*** Note, more than one circuit......>

US TSY FUTURES: *** Note, more than one circuit breaker triggered on sharp rally

in Tsys overnight

- WNM around 1030ET Thu night when ultra bond climbed +3 handles (around

214-02), then again at +6 handles (217-02)in early London trade, and yet again

at +9 handles (220-02) more recently at 0437ET before long end hit all-time high

of 222-00 (+11-30/64) before retracing to 218-17 currently

- USM hit first +3 handle breaker at 176-21 around 0334ET, +6 handle breaker at

179-21 at 0444ET with futures retracing after 2 minute pause. TYM got close to

the first 2-handle breaker of 138-17 when it climbed to 138-04 at 0440ET before

retracing to 137-16.5 at moment.

- On breaker, extended trading hours (ETH) from 1800-0820ET, WN futures has a

3-handle limit (Level 1) when mkt halts for 2 minutes/matches for 2 minutes and

re-opens. During pause futures can trade lower but not higher. ETH level limits

rise in 3 handle increments to 12. Regular trading hours: RTH 0820-0800ET extend

limits: Level 1 up 9 handles. Link:

https://www.cmegroup.com/rulebook/files/special-price-fluctuation-limits.xlsx