News Release

CBOT Announces Modifications to Fee Schedule

Mon Aug 21 2006

CBOT ANNOUNCES MODIFICATIONS TO FEE SCHEDULE; EXCHANGE REDUCES VOLUME DISCOUNT THRESHOLDS FOR CERTAIN MEMBERSHIP TYPES

CHICAGO, IL, August 21, 2006 – The Chicago Board of Trade (CBOT®) today announced modifications to its trading fee schedule effective October 1, 2006.  The revisions include a reduction in the trading volume requirements for certain members to receive volume discounts, an increase in fees for non-members who trade the CBOT Treasury complex, and a simplified fee schedule segmented by product and membership category.

In an effort to reward liquidity providers at the Exchange and facilitate their access to trading opportunities, certain membership types will become eligible for fee discounts when their monthly trading volume reaches 15,000 contracts, rather than the current standard of 100,000 contracts.  After reaching the volume thresholds, eligible market participants will receive discounts retroactive to the first contract traded within the month. 

The modifications to Non-Member CBOT Treasury complex fees include an increase in open auction futures from 30 cents to 40 cents.  Treasury futures traded on e-cbot will change from 45 cents to 50 cents, and fees for e-cbot options trading will move from 50 cents to 75 cents.

In addition, the Exchange is organizing its fee schedules by product among five membership groups:  Individual Member, Equity Member Firm, Trading Member Firm, e-cbot Member Firm and Non-Member.  In a move designed to better meet the needs of CBOT customers, this reorganization better aligns fees with the Exchange’s membership and product structure.

Fee Change Rate Per Contract Guidance

These fee adjustments will impact CBOT average rate per contract in the 2006 fourth quarter as follows:

 

  • 2006 second quarter rate

$0.564

  • Estimated 2006 third quarter increase over 2006 second quarter rate, taking into account clearing and exchange fee changes implemented on July 1, 2006

5% to 8%

  • Estimated 2006 fourth quarter increase over 2006 third quarter rate

3% to 5%

This rate per contract estimate assumes that the future volume transaction mix is similar to the mix experienced year-to-date though July 31, 2006. Average rate per contract represents total exchange and clearing fee revenue divided by total trading volume.

For additional information on the revised CBOT fee schedule, please visit the Exchange’s website at www.cbot.com/exchangefees.

About the CBOT

As one of the leading global derivative 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 our website at www.cbot.com.

Forward Looking Statements

Certain statements in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and includes any use of the words “may,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue.”  These statements are based on management’s current expectations and involve assumptions that may be subject to change or risks and uncertainties that could cause actual results to differ materially from those set forth in the statements.  Accordingly, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statement contained in this press release.  The factors that may affect our performance may be found in the Annual Report on Form 10-K and other periodic reports filed by CBOT Holdings, Inc. with the U.S. Securities and Exchange Commission (“SEC”).  These filings can be obtained at the SEC’s 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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