Member Services
        Notice No. 00-85
        February 7, 2001

COMMODITY EXCHANGE, INC.

SWITCH OF GUARANTEE

Please be advised that effective with the close of Business February 6, 2001, 
Robert Schaffer (RAS-7160) will no longer be guaranteed by Spear, Leeds, & 
Kellogg.  However, Mr. Schaffer will remain a member guaranteed by Sterling 
Commodities Corporation.

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 February 6, 2001, must be submitted 
to the Corporate Secretary,s Office within the (10) days.

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



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