VIX FUTURES - CBOE FUTURES EXCHANGE
FUTURES ONLY POSITIONS AS OF 01/18/05                         |
--------------------------------------------------------------| NONREPORTABLE
      NON-COMMERCIAL      |   COMMERCIAL    |      TOTAL      |   POSITIONS
--------------------------|-----------------|-----------------|-----------------
  LONG  | SHORT  |SPREADS |  LONG  | SHORT  |  LONG  | SHORT  |  LONG  | SHORT
--------------------------------------------------------------------------------
($100 X VBI)                                         OPEN INTEREST:       10,406
COMMITMENTS
   4,724    1,269      248    3,413    8,367    8,385    9,884    2,021      522

CHANGES FROM 01/11/05 (CHANGE IN OPEN INTEREST:        482)
     -89     -145        3    1,138    1,258    1,052    1,116     -570     -634

PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADERS
    45.4     12.2      2.4     32.8     80.4     80.6     95.0     19.4      5.0

NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS:       27)
      15        5        3        4        6       21       13
 

Updated January 21, 2005