If you followed the Bb thread about the H15/M15 TR differential....
This change in contract specs is possibly an indication that there will be no rise in rates any time soon. A sign, if you will. (probably of higher spx, lol).
rather, it looks like a push to massage rates lower. that is, to "fill in" the M15 interval that has been widely discussed. allowing rates to maintain or go lower.
icd