News Release

CBOT Expands Availability of Gold & Silver Options to Open Auction Market

Wed Sep 20 2006

For Immediate Release

Media Contact:
Jennifer Rook

CBOT Expands Availability of Full-Sized Gold and Silver Options Contracts to the Open Auction Platform
--Exchange announces fee waiver for metal futures and options --

CHICAGO, IL (September 20, 2006) – The Chicago Board of Trade (CBOT) announced today that it plans to expand the availability of its options on Full-sized Gold (100 oz.) and Silver (5,000 oz.) futures by listing the contracts on its open auction trading floor, side-by-side with the e-cbot® electronic trading platform, beginning in the fourth quarter of 2006. Currently, the contracts trade exclusively on e-cbot, the Exchange’s electronic trading platform.   

Also, effective October 1, 2006, the CBOT is waiving all Exchange transaction fees for Metals options trading for all fee categories. The fee waiver will apply to Metals options trade transactions on both CBOT platforms.  The transaction fee waiver will remain in effect until June 30, 2007.

“We believe listing these contracts side-by-side -- which was designed to meet customer demand, attract new market users, and ultimately enhance liquidity in the metals options market -- will create greater opportunities for the marketplace by accommodating all types of metals options strategies, regardless of their complexity,” said Robert Ray, Senior Vice President of Business Development for the CBOT.  “This creation of a single, centralized pool of liquidity will facilitate arbitrage and result in tighter, more competitive bid/ask spreads and enhanced liquidity for customers using either platform. In addition to trading Metals options on e-cbot, customers will be able to submit Gold and Silver options trades via the CBOT’s electronic order entry system, which today routes over 90 percent of all orders to the CBOT trading floor. This “one click” trading provides customers with the benefits of near real-time trade matching, near real-time trade confirmations and straight-through processing.”

In addition, the CBOT is extending until June 30, 2007 its existing Metals futures fee waiver for members and member firms proprietary accounts. The CBOT’s all-electronic Metals futures complex continues to attract new market participants and achieve greater volume since the contracts were launched in October 2004.  During the month of August, CBOT Full-sized Gold futures contracts captured 53 percent market share of all gold futures listed in North America.

Strong customer demand led the CBOT to make several efficiency enhancements to its Metals complex, including removing all time constraints for executing Transitory Exchange-for-Physical (EFPs) and the new directed fungibility program launched on September 1. The CBOT also plans to implement an electronic warehouse receipt delivery process in the fourth quarter of 2006.

The CBOT’s Metals complex consists of Full-sized Gold (100 oz.) futures and options contracts, mini-sized Gold (33 oz.) futures contracts, Full-sized Silver (5,000 oz.) futures and options contracts, and mini-sized Silver (1,000 oz.) futures contracts. To view the live book of bids, offers and quantities, or to obtain more information about the CBOT Metals complex, please visit the Exchange’s web site at

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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