News Release

CBOT Successfully Launches Enhancements To Metals Complex

Tue Nov 21 2006

For Immediate Release

Media Contact:
Craig Grabiner


CHICAGO, November 21, 2006 – The Chicago Board of Trade (CBOT®) today announced the successful launch of new process and delivery enhancements to its Metals complex that are designed to facilitate trading and bring new efficiency to the metals marketplace.

Leveraging the innovative systems and processes already developed for its Agricultural products, the CBOT launched an Electronic Warehouse Receipt system for its Metals complex.  The new system enables firms to eliminate the manual process of delivering paper receipts.  It also automates delivery payments that are managed through the current electronic pay-collect system so they are available sooner.

In addition, the CBOT’s recently-implemented directed fungibility program between the Full-sized and mini-sized Metals contracts enables market participants to request, through their clearing firm, the offset of opposite positions in the Full-sized and mini-sized contracts.  The program creates an efficient way for market participants to offset their positions before contracts expire.

CBOT Senior Vice President of Business Development Robert D. Ray said, “These two enhancements to our growing Metals complex were added to address our customers’ demands, with the goal of reducing operational and trading risk and generating new efficiency throughout the marketplace.”

Since its launch in late 2004, the CBOT Metals complex continues to attract new market participants and experience increasing volume.  For the month of November to date, the Exchange’s Metals futures complex, including both Full-sized and mini-sized Gold and Silver futures contracts, accounts for 51 percent of all listed Gold and Silver futures contracts traded in North America.  The CBOT Gold futures complex, which includes Full-sized (100 oz.) and mini-sized (33 oz.) Gold futures contracts, account for 55 percent of the listed North American Gold futures market through November 20.

Open interest in the Exchange’s Metals complex set a record on November 16, 2006 as the total reached 93,081 contracts.

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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