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[da_cheif]

CBOE, CBSX, & CFE Press Releases FOR IMMEDIATE RELEASE CBOE Futures Exchange (CFE) Announces Changes to VIX and VXD Contract Specifications Chicago IL - March 26, 2007 - The CBOE Futures Exchange (CFE) is rescaling the CBOE Volatility Index (VIX) and the CBOE DIJA Volatility Index (VXD) futures contracts in order to bring the traded futures contract prices in line with the underlying index values published by the Chicago Board Options Exchange (CBOE). The rescaling will not change the dollar value of the VIX and VXD futures contracts, and it will not change the dollar value of each tick. The rescaling will be effective beginning today, March 26, 2007 and will apply to all VIX and VXD futures contracts. Specifically, the rescaling will apply to all then existing VIX and VXD futures contracts, including those contracts first listed for trading on or before March 26, 2007, and will also apply to all future VIX and VXD futures contracts that are first listed for trading after March 26, 2007. CFE will rescale VIX and VXD futures contracts in two ways, as reflected in the example below. First, CFE will divide the VIX and VXD futures contracts by 10, thereby eliminating the Increased Value VIX (VBI) associated with VIX futures and the Increased Value VXD (DVB) associated with VXD futures. Instead of using VBI and DVB, CFE will base VIX and VXD futures contracts directly on the underlying index value. Second, CFE will increase the current multiplier for the VIX and VXD futures contracts from $100 to $1,000. As a result, the traded futures price will be reduced by a factor of ten and the minimum tick will be reduced from $0.10 to 0.01 index point, but the dollar value of both will remain the same

[J.Bilkins]

go figure.....GS must have some underwater VIX options or something... Paulson copmmented a few days before the crash down 400 point day about people paying too much attention to the VIX. He said they were "vixated".... "They don't need to burn the books they just remove em'". Zack Delaroca 5 ego points to the person who can guess the next index to be changed or some other mechanism that shatters the other person on the other side of the Golden Sacks trade.... I guess housing but not sure exactly what since those subprime meltdown folks have been squacking for 6 years!! They should at the least give a 30 day notice.