August 16, 2006

Ms. Eileen A. Donovan

Acting Secretary

Commodity Futures Trading Commission
Three Lafayette Center

1155 21" Street, N.W.

Washington, D.C. 20581

Reference File # 2713.01
Rule Certification
Dear Ms. Donovan:

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

- Amendments to Regulations 2009.01 and 2036.01 per the attached texts (additions
boldfaced and underlined; deletions boldfaced and struck through).

The referenced amendments will modify the last trading day/expiration provisions for CBOT
Options on the Target Fed Funds Rate.

Currently, each contract’s last trading/expiration day is set to coincide with the scheduled
adjournment day of the corresponding FOMC meeting. Under the referenced revisions, the last
trading/expiration day will be the business day following the relevant FOMC adjournment day.
These revisions are designed to enable the contract to absorb situations where the FOMC extends
a scheduled meeting by an extra day after the relevant contract already has been listed for
trading.

The CBOT intends to implement these amendments for newly-listed Binary Options beginning
with the January 2007 contract.

There were no opposing views concerning these amendments.

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

Sincerely,
Paul J. Draths

Vice President and Secretary
b081506


Additions are boldfaced and underlined. Deletions are beldfaced-and-struck threugh.

2009.01 Last Day of Trading

The last day of trading in a Binary Option shall be the business day following the terminal day
of the regularly scheduled FOMC meeting that determines the contract expiration month of said
Binary Option (Regulation 2005.01 ).

The last day of trading for any given Binary Option shall be set by the Exchange on the basis of
the most recently published FOMC meeting calendar as of the date that such Binary Option is
listed for trading by the Exchange.

The last day of trading for said Binary Option, so determined, shall remain fixed,
notwithstanding such changes to the schedule of meetings of the FOMC as may occur after said
Binary Option has been listed by the Exchange for trading.

2036.01 Standards
The contract grade for a Binary Option on the Fed shall be the following Contract Grade Index:

100 minus r
where r is the Target Federal Funds Rate.

For any arbitrary date, the Target Federal Funds Rate shall be as determined at the latest meeting
of the FOMC and as most recently published by the Board of Governors of the Federal Reserve.
Example: If the Target Federal Funds Rate established at the latest meeting of the FOMC is
8.25%, the Contract Grade Index will represent this rate as ninety-one and three-quarters (91.75)
Contract Grade Index points.

Such “latest meeting of the FOMC” is not required to be a regularly scheduled meeting of the
FOMC, as defined in Regulation 2005.01.

Notwithstanding the foregoing, the Contract Grade Index shall not take any value less than zero
(0.00) Index points nor any value exceeding one hundred (100.00) Index points.

Hereafter in this chapter the outcome applicable to an expiring Binary Option shall be defined as
the Contract Grade Index representation of the latest Target Federal Funds Rate to have been
announced by the Board of Governors of the Federal Reserve prior to 6:00 p.m. Eastern time on
the last day of trading in said Binary Option (Regulation 2009.01 ).

Tf, on the last day of trading in an expiring Binary Option, the Board of Governors of the Federal
Reserve has faileds to publish prior to 6:00 p.m. Eastern time the Target Federal Funds Rate as
determined at the latest meeting of the FOMC, then the outcome applicable to such expiring
Binary Option shall be based upon such determination of the Target Federal Funds Rate as
published by the Federal Reserve Bank of New York.


Tf, on the last day of trading in an expiring Binary Option, neither the Board of Governors of the
Federal Reserve nor the Federal Reserve Bank of New York has publisheds prior to 6:00 p.m.
Eastern time the Target Federal Funds Rate as determined at the latest meeting of the FOMC,
then the outcome applicable to such expiring Binary Option shall be based upon such
determination of the Target Federal Funds Rate as published by any Federal Reserve District
Bank.

If, on the last day of trading in an expiring Binary Option, neither the Board of Governors of the
Federal Reserve nor any Federal Reserve District Bank has publisheds prior to 6:00 p.m. Eastern
time the Target Federal Funds Rate as determined at the latest meeting of the FOMC, then the
Exchange shall defer computation of the outcome applicable to such expiring Binary Option, and
shall defer the corresponding liquidation of outstanding option contracts, until 6:00 p.m. Eastern
time on the third business day following the scheduled last day of trading in the expiring Binary
Option.

In the event that computation of the outcome applicable to an expiring Binary Option, and the
liquidation of such outstanding option contracts, is deferred, then such deferred outcome shall be
based upon a determination of the Target Federal Funds Rate, as published between the last day
of trading in the expiring options and 6:00 p.m. Eastern time on the third business day thereafter:

Such deferred outcome shall be based upon the Target Federal Funds Rate as published
by the Board of Governors of the Federal Reserve during the three-business-day interval defined
in the previous paragraph.

In the absence of such publication by the Board of Governors of the Federal Reserve, the
deferred outcome shall be based upon the Target Federal Funds Rate as published by the Federal
Reserve Bank of New York during the previously defined three-business-day interval.

In the absence of such publication by either the Board of Governors of the Federal
Reserve or the Federal Reserve Bank of New York, the deferred outcome shall be based upon the
Target Federal Funds Rate as published by any Federal Reserve District Bank during the
previously defined three-business-day interval.

In the absence of such publication by either the Board of Governors of the Federal
Reserve of any Federal Reserve District Bank, the deferred outcome shall be based upon the
Target Federal Funds Rate as published in The Wall Street Journal (Central Edition) during the
previously defined three-business-day interval.

In the absence of such publication by the Board of Governors of the Federal Reserve, or
any Federal Reserve District Bank, or The Wall Street Journal (Central Edition) during the
previously defined three-business-day interval, then the deferred outcome shall be based upon
the Target Federal Funds Rate as published for the meeting of the FOMC that immediately
preceded the latest meeting of the FOMC.