LOOSE CHANGE

LOOSE CHANGE

The Chicago Mercantile Exchange (CME) announces that beginning January 13, 1997 it will use British Bankers' Association (BBA) rates to settle its Eurodollar and Libor contracts. The CME petitioned the CFTC last September to use the BBA fixing rates after having determined that these rates would help their customers eliminate the settlement day basis risk between its Eurodollar futures and OTC Eurodollar swaps and forward agreements. The CME's decision stems from a survey of its major

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