December 29, 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 #2754.01
Rule Certification 2 H

Dear Ms. Donovan: L rt

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

- Revised Electronic Market Maker (EMM) Program for CBOT 100 0z. Gold
and 5,000 oz. Silver Futures. (A summary of the program’s salient features
is attached. Additions are bolded and underlined. Deletions are bracketed

and struck through.)

This submission reflects changes in a program that has been in effect since October 2004
and that was filed via a previous CBOT submission dated September 29, 2004 (CBOT
Reference File #2493.01). The program revisions will be effective beginning January 1,
2007.

This initiative has been established and modified pursuant to CBOT Rule 225.00
“General Enabling Rule for Market Maker Programs”, which authorizes the Chief
Executive Officer of the Exchange to approve such programs.

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

Sincerely,

Paul J. Draths
Vice President and Secretary



Electronic Market Maker Program
CBOT 100 oz. Gold and 5,000 oz. Silver Futures

MARKET MAKER OBLIGATIONS

[pte-seven-appreved] EMMs will be required to make continuous two-sided markets on the CBOT
electronic platform at pre-agreed maximum bid-offer spreads and minimum depth for all expiration months
assigned to it for the 100 oz Gold and/or 5,000 oz Silver futures.

Each EMM will also be required to:
1) Use its best commercial efforts to make a market in calendar spreads in [beth} 100 oz Gold and/or
5,000 oz Silver, as applicable.
2) Abide by current Exchange maximum quote restrictions for EMMs.

[3)-Panticipat dat inavlation-testi: jor-to-thet bof th i tal
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MARKET MAKER INCENTIVES
In return for fulfilling on an ongoing basis the above commitments, each EMM will be eligible for the

following for the period coinciding with the EMM’S period of participation in this program:

1) [AH] CBOT transaction fees will be rebated for all EMM proprietary transactions in [the
4+00-0z-Geld-and] 5,000 oz Silver futures. CBOT transaction fees will be rebated for all
EMM proprietary transactions in 100 oz. Gold futures up to a maximum of $75,000 per
EMM per month.

2) Each EMM will be eligible to qualify to receive its “relative share” of the monthly
“Exchange Fee Credits” if it is one of the top two EMMs trading at least 5% (in Silver) or
4% (in Gold) of total monthly sides in the product assigned to it and meets all contractual
obligations.

Relative share is defined as the percent of total EMM volume that each EMM has generated for
that month.

Exchange Fee Credits are defined as 20% of the total transaction fees collected by the CBOT for
the specific products assigned to the EMM less EMM fee rebates. In the case of Gold, the
Exchange Fee Credit pool shall not exceed $150,000 in an’

ial term of the program will be | year. Thereafter, EMM agreements may be extended if
mutually agreed. The CBOT will have the option of reviewing the program with 30 days notice if average
daily volume reaches and sustains for a three month period a level of 12,000 contracts per day for gold and

{6;000-contraets-per-day] for silver,_respectively.

If there is a material breach of terms of the Market Maker agreement by either party, the non-breaching
party may terminate the agreement, effective ten days after written notice thereof to the breaching party,
unless the breaching party corrects or has initiated measures to correct the breach within such ten day
period. Notwithstanding any other provision of the agreement, the parties may terminate the agreement by
mutual consent at any time.