February 24, 2006 ay

Ms. Jean A. Webb

Secretary

Commodity Futures Trading Commission
Three Lafayette Center

1155 21" Street, N.W.

Washington, D.C. 20581

Reference File # 2641.01
Rule Certification
Dear Ms. Webb:

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

- Amend Rule 221.00(b) per the attached text (additions underlined; deletions
struck through).

Rule 221.00 governs the delegation (leasing) of memberships. The referenced amendments will:
- Specify that, when a delegated membership is sold, the delegation agreement will not
automatically terminate any earlier than the deadline for payment of the purchase price;

and

- Clarify that a delegation agreement will terminate automatically, and without exception,
upon the suspension of either the lessor or lessee.

The CBOT intends to implement these amendments no sooner than one day after the
Commission’s receipt of this filing.

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
| b022106


Additions underlined; deletions struck through

221.00 Delegation - An individual member may delegate the trading rights and privileges of a
Series B-1 (Full), Series B-2 (Associate), Series B-3 (GIM), Series B-4 (IDEM), or Series B-5
(COM) membership to an individual (a "delegate") upon the following terms and conditions:

(a) The delegate shall first be approved by the Exchange under the standards of Rule 200.00
and shall sign a written agreement to become familiar with, observe and be bound by the
Certificate of Incorporation, Bylaws, Rules, and Regulations of the Exchange, and all
amendments subsequently made thereto. An approved delegate, who is not subject to a
suspension or expulsion, shall remain approved to enter a new delegation agreement
within six (6) months following the termination of the previous delegation agreement.
The Exchange may, in its discretion, grant extensions of this six (6) month approval
period.

(b) The delegation agreement, any amendment thereto, and any termination, revocation, or
renewal thereof, shall be in writing in such form as the Exchange may prescribe, and a
copy thereof shall be filed by the member with the Exchange as a precondition to its
effectiveness: Provided, however, the delegation agreement shall be—nulland—veid
terminate automatically upon the happening of any of the following events:

(1) Loss of any of the qualifications for entering a delegation agreement, such as sale of
the membership of the member or expulsion of the member or the delegate; or

(2) The suspension of the member or the delegate by the Exchange within-three-months

However, if a delegation agreement terminates automatically as the result of a sale of the
membership, the termination will not take effect until payment of the purchase price has
been made, or 5:00 p.m. of the next business day following the day on which the
purchaser was notified that his bid was matched to an offer, whichever is later. The
delegate will continue to have the right to exercise the trading rights until the effective
time of the termination, regardless of whether the purchaser has paid the purchase price
prior to that time. Moreover, the selling member will continue to be subject to all of the
liabilities described in paragraph (c)(1) below, which arise from the delegate’s use of the
trading rights of the membership until the effective time of such termination, regardless
of whether the purchaser has paid the purchase price prior to that time.

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