(MS-40) SWITCH OF GUARANTEE

Member Services
Notice No. MS-40
June 6, 2001

COMMODITY EXCHANGE, INC.

SWITCH OF GUARANTEE

Please be advised that effective immediately, June 6, 2001, Jeremy Lont
(LONT-6194) will no longer be guaranteed by Sterling Commodities Corp.
However, Mr. Lont will remain a member guaranteed by FC Stone, LLC.

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 June 6, 2001, must be submitted to
the Corporate Secretary's Office within ten (10) days.

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

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