July 20, 2006 raed 21 7 50

Ms. Eileen A. Donovan

Acting Secretary

Commodity Futures Trading Commission
Three Lafayette Center

1155 21" Street, N.W.

Washington, D.C. 20581

Reference File # 2702.01
Rule Certification
Dear Ms. Donovan:

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

- Establishment of a “Global Developing Markets” (GDM) Program as described in
the attached summary.

This program will utilize targeted fee waivers to increase trading opportunities and encourage volume
growth among traders located in countries that have not historically been active in CBOT markets.

The CBOT intends to implement this program as of August 1, 2006.
There were no opposing views concerning this program.

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

Sincerely,

Paul J. Draths
Vice President and Secretary

b071806


CBOT® Global Developing Markets (“GDM”) Program Summary
GDM Program Overview

The Chicago Board of Trade ("CBOT®" or "Exchange") Global Developing Markets Program ("GDM
Program") allows traders at approved proprietary trading groups and trading arcades located in CBOT-
designated cligible countries to trade electronically traded CBOT products at reduced fees. The Program waives
exchange and clearing fees for all electronically traded CBOT products up to a capped volume limit of 250,000
sides per eligible trader during a two (2) year period. Once the 250,000 limit has been met, the trader is eligible
to trade all CBOT electronic products at a reduced rate of $0.45 per side (inclusive of exchange and clearing
fees) for the remainder of the two (2) year period.

Eligibility

A proprietary trading group or trading arcade, or if established as a separate legal entity, its parent, must be
registered with the CBOT as a Global Developing Markets participant firm and reside in a CBOT approved
location. Proprietary trading groups and arcades are defined as follows:

- Proprietary Trading Group: A legal entity consisting of individuals who are owners, employces or
contractors of the group who trade in the name of accounts owned by the group and exclusively use the
funds of the group for all of their trading activity.

- Trading Arcade: A legal entity consisting of individuals who are owners, employees or contractors of
the entity which provides a legal, risk management and physical structure and trading facilities to traders
in return for sharing of trading profits. Transactions are executed in the name of accounts owned by the
trading arcade and originate from the trading arcade facility. The funds used for trading may be
corporate pools of funds or commingled individual/corporate funds.

The following entities are not cligible for the GDM Program: entities trading third party customer funds, such as
commodity trading advisers, commodity pool operators, hedge funds, investment trusts, brokers, fund managers,
commercial and investment banks, insurance companies, mutual funds, unit trusts and other similar entities.

The CBOT will have the sole authority to determine whether an entity is, or is no longer, eligible for the GDM
Program.

Terms and Conditions

The Program will begin on August 1, 2006. The CBOT or a participating entity generally may terminate
participation in the Program at any time, for any reason, upon 5 days notice to the other party. The CBOT may
terminate the Program for a specific trader or entity at any time without prior notice due to the trader's or entity's
failure to comply with the terms of the Program or the Rules and Regulations of the Exchange. The entity
applying for the benefits of the Program and its participating traders agree to comply with any applicable Rules
and Regulations of the Exchange.

Approved Locations

The CBOT shall have sole authority to determine whether a location is, or is no longer, considered to be an
approved developing market location for the GDM Program. The current list of excluded locations is:
Austria, Australia, Belgium, Canada, France, Germany, Hong Kong, Ireland, Italy, Japan, Luxembourg,
Monaco, Netherlands, New Zealand, Portugal, Scandinavia, Singapore, Spain, Switzerland, UK, and USA.