News Release

CBOT Binary Options on the Target Fed Funds Rate Set Volume Record

Thu Apr 19 2007

For Immediate Release

Media Contact:
Craig Grabiner
(312) 341-5758


CHICAGO, IL, April 19, 2007 – The Chicago Board of Trade (CBOT® ) announced today that its electronically traded Binary Options on the Target Federal Funds Rate contracts established a new volume record on Wednesday, April 18, as trading exceeded the 7,500 contract mark for the first time.  The new record, 7,577 contracts, surpasses the previous record – 7,034 contracts set on February 27, 2007.

At expiration, Binary Options on the Target Federal Funds Rate contracts have two possible outcomes – final settlement is either a fixed dollar amount or nothing at all.  When the options expire, “in the money” options pay $1,000 to option holders, while those that are “at the money” or “out of the money” pay holders zero.  Strike prices correspond to the Target Federal Funds rate using a formula of 100-minus the actual Target rate. An option’s last trading day will be the business day after the FOMC meeting adjourns.  Furthermore the last trading day shall be fixed when the option is listed for trading and shall be based upon the FOMC meeting calendar at that time.

For more information, visit the Binary Options section on

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 159-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

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