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June 8, 2006

Ms. Eileen A. Donovan

Assistant Secretary of the Commission for
FOI, Privacy and Sunshine Acts Compliance
Commodity Futures Trading Commission

Spor wee TREAL EWN
‘Washington, D.C, 20581 TEB

RE: FOIA CONFIDENTIAL TREATMENT REQUEST
Dear Ms. Donovan:

The Board of Trade of the City of Chicago, Inc. (“CBOT® or “Exchange” hereby petitions the
Commodity Futures Trading Commission, pursuant to Regulation 145.9, 17 C.F.R. §145.9, for
confidential treatment of a document relating to the CBOT’s business. This document is being
provided to the Office of the Secretariat of the Commission, in a Rule Certification, Reference
File #2688.01, in connection with the establishment of an Electronic Market Maker (EMM)
Program for CBOT 5,000 oz. Silver Options, and is entitled “Appendix 1 — Salient Features of
CBOT® 5,000 oz. Silver Futures Options”.

Confidential treatment is requested for this document, until further notice, because disclosure
would reveal confidential commercial or financial information.

Pursuant to Regulation 145.9 (d)(3), 17 C.F.R. §145.9 (d)(3), the undersigned may be reached at
the Chicago Board of Trade, 141 West Jackson Boulevard, Chicago, Illinois 60604 at (312) 435-
3605.

Sincerely,

Paul J. Draths
Vice President and Secretary

ce: Office of the Secretariat


June 8, 2006

Ms. Eileen A. Donovan

Acting Secretary

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21* Street, N.W.

Washington, D.C. 20581
Reference File #2688.01
Rule Certification

Dear Ms. Donovan:

Pursuant to Commission Regulation 40.6(a), the Chicago Board of Trade (CBOT®) hereby
submits the following, a portion of which is subject to the enclosed FOIA Confidential
Treatment Request:

- Establishment of an Electronic Market Maker (EMM) Program for CBOT 5,000 oz.
Silver Options. (Summary of program’s salient features is attached).

There were no opposing views in connection with this program.

The CBOT intends to implement this program concurrently with the launch of trading in 5,000
oz. Silver Options (presently targeted for June 12, 2006).

The CBOT certifies that this program complies with the Commodity Exchange Act and the rules
thereunder.

Sincerely,

Paul J. Draths
Vice President and Secretary

b052306


CBOT® 5,000 oz. Silver Futures Options
Electronic Market Maker (EMM) Program

EMM Obligations

Participants in this non-exclusive EMM program will provide two-sided markets in CBOT 5,000
oz. Silver Options on the CBOT’s electronic platform (e-cbot®), on a continuous basis and in
response to requests-for-quote (“RFQs”) during the period from 7:25 a.m. to 12:25 p.m.
(Chicago time), unless prevented from doing so as a result of extraordinary circumstances
beyond the EMM’s reasonable control or due to position limits.

EMM participants agree that they will quote prices continuously, and respond to RFQs, for
CBOT 5,000 oz. Silver Options at agreed upon minimum size and maximum bid/offer spread
levels for specified options series.

EMM Incentives

In return for an EMM’s fulfillment of its obligations, such EMM will receive the following for
the period coinciding with EMM’s period of participation in this program:

Transaction fees: All CBOT electronic transaction fees will be rebated for EMM proprietary
transactions in CBOT 5,000 oz. Silver Options during the market hours of their assignment.

Preferencing/Entitlements: After the allocation of any priority order, EMMs will be entitled to a
percentage of each transaction in CBOT 5,000 oz. Silver Options, in a percentage to be
determined, where EMMs have matched the bid or offer prior to trade completion, during the
hours of their assignment. Total preferencing among all EMMs will be limited to 40%. The
CBOT reserves the right to periodically review and reallocate entitlement percentages among the
EMMs.

Term

The program will have an initial term through December 31, 2007, and may be extended if
mutually agreed.

Termination

EMM Agreements may be terminated for uncorrected material breach, upon specified advance
notice, or by mutual consent.