in the name of the lessor of the membership, or of the member firm affiliate or one or more

principals or employees thereof) are registered on its behalf; or (2) if a Series B-2 (Associate)
membership, leased in the name of one of its principals or employees, and 10,000 shares of
Class A common stock of CBOT Holdings (which are either in the name of the lessor of the
membership, or of the member firm affiliate or one or more principals or employees thereof)
are registered on its behalf.

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703.00 Clearing Membership - The Clearing Services Provider may prescribe the

(a)

(b)

()

qualifications of CBOT Clearing Members that may be admitted as Special Clearing
Members of the Clearing Services Provider, subject to the provisions of the relevant Clearing
Services Agreement. However, no person, corporation, limited liability company,
partnership, or any other type of eligible business organization (hereinafter collectively
referred to as "Eligible Business Organization") shall become a CBOT Clearing Member
until approved by the Exchange, subject to the following conditions:

No Eligible Business Organization shall become a CBOT Clearing Member for the purpose
of clearing trades for others unless two Series B-1 (Full) memberships and 54,676 shares of
Class A common stock of CBOT Holdings (which may be acquired and registered as
combinations or as separate interests in one or more transactions) have been registered on
behalf of the firm pursuant to Rule 230.00. Such memberships may must be held in the
name of any a principal or employee of the Eligible Business Organization and such shares
of Class A common stock must be in the name of the Eligible Business Organization or one
or more principals or employees thereof.

A Sole Proprietor may be a CBOT Clearing Member provided that he clears trades
exclusively for his own account.

No Eligible Business Organization may be a CBOT Clearing Member for the purpose of
clearing its own trades exclusively unless one Series B-1 (Full) membership and 27,338
shares of Class A common stock of CBOT Holdings (which may be acquired and
registered as combinations or as separate interests in one or more transactions) have been
registered on behalf of the firm pursuant to Rule 230.00. Such membership may must be
held in the name of a principal or employee of the Eligible Business Organization and such
shares of Class A common stock must be in the name of the Eligible Business Organization
or one or more principals or employees thereof.

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10,000 shares of Class A common stock of CBOT Holdings (which are either in the name of the
lessor of the membership, or of the organization or one or more principals or employees thereof)
are registered on behalf of such organization. Any such memberships or shares of Class A
common stock may be acquired and registered as a combination or as separate interests in one or
more transactions.

An Eligible Business Organization may be a member firm of the Exchange under Regulation
230.02, Category (6) “Investment Only” if a Series B membership is in the name of any principal
or employee of such organization, and such membership and a number of shares of Class A
common stock of CBOT Holdings (which : are in the name of the organization ¢ or one or more
principals or employees thereof) b p
interests + tions) are registered on m behalf of such organization in at nt least 01 one
of the following combinations;

- One Series B-1 (Full) membership and 27,338 shares;

- One Series B-2 (Associate) membership and 10,000 shares;
- One Series B-3 (GIM) membership and 5,000 shares;

- One Series B-4 (IDEM) membership and 1,100 shares; or

- One Series B-5 (COM) membership and 2,500 shares.

Such membership and shares of Class A common stock may be acquired and registered _as a
combination or as separate interests in one or more transactions.

+e * *

276.00 Suspended Member-Time for Settlement - Ifa person suspended under the provisions
of this Chapter Rule 270.00 or Rule 278.00 fails+o-settle-with is-crediters-and fails to either
apply for reinstatement or to be reinstated, pursuant to Rule 274.00 or Regulation 540.06, within
(30) thirty days from the date of his suspension, or within such further time as the Beard
Exchange may grant, the Exchange may sell his membership and any associated shares of Class
A common stock of CBOT Holdings, as defined in Rule 252.00.

450.02D Member Firm Affiliates and Designated Passive Investor Entities

(i) Member Firm Affiliates - For purposes of this regulation, the term “member firm affiliate”
shall mean a non-Futures Commission Merchant, non-clearing entity which is wholly owned by
one or more member firms, which wholly owns a member firm, or which is wholly owned by the
same parent company(ies) as a member firm. For purposes of this regulation, the term “member
firm” shall refer only to a firm registered with the Exchange pursuant to registration categories
(la), (1b), (2a) or (2b) of Regulation 230.02.

(a) A member firm affiliate may qualify for delegate fee treatment (i.c., the applicable member
firm fee plus the applicable delegate fee) with respect to its transactions on the Exchange:
(1) if a Series B-1 (Full) membership, leased in the name of one of its principals or
employees, and 27,338 shares of Class A common stock of CBOT Holdings (which are either


OFC. GF THE

October 25, 2005 TARIAT
Ms. Jean A. Webb
Secretary
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21" Street, N.W.
Washington, D.C. 20581
Reference File #2591.01
Rule Certification
Dear Ms. Webb:

Pursuant to Commission Regulation 40.6(a), the Chicago Board of Trade (CBOT®) hereby
submits the following:

- Amendments to Rules 230.00 and 276.00, Regulation 450.02D and Rule 703.00 per
the attached texts (additions underlined; deletions struck through).

These rule and regulation changes will clarify the following points concerning Class A common
stock of CBOT Holdings, Inc. (the holding company with which the CBOT is affiliated):

1) Shares that are registered for a member firm must be in the name of the member firm or a
principal or employee of that member firm (or, in the case of an e-cbot member firm or
member firm affiliate that qualifies with a leased membership, the lessor of the membership).

2) Ifa member is suspended under Rule 270.00 “Insolvency” or 278.00 “Suspension for
Default”, the Exchange may not only force the sale of his membership, but also may force
the sale of his Class A restricted shares, in order to make the proceeds available to meet the
applicable obligations. In the case of a member firm registrant, this forced sale authority
applies to any of the registrant’s Class A shares that are registered for the applicable firm.

These provisions are designed to ensure that CBOT Holdings Class A common stock and CBOT
memberships continue to receive consistent treatment under the Exchange’s registration and
insolvency provisions.

There were no opposing views concerning these amendments.

The CBOT intends to implement these amendments one day after the Commission’s receipt of
this filing.


Ms. Jean A. Webb
October 25, 2005
Page Two

The CBOT certifies that these amendments comply with the Commodity Exchange Act and the
rules thereunder.

Sincerely,

Paul J. Draths

Vice President and Secretary
B102505


Additions are underlined; Deletions are struckthrough.

230.00 Registration - An Eligible Business Organization may be a member firm of the
Exchange with respect to all contracts if one Series B-1 (Full) membership is in the name of any
principal or employee thereof, and such membership and 27,338 shares of Class A common
stock of CBOT Holdings (which are in the name of the organization or one or more Principals or

employees thereof) ma edand +egistere A ntere A
one-er-more_transactions) are renistered on behalf ‘of such “organization. ‘Such hh membership and
shares of Class A common stock may be acquired and registered as a combination or as separate
interests in one or more transactions. Such principal or employee shall be referred to as a
“nominee” with respect to the membership whether the membership is firm-owned or owned by
such principal or employee.

Notwithstanding the foregoing, four (4) Series B-1 (Full) memberships and two (2) Series B-2
(Associate) memberships must be in the name of any principals or employees of an Eligible
Business organization, and such memberships and 129,352 shares of Class A common stock of
CBOT Holdings (which are in the name of the organization or one or more principals or
employees thereof) may—be-acquired-and +egistered birt te tnterest
ene-or-meretransactions) must be registered on behalf of such organization, ‘in order for such
organization to be a member firm under Regulation 230.02, Category (3) “other Non-FCM-Non-
clearing”. Any such memberships or shares of Class A common stock may be acquired and
registered as a combination or as separate interests in one or more transactions.

An Eligible Business Organization which is a non-FCM, non-clearing entity and (1) which is
wholly owned by one or more members or member firms, (2) which wholly owns a member
firm, or (3) which is wholly owned by the same parent company(ies) as a member firm, may be a
member firm of the Exchange under Regulation 230.02, Category 2(c), only with respect to those
contracts in which Series B-2 (Associate) members have trading privileges if one Series B-2
(Associate) membership is in the name of any principal or employee of such organization, and
such membership and 10,000 shares of Class A common stock of CBOT Holdings (which are in
the name of the organization or one or more principals or employees thereof) may-be-acquired
d-registered binatt parate-interests +: 4 tions)are registered
on behalf of such organization. Such membership and shares of Class A common stock may be
acquired and registered as a combination or as separate interests in one or more transactions.

An Eligible Business Organization may be a member firm of the Exchange under Regulation
230.02, Category (4), solely for the purpose of conducting non-clearing business on e-cbot
pursuant to Chapter 9B: (1) if one Series B-2 (Associate) membership is in the name of any
principal or employee of such organization, and such membership and 10,000 shares of Class A
common stock of CBOT Holdings (which are in the name of the organization or one or more
principals or employees thereof) may-be-acquired-and-registered. binati parat

i $ are registered on behalf of such organization; or (2) if one
Series B-1 (Full) membership, leased in the name of a principal or employee of such
organization, and 27,338 shares of Class A common stock of CBOT Holdings (which are either
in the name of the lessor of the membership, or of the organization or one or more principals or
employees thereof) are registered on behalf of such organization; or (3) if one Series B-2
(Associate) membership, leased in the name of a principal or employee of such organization, and