News Release

CBOT To Launch Over-the-Counter Ethanol Calendar Swap Contracts

Tue Nov 07 2006

For Immediate Release

Media Contact:                                                                   Investor Contact:
Craig Grabiner                                                                    Deborah Koopman
(312) 341-5758                                                                 (312) 789-8532                                                       

New Contracts Mark First Over-The-Counter Products to be Cleared at the CBOT, Also a First in the Ethanol Industry

CHICAGO, IL, November 07, 2006 – The Chicago Board of Trade (CBOT®) today announced plans to establish clearing services for two new over-the-counter (OTC) Ethanol Calendar Swap contracts.  The new products, which will include contracts for both forward and previous month calendar swaps, will be based on the price of CBOT Ethanol futures contracts.  Scheduled to be introduced on December 4, 2006, CBOT Ethanol Swap contracts are the first exchange-cleared OTC products to be specifically tailored for use in the ethanol industry.

CBOT Ethanol Swap OTC transactions will take place “off exchange” – away from the Exchange’s trading environment – where they are privately negotiated by counterparties.  After negotiations are complete, the transaction is submitted to a CBOT clearing firm. The benefits of exchange-cleared OTC trades are many, including daily mark to market, which allows customers to better manage their capital costs, and elimination of counterparty risk.  In addition, exchange-cleared OTC trades offer a standard, transparent reference point for marking and valuing OTC positions along with the CBOT Ethanol futures contract.

CBOT Senior Vice President of Business Development Robert D. Ray said, “OTC transactions have become commonplace in energy sectors such as crude oil and natural gas. With the Ethanol market continuing its rapid expansion, we feel that now is the ideal time to establish the clearing for OTC Ethanol Swap contracts and provide new and innovative opportunities for Ethanol industry market participants.  The new contracts demonstrate our strong commitment to the Ethanol industry, following on the heels of our Ethanol futures contract, which is viewed as the pricing benchmark for the industry.”

CBOT Ethanol Swap contracts will be cleared by the Exchange’s clearing services provider.  Clearing hours will be 6:36 p.m. CT through 4:00 p.m. CT, Sunday through Friday.  For each listed Ethanol futures contract, there will be a corresponding previous and forward month OTC Ethanol Swap contract. 

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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

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  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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