REVOLVING SUBORDINATED LOAN AGREEMENT

This Revolving Subordinated Loan Agreement (the "Agreement") is effective as of the
day of, 20 by and between(the "Lender"), and(the "Borrower"), who mutually agree as follows:
1.

2.

(a)

The term "Designated Self-Regulatory Organization" or "DSRO" shall mean the
Exchange(s) and/or other Self-Regulatory Organizations which is (are) a party to the
Joint Audit Agreement and which has (have) been designated by the Joint Audit
Committee as the Borrower's DSRO. The Borrower's DSRO is subject to change
from time to time at the Joint Audit Committee's discretion.

(b)

The term "Commission" shall mean the Commodity Futures Trading Commission.

(c)

The term "Capital Requirements" shall mean the rules, regulations, and requirementsof the Designated Self-Regulatory Organization which were adopted pursuant to
CFTC Regulations 1.17 and 1.52.1(d)

The term "CFTC regulations" shall mean the Commodity Futures Trading
Commission's Minimum Financial Regulations.

(e)

The term "Adjusted Net Capital" shall mean adjusted net capital as defined inCommodity Futures Trading Commission Regulation 1.17(c)(5).

(f)

The term "Subordination Agreement" shall mean either a subordinated loan
agreement or a secured demand note agreement, as those terms are defined inCommodity Futures Trading Commission Regulation 1.17(h)(1).

Lender hereby agrees to lend the sum of($
to Borrower, and Borrower agrees to borrow the said sum from Lender upon the terms andconditions set forth herein.

1

Please note the underlined CBOT and NFA capital requirements have been revised.

September 2004
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3.

Lender agrees that from time to time during the term of this Agreement it shall lend at its
discretion to Borrower sums which, in the aggregate principal amount outstanding at any one(the "Credit").
time, shall not exceed(a)

The Credit shall be a revolving credit and Borrower may, subject to the provisions ofparagraphs 7 and 8 hereof governing prepayments and repayments, request advances,
repay and reborrow amounts during the continuation of the Credit, as Lender may inits discretion deem advisable, subject to the applicable provisions of this Agreement.
Each such revolving credit loan made hereunder (an "Advance") shall have ascheduled maturity date ("Scheduled Maturity Date") of one year from the date of theAdvance unless previously paid. All such Advances made hereunder shall be
included on the schedule contained in the "Revolving Subordinated Note" referred toin paragraph 3(c) below which schedule by this reference is made a part hereof.

(b)This agreement shall terminate on(the Maturity Date) and no new
advances hereunder shall be made on or after that date. Notwithstanding the above,
if any Advances made hereunder are still outstanding as ofthis Agreement shall continue in full force and effect with respect to such Advances
until such Advances are repaid.

(c)

The obligation of Borrower to repay the aggregate unpaid principal amount of theAdvances shall be evidenced by a single promissory note of Borrower bearing on its
face an appropriate legend stating that such note is subject to the provisions of thisAgreement, which shall be adequately referred to and incorporated herein (the"Revolving Subordinated Note"). The Revolving Subordinated Note shall be insubstantially the form attached hereto as Exhibit A, with blanks appropriately
completed, payable to the order of the Lender in a face amount equal to the Credit,
bearing interest as set forth in paragraph 3(d) hereof. The Revolving SubordinatedNote shall be dated, and shall be delivered to Lender, on the date of the execution
and delivery of this Agreement by Borrower. Lender shall, and is hereby authorized
by Borrower to, endorse on the schedule contained on the Revolving SubordinatedNote, or on a continuation of such schedule attached thereto and made a part thereof
and hereof, appropriate notations regarding the Advances evidenced by the
Revolving Subordinated Note as specifically provided therein; provided, however,that the failure to make, or error in making, any such notation shall not limit orotherwise affect the obligations of Borrower hereunder or under the Revolving
Subordinated Note.

(d)

The unpaid principal amount of an Advance shall bear interest prior to its Scheduled
Maturity Date at the per annum rate equal to the prime rate of interest being charged

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by (the "Prime Rate") as announced from time to time. Interest prior to the
Scheduled Maturity Date shall be payable monthly on the last day of each calendar
month commencing with the first of such dates to occur after the date hereof andcontinuing until the Scheduled Maturity Date. After the Scheduled Maturity Date,the unpaid principal amount of the Advance shall bear interest until paid at the Prime
Rate in effect on the Scheduled Maturity Date of such Advance plus
percent(%). All interest shall be computed on the basis of a year consisting of 365 days
and paid for the actual number of days elapsed.
(e)

Notwithstanding any term hereof to the contrary, Lender reserves the right to makeany Advance hereunder in its sole and absolute discretion. It is expressly understoodand agreed by Borrower and each of its successors and permitted assigns that nothingherein creates any liability on Lender, its successors and permitted assigns that
nothing herein creates any liability on Lender, its successors or permitted assigns tomake any Advance.

(f)

Whenever Borrower desires Lender to make an Advance, it shall give written noticeto the Lender (with a copy to the DSRO) of such Advance, setting forth the amountof the Advance and the date on which such Advance is to be made.

4.

The Lender hereby subordinates any right to receive any payment with respect to thisAgreement, together with accrued interest or compensation, to the prior payment orprovision for payment in full of all claims of all present and future creditors of the Borrowerarising out of any matter occurring prior to the Maturity Date, except for claims which are
the subject of subordination agreements which rank on the same priority as or are junior tothe claim of the Lender under this Agreement.

5.

The proceeds of this Agreement shall be used and dealt with by the Borrower as part of its
capital and shall be subject to the risks of its business.

6.

The Borrower shall have the right to deposit any cash proceeds of this subordinated loan
agreement in an account or accounts in its own name in any bank or trust company.

2

Borrower, at its option, but not at the option of Lender, may make a payment of all or any
portion of the Credit prior to the scheduled Maturity Date (hereinafter referred to as a"Special Prepayment") if the written consent of the Designated Self-Regulatory Organization
is first obtained. Provided, however, that no such prepayment shall be made if:

7.

2

Optional. This provision cannot be used if the proceeds of this agreement are used as equity capital.

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8.

3

(a)

After giving effect thereto (and to all payments of payment obligations under any
other subordination agreements then outstanding, the maturities or accelerated
maturities of which are scheduled to fall due within six months after the date suchSpecial Prepayment is to occur pursuant to this provision, or on or prior to the dateon which the payment obligation in respect to such Special Prepayment is scheduled
to mature disregarding this provision, whichever date is earlier) without reference toany projected profit or loss of the Borrower, the Adjusted Net Capital of the
Borrower is less than the greatest of 1) 200% of the appropriate minimum dollar
amount required by CFTC Regulations, or 2) 125% of the firm’s risk based capitalrequirement calculated in accordance with CFTC Regulations, or 3) if the Borrower
is a securities broker or dealer, the amount of net capital specified in Rule 15c31d(c)(5)(ii) of the regulations of the Securities and Exchange Commission,[17C.F.R.240.15c3-1d(5)(ii)]; or, 4) the minimum capital requirement as defined by
the DSRO; or(b)

Pre-tax losses during the latest three month period were greater than 15% of current
excess adjusted Net Capital.

(a)

The payment obligation of the Borrower in respect of this Agreement shall besuspended and shall not mature if, after giving effect to payment of such payment
obligation (and to all payments of payment obligations of the Borrower under any
other subordination agreements then outstanding which are scheduled to mature on
or before such payment obligation), the Adjusted Net Capital of the Borrower would
be less than the greatest of 1) 120% of the appropriate minimum dollar amountrequired by CFTC Regulations; or, 2) 120% of the firm’s risk based capitalrequirement calculated in accordance with CFTC Regulations; or, 3) if the Borrower
is a securities broker or dealer, the amount of net capital specified in Rule 15c31d(b)(8)(i) of the Regulations of the Securities and Exchange Commission,[17C.F.R. 240.15c3-1d(b)(8)(i)]; or, 4) the minimum capital requirement as definedby the DSRO. [Provided that if the payment obligation of the Borrower hereunder
does not mature and is suspended as a result of the requirements of this paragraph fora period of not less than six months, the Borrower shall then commence the rapid andorderly liquidation of its entire business, but the right of the Lender to receive
payment, together with accrued interest or compensation shall remain subordinate as
required by the provisions of this Agreement.]3(b)

In the event the Borrower is required to commence a rapid and orderly liquidation, as
permitted in paragraph 8(a), the date on which the liquidation commences shall be

If the proviso at the end of paragraph 9(a) is used, then paragraph 9(b) must be used.

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4the maturity date for any subordination agreement of the Borrower then outstanding,but the rights of the respective lenders to receive payment, together with accrued
interest or compensation, shall remain subordinate as required by the provisions ofsuch agreements.4[NOTE:CHOOSE ONE OF THE FOLLOWING THREE ALTERNATIVES.]

9.

No default in the payment of interest or in the performance of any covenant or condition ofthis Agreement or any note or notes made hereunder shall have the effect of accelerating thedate on which the Borrower's payment obligation is scheduled to mature.

9.

Subject to the provisions of paragraph 8 of this Agreement, the Lender may, upon priorwritten notice to the Borrower and the Designated Self-Regulatory Organization and, if
required, the Commission, given not earlier than six months after the effective date of thisAgreement, accelerate the date on which the payment obligation of the Borrower, together
with accrued interest or compensation, is scheduled to mature to a date not earlier than six
months after giving of such notice, but the rights of the Lender to receive payment, together
with accrued interest or compensation, shall remain subordinate as required by theprovisions of this Agreement.

5

(a)

9.

4
5

The Lender may, upon prior written notice to the Borrower and the Designated SelfRegulatory Organization and, if required, the Commission, of the occurrence of any
event of acceleration (as hereinafter defined) given no sooner than six months after
the effective date of this Agreement, accelerate the date on which the payment
obligation of the Borrower, together with accrued interest or compensation, isscheduled to mature, to the last business day of a calendar month which is not lessthan six months after notice of acceleration is received by all parties required by thisprovision to be notified. If upon such accelerated maturity date the payment
obligation of the Borrower is suspended as required by Paragraph 8 of thisAgreement, and liquidation of the Borrower has not commenced on or prior to suchaccelerated maturity date, notwithstanding paragraph 8 of this Agreement, thepayment obligation of the Borrower with respect to this Agreement shall mature on
the day immediately following such accelerated maturity date and in any such eventthe payment obligations of the Borrower with respect to all other subordinationagreements then outstanding shall also mature at the same time but the rights of therespective lenders to receive payment, together with accrued interest orcompensation, shall remain subordinate as required by the provisions of suchagreements. The following are the events of acceleration:

Optional.
If this alternative is chosen, you may further choose to use either (a) or (b) or may use both (a) and (b).

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6

(b)

6

(1)

Failure of Borrower to pay interest or any installment of principal on a
Subordination Agreement as scheduled;(2)

Failure of Borrower to pay when due other money obligations of$________________ or greater, which Borrower and Lender agree is amaterial amount;(3)

Discovery that any material, specified representation or warranty of the
Borrower which is included in an Addendum to this Agreement and on
which this Agreement was based or continued was inaccurate in a material
respect at the time made;(4)

Any specified and clearly measurable event which Lender and Borrower
agree (a) is a significant indication that the financial position of the Borrower
has changed materially and adversely from agreed upon specified norms; or(b) could materially and adversely affect the ability of the Borrower to
conduct its business as conducted on the date this Agreement was made; or(c) is a significant change in the senior management of the Borrower or in thegeneral business conducted by the Borrower from that which existed on thedate this Agreement became effective;(5)

Any continued failure to perform agreed covenants included in an Addendum
to this Agreement relating to the conduct of the business of the Borrower or
relating to the maintenance and reporting of its financial position.

Notwithstanding the provisions of paragraph 8, if liquidation of the business of the
Borrower has not already commenced, the payment obligation of the Borrower shallmature, together with accrued interest or compensation, and the rapid and orderly
liquidation of the business of the Borrower shall commence, upon the occurrence ofan event of default (as hereinafter defined). The date on which such event of default
occurs, if liquidation of the Borrower has not already commenced, shall be the dateon which the payment obligation of the Borrower with respect to all othersubordination agreements then outstanding shall mature, but the rights of therespective lenders to receive payment, together with accrued interest orcompensation, shall remain subordinate as required by the provisions of suchagreements. The following are the events of default:

Cross out any events of acceleration which you do not agree to include. You may NOT add additional events of acceleration.

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7

(1)

The making of an application by the Securities Investor Protection
Corporation for a decree adjudicating that customers of the Borrower are inneed of protection under the Securities Investor Protection Act of 1970 andthe failure of the Borrower to obtain the dismissal of such application within
30 days;(2)

Failure to meet the minimum capital requirements of the Designated SelfRegulatory Organization or the Commission, throughout a period of 15
consecutive business days, commencing on the date the Borrower first
determines and notifies the Designated Self-Regulatory Organization and theCommission; or the Designated Self-Regulatory Organization or theCommission first determines and notifies the Borrower of such fact;(3)

The Commission's revocation of the registration of the Borrower;(4)

The Designated Self-Regulatory Organization shall suspend (and notreinstate within 10 days) or revoke the Borrower's status as a member
thereof;(5)

Any receivership, insolvency, liquidation pursuant to the Securities Investor
Protection Act of 1970 or otherwise, bankruptcy, assignment for the benefitof creditors, reorganization whether or not pursuant to bankruptcy laws, or
any other marshalling of the assets and liabilities of the Borrower.

10.

Notwithstanding the provisions of paragraph 8 of this Agreement, the payment obligation of
the Borrower with respect to this Agreement, together with accrued interest andcompensation, shall mature in the event of any receivership, insolvency, liquidation pursuant
to the Securities Investor Protection Act of 1970 or otherwise, bankruptcy, assignment forthe benefit of creditors, reorganization whether or not pursuant to the bankruptcy laws, or
any other marshalling of the assets and liabilities of the Borrower, but the right of the Lender
to receive payment, together with accrued interest or compensation, shall remain subordinate
as required by the provisions of this Agreement.

11.

The Borrower shall immediately notify the Designated Self-Regulatory Organization and theCommission if, after giving effect to all payments of payment obligations undersubordination agreements then outstanding which are then due or mature within thefollowing six months without reference to any projected profit or loss of the Borrower, its
adjusted net capital would be less than the greatest of 1) 120% of the appropriate minimum

7

Cross out any events of default which you do not agree to include. You may NOT add additional events of default.

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dollar amount required by CFTC Regulations; or, 2) 120% of the firm’s risk based capitalrequirements calculated in accordance with CFTC Regulations; or, 3) if Borrower is asecurities broker or dealer, the amount of net capital specified in Rule 15c3-1d(c)(2) of theRegulations of the Securities and Exchange Commission, [17C.F.R.240.15c3-1d(b)(c)(2]; or,4) the minimum capital requirement as defined by the DSRO.
12.

Neither this Agreement nor any note or other instrument made hereunder is entered into inreliance upon the standing of the Borrower as a member organization of any commodity
exchange or securities exchange or upon any such exchange's surveillance of the Borrower
or its capital position. The Lender is not relying upon any such exchange to provide any
information concerning or relating to the Borrower. No such exchange has a responsibility
to disclose to the Lender any information concerning or relating to the Borrower which it
may have now or at any future time. Neither any such exchange nor any officer or employeeof any such exchange shall be liable to the Lender with respect to this Agreement, theIndebtedness, the repayment thereof, any interest or compensation thereon or any damages
resulting from the breach of this Agreement. Neither the Designated Self-Regulatory
Organization nor the Commission is a guarantor of this Agreement.

13.

This Agreement shall be binding upon the Lender and the Borrower and their respective
heirs, executors, administrators, successors and assigns.

14.

Any note or other written instrument evidencing the Indebtedness shall bear on its face anappropriate legend stating that such note or instrument is issued subject to the provisions of
this Agreement, which shall be adequately referred to and incorporated by reference herein.

15.

This Agreement shall not be subject to cancellation by either party; no payment shall bemade with respect thereto and this Agreement shall not be terminated, rescinded or modified
by mutual consent or otherwise if the effect thereof would be inconsistent with the Capital
Requirements or, if applicable, the CFTC Regulations.

16.

This Agreement is governed by the laws of the State of Illinois/New York.

17.

Any notice required or provided for herein shall be deemed to have been given or received
when it has been delivered in person or has been deposited, postage prepaid, by UnitedStates certified or registered mail, addressed to the person for whom intended:(a)

If for Borrower:____________________________________________________________________________________________________________________________________

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(b)

If for Lender:____________________________________________________________________________________________________________________________________(c)

If for Borrower's Designated Self-Regulatory Organization:___________________________________________________________________________________________________________________________________

18.

This Agreement supersedes all prior agreements of the parties with respect to theIndebtedness.
IN WITNESS WHEREOF, the parties hereto have set their______________________ day of _________________________, 20_____.

________________________________
Borrowerhands__________________________________
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9

this

SUBORDINATION AGREEMENTINFORMATION STATEMENT

Name and address of Lender:

Business relationship of lender to clearing member:_____ Officer_____ Partner_____ Stockholder_____ Other

Did the clearing member carry funds or securities for the lender at or about the time the proposed
subordinated agreement was filed?

Yes _______

No _______

Exhibit A
REVOLVING SUBORDINATED NOTE

$

____

Chicago, Illinois_, 20__On or before, 20 , the undersigned, for value received hereby promises to pay
to the order of(the "Lender") atthe principal sum of $()
or, if less, the aggregate unpaid principal amount of all advances made by the Lender to theundersigned hereunder. The initial advance, all subsequent advances and all payments madeon account of principal shall be endorsed by the holder on the attached schedule to this Note.
The undersigned further promises to pay to the order of the Lender monthly, on the last dayof each month hereafter, commencing on the first such date after the date hereof andcontinuing until maturity, interest on the principal sum from time to time outstanding at the
per annum rate equal to the from time to time prime rate of interest charged by(the "Prime Rate"); and after maturity until paid at the Prime Rate plus
percent (%). Interest after maturity shall be payable on demand.
Interest shall be computed on the basis of a year consisting of 365 days and paid for theactual number of days elapsed.
This Note evidences indebtedness incurred under a Revolving Subordinated Loan
Agreement dated(and, if amended, all amendments thereto) between theundersigned and the Lender, to which reference is hereby made for a statement of the terms
and provisions, including those under which this Note may be paid prior to its due date or its
due date accelerated. As provided in said Agreement, the payment of principal of andinterest on this Note is expressly subordinated to the payment of all other claims on
which are not similarly subordinated.
Borrower: _____________________
By: ___________________________
Its: ___________________________

Schedule attached to Revolving Subordinated Note dated
payable to the order ofDateAmount ofLoan Made

Scheduled
Maturity
Date

Amount ofPrincipal
RepaidofUnpaidPrincipal
Balance

Notation
Made By

The aggregate unpaid principal amount shown on this schedule shall be rebuttable presumptive
evidence of the principal amount owing and unpaid on this Revolving Subordinated Note. The
failure to record the date and amount of any Revolving Subordinated Loan on this schedule shallundernot, however, limit or otherwise affect the obligations of
the Revolving Subordinated Loan Agreement or under this Note to repay the principal amount of
the loans, together with all interest accruing thereon.