the Exchange, where it has matched the bid or offer prior to trade completion, during the
hours of its EMM assignment.

Term

The program will have a term determined by the Exchange and specified in the EMM
Agreement, 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 6, 2006

Ms. Eileen A. Donovan
Assistant Secretary of the Commission for
FOI, Privacy and Sunshine Acts Compliance

Commodity Futures Trading Commission og a REA ”
Three Lafayette Centre . CAHAL I HMEN I
1155 21* Street, N.W. RFDUEST

Washington, D.C. 20581 ~ EB

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 #2660.03, in connection with the establishment of an Electronic Market Maker (EMM)
Program for CBOT 5-Year and 10-Year Interest Rate Swap Futures, and is entitled “Appendix |
- Salient Features of CBOT® Swap 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 6, 2006

Ms. Eileen Donovan

Acting Secretary

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21" Street, N.W.

Washington, D.C. 20581
Reference File #2660.03
Rule Certification

Dear Ms. Donovan:

Pursuant to Commission Regulation 40.6(a), the Chicago Board of Trade (CBOT®) hereby. r
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-Year
and 10-Year Interest Rate Swap Futures. (A summary of the program’s salient
features is attached.)

This submission amends a previous CBOT submission dated May 4, 2006 (CBOT Reference File
#2660.02).

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. This initiative replaces a previously-established
program which has been discontinued.

The CBOT intends to implement this program no sooner than one business day following the
Commission’s receipt of this filing.

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

Sincerely,

Paul J. Draths
Vice President and Secretary

6042506


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

EMM Obligations

Participants in this non-exclusive EMM program will provide two-sided markets in CBOT 5-
Year and 10-Year Interest Rate Swap futures (“Swap futures”) on the CBOT’s electronic
platform (e-cbot®), on a continuous basis during daytime U.S. 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 Swap 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 will be rebated for EMM
proprietary transactions in CBOT Swap futures.

2) Exchange Fee Credit Pool (“EFCP”): EFCP is defined as 25% of the total electronic
exchange transaction fees collected by the CBOT for 5-Year and 10-Year Interest Rate
Swap futures respectively (less EMM fee rebates).

a) The minimum volume requirements to be eligible to receive any portion of the
EFCP for any given month will be 5 percent of the total sides of the applicable
Swap futures traded on the electronic platform for that 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.

c) EMM Agreements will specify a minimum monthly compensation (“MMC”)
amount for EMMs. In the event that an EMM’s EFCP participation is less than
the MMC amount in any given month, the Exchange will supplement the EMM’s
EFCP compensation such that the EMM receives the MMC amount for that
month. In the event that the EMM’s EFCP participation is equal to or greater than
the MMC amount, there will be no supplemental compensation.

The foregoing provision for supplemental compensation will terminate on
December 31, 2006.

3) Preferencing: After the allocation of any priority order, an EMM will be entitled to a
percentage of each electronic transaction in Swap futures, in a percentage determined by