As previously announced, CME and CBOT plan to merge in mid 2007, pending approvals by regulators, shareholders of both companies and CBOT members, as well as completion of customary closing conditions. In response to customer inquiries, we want to advise you that, contingent upon the close of the merger, our current plan is to consolidate fee billing systems.  CME’s Exchange Fee System (EFS) will be the fee billing system for the combined company, and EFS will accommodate functionality required to administer both CME and CBOT fee structures going forward.  The EFS transition likely will take place no sooner than Q4 2007. 

We cannot speculate on a more specific consolidation date at this time.  However, we will continue to provide updates throughout the transition process.