZ 10,500 

LOEWEN GROUP, INC. LWN 7,500 

LOEWS CORPORATION LTR 7,500 

LOJACK CORPORATION (LOJN) LQJ 4,500 

LONE STAR STEAKHOUSE AND 

SALOON, INC. (STAR) LQS 25,000 **** 

LONG BEACH FINANCIAL CORP. (LBFC) QBB 10,500 * * 

LONG ISLAND BANCORP, INC. (LISB) LBQ 10,500 

LONG ISLAND LIGHTING COMPANY LIL 10,500 

LONGVIEW FIBRE COMPANY LFB 7,500 * 

LORAL SPACE & COMMUNICATIONS LTD. LOR 25,000 

LSI LOGIC CORP. LSI 25,000 

LTX CORP. (LTXX) XQT 10,500 * * 

LTV CORPORATION LTV 10,500 

LUCASVARITY PLC LVA 7,500 * 

LUCENT TECHNOLOGIES INC. LU ***** 

LYCOS, INC. (LCOS) QWL 25,000



LYONDELL PETROCHEMICAL COMPANY LYO 10,500 

MACHROCHEM CORPORATION (MCHM) QQ 7,500 

MADERAS Y SINTETICOS S. A. ADS MYS 4,500 

MAGAININ PHARMACEUTICALS INC. (MAGN) NQG 7,500 

MADGE, N.V. (MADGF) MQE 20,000 * * * 

MAGNA INTERNATIONAL INC. MGA 10,500 

M.A. HANNA COMPANY MAH 7,500 

MALLINCKRODT GROUP INC. MKG 10,500 * * 

MANPOWER INC. MAN 10,500 

MANUGISTICS GROUP, INC. (MANU) ZUQ 25,000 

MARINE DRILLING COMPANIES INC. (MDCO) QDM 25,000 

MARINER HEALTH GROUP, INC. (MRNR) MQO 7,500 

MARK IV INDUSTRIES IV 7,500 

MARKET SPAN CORPORATION MN 10,500 

MASCOTECH, INC. MSX 7,500 

MAY DEPARTMENT STORES MAY 20,000 * * * 

MAYTAG CORPORATION MYG 10,500 

MBNA CORPORATION KRB ***** 

MCDONALD’S CORP. MCD 25,000 

MCI COMMUNICATIONS CORP. (MCIC) MCQ 25,000 

MCLEOD USA (MCLD) QMD 7,500 

MEAD CORP. MEA 10,500 

MEDAPHIS CORP. (MEDA) MQA 25,000 

MEDAREX, INC. (MEDX) XDQ 7,500 

MEDICIS PHARMACEUTICAL CORP. (MDRX) MXQ 10,500 

MEDTRONIC INC. MDT 25,000 

MELLON BANK CORPORATION MEL 25,000 

MEMC ELECTRONIC MATERIALS, INC. WFR 7,500 * 

MERCANTILE BANCSHARES CORP. (MRBK) QKM 7,500 

MERCER INTERNATIONAL, INC. (MERCS) MQC 4,500 

MERCK & CO. MRK 25,000 

MERCURY INTERACTIVE CORP. (MERQ) RQB 10,500 

MERITOR AUTOMOTIVE, INC. MRA 7,500 

MERRILL LYNCH & CO., INC. MER ***** 

MESA AIRLINES, INC. (MESA) EAQ 7,500 

METACREATIONS CORPORATION (MCRE) MQZ 10,500 

METAMOR WORLDWIDE, INC. (MMWW) EQB 10,500 

METHANEX CORP. (MEOHF) MQN 4,500 

METRICOM, INC. (MCOM) MQM 7,500 * 

METRO-GOLDWYN-MAYER, INC. MGM 4,500 

METROMEDIA FIBER NETWORK, INC. (MFNX) QFN 7,500 

METROMEDIA INTERNATIONAL GROUP, INC. MMG 7,500 

MEXICO FUND INC. MXF 7,500 

MGI PHARMA, INC. (MOGN) QOG 4,500 

MICREL, INC. (MCRL) MIQ 7,500 

MICROAGE INC. (MICA) MQI 10,500 

MICROCHIP TECHNOLOGY INC. (MCHP) QMT 25,000 

MICROGRAFX, INC. (MGXI) XQG 4,500 

MICRON ELECTRONICS, INC. (MUEI) MQU 25,000 

MICRON TECHNOLOGY INC. MU 25,000 

MICROTOUCH SYSTEMS, INC. (MTSI) TQM 4,500 

MIDAS, INC. MDS 4,500 

MIDWAY GAMES, INC. MWY 7,500 

MILLENNIUM CHEMICALS INC. MCH 10,500 * * 

MILLICOM INT’L. CELLULAR S.A. (MICCF) MQS 7,500 

MINNESOTA MINING & 

MANUFACTURING CO. MMM ***** 

MITCHAM INDUSTRIES, INC. (MIND) QMU 7,500 

MMC NETWORKS, INC. (MMCN) CMQ 7,500 

MOBIL CORP. MOB ***** 

MORGAN STANLEY DEAN WITTER & CO. MWD 25,000 

MOLEX INC. (MOLX) MOQ 10,500 

MOLEX, INC. CLASS A (MOLXA) EQD 10,500 

MONSANTO CO. MTC ***** 

MOORE CORP. LTD MCL 7,500 

MORRISON KNUDSEN CORPORATION MK 7,500 * 

MRV COMMUNICATIONS, INC. (MRVC) VQX 10,500 

MTI TECHNOLOGY CORPORATION (MTIC) QTX 7,500 

MUSICLAND STORES CORP. MLG 7,500 

MYLEX CORPORATION (MYLX) MJQ 7,500 * 

NABISCO HOLDINGS CORP. NA 20,000 

NABORS INDUSTRIES INC. NBR 25,000 

NAM TAI ELECTRONICS, INC. (NTAIF) QNA 7,500 * 

NATIONAL COMMERCE BANCORPORATION (NCBC)QTQ ***** 

NATIONAL-OILWELL, INC. NOI 7,500 

NATIONAL SEMICONDUCTOR CORP. NSM 25,000 

NATIONAL STEEL NS 7,500 

NATIONAL TECHTEAM, INC (TEAM) QEA 10,500 * 

NATIONWIDE FINANCIAL SERVICES, INC. NFS 7,500 * 

NAUTICA ENTERPRISES, INC. (NAUT) NQT 10,500 

NAVISTAR INTERNATIONAL, INC. NAV 10,500 

NCR CORP. NCR 10,500 

NEIMAN MARCUS GROUP INC. NMG 4,500 

NEOMAGIC CORPORATION (NMGC) GJQ 10,500 

NEOPATH, INC. (NPTH) DQW 4,500 

NEOPROBE CORP. (NEOP) PQN 7,500 


NETSCAPE COMMUNICATIONS CORP. (NSCP) NQY 25,000 

NETWORK ASSOCIATES, INC. (NETA) CQM ***** 

NETWORK COMPUTING DEVICES, INC. (NCDI) NQK 7,500 

NETWORK PERIPHERALS, INC. (NPIX) NQA 7,500 * 

NEWELL CO. NWL 10,500 

NEWS CORP. LTD NWS 25,000 

NEWSEDGE CORPORATION (NEWZ) QBE 7,500 

NEXTEL COMMUNICATIONS, INC. CL A (NXTL) FQC 25,000 

NEXTLINK COMMUNICATIONS, INC. (NXLK) QNF 7,500 

NICE SYSTEMS LTD. ADR (NICEY) QIC 7,500 

NIMBUS CD INTERNATIONAL , INC. (NMBS) NMQ 4,500 

NOBLE DRILLING CORPORATION NE 25,000 

NOKIA CORP. (NOK.A) NKA ***** 

NORFOLK SOUTHERN CORP. NSC 25,000 

NORTH FACE, INC. (THE) (TNFI) QFI 7,500 

NORTHFIELD LABORATORIES, INC. (NFLD) DHQ 4,500 

NORTHERN TELECOM LTD. NT 25,000 

NORTHERN TRUST CORP. (NTRS) NRQ 10,500 

NORTHLAND CRANBERRIES, INC. (CBRYA) YLQ 7,500 * 

NORTHROP CORP. NOC 10,500 

NORTHWEST AIRLINES CORP. (NWAC) NAQ 25,000 

NOVA CORPORATION NCX 4,500 

NOVA CORPORATION GEORGIA NIS 4,500 

NOVELLUS SYSTEMS INC. (NVLS) NLQ 25,000 

NTL INCORPORATED (NTLI) IQS 7,500 

N2K, INC. (NTKI) QNK 10,500 

NUCOR CORPORATION NUE 10,500 * * 

NUEVO ENERGY CO. NEV 7,500 * 

NYNEX CORP. (NYN) VNY 25,000 

OAK TECHNOLOGIES (OAKT) OQK 10,500 

OAKLEY, INC. OO 10,500 * * 

OBJECT DESIGN, INC. (ODIS) QSE 7,500 

OCCIDENTAL PETROLEUM CORP. OXY 25,000 

OCEAN ENERGY, INC OEI ***** 

OCTEL CORPORATION OTL 4,500 

OCWEN FINANCIAL CORPORATION OCN 7,500 

OEC MEDICAL SYSTEMS INC. OXE 4,500 

ODS NETWORKS INC. (ODSI) OQT 7,500 * 

OFFICEMAX, INC. OMX 25,000 **** 

OGDEN CORPORATION OG 7,500 

OLICOM A/S (OLCMF) OQL 7,500 

OLYMPIC STEEL, INC. (ZEUS) ZQU 7,500 * 

OMI CORPORATION OMM ***** 

OMNIPOINT CORP. (OMPT) QTT 10,500 

ONSALE, INC. (ONSL) QOL 10,500 

OPEN MARKET, INC. (OMKT) OQM 10,500 

OPEN TEXT CORPORATION (OTEXF) QFT 7,500 

OPTI, INC. (OPTI) OQP 4,500 

ORACLE SYSTEMS CORPORATION (ORCL) ORQ ***** 

ORBITAL SCIENCES CORP. ORB 10,500 

ORCKIT COMMUNICATIONS, LTD. (ORCTF) QFY 4,500 

OREGON METALLURGICAL CORPORATION (OREM)OUY ***** 

ORGANOGENESIS, INC. ORG ***** 

ORTEL CORP. (ORTL) OQE 4,500 

ORTHOLOGIC CORPORATION (OLGC) QLG 7,500 

ORYX ENERGY CO. ORX 10,500 

OUTBACK STEAKHOUSE, INC. (OSSI) OSQ 10,500 

OWENS-ILLINOIS, INC. OI 10,500 

OXFORD HEALTH PLANS, INC. (OXHP) OQX 25,000 

PACCAR INC. (PCAR) PAQ 10,500 

PACIFIC GATEWAY EXCHANGE, INC. (PGEX) QAE 7,500 

PACIFIC HEALTH SYSTEMS, INC. CL. B (PHSYB) HYQ 10,500 

PAINE WEBBER GROUP INC. PWJ 10,500 

PAIR GAIN TECHNOLOGIES, INC.(PAIR) PQG 25,000 

PALL CORPORATION PLL 10,500 

PAN AMERICAN BEVERAGES, INC. PB 7,500 

PANAMSAT CORP. (SPOT) OQO 7,500 

PAPA JOHN=S INTERNATIONAL, INC. (PZZA) ZZQ 7,500 

PARKER DRILLNG COMPANY PKD 20,000 

PATHOGENESIS CORP. (PGNS) PHQ 7,500 

PATTERSON DENTAL CORPORATION (PDCO) QDA ***** 

PATTERSON ENERGY, INC. (PTEN) NZQ 25,000 

PAXSON COMMUNICATIONS CORPORATION PAX 7,500 

PAYLESS SHOESOURCE, INC. PSS 4,500 

PC DOCS GROUP INTERNATIONAL (DOCSF) OQZ 4,500 

P-COM, INC. (PCMS) PQP 25,000 

PEAPOD, INC. (PPOD) QPP 7,500 

PEERLESS SYSTEMS CORPORATION (PRLS) QLS 7,500 

PENNZOIL CO. PZL 10,500 * * 

PEOPLE’S BANK BRIDGEPORT (PBCT) PQY 7,500 * 

PEOPLES HERITAGE FINANCIAL GROUP, INC. (PHBK)EQP 10,500 

PEOPLESOFT INC. (PSFT) PQO 25,000 

PEP BOYS MANNY MOE AND JACK PBY 10,500 

PEPSI-GEMEX, S.A. DE C.V. GEM 4,500



PEPSICO INC. PEP ***** 

PERRIGO CO. (PRGO) POQ 10,500 

PETROLEUM GEO-SERVICE A/S PGO ***** 

PHARMACIA & UPJOHN, INC. PNU 25,000 

PHARMERICA, INC. (DOSE) XUQ 25,000 

PHILIPPINE LONG DISTANCE TELEPHONE PHI 7,500 

PHILIPS ELECTRONICS N.V. ADRS PHG 25,000 

PHILLIPS VAN HUESEN CORP. PVH 4,500 

PHP HEALTHCARE CORP. PPH 4,500 

PHYSIO-CONTROL HOLDINGS INC. (PHYS) QBK 7,500 

PIER 1 IMPORTS INC. PIR 10,500 

PILLOWTEX CORPORATION PTX 4,500 

PLANET HOLLYWOOD PHL 10,500 * * 

INTERNATIONAL, INC. 

PLATINUM SOFTWARE CORP. (PSQL) PQS 10,500 

PLATINUM TECHNOLOGY, INC. (PLAT) FLQ 25,000 

PLC SYSTEMS, INC. PLC 10,500 

PLEXUS CORPORATION (PLXS) QUA 7,500 * 

PMI GROUP INC. PMA 7,500 

PMT SERVICES, INC. (PMTS) QAM 10,500 

POGO PRODUCING COMPANY PPP 7,500 

POLAROID CORP. PRD 7,500 

POLO RALPH LAUREN CORP. RL 10,500 * * 

POLYCOM, INC. (PLCM) QHD 7,500 

POOL ENERGY SERVICES, CO. (PESC) UVQ 10,500 

POTASH CORP. OF SASKATCHEWAN POT 10,500 * * 

POTLATCH CORPORATION PCH 4,500 

POWERHOUSE TECHNOLOGIES, INC. (PWRH) QV 4,500 

POWERWAVE TECHNOLOGIES, INC. (PWAV) VFQ 25,000 

PRECISION RESPONSE CORP. (PRRC) MQX 7,500 

PREMARK INTERNATIONAL PMI 7,500 

PREMIER LASER SYSTEMS, INC. (PLSIA) JTQ 10,500 * * 

PREMIERE TECHNOLOGIES, INC. (PTEK) TQO 25,000 

PREMISYS COMMUNICATIONS, INC. (PRMS) RQS 25,000 * * * 

PRESSTEK, INC. (PRST) PQK 7,500 

PREVIEW TRAVEL, INC. (PTVL) QUT 7,500 

PRI AUTOMATION INC. (PRIA) UXQ 10,500 

PRIMADONNA RESORTS, INC (PRMA) PQR 7,500 

PRIMARK CORPORATION PMK 7,500 

PRIME MEDICAL SERVICES, INC. (PMSI) QSI 4,500 

PROGRESS SOFTWARE CORPORATION (PRGS) RGQ ***** 

PROMUS HOTELS CORPORATION PRH ***** 

PROTECTION ONE, INC. (ALRM) QLR 7,500 

PROTEIN DESIGN LABS, INC. (PDLI) PQI 7,500 

PROVIDENT BANKSHARES CORPORATION (PBKS) QEB ***** 

PROVIDIAN CORP. PVN 10,500 

PROXIM, INC. (PROX) WQG 7,500 * 

PROXY MED, INC. (PILL) PQQ 4,500 

PSINET INC. (PSIX) SQP 25,000 

PUMA TECHNOLOGY, INC. (PUMA) ZVQ 4,500 

QUADRAMED CORP. (QMDC) QCD 7,500 

QUALCOMM INC. (QCOM) QAQ 25,000 

QUANTUM CORPORATION (QNTM) QNQ 25,000 

QUEST DIAGNOSTICS INCORPORATED DGX 7,500 * 

QUICKTURN DESIGN SYSTEMS INC. (QKTN) TQB 7,500 * 

QUIGLEY CORPORATION (QGLY) QGY 7,500 

QUINTILES TRANSNATIONAL CORP. (QTRN) QRT 20,000 

QWEST COMMUNICATION INC. (QWST) QWA ***** 

RADICA GAMES LTD. (RADAF) QDR 7,500 

RAINFOREST CAFE, INC. (RAIN) QRI ***** 

RALCORP HOLDING, INC. RAH 4,500 

RALSTON-RALSTON PURINA CO. RAL ***** 

RAMBUS INC. (RMBS) BNQ 20,000 

RAMTRON INTERNATIONAL CORP. (RMTR) RQM 7,500 

RANGER OIL LTD. RGO 7,500 

RAPTOR SYSTEMS, INC. (RAPT) YRP 7,500 

RATIONAL SOFTWARE CORP. (RATL) RAQ 25,000 

RAYONIER INC. RYN 4,500 

RAYTHEON COMPANY CLASS A (RTN.A) RYA 20,000 * * * 

RAYTHEON CO. (RTN.B) RTN 25,000 

READERS DIGEST RDA 7,500 

READ-RITE CORP. (RDRT) RDQ 25,000 

REALNETWORKS INC. (RNWK) QRN 7,500 

RENAISSANCE WORLDWIDE, INC. (THE) (REGI) QRG 10,500 

REMEDY CORPORATION (RMDY) LRQ 10,500 

RENO AIR, INC. (RENO) RQN 7,500 

RENT-WAY, INC. (RWAY) QCC 4,500 

REPUBLIC WASTE INDUSTRIES, INC. RII 25,000 

RES CARE, INC. (RSCR) QQR ***** 

RESOUND CORP. (RSND) RQD 4,500 

RESPIRONICS, INC. (RESP) RQT 10,500 

REVLON, INC. REV 4,500 

REXALL SUNDOWN, INC. (RXSD) RKQ 20,000 

REYNOLDS & REYNOLDS COMPANY REY 10,500 

RHODIA, INC. RHA 4,500 

RHONE-POULENC SA ADR RP 7,500 

RIO HOTEL & CASINO, INC. (RIOH) RHC 4,500 


RJR NABISCO HOLDINGS CORP. RN 25,000 

ROBERTS PHARMACEUTICAL CORP. RPC 7,500 

ROCKWELL INTERNATIONAL CORP. ROK 20,000 

ROSLYN BANCORP. INC. (RSLN) OQU 7,500 

RPM. INC. RPM 7,500 

RSL COMMUINICATIONS LTD. (RSLCF) QRL 7,500 

RUBY TUESDAY INC. RI 4,500 

RUSS BERRIE AND COMPANY INC. RUS 4,500 

S3 INCORPORATED (SIII) SQI 25,000 

SABRE GROUP HOLDINGS INC. TSG 7,500 * 

SAFECO CORPORATION (SAFC) SAQ 10,500 

SAFEGUARD SCIENTIFICS INC. SFE ***** 

SAFEWAY, INC. SWY ***** 

SAKS HOLDINGS, INC. SKS 10,500 

SAMSONITE CORPORATION (SAMC) QDS 10,500 

SANMINA CORP. (SANM) SQN 25,000 

SANTA CRUZ OPERATION (SCOC) UQS 7,500 

SANTA FE INTERNATIONAL CORP. SDC 10,500 

SAPIENS INTERNATIONAL CORP. N.V. (SPNSF) QHH 7,500 * 

SAPIENT CORPORATION (SAPE) QPE 7,500 

SAVILLE SYSTEMS IRELAND PLC ADR (SAVLY) QVY 10,500 

SAWTEK INC. (SAWS) QWS 10,500 

SCHLUMBERGER LTD SLB ***** 

SCHOLASTIC CORPORATION (SCHL) NHQ 4,500 

SCI SYSTEMS, INC. SCI 10,500 

SCIENTIFIC GAMES HOLDINGS CORP. SG 4,500 

SCOPUS TECHNOLOGY, INC. (SCOP) QHT ***** 

SDL, INC. (SDLI) QSL 4,500 

SEACOR SMIT, INC. CKH 4,500 

SEARS ROEBUCK & CO. S 25,000 

SED INTERNATIONAL HOLDINGS (SECX) QQE 7,500 * 

SEITEL, INC. SEI 4,500 

SEMITOOL, INC. (SMTL) PQD 7,500 * 

SEMTECH CORPORATION (SMTC) QTU 7,500 

SEPRACOR INC. (SEPR) ERQ 10,500 * * 

SFX ENTERTAINMENT, INC. (SFXE) QSX 7,500 

SHANGHAI PETROCHEMICAL CO. LTD. SHI 4,500 

SHAW INDUSTRIES SHX 10,500 

SHELL TRANSPORT & 

TRADING CO., P.L.C. SC 7,500 * 

SHERWIN-WILLIAMS CO. SHW 10,500 

SHIVA CORP. (SHVA) VQS 25,000 **** 

SIEBEL SYSTEMS, INC. (SEBL) SGQ ***** 

SIGMA ALDRICH CP (SIAL) IAQ 10,500 

SIPEX CORPORATION (SIPX) UQX 7,500 

SILICON VALLEY GROUP INC. (SVGI) VQQ 20,000 * * * 

SINGER COMPANY N.V. SEW 10,500 * * 

SK TELECOM CO., LTD. ADS SKM 10,500 

SKYTEL COMMUNICATIONS, INC. (SKYT) MMQ 20,000 * * * 

SKYLINE CORP. SKY 4,500 

SKYWEST INC. (SKYW) UWQ 10,500 

SLM HOLDING CORPORATION SLM ***** 

SMARTALK TELESERVICES, INC. (SMTK) QMM 20,000 

SMART MODULAR TECHNOLOGIES, INC. (SMOD)UYQ 25,000 

SNYDER COMMUNICATIONS, INC. SNC 10,500 

SODAK GAMING, INC. (SODK) RQK 4,500 

SOFAMOR/DANEK GROUP, INC. SDG 4,500 

SOLA INTERNATIONAL, INC. SOL 4,500 

SOLECTRON CORPORATION SLR 20,000 

SOLUTIA, INC. SOI 20,000 * * * 

SOMATOGEN, INC. (SMTG) GNW ***** 

SOUTHERN CO. SO 25,000 

SOUTHERN NEW ENGLAND TELECOMMUN. CORP.SNG 7,500 

SOUTHERN PACIFIC FUNDING CORP. SFC 7,500 

SOUTHWEST AIRLINES CO. LUV ***** 

SPECTRIAN CORPORATION (SPCT) QCS 10,500 * * 

SPEEDFAM INTERNATIONAL, INC. (SFAM) FQF 10,500 * * 

SPELLING ENTERTAINMENT GROUP, INC. SP 4,500 

SPIEGEL, INC. (SPGLA) SQE 4,500 

SPLASH TECHNOLOGY HOLDINGS, INC. (SPLH) QRX 10,500 

SPORTS (THE) AUTHORITY TSA 10,500 

SPORTSLINE USA, INC. (SPLN) QSP 10,500 

SPX CORPORATION SPW 4,500 

SPYGLASS, INC. (SPYG) YQG 10,500 

ST. JUDE MEDICAL INC. STJ 10,500 

ST. PAUL COMPANIES SPC 20,000 

STAAR SURGICAL COMPANY (STAA) SQT 4,500 

STAFF LEASING, INC. (STFF) QFF 4,500 

STAGE STORES, INC. SGE 10,500 * * 

STANDARD MICROSYSTEMS (SMSC) OMQ 7,500 * 

STAR TELECOMMUNICATIONS, INC. (STRX) TQQ 10,500 

STARBUCKS CORPORATION (SBUX) SQX 25,000 

STARWOOD HOTELS & RESORTS TRUST HOT ***** 

STATEN ISLAND BANCORP, INC. SIB 7,500 

STATION CASINOS, INC. STN 7,500 

STB SYSTEMS, INC. (STBI) SQK 10,500 

STEELCASE INC. SCS 7,500



STEINER LEISURE LIMITED (STNRF) QFR 4,500 

STERIS CORP. (STRL) SQR 10,500 * * 

STERLING BANCORP STL 4,500 

STERLING COMMERCE, INC. SE 10,500 

STMICROELECTRONICS NV STM 10,500 

STORAGE TECHNOLOGY STK ***** 

STURM RUGER & COMPANY, INC. RGR 4,500 

SUBURBAN LODGES OF AMERICA, INC. (SLAM) QBR 7,500 

SUMMIT BANCORP SUB 10,500 

SUMMIT DESIGN, INC. (SMMT) DQB 7,500 * 

SUMMIT TECHNOLOGY INC. (BEAM) BAQ 10,500 

SUNDSTRAND CORPORATION SNS 7,500 

SUNGLASS HUT INTERNATIONAL, INC. (RAYS) RQY 25,000 

SUN HEALTHCARE GROUP, INC. SHG 7,500 

SUN INTERNATIONAL HOTELS LTD. SIH 4,500 

SUNRISE ASSISTED LIVING INC. (SNRZ) QSR 10,500 

SUNTERRA CORPORATION OWN 10,500 

SUPERIOR ENERGY SERVICES, INC. (SESI) SCQ 10,500 

SUPERIOR INDUSTRIES INTERNATIONAL SUP 4,500 

SUPERIOR SERVICES, INC. (SUPR) QSU 4,500 

SWIFT ENERGY CORPORATION SFY 7,500 * 

SWIFT TRANSPORTATION CO., INC. (SWFT) FQW ***** 

SYNOPSYS, INC. (SNPS) YPQ 25,000 

SYNOVOUS FINANCIAL CORP. SNV ***** 

SYNTHETECH, INC. (NZYM) YZQ 4,500 

SYSCO CORPORATION SYY 25,000 

SYSTEMSOFT CORP. (SYSF) QSY 10,500 * * 

T. ROWE PRICE ASSOCIATES, INC. (TROW) RQW ***** 

TADIRAN LIMITED TAD 4,500 

TAIWAN SEMICONDUCTOR MANUFACTURING 

COMPANY, LTD. ADR TSM 10,500 

TANDY CORP. TAN 20,000 * * * 

TAUBMAN CENTERS INC. TCO 7,500 * 

TAVA TECHNOLOGIES, INC. (TAVA) QTV 20,000 

TBC CORPORATION (TBCC) TBQ 4,500 

TCA CABLE TV, INC. (TCAT) TTQ 4,500 

TCF FINANCIAL CORP. TCB 7,500 

TCI SATELLITE ENTERTAINMENT, INC. (TSATA) TSQ 10,500 

TCI VENTURES GRP-A (TCIVA) VXQ 25,000 

TCSI CORP. (TCSI) QSC 7,500 

TECHNOLOGY SOLUTIONS CO. (TSCC) QST 7,500 

TEL-SAVE HOLDINGS INC. (TALK) QQK 25,000 

TELECOM ARGENTINA STET-FRANCE 

TELECOM S.A. ADR TEO 10,500 

TELECOM ITALIA SPA ADR TI 4,500 

TELCOM SEMICONDUCTOR, INC. (TLCM) QOC 7,500 * 

TELECOMMUNICATIONS INTERNATIONAL 

(TINTA) YQT 7,500 

TELECOMUNICACOES BRASILEIRAS SA 

(TELEBRAS) TBR 25,000 

TELE-DANMARK A/S TLD 7,500 

TELEDATA COMMUNICATIONS LTD. (TLDCF) QBC 10,500 

TELEFONICA DE ARGENTINA S.A. TAR 25,000 **** 

TELEFONICA DEL PERU S.A. ADR TDP 10,500 

TELEFONOS DE MEXICO TMX 25,000 

TELEGLOBE, INC. TGO 4,500 

TELEGROUP, INC. (TGRP) GQR 7,500 

TELEPORT COMMUNICATIONS 

GROUP INC. (TCGI) GQV 25,000 

TELESPECTRUM WORLDWIDE, INC. (TLSP) QBA 10,500 

TELETECH HOLDINGS, INC. (TTEC) QTC 10,500 * * 

TELXON CORP. (TLXN) TNQ 7,500 

TERA COMPUTER COMPANY (TERA) QIP 7,500 * 

TERRA INDUSTRIES INC. TRA 4,500 

TEVA PHARMACEUTICALS INDUSTRIES 

LTD. (TEVIY) TVQ 20,000 * * * 

TEXAS INSTRUMENTS INC. TXN ***** 

THERAGENICS CORPORATION (THRX) XQH ***** 

3DFX INTERACTIVE, INC. (TDFX) FQ 10,500 

360 COMMUNICATIONS (XO) XRS 10,500 

THERMO ELECTRON CORPORATION TMO 10,500 

TIDEWATER INC. TDW 25,000 

TIMES MIRROR COMPANY TMC 7,500 

TIMKEN COMPANY TKR 7,500 

TITAN EXPLORATION, INC. (TEXP) XXQ 7,500 * 

TJX COMPANIES, INC. (THE) TJX ***** 

TOMMY HILFIGER CORP. TOM 10,500 * * 

TOTAL RENAL CARE HOLDINGS, INC. TRL 10,500 

TOYS ‘R’ US, INC. TOY 25,000 

TRACOR, INC. (TTRR) HQU 7,500 

TRANS WORLD AIRLINES, INC. TWA 25,000 

TRANS WORLD ENTERTAINMENT (TWMC) TQT 7,500 

TRANSCANADA PIPELINES LTD. TRP ***** 

TRANSITION SYSTEMS, INC. (TSIX) QXS 7,500 


TRANSPORTATION MARITIMA MEXICANA 

S.A. DE C.V. TMM 4,500 

TRIBUNE COMPANY TRB 10,500 * * 

TRICO MARINE (TMAR) MUQ 10,500 

TRICON GLOBAL RESTAURANTS, INC. YUM 25,000 * * * 

TRIQUINT SEMICONDUCTOR, INC. (TQNT) TQN 7,500 * 

TRITON ENERGY CORPORATION OIL 10,500 

TRIZEC HAHN CORPORATION TZH 7,500 

TUBOS DE ACERO DE MEXICA SA ADR TAM 10,500 

TUBOSOPE , INC. TBI 7,500 

TUPPERWARE CORP. TUP 10,500 * * 

T.V. AZTECA S.A. DE C.V. ADR TZA 7,500 

TWENTIETH CENTURY INDUSTRIES TW 4,500 

TWINLAB CORPORATION (TWLB) QBT 7,500 

UAL CORPORATION UAL 10,500 

UCAR INTERNATIONAL INC. UCR 10,500 

UGLY DUCKLING CORP. (UGLY) QRD 10,500 * * 

UICI (UICI) FQJ 7,500 

ULTRAK INC. (ULTK) ULQ 4,500 

ULTRATECH STEPPER, INC. (UTEK) UQT 10,500 * * 

ULTRAMAR DIAMOND SHAMROCK CORP. UDS 7,500 

UNIBANCO UNIAO DE BANCOS BRASILEROS UBB 10,500 * * 

UNICOM CORPORATION UCM 25,000 

UNION CAMP CORP. UCC 7,500 

UNION PACIFIC RESOURCES GROUP, INC. UPR 25,000 

UNIFI, INC. UFI 7,500 

UNIPHASE CORPORATION (UNPH) UQD 10,500 

UNISOURCE WORLDWIDE INC. UWW 10,500 * * 

UNIT CORP. UNT 7,500 * 

UNITED AUTO GROUP, INC. UAG 7,500 

UNITED HEALTHCARE CORPORATION UNH 25,000 

UNITED MERIDIAN CORP. (UMC) UMZ ***** 

UNITED STATES FILTER CORPORATION USF 25,000 

UNITED STATIONERS, INC. (USTR) QTR 4,500 

UNITED TECHNOLOGIES INC. UTX 25,000 **** 

UNIVERSAL CORPORATION UVV 4,500 

UNOVA, 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 7,500 

U.S. FREIGHTWAYS CORPORATION (USFC) TFQ 7,500 

U.S. INDUSTRIES, INC. USI 7,500 

US OFFICE PRODUCTS COMPANY (OFIS) OFQ ***** 

U.S. ROBOTICS, INC. (USRX) VUZ ***** 

US SATELLITE BROADCASTING CO., INC.(USSB) QUS 7,500 

USA NETWORKS, INC. (USAI) QTH ***** 

USA WASTE SERVICES, INC. UW 25,000 

USCS INTERNATIONAL, INC. (USCS) QSK 7,500 * 

USG CORP. USG 7,500 

UST INC. UST 25,000 * * * 

USWEB CORPORATION (USWB) QWB 20,000 

VAIL RESORTS, INC. MTN 7,500 * 

VALASSIS COMMUNICATIONS, INC. VCI 7,500 

VALENCE TECHNOLOGY, INC. (VLNC) VHQ 7,500 

VANGUARD CELLULAR SYSTEMS (VCELA) VCQ 10,500 

VANS, INC. (VANS) VQG 7,500 

VANSTAR CORP. VST 10,500 * * 

VANTIVE CORP. (VNTV) QTZ 10.500 

VEECO INSTRUMENTS, INC. (VECO) QVC 7,500 

ERIFONE, INC. (VFI) VVX ***** 

VERILINK CORP. (VRLK) QWQ 7,500 * 

VERITAS SOFTWARE CORPORATION (VRTS) VUQ ***** 

VERITY, INC. (VRTY) YQV 7,500 

VERSANT OBJECT TECHNOLOGY CORP. (VSNT) VQK 7,500 * 

VERTEL CORPORATION (VRTL) QXD 10,500 * * 

V.F. CORPORATION VFC 7,500 

VIACOM INC. B (VIAB) VMB 25,000 

VIASOFT, INC. (VIAS) QVV 25,000 

VIATEL, INC. (VYTL) VQL 4,500 

VICOR CORP. (VICR) VIQ 7,500 

VIDEOSERVER, INC. (VSVR) UFQ 7,500 * 

VIMPEL-COMMUNICATIONS ADR VIP 4,500 

VITESSE SEMICONDUCTOR 

CORPORATION (VTSS) VQT ***** 

VITRO SOCIEDAD AMOMINA ADR VTO 10,500 * * 

VLASIC FOODS INTERNATIONAL, INC. VL 7,500 

VLSI TECHNOLOGY, INC. (VLSI) VLQ 25,000 

VODAFONE GROUP PLC VOD 10,500 * * 

VOLVO AB-ADR (VOLVY) VQY 7,500 

VTEL CORPORATION (VTEL) VQE 7,500 

WABASH NATIONAL CORPORATION WNC 4,500 

WACKENHUT CORRECTIONS CORP. WHC 4,500 

WALL DATA INC. (WALL) WLQ 4,500 

WAL-MART STORES INC. WMT 25,000



WALT DISNEY COMPANY (THE) DIS ***** 

WANG LABORATORIES, INC. (WANG) WQA 10,500 

WASTE MANAGEMENT INT’L PLC WME 4,500 

WATSON PHARMACEUTICALS INC. WPI 10,500 

WEATHERFORD ENTERRA, INC (WII) WIV ***** 

WEBSTER FINANCIAL CORPORATION (WBST) QBN 4,500 

WELLMAN INC. WLM 4,500 

WELLPOINT HEALTH NETWORKS INC. WLP 10,500 

WESLEY JESSEN VISIONCARE, INC. (WJCO) JQJ 7,500 

WESTELL TECHNOLOGIES, INC. (WSTL) QLW 10,500 * * 

WESTERN ATLAS, INC. WAI 10,500 

WESTERNBANK PUERTO RICO (WBPR) QHB 7,500 * 

WESTERN NATIONAL CORP. (WNH) NHW 7,500 

WESTERN RESOURCES, INC. WR 7,500 

WESTPOINT STEVENS INC. (WPSN) WQQ ***** 

WET SEAL, INC. (WTSLA) UUQ 7,500 

WEYERHAEUSER CO. WY 10,500 

WHX CORPORATION HOLDING CO. WHX 7,500 * 

WHIRLPOOL CORP. WHR 10,500 * * 

WHITMAN CORPORATION WH ***** 

WHITMAN-HART, INC. (WHIT) WMQ 7,500 

WILD OATS MARKETS, INC. (OATS) QOQ 7,500 

WILLAMETTE INDUSTRIES INC. WLL 7,500 

WILLIAMS COMPANIES WMB 25,000 

WILLIAM-SONOMA, INC. WSM ***** 

WINN-DIXIE STORES INC. WIN 7,500 

WINNEBAGO INDUSTRIES, INC. WGO 4,500 

UNDERLYING STOCK SYBOL POSITION 

WINSTAR COMUNICATION, INC. (WCII) WQS 25,000 

WIRELESS TELECOM GROUP, INC. WTT 4,500 

WISCONSIN CENTRAL TRANSPORATION 

CORPORATION (WCLX) WQC 10,500 

WISCONSIN ENERGY CORPORATION WEC 7,500 

WITCO CORPORATION WIT 7,500 

WORLD ACCESS CORP. (WAXS) WXQ 20,000 

WORLD COLOR PRESS, INC. WRC 4,500 

WYMAN-GORDON (WYMN) WQY 10,500 * * 

XEROX CORP. XRX 25,000 

XILINX INC. (XLNX) XLQ 25,000 

XIRCOM INC. (XIRC) XQR 20,000 * * * 

XYLAN CORP. (XYLN) YXQ 25,000 

YAHOO! INC. (YHOO) YHQ 25,000 

YORK INTERNATIONAL CORPORATION YRK 7,500 

YOUNG BROADCASTING INC. CL. A. (YBTVA) YQD 4,500 

YPF SOCIEDAD ANONIMA YPF 25,000 

YURIE SYSTEMS, INC. (YURI) YQI 10,500 

ZALE CORP. ZLC 7,500 * 

ZAPATA CORPORATION ZAP 7,500 

ZEBRA TECHNOLOGIES CORP. (ZBRA) ZBQ 7,500 * 

ZENECA GROUP PLC ADS ZEN 7,500 

ZILA, INC. (ZILA) QWC 4,500 

ZITEL 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 4,500 

CONTRACTS EFFECTIVE THE DATES AS NOTED BELOW: 

EFFECTIVE DATE 

CLASS FOR 4,500 LIMIT 

ALV 11/21/98 

AND 2/20/99 

AVQ 1/16/99 

AVX 2/20/99 

BDI 1/16/99 

BFR 1/16/99 

BQE 1/16/99 

BQK 2/20/99 

BTY 1/16/99 

CGO 1/16/99 

CHL 3/20/99 

CQO 2/20/99 

CQX 1/16/99 

CRK 2/20/99 

CWP 2/20/99 

DGX 8/22/98 

DK 1/16/99 

DQB 2/20/99 

FLH 1/16/99 

FLS 2/20/99 

FMS 2/20/99 

FQH 3/20/99 

GAL 2/20/99 

GDC t 

GET 9/19/98 

GQF 3/20/99 

GY 3/20/99 

H 2/20/99 

HQR 3/20/99 

HPK 3/20/99 

ING 1/16/99 

IQB 3/20/99 

LFB 3/20/99 

LQX 1/16/99 

LVA 2/20/99 

MJQ 2/20/99 

MK 8/22/98 

MQM 1/16/99 

MTN 9/19/98 

NEV 1/16/99 

NFS 1/16/99 

NQA 9/19/98 

NQR 2/20/99 

OEQ 1/16/99 

OMM 1/16/99 

CLASS 

OMQ 

EFFECTIVE DATE 

FOR 4,500 LIMIT 

2/20/99 

OQT 8/22/98 

PQD 3/20/99 

PQY 1/16/99 

QAZ 1/16/99 

QEA 2/20/99 

QEB 1/16/99 

QHB 1/16/99 

QHH 1/16/99 

QIF 2/20/99 

QII 3/20/99 

QIK t 

QIP 3/20/99 

QNA 3/20/99 

QOC t 

QQE 2/20/99 

QSK 1/16/99 

QUA 3/20/99 

QUB 2/20/99 

QWQ 1/16/99 

SC 2/20/99 

SFY 1/16/99 

TCO 3/20/99 

TQB 1/16/99 

TQN 2/20/99 

TQZ 2/20/99 

TSG 2/20/99 

UBS 9/19/98 

UFQ 1/16/99 

UNA 3/20/99 

UNT 9/19/99 

UQQ 1/16/99 

VQK 2/20/99 

WFR 1/22/00 

WHX 1/16/99 

WQG 3/20/99 

XNQ 1/16/99 

XXQ 1/16/99 

YLQ 8/22/98 

YQZ 1/16/99 

YWQ 3/20/99 

ZBQ 8/22/98 

ZQU 8/22/98 

ZLC 8/22/98 

**LIMITS FOR THESE CLASSES WILL BE DECREASED 

TO 7,500 CONTRACTS EFFECTIVE THE DATES AS 

NOTED BELOW: 

CLASS EFFECTIVE 

DATE FOR 7,500 LIMIT 

AAM 3/20/99 

ASD 1/16/99 

BBC 3/20/99 

BBK 3/20/99 

BGP 8/22/98 

BKS 1/16/99 

BQJ 3/20/99 

BRS 1/16/99 

BXQ 2/20/99 

CEN 2/20/99 

CMH 8/22/98 

CVD 8/22/98 

CWP 8/22/98 

DPQ 1/16/99 

DQH t 

EIQ 1/16/99 

EOQ 3/20/99 

ESA 9/19/98 

EQK 3/20/99 

ERQ 1/16/99 

EXQ 8/22/98 

FAM 9/19/98 

FQF 1/16/99 

GLC 1/16/99 

GND 8/22/98 

GQD 3/20/99 

GR 2/20/99 

GTR 1/16/99 

HIG 3/20/99 

HMY 2/20/99 

HQO 1/16/99 

ICA 1/16/99 

IO 2/20/99 

IRF 3/20/99 

IWQ 2/20/99 

IXQ 3/20/99 

JTQ 8/22/98 

KQE 1/16/99 

LPQ 1/20/01 


DATE FOR 7,500 LIMIT 

MCH 9/19/98 

MKG 1/16/99 

MQE 1/20/01 

NUE 1/16/99 

OO 2/20/99 

OQC t 

OVQ 1/16/99 

PHL 9/19/98 

POT 1/16/99 

PZL 1/16/99 

QBB 2/20/99 

QCS 2/20/99 

QCY 1/20/01 

QEM 2/20/99 

QHO 1/16/99 

QLW 2/20/99 

QOT 1/16/99 

QRD 3/20/99 

QSY t 

QTC 1/16/99 

QXD t 

RL 1/16/99 

SEQ 1/20/01 

SEW 1/16/99 

SGE 1/16/99 

SQR 3/20/99 

TOM 1/20/01 

TRB 2/20/99 

TUP 1/16/99 

UBB 1/16/99 

UQT 2/20/99 

UWW 8/22/98 

VOD 1/16/99 

VST 8/22/98 

VTO 2/20/99 

WHR 3/20/99 

WQY 3/20/99 

XQT t 

YAQ 1/16/99


***LIMITS FOR THESE CLASSES WILL BE DECREASED TO 

10,500 CONTRACTS EFFECTIVE THE DATES AS NOTED 

BELOW: 


DATE FOR 

10,500 LIMIT 

AAM 9/19/98 

AVP 1/22/00 

BLQ 1/22/00 

CQE 8/22/98 

DAL 1/16/99 

DOW 1/22/00 

DQC 2/20/99 

FLR 1/16/99 

GQA 2/19/99 

HTQ 1/16/99 

IQP 2/20/99 

IQX 9/19/98 

JQM 3/20/99 

KQS 1/16/99 

LPQ 1/22/00 

LQS 3/20/99 

LQT 3/20/99 

MAY 9/19/98 

MMQ 1/22/00 


DATE FOR 

10,500 LIMIT 

MQE 1/16/99 

OFQ 2/20/99 

OQC 8/22/98 

QCY 1/22/00 

RQS 1/16/99 

RYA 2/20/99 

SOI 1/20/01 

TAN 1/16/99 

TAR 1/20/01 

TV 1/22/00 

TVQ 9/19/98 

UST 8/22/98 

UTQ 8/22/98 

VQQ 3/20/99 

VQS 2/20/99 

XQR 9/19/98 

YUM 1/16/99 

****LIMITS FOR THESE CLASSES WILL BE DE- 

CREASED TO 20,000 CONTRACTS EFFECTIVE THE 

DATES AS NOTED BELOW: 


DATE FOR 

20,000 LIMIT 

CCE 2/20/99 

CIQ 1/20/01 

CL 1/20/01 

CQG 2/20/99 

DOW 1/16/99 

DQC 8/22/98 

GQM 3/20/99 

GW 1/16/99 

HOU 3/20/99 

IKN 1/22/00 

LQS 9/19/98 

OMX 9/19/98 

PWQ 3/20/99 

SEQ 1/22/00 

TAR 1/22/00 

UQB 1/20/01 

UTX 1/20/01 

VQS 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 AND 

DISTRIBUTION EX-DATE POSITION LIMIT LIMIT THEREAFTER 

DATE LIMIT 

AC 2-for-1 4/3/98 9,000 Contracts 10/17/98 7,500 Contracts 

AIG/VAF/LAJ/ 

VXE/LVJ 3-for-2 7/28/97 3,750.000 Shares 1/22/00 25,000 Contracts of AIG 

AIT/VHO/LHT 2-for-1 1/27/98 50,000 Contracts 1/22/00 25,000 Contracts 

ALL/LZL/ZZL 2-for-1 7/2/98 50,000 Contracts 1/20/01 25,000 Contracts 

ALT/OUY Merger 3/25/98 2,404,500 Shares 11/21/98 10,500 Contracts of ALT 

AN/VAQ/LAQ 2-for-1 4/29/98 50,000 Contracts 1/22/00 25,000 Contracts 

AOL/VAN/LOL 2-for-1 3/17/98 50,000 Contracts 1/22/00 25,000 Contracts 

APC 2-for-1 7/2/98 15,000 Contracts 2/20/99 7,500 Contracts 

AQU/ABU 3-for-2 5/11/98 1,125,000 Shares 11/21/98 10,500 Contracts 

ARC/VFR/LFR 2-for-1 6/16/97 40,000 Contracts 1/22/00 25,000 Contracts 

BA/WBO/VBO 2-for-1 6/9/97 50,000 Contracts 1/16/99 25,000 Contracts 

BAC/VBA/LBA 2-for-1 6/17/97 50,000 Contracts 1/22/00 25,000 Contracts 

BAX/GNW Merger 5/4/98 32,500 Contracts 10/17/98 25,000 Contracts of BAX 

BCQ 2-for-1 5/18/98 50,000 Contracts 11/21/98 25,000 Contracts 

BEL/LEU/ZLE 2-for-1 6/30/98 50,000 Contracts 1/20/01 25,000 Contracts 

BLC 2-for-1 6/8/98 9,000 Contracts 11/21/98 7,500 Contracts 

BQB/BZB 3-for-2 3/23/98 1,125,000 Shares 10/17/98 7,500 Contracts 

BQX Stock Distribution 6/29/98 25,000 Contracts 1/16/99 25,000 Contracts 

CCN/CXN 3% Stock Dividend 3/18/98 463,500 Shares 10/17/98 4,500 Contracts of CCN 

CD/VFS/LFZ 

VUC/LUL Merger 12/17/97 9,750,000 Shares 1/16/99 8,500,000 Shares 

1/22/00 25,000 Contracts of CD 

CGP 2-for-1 7/2/98 15,000 Contracts 12/19/98 7,500 Contracts 

CI 3-for-1 5/18/98 22,500 Contracts 1/16/99 10,500 Contracts 

CIQ/WCI/VHR 4-for-1 8/5/96 42,000 Contracts 1/16/99 25,000**** Contracts of CIG 

CNC/UNG/VJS/LLG Merger 7/1/98 4,775,000 Shares 1/22/00 25,000 of CNC 

CQM/QOZ/NWY/NZS 3-for-2 6/1/98 3,750,000 Shares 12/19/98 25,000 Contracts of CQM 

CPB/VLL/LLL/ 

ZCP/VXL/ULL Stock Distribution 3/31/98 25,000 Contracts 1/22/00 25,000 Contracts of CPB 

CTC/VDT/LTD/VXD Rights Offering 6/3/98 4,462,500 ADSs 1/16/99 10,500 Contracts 

CVC 2-for-1 3/31/98 9,000 Contracts 9/19/98 7,500 Contracts 

CYQ/VYC/LCY/CYZ/ 

VYV/LYL 3-for-2 12/17/97 3,750,000 Shares 1/22/00 25,000 Contracts 

DAI/DAU Cash Distribution 5/22/98 10,500 Contracts 10/17/98 10,500 Contracts of DAI 

DD/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 1/20/01 

DFQ 3-for-1 6/3/98 13,500 Contracts 11/21/98 10,500 Contracts 

DIS/LWD/ZDS 3-for-1 7/10/98 75,000 Contracts 1/20/01 25,000 Contracts 

DLJ 2-for-1 5/12/98 9,000 Contracts 10/17/98 7,500 Contracts 

ECL 2-for-1 1/16/98 15,000 Contracts 7/18/98 7,500 Contracts 

EMC/VUE/LUE 2-for-1 11/18/97 50,000 Contracts 1/22/00 25,000 Contracts 

EQL 2-for-1 6/24/98 50,000 Contracts 2/20/99 25,000 Contracts 

EQN 2-for-1 4/20/98 21,000 Contracts 12/19/98 10,500 Contracts 

EVI/WIV Merger 5/28/98 35,000 Contracts 12/19/98 25,000 Contracts of EVI 

F/VFO/LFO/ 

FZ/VFV/LFV Rights Distribution 4/8/98 25,000 Contracts 1/22/00 25,000 Contracts of F 

FQB/FXB 3-for-2 2/25/98 1,575,000 Shares 9/19/98 10,500 Contracts 

FQW/FWW 3-for-2 3/13/98 750,000 Shares 10/17/98 7,500 Contracts of FQW 

FRX 2-for-1 3/26/98 15,000 Contracts 11/21/98 10,500 Contracts 

GCN/GZZ 3-for-2 5/15/98 750,000 Shares 11/21/98 7,500 Contracts 

GD 2-for-1 4/3/98 15,000 Contracts 11/21/98 10,500 Contracts 

GLK/GDZ Stock Distribution 5/26/98 7,500 Contracts 12/19/98 7,500 Contracts 

GM/LGM/VGN/LGZ Stock Distribution 12/19/97 25,000 Contracts 1/22/00 25,000 Contracts of GM 

GNW/BAX Merger 5/4/98 32,500 Contracts 10/17/98 25,000 Contracts of BAX 

GPS/VGS/LGS/ 

VWS/LYP 3-for-2 12/23/97 3,750,000 Shares 1/22/00 25,000 Contracts 

GPT 2-for-1 3/5/98 9,000 Contracts 10/17/98 7,500 Contracts 

GSB/GVB Rights Distribution 6/1/98 10,500 Contracts 1/16/99 10,500 Contracts of GSB 

HAL/VHW 2-for-1 7/22/97 50,000 Contracts 1/16/99 25,000 Contracts 

HIG 2-for-1 7/16/98 21,000 Contracts 12/19/98 10,500** Contracts




DATE LIMIT 

HQB/HZB 10% Stock Dividend 7/13/98 1,155,000 Shares 1/16/99 10,500 Contracts of HQB 

HLQ 2-for-1 6/24/98 21,000 Contracts 8/22/98 

2/20/99 

10,500 Contracts 

15,000 Contracts 

HOT/IZT/VLA Merger 2/24/98 4,900,000 Shares 1/16/99 25,000 Contracts of HOT 

HWP/VVX Merger 6/26/97 32,500 Contracts 1/22/00 25,000 Contracts of HWP 

IBM/VIB/LIB 2-for-1 5/28/97 50,000 Contracts 1/22/00 25,000 Contracts 

ICN/IVN 3-for-2 3/17/98 1,575,000 Shares 9/19/98 10,500 Contracts 

IMO 2-for-1 5/27/98 9,000 Contracts 11/21/98 7,500 Contracts 

IOM 2-for-1 12/23/97 50,000 Contracts 8/22/98 25,000 Contracts 

IQL 2-for-1 3/2/98 15,000 Contracts 10/17/98 10,500 Contracts 

IZT/VZU/HOT Merger 2/24/98 4,900,000 Shares 1/16/99 10,500 Contracts of HOT 

JNY 2-for-1 6/26/98 21,000 Contracts 2/20/99 10,500 Contracts 

JZQ/JZZ 3-for-2 5/5/98 1,125,000 Shares 11/21/98 10,500 Contracts 

KOZ/PRH 

KRB/VUK/LXK/ 

Merger 12/19/97 15,000 Contracts 8/22/98 7,500 Contracts of PRH 

VKX/VZK 3-for-2 10/2/97 4,500,000 Shares 1/16/99 25,000 Contracts 

KSS 2-for-1 4/28/98 15,000 Contracts 10/17/98 10,500 Contracts 

LCQ/YLC 3-for-2 1/28/98 675,000 Shares 9/19/98 4,500 Contracts 

LCZ/QWA 

LTD/VLD/LLD/TDU/ 

Merger 6/8/98 5,400,000 Shares 12/19/98 25,000 Contracts of QWA 

VUD/LDX Stock Distribution 6/2/98 25,000 Contracts 1/22/00 25,000 Contracts of LTD 

LVQ/LWQ 3-for-2 5/22/98 2,500,000 Shares 11/21/98 25,000 Contracts 

LU/VEU/LUN 

LUV/VUV/LOV 

2-for-1 4/2/98 50,000 Contracts 1/22/00 25,000 Contracts of LU 

LZY/VUY/LVW 3-for-2 11/28/97 3,000.000 Shares 1/22/00 25,000 Contracts of LUV 

MER/VME/LME 2-for-1 6/2/97 50,000 Contracts 1/16/99 

40,000 Contracts 1/22/00 25,000 Contracts 

MFQ 2-for-1 5/8/98 50,000 Contracts 10/17/98 25,000 Contracts 

MHQ 

MMM/WMU/ 

2-for-1 3/17/98 21,000 Contracts 8/22/98 10,500 Contracts 

VMU/VMV Stock Distribution 7/16/96 25,000 Contracts 1/16/99 25,000 Contracts of MMM 

MOB/VML/LML 

MTC/VM/LCT/ 

2-for-1 6/25/97 50,000 Contracts 2/19/00 25,000 Contracts 

VZV/LYC Stock Distribution 9/13/97 25,000 Contracts 1/22/00 25,000 Contracts of MTC 

NKA/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 Shares 

11/21/98 10,500 Contracts 

OEI/UMZ Merger 3/30/98 1,725,000 Shares 10/17/98 10,500 Contracts of OEI 

OFQ/QFZ 1-for-4 6/10/98 25,000 Contracts 11/21/98 25,000*** Contracts of OFQ 

OMM/OMV Stock Distribution 6/18/98 7,500 Contracts 1/16/99 7,500* Contracts of OMM 

ORG/OZG 5-for-4 4/30/98 1,050,000 Shares 10/17/98 10,500 Contracts 

ORQ/VOR/LRO/ 

VZR/LRZ 3-for-2 8/18/97 3,750,000 Shares 1/22/00 25,000 Contracts of ORQ 

OUY/ALT Merger 3/25/98 2,404,500 Shares 11/21/98 10,500 Contracts of ALT 

PEP/VP/LPP/ 

VPR/LDV Stock Distribution 10/7/97 25,000 Contracts 1/22/00 25,000 Contracts 

PGO 2-for-1 ADR 6/25/98 21,000 Contracts 8/22/98 9,000 Contracts 

2/20/99 4,500 Contracts 

PRH/KOZ Merger 12/19/97 15,000 Contracts 8/22/98 7,500 Contracts of PRH 

QAG 2-for-1 3/10/98 15,000 Contracts 8/22/98 10,500 Contracts 

QAH/QZH 3-for-2 7/20/98 1,125,000 Shares 1/16/99 7,500 Contracts of QAH 

QDA/QXA 3-for-2 2/18/98 675,000 Shares 9/19/98 4,500 Contracts of QDA 

QEB/QXB 5% Stock Dividend 4/23/98 787,500 Shares 10/17/98 7,500* Contracts of QEB 

QIQ/QIZ 3-for-2 4/6/97 1,125,000 Shares 11/21/98 10,500 Contracts of QIQ 

QQR/QUR 3-for-2 6/5/98 675,000 Shares 1/16/99 4,500 Contracts of QQR 

QRI/RIU 3-for-2 1/16/98 1,125,000 Shares 8/22/98 10,500 Contracts 

QTH 2-for-1 3/27/98 21,000 Contracts 10/17/98 10.500 Contracts 

QTQ 2-for-1 7/2/98 9,000 Contracts 1/16/99 4,500 Contracts 

QVS/QSZ 5-for-4 6/15/98 1,125,000 Shares 12/19/98 7,500 Contracts of QVS 

QWA/LCZ Merger 6/8/98 5,400,000 Shares 12/19/98 25,000 Contracts of QWA 

QZT/SGQ Merger 5/20/98 41,000 Contracts 11/21/98 40,000 Contracts 

1/16/99 25,000 Contracts of SGQ 

RAL/BLW 3-for-1 7/16/98 22,500 Contracts 4/18/98 7,500 Contracts of RAL 

RGQ/RGZ 3-for-2 7/14/98 675,000 Shares 12/19/98 4,500 Contracts of RGQ




RQC/LYD/ZYD 2-for-1 ADR Split 5/22/98 50,000 Contracts 1/22/00 25,000 Contracts of RQC 

RQW 2-for-1 5/1/98 15,000 Contracts 10/17/98 10,500 Contracts 

SCH/VYS/LWS/ 

VZY/LWZ 3-for-2 9/16/97 2,000,000 Shares 1/22/00 20,000 Contracts 

SFE/SGZ Rights Distribution 2/26/98 4,500 Contracts 8/22/98 4,500 Contracts 

SGQ/QZT Merger 5/20/98 41,000 Contracts 11/21/98 40,000 Contracts 

1/16/99 25,000 Contracts of SGQ 

SLB/VWY/LYS 2-for-1 7/14/97 50,000 Contracts 1/22/00 25,000 Contracts 

SLM/VRM/LOS/SLZ/ 

VZL/LYM 7-for-2 1/5/98 2,625,000 Shares 1/22/00 25,000 Contracts 

SNV/SVV 3-for-2 5/22/98 1,575,000 Shares 11/21/98 10,500 Contracts 

STK/VSK/LSK 2-for-1 6/29/98 40,000 Contracts 1/16/99 21,000 Contracts 

1/22/00 10,500 Contracts 

SWY/VYW/LYN 2-for-1 2/26/96 40,000 Contracts 1/22/00 25,000 Contracts 

TJX 2-for-1 6/26/98 50,000 Contracts 1/16/99 25,000 Contracts 

TRP/TZP Stock Distribution 7/13/98 4,500 Contracts 12/19/98 4,500 Contracts of TRP 

TXN/VXT/LTN 2-for-1 11/24/97 50,000 Contracts 1/22/00 25,000 Contracts 

UMZ/OEI Merger 3/30/98 1,725,000 Shares 10/17/98 7,500 Contracts of OEI 

UNG/VJS/LLG/CNC Merger 7/1/98 4,775,000 Shares 1/22/00 25,000 Contracts of CNC 

USB 3-for-1 5/19/98 60,000 Contracts 12/19/98 25,000 Contracts 

VFZ/LFZ/CD 

VUC/LUL Merger 12/17/97 9,750,000 Shares 1/16/99 8,500,000 Shares 

1/22/00 25,000 Contracts of CD 

VQT 2-for-1 5/27/98 40,000 Contracts 1/16/99 25,000 Contracts 

VUQ/VUX 3-for-2 5/21/98 1,575,000 Shares 11/21/98 10,500 Contracts 

VUZ/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 HWP 

WH/WZH Stock Distribution 1/30/98 10,500 Contracts 9/19/98 10,500 Contracts of WH 

XQH 2-for-1 4/16/98 15,000 Contracts 9/19/98 10,500 Contracts 

WIV/EVI Merger 5/28/98 35,000 Contracts 12/19/98 20,000 Contracts of EVI 

WQQ 2-for-1 3/3/98 15,000 Contracts 9/19/98 4,500 Contracts 

WSM 2-for-1 5/18/98 21,000 Contracts 11/21/98 10,500 Contracts XSQ/XYQ3for-2 

2/23/98 3,750,000 Shares 9/19/98 25,000 Contracts of XSQ YVQ 2for-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/ 

CPO/OAX#/ OCX#/OLX# 

150,000 100,000 

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

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

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

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

100,000 

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##/ 

VRU##(RLS@@) 

50,000 30,000 

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 

Company 

NFT(NMS@@) 50,000 30,000 

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

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

Lipper/Salomon Growth & Income 

Funds 

LIO 75,000 50,000 

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


Narrowed-Based Index Type Option Symbol Standard Contract Limit 

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, the 

Russell 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.


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.WS 

Japan 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 to 

a fax machine, please call the CBOE FaxLine at 1-800-OPTIONS, choose option “4” and then option “1”. Please have your fax number and the 

corresponding FaxLine document number ready. The FaxLine number is listed adjacent to each circular. To receive a list of all available documents, use 

the FaxLine number 000. You may also access the Research Circulars on our Web Site at http://www.cboe.com Questions regarding any of the 

information 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. 880 

July 6, 1998 

Huntington Bancshares Incorporated (“HBAN/HQB”) 10% Common Stock Dividend 

Ex-Distribution Date: July 13, 1998 


July 2, 1998 

New 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) 


July 2, 1998 

Diamond Offshore Drilling, Inc. (“DO/VDC/LXE”) 1999 LEAPS Symbol to Change from “VDC” to “VDT” 

Effective Date: July 7, 1998 


July 6, 1998 

Hartford Financial Services Group, Inc. (“HIG”) 2-for-1 Stock Split 



July 6, 1998 

Progress Software Corporation (“PRGS/RGQ”) 3-for-2 Stock Split 



July 6, 1998 

Ralston-Ralston Purina Group (“RAL & adj. BLW”) 3-for-1 Stock Split 



July 7, 1998 

TransCanada PipeLines Limited (“TRP”) Distribution of Shares of NOVA Corporation (New) (“NCX”) 



July 8, 1998 

U.S. Office Products Company (“OFISD/OFQ & adj. QFZ”) Underlying Symbol Change to “OFIS” 



July 8, 1998 

New Listings: Rhodia SA ADR (“RHA”) 

Viatel, Inc. (“VYTL/VQL”) 


July 9, 1998 

Orbital Sciences Corporation (“ORBI/OQB”) Stock and Option Symbol Change to “ORB” 



July 9, 1998 

New LEAPS® Listing: Solectron Corporation (“SLR”) — LOP & ZSR 


July 9, 1998 

New Listings: Earthlink Network, Inc. (“ELNK/QKL”) 

Nova Corporation (“NCX”)

July 17, 1998 Volume RB9, Number 14 

Regulatory 

Circulars 

Regulatory 

Bulletin 

The Constitution and Rules of the Chicago Board Options Exchange, (Incorporated (“Exchange”), 

in certain specific instances, require the Exchange to provide notice to the 

membership. The Regulatory Bulletin is delivered to all individual members and nominees 

of member organizations twice a month to satisfy this requirement. 

Regulatory Circular RG98-74 


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 Warrants 

Expiring * , 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 increases, 

if any, in the 1998 Ten + Index, a diversified basket of equity securities which will 

contain between 15 and 20 common stocks (which may be ADR’s, or ordinary shares of 

foreign stock). The specific equity securities will be selected and announced prior to 

trading. 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 immediately 

preceding expiration. All in-the-money Warrants not exercised will be automatically exercised 

on the expiration date. 

As more fully detailed in the Prospectus, the Cash Settlement Value will equal the greater 

of (A) zero and (B) the product (rounded down to the nearest cent) of (i) the quotient 

obtained by dividing (x) the amount, if any, by which the Spot Index Value for the applicable 

Valuation Date exceeds the product of (a) .8 and (b) the Initial Index Value by (y) the 

Initial Index Value and (ii) $10. The Initial Index Value will be set at the close of the market 

on the 21st Trading Day following issuance of the Warrants and will remain constant 

throughout the term of the Warrants. The Valuation Date will be the first Business Day 

after the Exercise Date, except in the case of an Extraordinary Event or a Market Disruption 

Event, as more fully described in the Prospectus. 

________________________________________ 

The purpose of this Circular is to provide basic information to Members and Member Organizations 

regarding a proposed new issue of Call Warrants on the 1998 Ten + SM Index and to advise of certain 

compliance responsibilities when handling transactions in the Warrants. This is not a sales document and 

is not intended to be distributed to customers. Warrants can only be sold to investors whose accounts 

have 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.

Regulatory Circulars 

continued 

Regulatory Circular RG98-74 continued 

SM 

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 will 

calculate a notional portfolio of stocks representing an investment of $10,000 in each component 

security (rounded to the nearest whole share). The first Index value will be computed 

by taking the sum of the assigned number of shares of each of the underlying stocks 

and dividing that number by a divisor to provide a benchmark value of $100.00. For cash 

settlement 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 of 

certain types of corporate actions such as the payment of a dividend (other than an ordinary 

cash dividend), a stock distribution, stock split, reverse stock split, reorganization, recapitalization, 

or other such event. The number of shares of each underlying stock may also be 

adjusted by the CBOE, if necessary, in the event of a merger, consolidation, dissolution, or 

liquidation or in certain other events such as the distribution of property or nationalization of 

a foreign issuer. Shares of an underlying stock may be replaced (or supplemented) by the 

CBOE with another security only under certain limited circumstances. No attempt will be 

made to find a replacement stock or to otherwise compensate for an underlying stock that 

is extinguished due to bankruptcy or similar circumstances. 

OTHER IMPORTANT INFORMATION: 

• Calculation of the Cash Settlement Value may be postponed and possibly made 

under an alternative formula due to an “Extraordinary Event” or a “Market Disruption 

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 right 

to specify that such Warrants are not to be exercised if the Index Spot Price on 

the applicable Valuation Date is * or more points lower than the most recent 

closing 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 of 

Warrants exercisable by or on behalf of any person or entity, either individually or 

in 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 ordinary 

shares or ADR’s. There are certain risks involved in investing in these types of 

securities 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 Warrants 

expiring worthless if the Spot Index Value is less than or equal to 80% of the 

Initial Index Value. Thus, prospective purchasers of the Warrants should recognize 

that their Warrants may expire worthless and should be prepared to sustain 

a total loss of their investment. 

• The Warrants will not be exercisable at the time of their initial public offering. The 

Cash Settlement Value of the Warrants at any time prior to their expiration is 

expected 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 reflect, 

among other things, a “time value” for the Warrants. 

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continued 

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14 


• Investment decisions relating to the Warrants, require the investor to predict the 

direction of movements of the stocks underlying the Index as well as the amount 

and 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 of 

the Index, the price of the Warrants will tend to decrease over time and will have no 

value after the time for exercise has expired. 

• A Warrantholder will not be able to determine, at the time of exercise, the Index 

Spot Price that will be used in calculating the Cash Settlement Value. In addition, 

the Valuation Date for exercised Warrants may be postponed upon the occurrence 

and continuation of an Extraordinary Event or a Market Disruption Event. 

• The trading value of a Warrant is expected to be dependent upon the relationship 

between the Initial Index Value and the Spot Index Value at such time as well as a 

number of complex interrelated factors, including the level of the Index, the volatility 

of the Index, the time remaining to the expiration, and the dividend rate on the 

stocks comprising the Index. 

• It is not possible to predict how the Warrants will trade in the secondary market or 

whether 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 the 

liquidity. In addition, the Issuer or one or more of its affiliates or the Underwriters 

may from time to time purchase Warrants resulting in a decrease in the liquidity of 

the 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 the 

equity trading markets on which the underlying stocks are traded. 

The foregoing information is excerpted from the Prospectus, and the Exchange assumes no 

responsibility for the accuracy or completeness of such information. Members and associated 

persons of member organizations are advised to read the entire Prospectus for information 

relating to the Warrants. 

REGULATORY CONSIDERATIONS 

The Warrants involve a high degree of risk and are not for everyone. It is important that 

investors 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 have 

been approved for options trading pursuant to CBOE Rule 9. 7. Attention is also directed to 

CBOE Rule 9.9 which is applicable to recommendations concerning transactions in the 

Warrants. Further, the requirements of CBOE Rules 9.10, (“Discretionary Accounts”) and 

9.21 (“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 the 

underlying value, less out-of-the-money dollar amount, if any, to a minimum of 10% of the 

Index Value. A long Warrant position must be paid for in full. Straddles will be permitted for 

call and put Warrants covering the same underlying value. Members should be aware that 

the special characteristics of Warrants (e.g., the necessity of borrowing to make delivery on 

short sales, the issuer credit risk associated with long warrants, and pricing differences 

RB3 

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continued 


between Warrants and Options) may cause these margin requirements to be insufficient to 

fully cover the risk of positions in the Warrants in certain circumstances. Members must 

be 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. Members 

must be approved by application submitted to the Membership Committee pursuant to 

Exchange Rule 30.2 to participate in the trading on the Exchange of securities subject to 

the rules of Chapter XXX. 

POSITION LIMITS 

Pursuant to Exchange Rule 30.35 (a) the applicable position and exercise limit is 15 million 

Warrants on the same side of the market in aggregate of all warrants issued on the 1998 

Ten + SM Index. 

REPORTABLE POSITIONS 

Pursuant to Exchange Rules 4.13 (a) and 30.35 (d), each member shall file a report with the 

Department of Market Regulation identifying those customer accounts with an aggregate 

position in excess of 100,000 Warrants overlying the same stock index. Copies of the 

reporting form are available in the Department of Market Regulation. 

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14 

* * * * 

Questions regarding suitability of customer transactions in these Warrants should be directed 

to Larry Bresnahan (312) 786-7713 and questions regarding marginability should be 

directed to Jim Adams (312) 786-7718. General product questions should be directed to 

Nick 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%) BELOW 

PREVIOUS DAY’S SETTLEMENT 

Limit comes into effect: On CME 

opening (8:30 a.m.). 

Trading halt: For 2 minutes if the offer 

is at limit 10 minutes after limit is reached 

or at 2:30 p.m. 

Limit no longer in effect: After the 

2 minute halt or, if no halt, 10 minutes 

after the limit is reached or otherwise at 

2:30 p.m. 

55 POINTS (5%) BELOW 


Limit comes into effect: After the 27 

point (2.5%) limit. 

Trading halt: For 2 minutes if the offer is 

at limit 10 minutes after limit is reached or 

at 2:30 p.m. 

Limit no longer in effect: After the 

2 minute halt or, if no halt, 10 minutes 

after the limit is reached or otherwise at 

2:30 p.m. 




point (5%) limit or at 2:30 p.m. 

Trading halts (Normal Limits): Trading 

will halt for the following time periods if 

the futures contract is limit offered under 

the following circumstances: 

During an NYSE trading halt: Until 

NYSE ends its trading halt and 50% 

of the underlying stocks (capitalization 

weighted) have resumed trading. 

After 1:30 p.m., if no NYSE trading 

halt is declared: For 2 minutes if the 

contract is limit offered 10 minutes 

after the limit is reached. 

Limit no longer in effect (Normal 

Limits): After a mandated futures 

trading halt. 

(Continued on back) 


(supersedes Regulatory Circular RG98-51) 

INTER-EXCHANGE PROCEDURES IN VOLATILE MARKETS 

FOR THIRD QUARTER 1998 

When S&P 500 futures contract reaches 

12 points below previous day’s close: 

Side Car restrictions on program trading and 

stop 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 ® component 

stocks must be entered with buy-minus 

(or sell-plus) instruction until the advance 

or decline returns to within 25 points from 

previous day's close. 

None required; discretionary actions include 

trading halts in individual stocks. 

900 DJIA POINTS (10%) 

BELOW PREVIOUS DAY'S 

CLOSING VALUE 

Trading halts: Trading in all stocks halts 

for the following time periods when the 

DJIA reaches this value at the following 

times: 

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 

As of July 1, 1998 

None required. 

None required. 


PREVIOUS DAY'S SETTLEMENT 

Limit comes into effect: On CBOT 

opening (7:20 a.m.). 

Trading halt: If the futures contract is 

limit offered during an NYSE trading halt, 

futures trading will halt until NYSE ends its 

trading halt and 50% of the underlying 

stocks (capitalization weighted) have 

resumed trading. 

Limit no longer in effect: After futures 

trading has resumed following an NYSE 

trading halt or at 1:30 p.m. 

None required because of CME or CBOT 

limit or NYSE actions; discretionary actions 

include, trading halts and suspensions. 

Except on the last business day before 

expiration, CBOE normally will restrict 

exercise of American style, cash settled 

index options during any trading halt. 

CBOE may restrict exercise in equity 

options (other than during the 10 business 

days before expiration), but it normally will 

not do so because of trading halts. 

None required; discretionary actions 

include trading halts and suspensions 

(with the exercise restrictions described 

above). 

Because CME or CBOT limit is reached: 

None required; discretionary action include 

trading halts and suspensions (with 

the exercise restrictions described above). 

Because NYSE declares floor-wide 

circuit breaker halt: Trading in all 

securities halted during NYSE circuit 

breaker halt (with the exercise 

restrictions described above). 

(OVER) 

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 discretion 

of 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, this 

circular 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 to 

Chapter 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)


As of 7/1/98 

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



(CONTINUED) 

(See front) 

Trading halts on a day after the futures 

contract was limit offered at the 220 

point (20%) level (Second Day Limits): 

Trading will halt: 

During an NYSE trading halt 

(regardless whether the futures 

contract is limit offered): Until 

NYSE ends its trading halt and 50% of 

the underlying stocks (capitalization 

weighted) have resumed trading. 

If no NYSE trading halt is declared: 

For 2 minutes if the contract is limit 

offered 10 minutes after the limit is 

reached or at 2:30 p.m. 

Limit no longer in effect (Second Day 

Limits): After a mandated futures trading 

halt or, if no halt, 10 minutes after the 

limit is reached or otherwise at 2:30 p.m. 




point (10%) limit. 

Limit remains in effect for the remainder 

of the trading day. 

Trading halt: 

(Normal Limits): If the futures 

contract is limit offered during an 

NYSE trading halt. 

(Second Day Limits): If there is an 

NYSE trading halt, regardless whether 

the futures contract is limit offered. 

Trading will resume when NYSE ends its 




Settlement value will not be less than the 

limit value, regardless of the value of the 

cash index. 

The 220 point (20%) limit remains in 

effect. 

Settlement value will not be less than the 

limit value, regardless of the value of the 

cash index. 

INTER-EXCHANGE PROCEDURES IN VOLATILE MARKETS 

(continued) 



CLOSING VALUE 

(CONTINUED) 



(CONTINUED) 

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



CLOSING VALUE 

Trading halts: Trading in all stocks halts 

for the following time periods when the 

DJIA reaches this value at the following 

times: 

Before 12:00 p.m.: for two hours 

From 12:00 p.m. but before 1:00 

p.m.: for one hour 

From and after 1:00 p.m.: for the 

remainder of the day 



CLOSING VALUE 

Trading halts and does not reopen for the 

day. 




point (10%) limit or at 1:30 p.m. 

Trading halt: If the futures contract is 

limit offered during an NYSE trading halt, 

futures trading will halt until NYSE ends its 




Limit no longer in effect: After futures 

trading has resumed following an NYSE 

trading halt. 

2650 POINTS (30%) 


SETTLEMENT 


point (20%) limit. 

Limit remains in effect for the remainder of 

the trading day. 

Trading halt: Trading shall halt for the rest 

of the day if the futures contract is limit 

offered at any time during the trading day 

and the NYSE declares a trading halt for 

the rest of the trading day. 

For more information on the inter-exchange procedures in volatile markets 

or on CBOE options products, 

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

Because CME or CBOT limit is 

reached: None required; discretionary 

actions include trading halts and 

suspensions (with the exercise 


Because NYSE declares a floor wide 

circuit breaker halt: Trading in all 

CBOE securities halted during NYSE 

circuit breaker halt (with the exercise 


If NYSE declares floor wide trading 

halt for the remainder of the day: 

CBOE halts trading for the remainder of 

the day (with the exercise restrictions 

described above). 

Because CBOT limit is reached: None 

required; discretionary actions include 

trading halts and suspensions (with the 

exercise restrictions described above).


continued 

JJ 

Jul JJ 


14 

Regulatory Circular RG 98-76 


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 and 

Exchange Commission on June 23, 1998. The filing codified in Rule 6.53 what is the current 

practice, namely that a stop is triggered when an option contract reaches a specified price 

on the CBOE floor. That is, the stop is triggered when the option contract trades or is bid at 

or above the stop price on the CBOE floor (in the case of a buy order) or trades or is offered 

at 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 Mullins 

at (312) 786-7433. 



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 present 

policy which reduces the minimum participation rights of DPMs, the Modified Trading System 

(MTS) Appointments Committee has reviewed the average daily volume of those option 

classes 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 of 

participation that a DPM may assert in transactions which occur at his principal bid or offer 

will be as follows: 

Average Daily Volume Over Participation Right During 

Previous Calendar Quarter Next Calendar Quarter 

Up to 2500 contracts 40% per trade 

From 2501 to 5000 contracts 30% per trade 

Over 5000 contracts No guaranteed participation 

Based upon the average daily contract volume during the calendar quarter 

ending June 30, 1998, all DPM assigned classes which are not multiply traded 

will be treated according to the above schedule. Therefore, pursuant to the 

above schedule for the 3rd Quarter of 1998, the following is a listing of those 

option classes where a DPM has a participation right other than 40%. 

Class Participation Right 

Bay Networks, Inc. (BAY) No guaranteed participation 

Oracle Corporation (ORQ) No guaranteed participation 

Mellon Bank (MEL) No guaranteed participation 

Baan Company NV (BQF) 30% 

Russell 2000 Index (RUT) 30% 

Samsonite Corporation (QDS) 30% 

United States Filter Corporation (USF) 30% 

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Rule Changes, 

Interpretations and 

Policies continued 

Disciplinary 

Decisions 


The MTS Committee has determined to maintain all multiply traded option classes 

at 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. 

At its June 24, 1998 meeting, the Business Conduct Committee (“BCC”) resolved the 

following disciplinary matters by accepting six offers of settlement wherein the respondents 

consented to stipulations of facts and findings as detailed below without admitting or denying 

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 to 

exercise 20 OEX Jul 625 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 (greater than the $ .99 per 

share earnings predicted by analysts). Intel was a component of the OEX option class with 

a 2.85% weighting at the time. (CBOE Rule 11.1.) 

File No. 98-0008 (Offer of Settlement) First Marathon America, Inc., an Exchange member 

organization, was fined $75,000 for the following conduct. On July 16, 1996, at approximately 

3:23 p.m. (Central Time), First Marathon submitted an advice to the Exchange 

indicating 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 share 

earnings predicted by analysts. Intel was a component of the OEX option class with a 

2.85% weighting at the time. In determining the sanction in this matter, the Committee 

considered the number of option contracts exercised. (CBOE Rule 11.1.) 

File No. 98-0010 (Offer of Settlement) Donald Finkelman, an Exchange market-maker, was 

admonished 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 increased 

or established positions in his market-maker account while Finkelman was not 

present on the trading floor of the Exchange. Finkelman failed to execute in person, and 

not through the use of orders, at least 80% of his total transactions. As a result, the 35 

opening option orders were not eligible to be effected in a market-maker account from off 

the trading floor. Finkelman received specialist exempt credit for margin purposes for these 

option transactions. In accepting the Offer of Settlement, the Committee considered certain 

mitigating factors, including that Finkelman initiated only a small number of orders from 

off of the Exchange trading floor during a single quarter, and that Finkelman may have had 

reason to believe at the time he entered the orders from off the floor that he was in compliance 

with the in-person trading requirements of Exchange Rule 8.7 and Interpretation and 

Policy .03B thereunder. (CBOE Rules 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) Richard Macht, a former Registered Representative 

of Prudential Securities Incorporated (“Prudential”), an Exchange member organization, 

was censured and barred for six consecutive months from Exchange membership and from 

association 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 public 

customer (“Customer A”) on a discretionary basis without prior written authorization from 

the customer and written approval by Prudential. On or about January 17, 1997, Macht 

effected 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 

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14

Disciplinary 

Decisions continued 

JJ 

Jul JJ 


14 

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

Apr 45 USS call option contracts in the account of Customer A. (CBOE Rules 4.1 and 

9.10(a).) 

File No. 98-0013 (Offer of Settlement) H&P Trading Limited Partnership, an Exchange 

member organization; Jeffrey L. Klein, a market-maker and a nominee of H&P Trading; and 

David Hansen, the Managing Partner of H&P Trading, were each censured and jointly and 

severally fined $7,500 for the following conduct. Klein and/or Hansen initiated and entered 

numerous option orders that increased or established positions in Klein’s market-maker 

account from off of the Exchange trading floor with Exchange floor broker members. The 

execution of these orders resulted in transactions representing numerous option contracts 

which Klein allowed to be cleared into Klein’s market-maker account. In accepting the 

Offer of Settlement, the Committee considered certain mitigating factors, including that the 

Respondents as Joint Back Office participants, did not receive any inappropriate margin 

benefit in connection with the transactions described above. Additionally, the transactions 

described above were directly related to the market-maker transactions and were done for 

the purpose of hedging and risk reduction in the market-maker account. (CBOE Rules 4.1 

and 8.1.) 

File No. 98-0014 (Offer of Settlement) Equimax Partners, L.P., a former Exchange member 

organization; Brian Patton, an Exchange market-maker and former nominee of Equimax; 

and Robert Frame, the General Partner of Equimax, were each censured and jointly and 

severally fined $7,500 for the following conduct. During the third quarter of 1996, Patton 

initiated numerous option orders resulting in numerous transactions that increased or established 

positions in his market-maker account while Patton was not present on the 

trading floor of the Exchange. As a result, Patton and Equimax received specialist exempt 

credit for margin purposes for these option transactions. In addition, Frame, who was not 

registered with the Exchange as a market-maker, initiated and entered numerous option 

orders from off of the Exchange trading floor on behalf of Patton’s market-maker account 

with Exchange floor broker members. The execution of these orders resulted in transactions 

representing numerous option contracts which Patton allowed to be cleared into 

Patton’s market-maker account when Patton did not initiate or approve these orders. As a 

result of the transactions clearing into Patton’s market-maker account, these transactions 

received preferential market-maker haircut and specialist exempt credit for margin purposes. 

In accepting the Offer of Settlement, the Committee considered certain mitigating 

factors, including that the Respondents had sufficient equity in the partnership’s marketmaker 

account to have margined the transactions referred to above and Patton’s in person 

trading percentage. Additionally, the transactions described above occurred during one 

quarter, directly related to market-maker transactions and were done for the purpose of 

hedging 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.) 

RB3 

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Exchange Bulletin - CBOE

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