Term

EMM Agreements will have an initial term expiring December 31, 2006, and may be extended if
mutually agreed.

Termination
EMM Agreements may be terminated for uncorrected material breach, upon a specified notice

period under specified circumstances, as defined in the EMM Agreement, or by mutual consent
at any time.


June 16, 2006

Ms. Eileen A. Donovan .
: tot 4 t

Aan Serta of th Commission Or, SDNFIDENTIAL TREATMEN

Commodity Futures Trading Commission

Three Lafayette Centre REQUESTER
1155 21" Street, N.W. =
Washington, D.C. 20581 ~

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, in a Rule Certification, Reference File #2680.02, in
connection with the establishment of an Electronic Market Maker (EMM) Program for CBOT
Denatured Fuel Ethanol Futures, and is entitled “Appendix | - Salient Features of CBOT®
Ethanol Futures Electronic Market Maker (EMM) Program”.

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 16, 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 #2680.02
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
Denatured Fuel Ethanol Futures. (A summary of the program’s salient features is
attached.)

This submission amends a previous CBOT submission dated May 25, 2006 (CBOT Reference
File #2680.01).

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

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


Salient Features of CBOT® Ethanol Futures
Electronic Market Maker (EMM) Program

EMM Obligations

Participants in this non-exclusive EMM program will provide two-sided markets in CBOT
Denatured Fuel Ethanol futures (“Ethanol futures”) on the CBOT’s electronic platform (e-cbot®),
on a continuous basis during specified market hours for such futures, 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 make markets in Ethanol futures at agreed upon minimum
size and maximum bid/offer spread levels.

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:

1) Transaction fees: All CBOT electronic transaction fees (excluding clearing fees) will be
rebated for EMM proprietary transactions in Ethanol futures.

2) Exchange Fee Credit Pool (“EFCP”): EFCP is defined as 20% of the total electronic
exchange transaction fees collected by the CBOT for Ethanol futures (less EMM fee
rebates).

a) The minimum volume requirement to be eligible to receive any portion of the
EFCP for any given month will be 10% of the total sides of Ethanol futures traded
on the electronic platform for that month. Incentives drawn from this pool would
be paid to the top two qualifying EMMs on a pro-rata basis. (Their pro-rated
shares would be based on the percentage of total EMM volume that each of the
qualifying EMMs generated for that particular month.)

b) Ifno EMM qualifies for the EFCP, then there will be no payout of the applicable
pool for that particular month, and the EFCP will not roll forward to any future
month.