preliminary assessment of fundamental and market factors affecting the crude oil market. The ITF’s Interim Report on Crude Oil studied fundamental supply and demand factors and the roles of various market participants, and it found that fundamental supply and demand factors provide the best explanation for the recent crude oil price increases.

The CFTC formed the Task Force in June 2008 to evaluate developments in commodity markets, in particular investor practices and fundamental supply and demand factors. The Task Force is composed of staff members from the Departments of Agriculture, Energy and the Treasury, the Board of Governors of the Federal Reserve, the Federal Trade Commission, and the Securities and Exchange Commission. Given the importance and timeliness of their research efforts in the crude oil market, the ITF is issuing an interim staff report limited to the crude oil market.

“The recent upward surge in the price of crude oil has significantly affected American consumers and businesses,” said CFTC Chief Economist Jeffrey Harris, who chairs the Task Force. “This staff report reflects the collective knowledge of some of our government’s best economists. Each of the participating agencies brings unique expertise to the Task Force, and this Interim Report, for the first time, attempts to compile the government’s best available information and analysis into one report. We hope that it will serve as a useful resource concerning the crude oil market and will contribute to the public discussion of important energy market issues.”

The ITF continues to evaluate conditions in the commodity markets and will report further on its work later this year. The CFTC expresses appreciation to the participating agencies for their efforts in connection with the Interim Report and for their continued work on these issues.

leading index declined for an eighth consecutive month as large negative contributions from new orders in investment goods industries and the consumer confidence index more than outweighed the positive contribution of the stock price index in May. Since November, the leading index has declined by 4.3 percent (about a -8.5 percent annual rate), well below the -0.2 percent annual rate of decline for the previous six months from May to November 2007. Additionally, the weaknesses among the leading indicators have remained very widespread in recent months.

-- The coincident index, a measure of current economic activity, declined in May, the second time in the last three months, as both industrial production and manufacturing sales made large negative contributions. Between November 2007 and May 2008, the coincident index increased by 0.7 percent (about a 1.5 percent annual rate), the same as the growth rate for the previous six months, but the index is essentially at the same level as January 2008. In addition, the strengths among the coincident indicators have been more widespread than the weaknesses in recent months.

-- Since its July 2007 peak, the leading index has been on a sharp downward trend, declining by 5.5 percent during this period. At the same time, the coincident index has been flat since the beginning of 2008 after growing at a steady pace throughout 2007. Although real GDP growth picked up in the first quarter to a 6.3 percent annual rate (up from a 1.9 percent average annual rate during the second half of 2007), the recent behavior of the composite indexes, taken together, suggests that the recent rapid economic growth is not likely to persist, and that risks for economic weakness going forward continue to increase.

LEADING INDICATORS. Three of the seven components in the leading index increased in May. The positive contributors to the leading index -- in order from the largest positive contributor to the smallest -- are stock prices, inventory change series, and gross enterprises and properties income. The negative contributors -- in order from largest to smallest -- are new orders in investment goods industries, consumer confidence, new residential construction orders and yield spread.

With the 1.0 percent decrease in May, the leading index now stands at 94.7 (1990=100). Based on revised data, this index declined 0.5 percent in April and declined 0.7 percent in March. During the six-month span through May, the leading index decreased 4.3 percent, with one of the seven components increasing (diffusion index, six-month span equals 14.3 percent).

COINCIDENT INDICATORS. Two of the four components that make up the coincident index increased in May. The positive contributors to the coincident index were retail trade and employed persons. Industrial production and manufacturing sales declined in May.

With the 0.3 percent decrease in May, the coincident index now stands at 110.7 (1990=100). Based on revised data, this index increased 0.3 percent in April and decreased 0.3 percent in March. During the six-month period through May, the coincident index increased 0.7 percent, with three of the four components increasing (diffusion index, six-month span equals 75.0 percent).

Website: http://www.conference-board.org/economics/bci/

April 2007. The indices measure the change in commercial real estate prices by property sector and geographic region in the United States. The S&P/GRA Commercial Real Estate Indices comprise ten commercial real estate indices: a national composite, five geographic regions, and four national property sectors.

The table below summarizes the results for April. More than 14 years of monthly history for these data series is available and can be accessed in full by going to www.spcrex.standardandpoors.com.

                         April 2008   April/March  March/February   1-Year

   Index                     Level      Change(%)      Change(%)    Change(%)

   Apartments               144.26       -2.3%           0.0%         5.7%

   Office                   146.80        0.5%           0.1%         0.3%

   Retail                   161.61       -0.2%           0.3%         2.1%

   Warehouse                162.23        0.2%           0.9%         4.8%

   Desert Mountain West     153.06        0.5%           1.0%        -0.2%

   Mid Atlantic South       150.44       -2.2%          -0.1%         1.9%

   Midwest                  133.93        1.3%           0.7%         4.6%

   Northeast                144.90        0.3%          -1.4%         0.8%

   Pacific West             162.05       -2.6%           1.7%         6.9%

   National                 149.29       -0.9%           0.1%         3.1%

   Source: Standard & Poor's

   Data through April 2008

The National composite reported an annual price appreciation of +3.1%, versus April of 2007, down from the +5.1% reported in March's data, a further deceleration from this cycle's peak of +14.5%, reported in June of 2006. The five regions reported mixed results. Three of the regions reported positive monthly returns, while two regions reported negative returns. The National composite was negative, down 0.9% in April versus March. After reporting the highest return in the March/February period, +1.7%, the Pacific West reported the largest price decline in the April/March period, -2.6%. This return was the lowest monthly return in the series history. The Midwest performed the best during the April/March period, +1.3%. Over the past 12 months, the Pacific West has the highest return of +6.9%.

In the property sector, two of the four sectors reported positive returns over the April/March period. Office reported the biggest gain for the one- month period, +0.5%, and Apartments, while down 2.3% for the month, reported the highest annual return, +5.7%. Office has the lowest returns over the past year, returning +0.3%.

"The year-over year growth in the National price index continues to slow, reflecting concerns about the economy and developments in residential real estate," says David Blitzer, Managing Director and Chairman of the Index Committee at Standard & Poor's. "Overall, the results for commercial real estate were slightly negative for the month. Only one of the regions and property sectors, the Midwest, saw acceleration in annual returns compared to last month's reported data. The National Index was down, returning -0.9% for the April/March Period. Two of the regions, the Pacific West and Mid Atlantic South, and one of the property sectors, Apartments, were down more than 2% over the month. Only the Midwest was up more than +1%, returning +1.3%. On the positive side, for the one-year period only the Desert Mountain West is showing a negative return, down 0.2%."

The S&P/GRA Commercial Real Estate Indices are published on the second to last Tuesday of each month at 9:00 am ET. They are calculated to reflect underlying real estate and capital market fundamentals by measuring the change in commercial real estate prices by property sector and geographic region. Reported index values are based on a three-month rolling average transaction price per square foot, and are computed using a stock value, or market capitalization-weighted, methodology. This approach utilizes average transaction prices per square foot and commercial real estate stock data to derive index levels.

To be eligible for inclusion, property sales must be identified as closed transactions in the defined commercial real estate regions and sectors. Closed commercial transactions are those where the escrow has closed and the title has been transferred to the new owner. There are no transactions included in the index that are appraisals, just listed, sales pending, or in escrow.

The indices are maintained and published under agreements between Standard & Poor's and GRA/Charles Schwab Investment Management (CSIM).

period ending June 30, 2008, according to data in the Northern Trust Universe. The Northern Trust Universe represents the performance results of more than 300 large institutional investment plans, with a combined asset value of approximately $700 billion, which subscribe to Northern Trust performance measurement services.

"Most plan types reported another down quarter," said Craig Tome, product manager, Northern Trust Investment Risk & Analytical Services. "However, despite the volatility of the markets, plan sponsors outperformed their benchmarks across most asset segments."

Within the Northern Trust Universe, both Corporate and Public Funds plans posted median returns of -0.7% for the quarter while Foundations & Endowment plans performed slightly better with a median return of -0.1%. For one year, Corporate and Public Funds reported median returns of -5.1% and -4.3%, respectively. Foundations and Endowments outperformed their counterparts, posting a median return of -3.1% for this same period.

"Higher allocations to fixed income appeared to benefit Corporate and Public Funds plans over a one year time period, while Foundations & Endowments continued to receive a boost from higher allocations to private equities," said Tome.

For the one-year period ending June 30, 2008, the Northern Trust Fixed Income program universe posted a median return of 6.4%, while the Private Equity program universe attained a median return of 11.4%. In that same period, equity programs were down, from -12.3% for the U.S. Equity program universe to -8.3% for the International Equity program universe.

Over longer periods, Foundations and Endowment plans had three- and five-year median returns of 7.5% and 10.2%. During this same period, Public Fund plans returned 7.2% and 9.4%, while Corporate plans returned 7.2%, and 9.6%, respectively.

exchange, today announced it has obtained committed financing to support its acquisition of NYMEX Holdings, Inc.  The committed financing takes the form of a $3.2 billion bridge financing facility with Bank of America and UBS.  In addition, Standard & Poor's has assigned CME Group an "AA" rating on its long-term counterparty credit rating, and S&P and Moody's reaffirmed the company's short-term credit ratings of A-1+ and P-1, respectively.  These ratings take into account the effects of the NYMEX transaction.

"We are pleased to have secured committed bank financing for our important NYMEX transaction," said CME Group Chief Financial Officer Jamie Parisi.

"Although general credit market conditions remain weak, our ability to secure financing and receive such a strong credit rating demonstrates market support of our acquisition as well as confidence in our overall business performance."

The financing from Bank of America and UBS will be equal with 50 percent

($1.6 billion) coming from each bank.

CME Group and NYMEX have previously announced that they expect their pending transaction to close in the third quarter of 2008, subject to NYMEX member and shareholder approval, CME Group shareholder approval and customary closing conditions.  NYMEX shareholders and members and CME Group shareholders will vote on the transaction on August 18, 2008.

/PRNewswire-FirstCall/ -- CME Group Inc. (NASDAQ: CME) today reported total revenues increased 71 percent to $563 million and net income increased 60 percent to $201 million for second-quarter 2008 compared with second-quarter 2007.  Diluted earnings per share rose 3 percent to $3.67. The 2008 GAAP results reflect the operations of both Chicago Mercantile Exchange (CME) and Board of Trade of the City of Chicago (CBOT) and include: $6.7 million of CBOT merger-related operating expenses consisting of restructuring charges, integration and legal costs, and the acceleration of depreciation related to CBOT data centers; $13.2 million of costs related primarily to changes in the fair value of the company's FX hedge associated with its investment in BM&FBOVESPA SA; and a $3.6 million increase to non-operating expenses associated with the guarantee for holders of the Chicago Board Options Exchange (CBOE) exercise right privilege (ERP).

The GAAP results for 2007 reflect the operations of CME only.

Pro forma non-GAAP diluted earnings per share in the second quarter were $3.93, a 12 percent increase versus second-quarter 2007.  Pro forma results for second-quarter 2008 exclude the items listed above related to the CBOT merger, BM&FBOVESPA SA and the CBOE ERP guarantee.  Pro forma non-GAAP revenues increased 10 percent to $563 million and net income increased 11 percent to $215 million for second-quarter 2008 compared with second-quarter 2007.  The pro forma comparative results for 2007 reflect the operating results of both CME and CBOT as if they were combined.  Pro forma measures do not replace and are not a substitute for GAAP financial results.  They are provided to improve overall understanding of current financial performance and to provide a meaningful comparison with prior periods.  A full reconciliation of these pro forma results is included in the attached tables.

"CME Group's product diversity helps customers mitigate risks across a wide array of asset classes, which is especially important in a challenging economy," said CME Group Executive Chairman Terry Duffy.  "We have seen record quarterly volumes in our foreign exchange and commodities product lines, and view current market conditions for interest rates as a cyclical slowdown rather than a long-term issue.  We have a number of new interest rate and treasury products in the pipeline -- including cleared swaps and inter-commodity spreads -- and continue to innovate within all our product lines as we extend distribution and enhance speed and functionality.  We also continue to expand globally, and are on schedule to launch order routing from CME Group to BM&FBOVESPA, the largest exchange in Latin America, in September."

"The increased revenues and earnings posted by CME Group reflect the strength and stability of our business model and the continued success of our global growth plan," said CME Chief Executive Officer Craig Donohue.  "We serve our expanding base of customers through the growth of new products that build on our core business and also through multiple non-core initiatives that strengthen our position in the exchange space.  Going forward, for example, our proposed NYMEX transaction will enable us to diversify into energy and metals markets as well as expand into over-the-counter markets.  In addition to new trading opportunities, our customers will benefit from the potential for significant cost savings and streamlined operations.  We are confident in the value this transaction represents for shareholders of both companies and in the opportunity it provides for capitalizing on the global growth trend in derivatives."

All references to volume and rate per contract information in the text of this document exclude our non-traditional TRAKRS products, for which CME Group receives significantly lower clearing fees than other CME Group products, CME Group Auction Markets products, which were available to trade prior to July 2007, and Swapstream products.

Minister of Economy, Finance and Employment, Christine Lagarde and the Brazilian Ambassador to France, Mr José Mauricio Bustani.

Based in Rio de Janeiro , Brazil , Vale is already listed on the São Paulo Stock Exchange - BOVESPA and on the NYSE. Vale is the third (tbc) NYSE-listed company to seek a cross-market listing on NYSE Euronext in Europe, using the convenient, cost-effective fast-path process, which relies on existing U.S. registration documents for its European listing.

3,256,724,482 ordinary American Depository Shares (ADS) - 1 common ADS representing 1 common share issued by Vale - and 2,083,919,199 preferred ADSs – 1 preferred ADS representing 1 preferred share - were admitted onto Euronext Paris.

Vale’s ordinary and preferred ADSs are listed under the ticker symbols “VALE3” and “VALE5” respectively.

“We welcome Companhia Vale do Rio Doce to NYSE Euronext’s European markets”, said Jean François Théodore, Deputy CEO of NYSE Euronext. “The cross-listing of such major international companies demonstrates the advantages NYSE Euronext offers: of being able to list and trade  in both the world’s major currencies, the dollar and the euro, and gain unmatched access to investors across continents and multiple time-zones..”

Background about Cross-Listingon NYSE Euronext European markets:

NYSE Euronext is the first and only exchange group to offer a truly global cross-market listing, trading and visibility platform, providing cost-effective, convenient access to liquidity and investors in the U.S. and in Europe .

NYSE Euronext is the first exchange group to offer companies ability to trade and raise capital in $ and EUR, and reach investors and constituents directly across continents and multiple time-zones, regions and countries.

will be suspended prior to the opening on Monday, July 28, 2008. PFF Bancorp, Inc. (the “Company”) has advised the NYSE that it expects the stock to commence trading on the OTC Bulletin Board on the same day.

The Company had previously announced on July 15, 2008, that it had determined to move the trading of its common stock to the OTC Bulletin Board, in anticipation of the likelihood that it would not meet, in the near-term, the NYSE listing standard regarding total market value.

As anticipated, the Company has now fallen below the NYSE continued listing standard regarding average global aggregate market value of its stock over a consecutive 30 trading day period of not less than $25 million, which is viewed as a minimum threshold for continued listing.  

The Company’s application to the U.S. Securities and Exchange Commission to delist the issue from the NYSE is pending the completion of applicable procedures. The NYSE noted that it may, at any time, suspend a security if it believes that continued dealings in the security on the NYSE are not advisable.

decline in May, and a 0.1 percent increase in April.

Says Ken Goldstein, Labor Economist at The Conference Board: "The domestic economy is showing no sign of strength. The Leading Index started to signal slow growth last spring, and the Coincident Index has been flat to declining since last fall. The deep financial crisis, a prolonged, intense slump in housing, high gasoline and food prices, weak consumer confidence and a weak dollar are all combining to produce unrelenting downward pressure on economic activity. This is also why it wouldn't take much to push the economy so that it's even weaker in the second half of 2008."

The Conference Board reports that the Coincident Index increased 0.1 percent in June, following a 0.1 percent decline in May, and no change in April. The Lagging Index declined 0.3 percent in June, following a 0.2 percent decline in May, and a 0.1 percent decline in April.

-- The leading index declined for the second consecutive month in June, and May's small increase was revised down to a small decline as a result of data revisions in average work week in manufacturing and manufacturers' new orders for consumer goods and materials. Real money supply, stock prices and weekly initial claims made very large negative contributions to the index in June, more than offsetting positive contributions from building permits, the interest rate spread and supplier deliveries. The decline in the leading index has moderated somewhat, and the six-month change in the index has picked up to -0.9 percent (a -1.7 percent annual rate) in June, up from -1.7 percent (a -3.4 percent annual rate) at the end of the first quarter. However, the weaknesses among the leading indicators continue to be widespread.

-- The coincident index increased slightly in June, following a small decline in May. Industrial production contributed positively to the index this month, while employment has continued to decline. During the six-month period from December to June, the coincident index decreased 0.3 percent (a -0.6 percent annual rate), in line with the six-month change at the end of the first quarter, while the strengths among its components have been balanced with the weaknesses. The lagging index declined again in June, and the coincident to lagging ratio increased for the second straight month.

-- After pausing in March and April, the leading index resumed declining in May and June. In addition, the weaknesses among its components have remained widespread over the past six months. Meanwhile, the coincident index, a measure of current economic activity, has been flat in recent months, and is slightly below its level at the start of the year. Real GDP growth has fallen sharply, to a 0.8 percent average annual rate for the first quarter of 2008 and the fourth quarter of 2007, down from an average annual rate of 4.4 percent for the previous two quarters. All in all, the behavior of the composite indexes suggests that the risks for further weakening in the economy in the near term remain elevated.

LEADING INDICATORS

Four of the ten indicators that make up the leading index increased in June. The positive contributors -- beginning with the largest positive contributor -- were building permits, interest rate spread, index of supplier deliveries (vendor performance), and manufacturers' new orders for consumer goods and materials*. The negative contributors -- beginning with the largest negative contributor -- were real money supply*, stock prices, average weekly initial claims for unemployment insurance (inverted), average weekly manufacturing hours, index of consumer expectations, and manufacturers' new orders for nondefense capital goods*.

The leading index now stands at 101.7 (2004=100). Based on revised data, this index decreased 0.2 percent in May and increased 0.1 percent in April. During the six-month span through June, the leading index decreased 0.9 percent, with three out of ten components advancing (diffusion index, six-month span equals 30 percent).

COINCIDENT INDICATORS

Three of the four indicators that make up the coincident index increased in June. The positive contributors to the index -- beginning with the largest positive contributor -- were industrial production, personal income less transfer payments*, and manufacturing and trade sales*. The negative contributor was employees on nonagricultural payrolls.

The coincident index now stands at 106.9 (2004=100). This index decreased 0.1 percent in May and remained unchanged in April. During the six-month period through June, the coincident index decreased 0.3 percent, with two out of four components advancing (diffusion index, six-month span equals 50 percent).

LAGGING INDICATORS

The lagging index stands at 111.5 (2004=100) in June, with one of the seven components advancing. The positive contributor to the index was the change in CPI for services. The negative contributors -- beginning with the largest negative contributor -- were commercial and industrial loans outstanding*, average duration of unemployment (inverted), change in labor cost per unit of output* and ratio of consumer installment credit to personal income*. The ratio of manufacturing and trade inventories to sales*, and average prime rate charged by banks* held steady in June. Based on revised data, the lagging index decreased 0.2 percent in May and decreased 0.1 percent in April.

DATA AVAILABILITY AND NOTES

The data series used by The Conference Board to compute the three composite indexes and reported in the tables in this release are those available "as of" 12 Noon on July 17, 2008. Some series are estimated as noted below.

* Series in the leading index that are based on The Conference Board estimates are manufacturers' new orders for consumer goods and materials, manufacturers' new orders for nondefense capital goods, and the personal consumption expenditure used to deflate the money supply. Series in the coincident index that are based on The Conference Board estimates are personal income less transfer payments and manufacturing and trade sales. Series in the lagging index that are based on The Conference Board estimates are inventories to sales ratio, consumer installment credit to income ratio, change in labor cost per unit of output, the consumer price index, and the personal consumption expenditure used to deflate commercial and industrial loans outstanding.

The procedure used to estimate the current month's personal consumption expenditure deflator (used in the calculation of real money supply and commercial and industrial loans outstanding) now incorporates the current month's consumer price index when it is available before the release of the U.S. Leading Economic Indicators.

2, 2008.  CME Cleared Swaps will offer the over-the-counter (OTC) interest rate market the first ever, centrally-cleared interest rate swap available to all market participants.

The exchange will provide clearing for the new product through CME Clearing's OTC clearing solution known as Clearing360™.

CME Cleared Swaps are standardized, forwarded starting International Monetary Market (IMM) dated swaps.  Maturities will initially range from three months to 10 years as well as Overnight Index Swaps for IMM dates.  The swaps will be marked to market daily by resetting the fixed rate to the settlement price.  As an OTC product, trades are privately negotiated between two counterparties and are then submitted for clearing.  Trades can be submitted either through CME Group's web-based Front-End Clearing System or using Swapstream's sPro™ trading platform.  Swapstream is a wholly-owned subsidiary of CME Group.

"CME Cleared Swaps will deliver significant benefits to the interest rate swap market by offering all market participants the post-trade efficiencies and financial safeguards previously only available in exchange-traded products," said Robin Ross, managing director, CME Group interest rate products.  "With CME Clearing as the central counterparty to every transaction, the counterparty risk inherent to bilateral OTC trades is substantially reduced.  Risk management is enhanced by immediate trade confirmations and neutral, third party mark to market.  The standardized product will broaden participation in the interest rate swap market by removing the need for ISDA master agreements and will create much-needed balance sheet efficiencies through automatic netting of positions."

CME Cleared Swaps will be available as both U.S. dollar denominated and euro denominated interest rate swaps.  The U.S. dollar denominated swap maturities will be based on fixed and floating quarterly payments.  The euro swap maturities will be based on fixed and floating semiannual payments.  For more information on CME Cleared Swaps please visit http://www.cmegroup.com/clearedswaps.