July 21, 2006

Ms. Eileen A. Donovan

Acting Secretary

Commodity Futures Trading Commission

Three Lafayette Center

1155 21" Street, N.W.

Washington, D.C. 20581
Reference File #2705.01
Rule Certification

Dear Ms. Donovan:

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

- Amendments to Regulations 906.03, 906.04, 9B.08 and 1007.02 per the attached
texts (additions underlined; deletions struck through).

Amended Regulation 906.04 will update the CBOT “Trading Day” definition to reflect the
Exchange’s current trading schedule. Regulation 906.03 is being eliminated as unnecessary.
The other referenced amendments represent conforming changes.

The CBOT intends to implement these amendments effective August 1, 2006.

There were no opposing views concerning these amendments.

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

Sincerely,

Paul J. Draths
Vice President and Secretary

b071806


Additions underlined; Deletions struck+through

906.03 Regular-Frading Hours CRFH")

Tt} at dest at by the-B -of-Di = t for trad ode ine-daytt hi b of
epenr-outery (08/0194)

906.04 Trading Day

(a) For full-sized agricultural contracts, each trading day (4) shall consist of two trading sessions,
(1) the overnight e-cbot trading session, and (2) the session including open auction trading hours
and daytime e-cbot trading hours. the Regular Daytt S ion-and{2) For these
contracts, the trading day shall begin with the overnight e- 2-cbot trading session and end with the
later of the close of open auction trading or the conclusion of daytime e-cbot trading on the next
day.R 2 | amy st ps 7 SSiOR.

(b) For non-agricultural contracts which are traded concurrently ¢ on e-cbot and by open

auctioneutery, the trading day 4) shall sistoftwetradi ions th betited:
ithe RegtlarDayti te ted Hid i2pshall begin with the open of
overnight e-cbot trading session-and “end with the later of the ‘close of open auction trading or the
conclusion of the daytime e-cbot trading on the next day.sesst thect +theResul

(c) For non-agricultural contracts which are traded on e-cbot and by open auction, but not
concurrently, each trading day shall consist of two trading sessions, (1) the overnight e-cbot
trading session, and (2) the open auction trading session. For these contracts, the trading da
shall begin with the overnight c-cbot trading session and end with the close of the open auction
trading session on the next day.

Settlement prices will be derived from the close of the Regular Daytime-open eutery-auction
tradingsessien, as specified in Regulation 1007.02, except in the case of contracts which are

traded exclusively on e-cbot. For contracts traded exclusively on e-cbot, settlement prices will
be derived from the close of the e-cbot trading session.

9B.08 Clearing Member Authorization

(a) Primary Clearing Member — Each non-clearing member or non-member with a direct
connection who enters transactions through the e-cbot system must obtain authorization from a
Primary Clearing Member. The Primary Clearing Member shall guarantee and assume financial
responsibility for all such transactions traded through e-cbot under its Clearing Member
Mnemonic. The Primary Clearing Member shall be liable upon all such trades made by the non-
clearing member or non-member and shall be a party to all disputes arising from such trades.

(b) Other Clearing Members — A non-clearing member or non-member with a direct
connection may be authorized to enter transactions through the e-cbot system by one or more
clearing members, in addition to its Primary Clearing Member, in accordance with the
requirements of Rule 333.00, provided that written permission has been granted by its Primary
Clearing Member. Such other clearing member shall be liable upon all e-cbot trades made by the


non-clearing member or non-member under its Clearing Member Mnemonic and shall be a party
to all disputes arising from such trades.

(c) Revocation of Clearing Authorization — A clearing member that provides e-cbot trading
authorization to a non-clearing member or non-member may revoke such authorization without
prior notice. Written notice of the revocation of clearing authorization shall be immediately
provided to the Exchange, which shall thereby terminate such connection and cancel all orders of
the non-clearing member or non-member in the e-cbot system under the revoking Clearing
Member’s Mnemonic. If the revocation is by the Primary Clearing Member, all e-cbot
connections of the non-clearing member or non-member shall be terminated until another
clearing member has designated itself as the Primary Clearing Member. Unless otherwise
specified by the Primary Clearing Member, a member whose connection to e-cbot has been
terminated shall not automatically be denied access to the Floor of the Exchange during Regular
open auction Ftrading Hhours.

1007.02 Modified Closing Call

Immediately following the prescribed closing procedure for all futures and designated options
contracts traded by open auctioneutery, there shall be a two (2) minute trading period (the
"modified closing call"). (i) All trades which may occur during regularly prescribed open auction
trading hours may occur during the call at prices within the closing range for futures contracts
and at any price within the price limits for options contracts; (ii) no new customer orders may be
entered into the call unless such orders are for contracts that also are traded electronically during
the call; (iii) cancellations may be entered into the call; (iv) stop, limit and other resting orders
elected by prices during the close may be executed during the call; (v) individual members may
execute or enter orders for their own accounts in the call; and (vi) member firms, and those
entities which are wholly-owned by member firms, that wholly-own member firms, or that are
wholly-owned by the same parent company(ies) as member firms, trading for such firms’ or
entities’ own proprietary accounts may initiate trades or enter orders into the call.

Unless otherwise specified by Exchange regulation or policy, the daily settlement price for each
contract shall be determined by the relevant Pit Committee at the close of Regular Trading
Hevrsopen auction trading hours. The settlement price shall be determined by the Pit Committee
based upon various factors including, but not limited to (a) the prices that traded during the
close; (b) the volume traded at particular prices within the closing range; (c) bids and offers
made during the close; (d) the prices at which spreads traded during the close; and (e) the
settlement price(s) of related contracts. If the proposed settlement price differs from the
midpoint of the closing range for a particular contract, the Pit Committee will document the basis
for the deviation from the midpoint. Such documentation must be signed by two members of the
Pit Committee. In all cases, however, the Exchange, in its capacity as a Derivatives Clearing
Organization, reserves the right to make the final decision on settlement prices.