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Pilot Program Establishes Modified Closing Call in Wheat Options

Effective May 2, 2005, the Chicago Board of Trade will implement a Modified Closing Call (MCC) in Wheat Options on a pilot basis subject to the provisions listed below.

1. The options MCC will run concurrent with the corresponding futures MCC, generally from 1:23 p.m. to 1:25 p.m; there will be no MCC on the last day in an expiring option.

2. No new customer orders may be entered after the regular close at 1:15 p.m. All customer orders executed during the MCC must be time stamped and received in the trading pit prior to the closing bell. It is not permissible to modify execution instructions for a customer order after the close of regular trading to facilitate the execution of the order during the MCC. The quantity of an order may be reduced or the order may be canceled.

3. Individual members may execute or enter orders for their own accounts during the MCC. Member firms (and those entities that are wholly-owned by member firms, that wholly own member firms or that are wholly owned by the same parent company as member firms) may initiate trades or enter orders into the call for the firm’s proprietary accounts.

4. All options and option spreads that are available to trade during the session may trade during the MCC. Stop orders elected by prices during the regular close may be executed during the MCC; however stop orders will not be elected by prices traded during the MCC unless the customer instructs otherwise.

5. Options traded during the MCC may be executed at prices within the daily price limits.

6. The closing range and the Pit Committee’s settlement recommendations for the options will be based upon relevant activity during the regular closing period.

The Regulatory Compliance Committee will evaluate the results of the pilot following the 30-day pilot period and make appropriate recommendations to the Executive Committee. Questions regarding this notice may be directed to Jennifer Baum (312 341-4124) or Dean Payton (312 435-3658) of the Office of Investigations and Audits.

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