News Release

CBOT January Average Daily Volume Up 14 Percent Over January 2006

Thu Feb 01 2007

For Immediate Release

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

CBOT JANUARY AVERAGE DAILY VOLUME UP 14 PERCENT OVER JANUARY 2006
--Total Exchange Electronic ADV Up 22 Percent Compared With January 2006

CHICAGO, IL, February, 2007 – The Chicago Board of Trade (CBOT®), one of the world’s leading derivatives exchanges, today announced that January’s total volume was 65,968,217 contracts, an increase of 20 percent over January 2006.  Volume for the month averaged 3,141,344 contracts per day, up 14 percent from the same month last year.  Average daily volume (ADV) on the Exchange’s e-cbot® electronic trading platform was 2,365,319 contracts in January, a 22 percent increase compared with January 2006.

Agricultural Complex

ADV in the CBOT Agricultural complex was 608,394 contracts in January, an increase of 64 percent compared with January 2006.  Higher volume was fueled by increases on both the CBOT electronic trading platform and in the open auction environment.  January’s electronic ADV for Agricultural futures was 238,488 contracts, 55 percent greater than December 2006.  Meanwhile, open auction Agricultural ADV was 354,505 contracts, an increase of 2 percent compared with January 2006.

January’s record volume in Corn options-on-futures contracts contributed to the growth in overall Agricultural trading volume.  In January, an average of 77,644 Corn options-on-futures contracts traded each day, three times greater than January of last year.  Corn futures contracts also experienced significant volume growth in January, as ADV reached 246,026 contracts, up 97 percent over January of 2006.

Metals Complex

The CBOT Metals complex continues to post increasing volume – compared with both the prior year and the prior month.  In January, ADV in the CBOT Metals complex was

69,914 contracts, three times greater than January 2006 and up 33 percent over December 2006.  Notably, CBOT Full-sized (100 Oz) Gold futures saw ADV reach 53,116 contracts in January, an increase of 43 percent compared with December 2006 and three times greater than January 2006.

The CBOT Silver complex also experienced volume growth in January, as ADV was 9,923 contracts, three times greater than the same month last year.

Interest Rate Complex

January’s ADV in the CBOT Interest Rate complex was 2,349,485 contracts, an increase of 5 percent compared with January 2006.  January volume for 10-year U.S. Treasury Note futures and 2-year U.S. Treasury Note futures contributed to the overall growth within the complex.  January 2007 ADV for 10-year Treasury Note futures was 1,023,453 contracts, while ADV for 2-year Note futures was 137,741 contracts, increases of 19 percent and 34 percent, respectively, over January of 2006.

Electronic trading volume of Financial options contracts continued to grow in January, when an average of 82,036 Financial options were traded each day – a 60 percent increase compared with January 2006.  In January 2007, 22 percent of all Financial options trades at the CBOT were executed electronically.

In July 2006, the Exchange launched its new Binary options contracts on the Target Federal Funds Rate.  The event driven contracts are becoming increasingly accepted by market participants who seek to manage risk associated with the Federal Open Market Committee’s (FOMC) decisions regarding movement of the Target Federal Funds rate.  January ADV for Binary options was three times greater than December 2006. 

Equity Index Complex

ADV in the CBOT Equity Index complex was 113,431 in January, a decline of 3 percent compared with January of 2006.

CBOT Average Daily Volume

Product Group

Jan.

2007

Jan.

2006

Pct.

Chg

Agricultural

608,394

369,897

64.5%

Financial

2,349,485

2,247,814

4.5%

Equity Indices

113,431

116,792

-2.9%

Metals, Energy and Other

70,037

22,578

210.2%

TOTAL

3,141,344

2,757,081

13.9%

CBOT Rate Per Contract

The following chart depicts the Exchange’s December 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

 

Dec. 31, 2006

Nov. 30, 2006

Oct. 31, 2006

Product Group

 

 

 

Interest Rate

0.569

0.565

0.571

Agriculture

0.931

0.909

0.871

Equity Indices

0.803

0.800

0.798

Metals, Energy & Other

1.001

1.052

1.053

Overall Avg. Rate per Contract

0.653

0.645

0.638

Venue

 

 

 

 Open-Auction

0.522

0.534

0.531

 Electronic

0.612

0.598

0.588

 Off-Exchange

3.179

3.180

3.149

Total Avg. Rate per Contract

0.653

0.645

0.638

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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