*** Early roll update -- heavy.......>

US TSY FUTURES: *** Early roll update -- heavy volume already. June takes lead

from March later in month (first notice February 28). Volumes still running

light, but expect a sharp increase this week. March future's staggered

expiration on March 20 for 10s, 30s and Ultras, and March 29 for 2s and 5s.

%complete as of Tuesday's close. Latest volume:

* TUH/TUM appr 184,700 from -3.88 to -3.50, -3.75 last; 23% complete

* FVH/FVM appr 445,200 from -4.75 to -4.00, -4.50 last; 14% complete

* TYH/TYM appr 270,900 from -10.50 to -9.75, -10.50 last; 12% complete

* USH/USM appr 22,800 from 19.75-20.25, 20.00 last; 6% complete

* WNH/WNM appr 54,100 from -1-7.75 to -1-6.5, -1-6.75 last; 13% complete