cme @

Chicago Mercantile Exchange
20 South Wacker Drive 312/930.1000 tel
Chicago, IL 60606-7499 312/466,4410 fax

www.cme.com

February 14, 2006

Ms. Jean A. Webb

Office of the Secretariat

Commodity Futures Trading Commission
Three Lafayette Centre 5
1155 21st Street, N.W. &
Washington, DC 20581 ©

RE: Exchange Certification of Amendment to
CME Rule 537. SUBSTITUTION OF FUTURES FOR FORWARDS (SUB)
CME Submission #06-11.

Dear Ms. Webb:

Chicago Mercantile Exchange Inc. (“CME” or “the Exchange”) hereby certifies
amendments to its Rules submitted in Submission #05-103 which would amend CME Rule 537
to provide for documentation for a Substitution of Futures for Forwards (“SUB”). We intend to
make this action effective as of a date to be determined and reported subsequently to the
Commission.

The Exchange certifies that this amendment complies with the Act and rules thereunder.

Appendix 1 provides the text of the Rule amendments with additions underlined;
Appendix 2 provides a clean copy of the Rules as amended.

If you require any additional information regarding this matter, please do not hesitate to
contact me at 312-466-7469 or via e-mail at jlab@cme.com or Lori Aldinger at 312-930-2337 or
via e-mail at laldinge@cme.com. Please reference our CME Submission #06-11 on all future
correspondence regarding this notification.

Sincerely,

John W. Labuszewski, Managing Director
Research & Product Development



Ms. Jean A. Webb
February 14, 2006
Page 3 of 4

Appendix 1: Rule Amendments
(Additions are underlined.)

537. | SUBSTITUTION OF FUTURES FOR FORWARDS (SUB)

(Ex-Pit or Ex-CME® Globex® Transactions). A substitution of futures contracts for over-the-counter
(OTC) forward instruments shall be permitted by arrangement between eligible contract participants and
comprised of two discrete transactions, where, the buyer and seller of the futures contract must be,
respectively, the buyer and seller of the forward instrument. The forward instrument component shall
involve the commodity underlying the futures contract (or a derivative, by-product or related product of
such commodity). The quantity covered by the forward instrument must be approximately equivalent to
the quantity covered by the futures contract. The parties to the transaction shall maintain a record of the
transaction together with all pertinent memoranda. The forward instrument component of an SUB
transaction must comply with applicable CFTC forward regulatory requirements, if any. The Exchange
shall determine eligible futures contracts and over-the-counter instruments.



Ms. Jean A. Webb
February 14, 2006
Page 4 of 4

Appendix 2: Clean Copy of Rules as Amended

537. SUBSTITUTION OF FUTURES FOR FORWARDS (SUB)

(Ex-Pit or Ex-CME® Globex® Transactions). A substitution of futures contracts for over-the-counter
(OTC) forward instruments shall be permitted by arrangement between eligible contract participants and
comprised of two discrete transactions, where, the buyer and seller of the futures contract must be,
respectively, the buyer and seller of the forward instrument. The forward instrument component shall
involve the commodity underlying the futures contract (or a derivative, by-product or related product of
such commodity). The quantity covered by the forward instrument must be approximately equivalent to
the quantity covered by the futures contract. The parties to the transaction shall maintain a record of the
transaction together with all pertinent memoranda. The forward instrument component of an SUB
transaction must comply with applicable CFTC forward regulatory requirements, if any. The Exchange
shall determine eligible futures contracts and over-the-counter instruments.