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Position Limit Circular PL98-21






Position Limit Circular PL03-77

DATE:
September 5, 2003

TO:

Members and Member Organizations

FROM:
Department of Market Regulation

RE:
The Dow Jones Utility Average Index (DUX) Position and Exercise Limit will
be decreased to a Lower Tier Limit Effective September 22, 2003


Please be reminded that the position and exercise limit
1
for the Dow Jones Utility Average Index
(DUX) option class will be decreased to a lower tier limit with the September 2003 expiration.
Effective September 22, 2003, DUXs position and exercise limit will be 24,000 contracts
(2,400,000 shares) on the same side of the market.

The complete list of the applicable limits is available on the OCC website at www.theocc.com
under the "Market Data" tab and then under the Position Limit Data tab. The following two
reports are available on the OCC website: Daily Position Limit Report and Position Limit
Change Report.


1
Limits were previously reviewed in July 2003 and, at that time, the Dow Jones Utility Average Index option class was
not eligible to remain at its current tier limit.

C:\WINNT\Temporary Internet Files\OLK10\PL03-77 - DUX dec to a lower tier limit.doc