News Release

CBOT Sets All-Time Records For ADV and Total Monthly Volume

Thu Jun 01 2006

For Immediate Release

Media Contact:                                                                                                 Investor Contact:
Craig Grabiner                                                                                                  Deborah Koopman
(312) 341-5758                                                                                                (312) 789-8532
news@cbot.com                                                                                              investorrelations@cbot.com

CBOT®SETS ALL-TIME RECORDS FOR AVERAGE DAILY VOLUME AND TOTAL MONTHLY VOLUME
Electronic Trading of Financial Options Reaches Monthly Volume Record

CHICAGO, IL, June 1, 2006 – The Chicago Board of Trade (CBOT), one of the world’s leading derivatives exchanges, today announced that average daily volume (ADV) reached a record 3,628,552 contracts in May, an increase of 18 percent compared with May 2005.  Total volume for the month also set a CBOT record, as 79,828,143 contracts changed hands.  The previous record, 70,495,317 contracts, was set in March 2006.

Last month, the Exchange saw an increase in electronic trading of Financial options contracts, which set monthly records for total volume (1,957,589 contracts) and ADV (88,981 contracts).  A record 20 percent of Financial options contracts were traded electronically at the CBOT in May versus six percent in May 2005.  The new volume highs within the Exchange’s Financial options complex contributed to additional e-cbot® volume records.  With an ADV of 2,558,094 contracts traded on its electronic trading platform in May, the CBOT set a record for total electronic trading volume – a ten percent increase compared with the previous electronic ADV record, set in February 2006.

CBOT Metals Volume Increases; Market Share Follows Suit

The 100-percent electronically-traded CBOT Metals complex captured a significant portion of the market last month.  The CBOT Gold complex had approximately 37 percent market share of listed Gold futures in North America, while the CBOT Silver complex had approximately 27 percent of listed Silver futures in North America.  ADV for the Metals complex was 67,798 contracts, a 61 percent increase over April 2006 and 24 times greater than May 2005.  ADV for Gold and Silver futures contracts increased by 25 times and 15 times, respectively, compared with the previous May.  The new CBOT Full-sized Gold options on futures contract had an ADV of 2,200 last month, more than three times greater than April 2006.

In May, daily Metals complex volume topped the 100,000 contract mark for the first time.  102,237 contracts changed hands on May 17, setting a new CBOT Metals volume record.  The CBOT Metals complex includes Full- (100 Oz.) and mini-sized (33 Oz.) Gold futures, Full- (5,000 Oz.) and mini-sized (1,000 Oz.) Silver futures and Full-sized Gold options on futures contracts.

Exchange’s Financial Complex Displays Growth at Both Ends of Yield Curve

The CBOT Financial complex grew in May, as ADV increased by 12 percent compared with May 2005.  In fact, with a complex-wide ADV of 2,962,899, volume in CBOT Financial futures and options increased at both the short end and the long end of the yield curve.  At the short end of the curve (30-Day Federal Funds futures and options, Two-Year U.S. Treasury Note futures and options), May ADV climbed to 305,902 contracts, an 80 percent increase over May 2005.  And on the long end of the curve (30-Year U.S. Treasury Bond futures and options, 10-Year Treasury Note futures and options), ADV was 2,021,526 contracts, up 13 percent compared with last May.

CBOT Two-Year Treasury Note futures had a successful May, as ADV improved to a record 213,222 contracts – a 94 percent increase over May 2005.  On May 30, 2006, Two-Year futures set a daily volume record with 661,406 contracts traded.  The previous record of 441,339 contracts was set February 26, 2006.

Strong Volume Totals Across CBOT Ag Complex

ADV in the Exchange’s Agricultural complex also grew last month.  With an ADV of 386,444 contracts during May, CBOT Ag futures were up 46 percent compared with last May, and 24 percent year-to-date over the same period in 2005.  Improved volume in the Exchange’s Ag complex was driven, in part, by strong performance in Wheat and Corn futures, which experienced ADV growth by 108 percent and 65 percent, respectively.

Mini-Sized Dow Futures Spur ADV Increase in CBOT Equity Index Complex

The CBOT Equity Index complex saw ADV increase to 126,964 contracts last month, 18 percent greater than May 2005.  Mini-sized Dow Jonessm futures had a successful month, as 2,569,422 contracts changed hands – a 25 percent increase over last May.  On May 24, 2006, mini-sized Dow Jones futures set a daily volume record.  The new record, 218,495 contracts, replaces the previous high mark of 195,084 contracts set on May 17, 2006.  

Key CBOT Announcements, May 2006

In May, the CBOT introduced daytime side-by-side trading for South American Soybean and Ethanol futures contracts.  The Exchange also announced the launch of Full-sized (1,000 Oz.) Silver options on futures contracts, and “Commodity News for Tomorrow,” a newsletter for market participants which offers market data from the CBOT and feature stories from Dow Jones Newswires.

CBOT Average Daily Volume

 

Product Group

May

2006

May

2005

Percent Change

YTD

2006

YTD

2005

Percent Change

Agricultural

470,836

328,052

44%

444,450

362,824

23%

Financial

2,962,899

2,640,189

12%

2,606,991

2,426,850

7%

Equity Indices

126,964

107,707

18%

116,593

110,832

5%

Metals, Energy and Other

67,852

2,877

2,258%

35,636

3,237

1,001%

TOTAL

3,628,552

3,078,825

18%

3,203,670

2,903,736

10%

CBOT Rate Per Contract

The following chart depicts the Exchange’s April 2006 three-month rolling average rate per contract (in dollars), and the two preceding three-month periods’ average rates per contract.  Average rate per contract represents total exchange and clearing revenue divided by total reported trading volume.  Average rates per contract can be affected by exchange and clearing fee price levels, and the customer, product, venue and transaction mix.

 

 

THREE-MONTH PERIOD ENDING

 

Apr. 30, 2006

Mar. 31, 2006

Feb. 28, 2006

Product Group

 

 

 

Interest Rate

0.524

0.517

0.531

Agriculture

0.685

0.673

0.676

Equity Indices

0.771

0.760

0.769

Metals, Energy & Other

1.161

1.312

1.507

Overall Avg. Rate per Contract

0.562

0.552

0.568

Venue

 

 

 

 Open-Auction

0.516

0.515

0.526

 Electronic

0.504

0.495

0.505

 Off-Exchange

2.345

2.296

2.300

Total Avg. Rate per Contract

0.562

0.552

0.568

For more information on the CBOT, to view the Exchange’s daily and monthly volume and open interest records, and details on ADV and volume from previous months in 2006, please visit www.cbot.com.

About the CBOT

As one of the leading global derivatives exchanges, the Chicago Board of Trade provides a diverse mix of financial, equity and commodity futures and options-on-futures products. Building on its 158-year history, the CBOT continues to advance into the future using the strength of deep liquidity, market integrity and member-trader expertise. Using superior trading technology in both electronic and open-auction trading platforms, the CBOT provides premier customer service to risk managers and investors worldwide.  For more information, visit www.cbot.com.

Forward Looking Statements

In this release, our use of the words “may,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or other comparable terminology is intended to identify forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. More detailed information about factors that may affect our performance may be found in filings made by CBOT Holdings, Inc. with the Securities and Exchange Commission, which can be obtained at its website at www.sec.gov. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

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