(MS-80) SWITCH OF GUARANTEE

Notice No. MS-80
December 19, 2001

COMMODITY EXCHANGE, INC.

SWITCH OF GUARANTEE

Please be advised that effective with the open of business, December 18,
2001, Brian Beatty (BEA-7611) will no longer be guaranteed by F.C. Stone,
L.L.C. However, Mr. Beatty will remain a member guaranteed by Spear, Leeds,
& Kellogg.

In connection therewith, notification of any claims against the
aforementioned individual arising out of transactions executed on the
Exchange up to the close of business on December 17, 2001, must be submitted
to the Corporate Secretary's Office within (10) days of this notice.

Inquiries regarding the above should be directed to the Member Services
Department at 212-299-2370.