Document:

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                                                                   Exhibit 10.34

                       New Systems Operations Agreement

This New Systems Operations Agreement (the "Agreement") is entered into

between

1. Board of Trade of the City of Chicago, Inc., 141 West Jackson Blvd., Suite
   600-A, Chicago, Illinois, 60604, United States of America

                                                           (hereinafter, "CBOT")

2. Ceres Trading Limited Partnership, c/o Board of Trade of the City of Chicago,
   Inc., 141 West Jackson Blvd., Suite 600-A, Chicago, Illinois 60604, United
   States of America

                                                          (hereinafter, "Ceres")

and

1. Deutsche Borse Systems AG, Neue Borsenstrasse 1, 60487 Frankfurt am Main,
   Germany

                                                            (hereinafter, "DBS")

2. Eurex Zurich AG, Selnaustrasse 30, 8021 Zurich, Switzerland

                                                   (hereinafter, "Eurex Zurich")

3. Eurex Frankfurt AG, Neue Borsenstrasse 1, 60487 Frankfurt am Main, Germany

                                                (hereinafter, "Eurex Frankfurt")

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            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

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                                   PREAMBLE

A.   Eurex Zurich and its wholly-owned subsidiary Eurex Frankfurt (referred to
     jointly as the "Eurex Entities") are operating the electronic derivatives
     exchanges Eurex Zurich and Eurex Deutschland (the "Eurex Exchanges"). The
     technological basis of the Eurex Exchanges is the Eurex Software, a
     software jointly developed and owned by Deutsche Borse AG ("DBAG") and the
     SWX Swiss Exchange ("SWX").

B.   CBOT offers certain derivative products for trading on that certain
     electronic market operated on the basis of Release a/c/e 1.0 of the Eurex
     Software and formerly known as "a/c/e" (the "CBOT Electronic Market"). The
     host used for the CBOT Electronic Market is located in Chicago (the
     "Chicago Backend"). To date, DBS, a wholly-owned subsidiary of DBAG, has
     provided to Ceres and CBOT the services required (i) for the operation of
     the Chicago Backend, (ii) for the connection of the CBOT Electronic Market
     to a dedicated wide-area communications network provided by DBS (the
     "Network") that can be accessed through certain Access Points, and (iii)
     for technically enabling users of the Eurex Exchanges ("Eurex Users") and
     users of CBOT (the "CBOT Users") to access the CBOT Electronic Market and
     the Eurex Exchanges on the basis of a Systems Operations Agreement dated
     July 20, 2000 (the "Systems Operations Agreement"). The parties to the
     Systems Operations Agreement have decided to terminate the Systems
     Operations Agreement by way of a separate Reorganization Agreement dated an
     even date herewith (the "Reorganization Agreement").

C.   CBOT and Ceres desire that, following termination of the Systems Operations
     Agreement, DBS continues to operate the Chicago Backend, that the CBOT
     Users continue to use the Network in order to access the CBOT Electronic
     Market, and that the CBOT Electronic Market continues to be connected to
     the Network. DBS is prepared to provide Ceres with the services required in
     order to achieve these goals subject to the terms of this Agreement.

In consideration of the foregoing premises and the mutual covenants herein set
forth, the parties agree as follows:

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               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

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1.   Definitions

1.1  Terms used in this Agreement with initial capital letters (other than
     proper nouns) have the meanings set forth in the glossary of defined terms
     attached as Schedule 1.1.

2.   Scope of Agreement

2.1  Scope of Agreement. This Agreement governs the relationship between CBOT
     and Ceres, on the one hand, and DBS, on the other hand, with regard to
     certain services to be provided by DBS for the purpose of the operation of
     the Chicago Backend and in order to connect the CBOT Users to the CBOT
     Electronic Market through the Network as set forth in Section 4.1 (the
     "Operation Services"). The Eurex Entities shall neither be responsible nor
     be liable under this Agreement in any way for the provision of the
     Operation Services or for any failure of DBS in performing the Operation
     Services. CBOT and Ceres shall neither be responsible nor be liable in any
     way for the provision of any services to the Eurex Entities or for any
     failure of DBS in performing services for the Eurex Entities.

2.2  Other Agreements. Ceres' right to use certain parts of the Eurex Software
     is governed by a Non-exclusive Software License Agreement dated an even
     date herewith between DBAG, SWX, CBOT and Ceres (the "Non-exclusive
     Software License Agreement") with maintenance to be provided under a
     Software Maintenance Agreement among DBAG, SWX, the Eurex Entities, CBOT
     and Ceres (the "Software Maintenance Agreement").

3.   Use of Network

3.1  Network Standards. Ceres and CBOT acknowledge that under no circumstance
     shall Ceres' and CBOT's use of the Network, as made available under this
     Agreement, restrict or adversely affect DBAG's, SWX's and the Eurex
     Entities' operation, maintenance and further development of the Eurex
     Software, the Network and the Eurex Operations.

3.2  Connection Alternatives. Ceres and CBOT shall ensure that the CBOT
     Electronic Market offers at all times all of the connection alternatives
     described in the

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     Implementation Regulations of the Eurex Exchanges Concerning Technical
     Equipment as amended and offered to CBOT and Ceres from time to time.

3.3  Certain Restrictions. Without the prior written consent of the Eurex
     Entities, Ceres and CBOT shall not (i) use the Network provided under this
     Agreement and the Chicago Backend for any other purpose than for the
     electronic trading of Eligible Derivatives as defined in the Non-exclusive
     Software License Agreement, or (ii) connect any trading platform other than
     the CBOT Electronic Market to the Network.

4.   Scope of Operation Services

4.1  Engagement. Ceres hereby engages DBS to provide the Operation Services. The
     scope of the Operation Services is defined in Schedule 4.1 and any Change
     Requests. The scheduling of work (e.g., milestones, completion dates and
     performance credits) will, if applicable, be set forth in the corresponding
     Schedule or Change Request.

4.2  Priority. If any provision in Schedule 4.1 expressly states that it has
     priority over the terms of this Agreement, or if any provision in a Change
     Request expressly contradicts a provision in this Agreement, the provision
     in the Schedule or the relevant Change Request will have priority over the
     relevant terms of this Agreement. If a provision in Schedule 4.1 or a
     Change Request contradicts a provision in another Change Request, the most
     recent provision will have priority.

4.3  Deliverables, Services, Tasks. Schedule 4.1 and each Change Request must
     describe the specific work results ("Deliverables") to be produced under
     the Schedule or Change Request. A Deliverable must include, if appropriate,
     functional and technical specifications for itself or for other
     Deliverables. Schedules and Change Requests relating to ongoing services
     ("Services") will describe the service in detail and the standards for
     determining the quality of service. Schedules and Change Requests, and
     documents prepared pursuant to Schedules and Change Requests, will assign
     specific work ("Tasks") to the parties and establish time frames in which
     the Tasks are to be completed; Tasks will also constitute Deliverables to
     the extent that the Task requires the production of a specific work product
     and not just an ongoing service. Schedules and Change Requests can also
     establish the price for the Tasks, together with a payment schedule and may
     include a schedule of resources to be devoted to the work,

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     including the number of man-days each party will provide, the equipment and
     the premises where the work will be carried out.

4.4  Change Request. Ceres or DBS may request a change in Operation Services at
     any time ("Change Request").

     4.4.1   A Change Request will be in writing and will follow a format to be
             provided by DBS. Each Change Request must contain sufficient
             information to enable the recipient to reasonably evaluate the
             Change Request including particularly:

             .   a description of the change (including specifications, test
                 procedures, date of completion etc.),

             .   reasons for the change,

             .   additional resources required to implement the change
                 (including any proposed subcontractors other than Freelancers),

             .   impact on other elements of the Operation Services or work to
                 be performed by DBAG within the scope of the Software
                 Maintenance Agreement,

             .   impact on service levels under this Agreement,

             .   cost impact of the change and allocation of responsibility for
                 increased costs or benefits from reduced costs; if appropriate,
                 the Change Request will contain either a time-and-materials
                 price scheme or a fixed price for the additional work together
                 with a payment schedule.

     4.4.2   If the party submitting a Change Request cannot reasonably provide
             sufficient information under the above categories using the party's
             own resources, the submitting party may require the other party or
             parties to assist in providing the missing information without
             undue delay. If a Change Request initiated by Ceres requires DBS to
             expend more than one man-day in order to complete the information,
             DBS can charge for the work on a "time-and-materials" basis if DBS
             has informed Ceres in advance that it intends to charge for such
             efforts. DBS will not charge if one man-day or less is required to
             complete the information.

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     4.4.3   The parties recognize that there may be various solutions to each
             Change Request. DBS will propose solutions that it reasonably
             believes will best meet the needs of Ceres while complying with the
             defined scope of work. If Ceres rejects a proposed solution that
             meets all of the requirements of this Agreement in favor of an
             alternative, DBS will inform Ceres, in writing within two weeks of
             receipt of the alternative proposal about any anticipated increased
             costs or delay and, if appropriate, additional resources which are
             required, as well as all anticipated problems with the solution
             selected by Ceres such as impact on service levels. If the parties
             cannot reach agreement at the operational level Ceres may, at its
             own risk, insist on its alternative solution. In this event, DBS
             will, subject to Section 4.4.5, be obliged to perform the work on
             the alternative solution once a corresponding Change Request, in
             which Ceres agrees to compensate DBS for such work in accordance
             with the applicable DBS Catalogue of Prices, has been signed by
             Ceres. The obligation of DBS to perform work under such a Change
             Request is subject to the condition precedent that DBS has
             reasonable access to the additional resources set forth in the
             notice submitted to Ceres under the third sentence of this Section
             4.4.3.

     4.4.4   Any Change Request by either DBS or Ceres shall be communicated to
             the designated recipient of the Change Request through the Eurex
             Entities. The Eurex Entities shall investigate implications of the
             proposed Change Request on the Eurex Operations and/or the Network
             without undue delay. Following such investigation, the Eurex
             Entities shall promptly forward, with comments as appropriate, the
             Change Request to the designated recipient. Any Change Request
             directly submitted to the designated recipient shall be deemed non-
             existing and shall not be processed by the recipient of such Change
             Request.

     4.4.5   A Change Request will become binding if it has been signed by
             Ceres, the Eurex Entities and DBS. DBS, the Eurex Entities and
             Ceres will evaluate Change Requests without undue delay. Except as
             provided in Section 4.4.2, no party is under an obligation to
             perform work under a Change Request prior to the Change Request
             having been orderly signed; the costs for performing any such work
             prior to signing will be borne by the party performing the work.

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          4.4.6  Under no circumstances shall DBS and the Eurex Entities be
                 obliged to agree to any Change Request that would have a
                 negative impact on any of the Eurex Operations, the Eurex
                 Software or the Network.

          4.4.7  For the avoidance of doubt any inquiry for work by either of
                 DBS and Ceres relating to the opening up or closing down of any
                 Access Point will be subject to the Change Request procedure
                 set forth in this Section 4.4.

     5.   Co-operation, Communication, Subcontracting

     5.1  Critical Instructions. If DBS reasonably believes that implementation
          of an instruction by Ceres is contrary to the performance of the
          Operation Services (e.g., the implementation would interfere with the
          operation of any of the Eurex Operations or the Network) or would
          materially impair DBS' ability to perform other work under this
          Agreement, DBS will notify Ceres and the Eurex Entities thereof, and
          DBS will not be required to implement the instruction until both Ceres
          and the Eurex Entities have confirmed the instruction.

     5.2  Delays. Reference to obligations of Ceres also includes all Tasks to
          be performed by Ceres. DBS will not be responsible for delays in work
          under this Agreement or for budget overruns which are caused by acts
          or omissions by Ceres. DBS shall notify Ceres of the specific risk
          that the delay or budget overrun will occur, and Ceres must be given
          the opportunity to perform the relevant Task without undue delay.

     5.3  Co-operation. Ceres will provide the resources identified in Schedule
          4.1 and each applicable Change Requests and perform such other Tasks
          as may be set forth in Schedule 4.1 and each Change Request. Ceres
          shall provide DBS with all reasonable co-operation and assistance in
          the performance of the Operation Services, in each case including:

          5.3.1  Ceres will make all decisions reasonably requested of it by DBS
                 in a timely manner; such decisions will be made at the latest
                 within one week after receiving a written request from DBS for
                 the decision, provided that such one week period does not
                 commence to run if Ceres still requires reasonable

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             information from DBS before making the decision. The one week
             period will be extended by a reasonable amount of time if
             circumstances require this.

     5.3.2   Ceres will provide in a timely manner all information which DBS or
             the Eurex Entities reasonably requests.

     5.3.3   Ceres will provide appropriately equipped facilities designated by
             the Program Managers, particularly in the United States of America
             (the "Facilities"), for carrying out the Operation Services within
             the scheduled time frame at the reasonable request of DBS. The
             appropriate equipment in the Facilities does not include components
             of the system which are being provided by DBS.

     5.3.4   As DBS may reasonably request assistance, Ceres will make personnel
             resources available at locations where work within the scope of the
             Operation Services is being conducted in order to provide such
             assistance in a timely manner.

     5.3.5   Ceres will provide DBS and its subcontractors with access to the
             Facilities where equipment required for the performance of the
             Operation Services is located 24 hours per day, 365 days per year
             (including weekends and holidays), except to the extent that
             security requirements make such access unreasonable.

     5.3.6   DBS will provide reasonable assistance to Ceres and its employees
             and subcontractors so that they can perform their Tasks and other
             work relating to the Operation Services.

5.4  Program Managers. DBS and Ceres will each appoint one Program Manager. Each
     Program Manager is entitled to make all decisions and issue all
     declarations on behalf of its principal with regard to any aspect of the
     Operation Services, provided, however, that the Program Managers are not
     entitled to make any decision that, pursuant to this Agreement, require the
     consent of the Eurex Entities. Each party will also appoint substitute
     Program Managers who can exercise the authority of the Program Managers in
     their absence. Neither Ceres nor DBS has any responsibility for monitoring
     whether the other side's Program Manager has actually complied with the
     internal approval procedures. One side's Program Manager can delegate
     authority for

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      a specific matter or for categories of matters to another person by
      informing the other side's Program Manager in writing; the delegation of
      authority may only be cancelled by written notification to the other
      Program Manager. The names of the current Program Managers and their
      substitutes are set forth in Schedule 5.4.

5.5   Eurex Manager.  The Eurex Entities will appoint a Eurex Manager. The Eurex
      Manager is entitled to make all decisions and issue all declarations on
      behalf of the Eurex Entities with regard to any aspect of the Operation
      Services.  The Eurex Entities will also appoint a substitute Eurex Manager
      who can exercise the authority of the Eurex Manager in his absence.
      Neither Ceres nor DBAG has any responsibility for monitoring whether the
      Eurex Manager has actually complied with the internal approval procedures.
      The Eurex Manager can delegate authority for a specific matter or for
      categories of matters to another person by informing the Program Managers
      in writing; the delegation of authority may only be cancelled by written
      notification to the Program Managers.  The names of the current Eurex
      Manager and his substitute are set forth in Schedule 5.4.

5.6   Escalation Committee.  The parties will establish an "Escalation
      Committee" which will consist of CBOT's Chairman and Chief Executive
      Officer, the Chief Executive Officer of DBS' Management Board
      (Vorsitzender des Vorstands) and the Chief Executive Officer of the Eurex
      Entities. The purpose of the Escalation Committee is to discuss Problems
      which are not resolved by the Program Managers.

5.7   Subcontractors.  Prior to engaging any subcontractor other than a
      subcontractor who is a natural person (such natural person a
      "Freelancer"), DBS shall inform Ceres and the Eurex Entities about the
      intended subcontracting. Any engagement of a subcontractor by Ceres shall
      require prior written approval by DBS and the Eurex Entities.  Each party
      will be liable for the performance of its subcontractors under (S) 278
      German Civil Code.  Each party must especially make sure that its
      subcontractors comply with all provisions of the Agreement relating to
      confidentiality and each party must require each of its subcontractors to
      execute appropriate non-disclosure agreements consistent with the
      requirements of Section 15.

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6.    Legal and Regulatory Environment

6.1   Compliance.  DBS will perform the Operation Services in compliance with
      legal and regulatory requirements, if any, for the operation of the CBOT
      Electronic Market.  Ceres is responsible for timely informing DBS about
      these requirements and their impact on the Operation Services.  DBS and
      each of the Eurex Entities will monitor the compliance of their
      respective employees and subcontractors assigned to provide Operation
      Services under this Agreement with CFTC Regulation 1.59 and will require
      such persons to execute a letter in the form set forth in Schedule 6.1.

6.2   Other Standards.  Ceres may require that the Operation Services will
      comply with other standards at any time by initiating the Change Request
      procedure.

6.3   Monitoring.  Ceres is responsible for monitoring all changes in the legal
      and regulatory requirements and standards set forth in the preceding
      Sections 6.1 and 6.2 for the CBOT Electronic Market.  Ceres will, through
      the Change Request procedure, inform DBS without undue delay about any
      changes required in the Operation Services in order to comply with changes
      in such requirements and standards.

6.4   Regulatory Audits.  At the request of CBOT, DBS will grant reasonable
      access to its facilities, records and personnel to regulatory authorities
      for the purpose of auditing the CBOT Electronic Market.

7.    Equipment

7.1   Ownership.  DBS will acquire or has acquired, at its own expense, the
      equipment necessary to perform the Operation Services.  All such equipment
      is or will either be leased or owned by DBS.

7.2   Advice.  To the extent Ceres purchases its own equipment (including
      hardware, software, telecommunications materials, and anything else
      relating to the Operation Services), DBS will recommend appropriate
      equipment to Ceres, based on a Change Request and based on information
      received from Ceres and information developed during the course of the
      performance of the Operation Services. DBS will make recommendations based
      on their reasonable assessment of the relevant requirements. However, DBS
      assumes no liability for any defect in the equipment purchased. All

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      responsibility for purchasing the equipment and the risks associated with
      any defect in such equipment will be borne by Ceres or the respective
      purchaser.

8.    Problem Resolution

8.1   Notification.  Each of the parties can notify each other at any time in
      writing about a "Problem". A Problem is (i) an alleged failure of a party
      to perform its obligations, (ii) a disagreement about whether requested
      work or material is within the scope of the Operation Services, or (iii)
      any circumstance, whether or not within the control of the parties, which
      adversely affects performance under this Agreement within the agreed time
      and budget. For purposes of this Section 8, the Eurex Manager shall be
      deemed a Program Manager.

8.2   Timeliness.  Each of the parties will inform each other about a Problem
      without undue delay after becoming aware of it. If documentary evidence
      clearly shows that a party was aware of a Problem or should have been
      aware of the Problem exercising a highly professional standard of care,
      and the party failed to inform the other party within two weeks of
      becoming aware or when it should have become aware, the party who raises
      the Problem cannot assert any claims or other rights against the other
      party resulting from the Problem prior to notification, but the party
      raising the Problem can require the other party to correct the Problem
      without undue delay.

8.3   Content.  Notification of a Problem shall be in a written "Problem Report"
      which at a minimum contains sufficient information (to the extent
      reasonably available to the notifying party) under the following headings
      to reasonably evaluate the Problem:

      .   description of the Problem including a designation of those parts of
          the Operation Services affected by the Problem,

      .   estimated impact on timing and costs,

      .   proposal for corrective action,

      .   description of the resources needed for the corrective action,

      .   proposal for allocation of costs resulting from the Problem and the
          corrective measures.

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      A Problem Report needs to be signed by the Program Manager of the party
      submitting the Problem Report.

8.4   Resolution.  If the Program Managers cannot resolve a Problem within 10
      Business Days after a Problem Report has been submitted, either party can
      refer the Problem in writing to the Escalation Committee. The Escalation
      Committee cannot impose a resolution of a Problem on a party without the
      party's consent. If any Program Manager notifies the other Program
      Managers in writing that the Problem is urgent, the period of 10 Business
      Days for referral to the Escalation Committee will not apply, i.e. the
      Problem can be referred immediately. If the Escalation Committee is unable
      to resolve the Problem within 30 Business Days after the problem has been
      referred to it in writing, or such earlier date if it agrees that it
      cannot resolve such Problem, either party may proceed to arbitration as
      set forth in Section 18.9.

8.5   Continued Performance.  Pending resolution of a Problem (including through
      arbitration) involving an allegation of improper performance on the part
      of DBS, Ceres must continue to make payments on DBS' invoices relating to
      the Operation Services equal to (i) the amounts owed for work not
      materially affected by the alleged improper performance, and (ii) 75% of
      the other invoiced amounts. DBS cannot suspend performance, pending
      resolution of a Problem. However, if Ceres fails to comply with its
      obligation under the first sentence of this Section 8.5, DBS can suspend
      its performance only for the work for which payment has been withheld in
      violation of the first sentence of this Section 8.5. If Ceres has
      suspended payment only under a Change Request, DBS can only suspend
      performance of its work under that Change Request. Under no circumstances
      will DBS suspend performance except as permitted under this Section 8.5.

8.6   Record.  If the parties resolve a Problem without arbitration, the parties
      will record the resolution in writing.

8.7   No Waiver.  Compliance with the Problem resolution procedure does not
      waive any substantive rights or remedies under this Agreement.

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9.    Quality Control

9.1   Deliverables Sign-Off.  DBS will submit Deliverables to Ceres for "Sign-
      Off" using a Sign-Off Form (in the form currently used by DBS when
      submitting Deliverables to Ceres). Ceres will sign and return the Sign-Off
      Form or a Deficiency Report (in a form to be agreed between DBS and
      Ceres), and will provide the Eurex Entities with a copy of such document.
      Ceres will examine the Deliverables for any discrepancies between the
      required functionality and other characteristics of the Deliverable
      required by this Agreement and the actual functionality and other
      characteristics of the Deliverable as submitted ("Deviations"). However,
      Ceres is under no obligation to examine the technical solutions contained
      in the Deliverables. The Deficiency Report will contain a detailed
      description of any Deviations. A Deficiency Report requires the signature
      of Ceres' Program Manager. DBS will correct the Deviations without undue
      delay and resubmit the Deliverable. Subject to Section 9.2, this process
      will be repeated until all Deviations have been corrected. Failure to
      submit the Sign-Off Form or a Deficiency Report within two weeks of
      receipt of the Deliverable will constitute Sign-Off.

9.2   Repeat Attempts.  If DBS fails to correct a Deviation listed in a
      Deficiency Report on the first try, DBS will not be entitled to charge for
      further work required to correct the Deviation. Notwithstanding the
      foregoing, DBS will not charge any additional fee for any work required to
      correct a Deviation in a Deliverable to the extent that Ceres is paying a
      fixed fee for such Deliverable. Should DBS fail to cure a Deviation within
      a reasonable time, Ceres may subcontract the work to a third party, and
      DBS will return any remuneration already received for the Deliverable to
      the extent that the DBS work cannot reasonably be used. DBS will co-
      operate with the new subcontractor. The liability of DBS to make payments
      under this Section 9.2 is limited to the amount which DBS received for the
      corresponding work.

9.3   No Deviation.  If an alleged Deviation described in a Deficiency Report
      is found not to exist and if the alleged Deviation instead constitutes a
      change in the scope of the Deliverable, DBS will notify Ceres accordingly,
      and Ceres can then initiate the Change Request procedure. If Ceres and DBS
      disagree about the existence of a Deviation and the disagreement is not
      resolved by the Program Managers, either DBS or Ceres can initiate the
      Problem Report procedure.

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9.4   Services.  Services, which are not part of any Deliverable (i.e., training
      services), are not subject to the Sign-Off procedures; rather, Ceres can
      register complaints on a Deficiency Report if it is dissatisfied with a
      Service. During the performance of Services any deficiencies must be
      submitted in writing to DBS (with a copy to the Eurex Entities). If
      documentary evidence clearly shows that Ceres was aware of a deficiency in
      the Service or should have been aware of the deficiency in the Service
      exercising a highly professional standard of care, and that Ceres fails to
      inform DBS (with a copy to the Eurex Entities) within two weeks of
      becoming aware thereof, Ceres cannot assert any claims or other rights
      against DBS resulting from the deficiency in the Service prior to
      notification, but Ceres can require DBS to correct the deficiency in the
      Service without undue delay. DBS must correct the deficiency at its
      expense.

10.   Service Fees, Payment

10.1  Service Fee.  Schedules 4.1 and 10.2 and, if applicable, the Change
      Requests will specify the fees ("Service Fees"), reimbursable expense
      categories and payment schedules payable by Ceres to DBS. Ceres will only
      reimburse DBS for those categories of expenses identified in the Schedules
      and the Change Requests or elsewhere in this Agreement and only to the
      extent the expenses are reasonable and documented.

10.2  Time and Materials.  If this Agreement, a Schedule or a Change Request
      does not specify a Service Fee or specifies that charges will be on a
      time-and-materials basis, DBS will charge on a time-and-materials basis
      according to the DBS catalogue of prices attached as Schedule 10.2 (the
      "DBS Catalogue of Prices").

10.3  Invoices.  DBS will send invoices to Ceres.  Each invoice will include
      supporting information for the specific line items which are charged.
      Ceres can conduct an audit of DBS' records to the extent reasonably
      required to confirm the accuracy of the invoiced amounts (e.g., reviewing
      timesheets, travel expense reports). If the audit reveals a variance of
      more than 5% in a calendar quarter between the invoiced amount and, if
      less, the correct amount, DBS will reimburse Ceres for the cost of the
      audit.

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10.4  VAT, Tax Laws.  The parties acknowledge that the Operation Services
      provided by DBS are under current German law not subject to Value Added
      Tax. Accordingly, the Service Fees invoiced by DBS to Ceres are net of any
      Value Added Tax. In case all or part of the Operation Services become
      subject to Value Added Tax under the then current law and DBS is required
      to pay and has paid such tax, Ceres shall reimburse DBS the charge of
      Value Added Tax in the amount as stipulated by law for the respective
      service. If tax laws change after the execution of this Agreement so that
      Ceres is required to pay any new non-refundable taxes to a tax authority
      on payments made to DBS under this Agreement, Ceres can require DBS to
      commence negotiations on an adjustment of this Agreement in order to
      minimize the tax detriment to Ceres. No party is under an obligation to
      accept an adjustment which would have a materially detrimental financial
      impact on it or one of its Affiliates. If DBS and Ceres do not agree on an
      adjustment within two months of receipt of the request to commence
      negotiations, the party for which there would be a materially detrimental
      financial impact on itself or one of its Affiliates can terminate this
      Agreement by written notice effective at the end of the calendar month
      following the month in which the notice is given. DBS will charge for its
      efforts to wind down the work under this Agreement or transfer the work to
      any other party or third party on a time-and-materials basis.

      Prior to receiving any payment which may be subject to United States
      withholding taxes from Ceres, DBS shall confirm in writing that such
      payment is not subject to withholding taxes or deliver to such party two
      original copies of Internal Revenue Service Form "W-8BEN" or "W-8ECI" (or
      any successor forms), accurately completed and duly executed by the issuer
      of the invoice, together with any other certificate or statement of
      exemption required under the Internal Revenue Code or the regulations
      issued thereunder to establish that the issuer of the invoice is not
      subject to deduction or withholding of United States federal income tax
      with respect to such payments. DBS hereby agrees, from time to time after
      the initial delivery by DBS of such confirmation, forms, certificates or
      other evidence whenever a lapse in time or change in circumstances renders
      such confirmation, forms, certificates or other evidence obsolete or
      inaccurate in any material respect, to deliver to Ceres a reconfirmation
      that such payment is not subject to withholding tax or two new original
      copies of Internal Revenue Service Form "W-8BEN" or "W-8ECI" (or any

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      successor forms) accurately completed and duly executed by the issuer of
      the invoice, together with any other certificate or statement of exemption
      required under the Internal Revenue Code or the regulations issued
      thereunder to confirm or to establish that the issuer of the invoices is
      not subject to deduction or withholding of United States federal income
      tax with respect to any such payments. Notwithstanding this Section 10.4,
      the relevant Service Fees shall be paid net of any U.S. withholding tax
      caused by the failure of DBS to provide Ceres with such forms,
      certificates or other evidence.

10.5  Payments.  All payments are due within 20 Business Days of receipt of an
      undisputed invoice and are not subject to any deductions for prompt
      payment (Skonto). All payments will be made free of bank charges or other
      deductions to an account which DBS specifies in writing to Ceres.

10.6  Set-Off.  Legal rights of any party to set-off against claims of the other
      party are excluded, except where the corresponding claim of such party has
      either been determined by a final arbitral award pursuant to Section 18.9
      or expressly acknowledged by the other party in writing.

11.   Service Levels, Warranties

11.1  Service Levels, Exclusion of Warranties.  Except as set forth in the
      service levels attached as Schedule 11 and in any Change Request, all
      claims under warranty (Gewahrleistungsanspruche) against DBS with regard
      to the Operation Services under Schedule 4.1 or a Change Request are
      excluded. However, if DBS has a claim under warranty or for any other
      reason against any subcontractor (other than an Affiliate of DBS) or other
      third party related to any of the Operation Services, DBS will inform
      Ceres about the claim and, at the request of Ceres, assign the claim to or
      assert the claim for the account of Ceres.

11.2  General Warranties.  The condition of the Deliverables (vereinbarte
      Beschaffenheit) shall be as follows: (i) each Deliverable will be free
      from all viruses, worms, trojan horses, cancelbots and other contaminants,
      including, without limitation, any codes or instructions that can be used
      to access, modify, delete or damage any data files or other computer
      programs used for the operation of the CBOT Electronic Market; and

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      (ii) subject to Section 14.1.5, the Deliverables do not, and will not,
      infringe, misappropriate or otherwise violate any proprietary right of any
      third party (the exclusive remedies for this last warranty (ii) are set
      forth in Section 14). These general warranties apply to standard third
      party software (e.g., standard Microsoft products) only to the extent that
      DBS has corresponding warranties from a third party.

12.   Limitation of Liability

12.1  Conduct.  DBS or the Eurex Entities, as the case may be, will each be
      severally liable (including consequential damages) to Ceres and CBOT and
      only to the extent that DBS' or the Eurex Entities', as the case may be,
      intentional misconduct or gross negligence causes or results in any
      damages or harm to Ceres or CBOT. Ceres will be liable (including
      consequential damages) to DBS and to the Eurex Entities only to the extent
      CBOT's or Ceres' intentional misconduct or gross negligence causes or
      results in any damages or harm to DBS or the Eurex Entities. If DBS, on
      the one hand, or CBOT or Ceres, on the other hand, notifies the other that
      it has failed to properly perform an obligation, even if the failure was
      without fault, and the notified party fails to cure the failure within a
      reasonable period, the notified party will be liable only in the event
      such failure to cure is a result of gross negligence or intentional
      misconduct. It is the understanding of the parties that the preceding
      sentence reflects their understanding of Section 11.1, last sentence, of
      the Systems Operation Agreement.

12.2  Breach of Contract.  This Agreement (including Schedules and Change
      Requests) contains provisions on liability which apply exclusively in
      specified circumstances (e.g., performance credits); to the extent this is
      the case, all further liability shall be excluded. To the extent that a
      specific provision does not exist and a party, as a result of negligent
      conduct, materially breaches a contractual obligation, that party will,
      subject to the limitation set forth in Section 12.3, be liable for the
      harm suffered by the other parties, except for consequential damages.

12.3  Limitation of Liability.  The total liability of DBS and the Eurex
      Entities, on the one hand, and Ceres and CBOT, on the other hand, for
      violations of any obligations under or in relation to this Agreement and
      the Software Maintenance Agreement is limited to (Euro) [**] per calendar
      year, whereby, for the purposes only of this provision, a liability of
      DBAG and/or SWX under the Software Maintenance Agreement shall be deemed
      a

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      liability of DBS and the Eurex Entities. This limit also applies to claims
      arising under provisions on liability which apply exclusively in specific
      circumstances (e.g., performance credits). This Section 12.3 does not
      apply to claims under Section 14.

12.4  Claims Exceeding Limitation of Liability.  If DBS, on the one hand, or
      Ceres or CBOT, on the other hand, violate its obligations under this
      Agreement and the Software Maintenance Agreement to the extent that the
      other party would have claims against the violating party in excess of
      (Euro) [**] in any calendar year but for Section 12.3, the party whose
      claim is limited by Section 12.3 can terminate its participation in this
      Agreement pursuant to Section 17.2 within one month after notifying the
      other party in writing of the claim and the amount in excess of (Euro)
      [**] ("Claim"). A party which receives notice of the Claim under this
      Section 12.4 can cancel the effect of the notice of termination by paying
      to the terminating party the excess amount stated by the terminating party
      in its notice under the first paragraph of this Section 12.4 within one
      week of receiving the notice of termination; such payment does not
      prejudice the rights of any of the parties under the Problem resolution
      procedures or in arbitration.

12.5  Sole Liability.  The Eurex Entities shall each be jointly and severally
      liable to Ceres and CBOT solely for damages arising from their own
      intentional misconduct or gross negligence. Under no circumstances shall
      the Eurex Entities be liable to Ceres or CBOT jointly and severally
      (gesamtschuldnerisch) with DBS (i) for the performance of, or DBS' or its
      subcontractors' failure to perform, any of DBS' obligations pursuant to
      this Agreement, or (ii) any conduct (Section 12.1) of, or breach of
      contract (Section 12.2) by, or warranties or convenants of, DBS or any of
      its subcontractors.

12.6  Insurance. The limits on liability in Section 12.3 do not apply to the
      extent that a party maintains insurance policies which would provide
      coverage in excess of the limits on liability. The parties will inform
      each other about current and future insurance policies which provide
      coverage in excess of the limits in Section 12.3. At the request of Ceres,
      DBS will have Ceres named as additional beneficiary under existing
      insurance policies; Ceres will bear any additional costs. DBS will
      conclude future insurance policies giving coverage in excess of the limits
      in Section 12.3 upon receiving corresponding instructions from Ceres and
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      reimburse DBS for the corresponding insurance premiums. Ceres can
      determine the insurer, the beneficiaries and other aspects of the
      insurance policies.

13.   Personnel

13.1  Qualifications.  DBS will only assign personnel to the Operation Services
      who are suitably qualified for the performance of DBS' obligations under
      this Agreement. Ceres will only assign personnel to the Operation Services
      who have sufficient knowledge of the aspects of the relevant business,
      functional requirements, practices and areas of expertise in order to
      provide efficient cooperation with DBS in performing the work under the
      Schedules or the Change Requests.

13.2  Transfer.  DBS and Ceres, respectively, can require at any time that an
      individual assigned to the Operation Services be removed if such request
      is based on plausible reasons and not purely arbitrary. Such a demand is
      only permissible if the demanding party can provide clear and convincing
      evidence that the continued presence of the individual will endanger the
      successful completion of the work for which the individual is responsible.
      All demands for transfer or removal must be in writing and must state the
      reasons for the demand. The other party must comply with the request
      within two weeks and provide a suitable replacement without undue delay or
      deliver a Problem Report to the demanding party.

14.   Indemnification

14.1  Third Party Intellectual Property.

      14.1.1  Subject to Section 14.1.5, DBS will indemnify, defend and hold
              Ceres and CBOT harmless for all losses, damages, expenses and
              costs (excluding consequential damages except in the case of
              intentional misconduct or gross negligence on the part of DBS)
              related to or arising from all claims asserted by third parties
              against Ceres or CBOT caused by the performance of the Operation
              Services in which the third parties allege violations of
              intellectual property rights or of similar proprietary rights
              (e.g., under laws against unfair competition).

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      14.1.2  Ceres and CBOT will inform DBS without undue delay when such
              claim is asserted against it. DBS will select, at its own expense,
              legal counsel reasonably acceptable to Ceres and CBOT for any
              proceedings, although Ceres and CBOT are permitted to have, at its
              own expense, legal counsel of its choice also participate in the
              proceedings.

      14.1.3  Neither Ceres nor CBOT is permitted to settle any claims of third
              parties covered by Section 14.1.1 so long as DBS fully complies
              with its obligations under the above provisions, unless such
              settlement includes a release of DBS from liability under the
              claim that is the basis of the proceeding.

      14.1.4  If Ceres or CBOT, as the case may be, are prohibited in
              proceedings about intellectual property rights (other than the
              Texas Case) or similar proprietary rights directed against any of
              them from using the System or any part thereof, or if such a
              prohibition is probable in its reasonable estimation, DBS, at its
              own cost, will use reasonable efforts to obtain the right for
              Ceres to continue to use the System on commercially reasonable
              terms or use reasonable efforts to modify the System in such a
              manner that the violation of the intellectual property right or
              similar proprietary right no longer exists. This Agreement will
              then apply to the new or modified System.

      14.1.5  The parties are aware of the claims based on U.S. Patent No.
              4,903,201 (the "Patent") asserted in the case captioned eSpeed,
              Inc. and Electronic Trading Systems Corporation v. Board of Trade,
              et al., Civil Action No. 3-99CV1016-M, pending in the United
              States District Court for the Northern District of Texas (the
              "Texas Case"). None of the parties to this Agreement have any
              reason to believe that, when used in the manner contemplated in
              this Agreement, any component of either the Operation Services or
              the System do or will infringe any valid patent rights of the
              plaintiff in the Texas Case. Notwithstanding any other provision
              of this Agreement, no party shall have any liability to another
              party under this Agreement arising out of or in connection with
              the Patent or any claims asserted with respect thereto, in the
              Texas Case or otherwise, based upon the Patent. If the decision in
              the Texas Case is in favor of the plaintiff, DBS and Ceres will
              use good faith efforts to

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                modify, if applicable, the Operation Services so that the Texas
                Case does not affect the performance of the Operation Services.
                Ceres shall pay for any such efforts of DBS on a time-and-
                materials basis.

14.2    General Indemnification.

        14.2.1  Each party will hold each other party harmless from any claim
                asserted against it by such other party's respective personnel
                or subcontractors for personal injury or damage to property
                incurred while such personnel is at such party's or an
                Affiliate's facilities in connection with this Agreement unless
                the harm was the result of intentional misconduct or gross
                negligence on the part of the other party or its Affiliate. Each
                party will also hold each other party harmless from claims
                asserted against such party by third parties resulting from
                intentional misconduct or negligence of such party's personnel.

        14.2.2  Each party will notify each other without undue delay if a
                claim is asserted for which a party will be seeking
                indemnification. The right to indemnification also covers the
                indemnified party's costs in defending against the claim so long
                as the indemnified party coordinates the defense of the claim
                with the party against whom indemnification is claimed. A party
                seeking indemnification is not permitted to settle the matter so
                long as the party against whom indemnification is claimed is in
                compliance with its obligations under this Section 14.2.2 unless
                such settlement includes a release of indemnifying party from
                liability under the claim that is the basis of the proceeding.

15.     Confidentiality

15.1    Confidential Information.  The parties acknowledge that they have
        received and will receive confidential information in connection with
        this Agreement and the transactions contemplated hereby related to and
        including trade secrets and business information regarding the business,
        financial situation, products and prospects of the other parties and
        their Affiliates ("Confidential Information"). For purposes hereof,
        Confidential Information includes but is not limited to (i) all
        documents and other media given or shown to any other party containing
        the legend "confidential", (ii) all documents, other media and other
        information (whether or not in written form)

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        ancillary or related to such documents, (iii) all documents, other media
        and other information (whether or not in written form) prepared by the
        receiving party to the extent that they contain, reflect or are based
        upon, in whole or in part, any Confidential Information furnished by the
        disclosing party, (iv) except as set forth in any marketing plan or
        press release to which the parties mutually agree in writing, all
        information related to the subject matter of this Agreement, (v) all
        information that is Confidential Information as defined in Section 7.2
        of the Non-exclusive Software License Agreement, and (vi) all
        Confidential Information as defined in each of the Preexisting
        Agreements. Confidential Information does not include any information:
        (i) which becomes generally available to the public other than as a
        result of a breach of this Section 15.1, (ii) which is received from a
        third party provided that the third party is not bound by an obligation
        of confidentiality with respect to such information, or (iii) which was
        legally in a party's possession without obligations of confidentiality
        prior to such information being furnished as Confidential Information.

15.2    Use.  The parties agree that all Confidential Information will be used
        only for the purpose of evaluating and completing the transactions and
        business objectives contemplated herein and in the Software Maintenance
        Agreement. The receiving party of each item of Confidential Information
        will use reasonable efforts, taking into account the materiality and
        proprietary nature of the particular Confidential Information, to
        protect such Confidential Information from unauthorized use or
        disclosure (intentional, inadvertent or otherwise) and, in any event,
        will exercise at least the same reasonable level of care to avoid any
        such unauthorized use or disclosure as it uses to protect its own
        information of a like nature. For the avoidance of doubt, the
        Confidential Information of a party may not be used by another party and
        may only be disclosed by DBS to another party for the purpose of
        coordinating the provision of services by DBS to them during the term of
        this Agreement.

15.3    Exceptions.  Notwithstanding the foregoing, the parties may disclose
        Confidential Information to third parties with the prior written consent
        of the other parties hereto, and the parties will be free to disclose
        Confidential Information without the consent of the other parties to
        their attorneys and accountants, their clearing organizations, and to
        governmental entities and applicable self-regulatory organizations in
        connection with obtaining regulatory approvals to the extent necessary
        and reasonably appropriate to

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        obtain such approvals or as otherwise required by law, rules of, or
        direction by, regulatory authorities having jurisdiction over the
        disclosing party, and only to the extent required by or reasonably
        requested by such authority, as well as to their directors, employees,
        attorneys, consultants and agents on a need-to-know basis in connection
        with their duties, as long as such persons are advised of the
        confidential nature of such information and their obligation to protect
        it as confidential and are bound by confidentiality undertakings
        consistent with this Section 15.

15.4    Data Access.  DBS will make available to Ceres and CBOT its respective
        proprietary data as and when reasonably requested by Ceres or CBOT and
        in accordance with the current practice prior to the Effective Date
        under the Preexisting Agreements.

15.5    Return/Destruction.  If this Agreement is terminated for any reason, the
        receiving parties of each item of Confidential Information, including
        documents, contracts, records or properties, will return it to the
        disclosing party thereof or, in the receiving party's discretion,
        destroy it and provide a certification to the disclosing party that all
        such Confidential Information has been returned or destroyed immediately
        after termination, except to the extent that retention of any
        Confidential Information is expressly permitted by any other written
        agreement among the parties or their Affiliates. The provisions of this
        Section 15 will survive the termination of this Agreement.

16.     Public Notices

16.1    Press Releases.  Notwithstanding Section 11.1 of the Reorganization
        Agreement, and subject to the other parties' prior written approval,
        which will not be unreasonably withheld, each party and its
        subcontractors may advertise and publicize the fact that the parties are
        cooperating on the Operation Services. The parties will cooperate in
        drafting press releases concerning the Operation Services.

16.2    Disputes.  Notwithstanding Section 11.1 of the Reorganization Agreement,
        any statement to the press (or to a third party with the intent that the
        third party forward the statement to the press) concerning a Problem in
        which one party allocates blame for the Problem to another party
        requires the written approval of all parties, which consent will not be
        unreasonably withheld.

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16.3    Terms of Agreement.  No party will disclose the terms and conditions of
        this Agreement or proposed Change Requests except to the other parties
        or as reasonably required to perform its obligations or as required by
        law, or for such disclosures as may be necessary or desirable in the
        ordinary course of such party's business including, without limitation,
        disclosures with attorneys, consultants, accountants and similar
        professionals.

17.     Termination, Term

17.1    Term.  The term of this Agreement (i) begins as of the Effective Date,
        and (ii) ends on December 31, 2003, unless terminated earlier pursuant
        to Sections 17.2 or 17.3.

17.2    Termination for Cause (Kundigung aus wichtigem Grund).

        17.2.1  Each of DBS and Ceres may terminate this Agreement, if the
                other party after receiving a written reminder (Mahnung) setting
                a reasonable deadline for compliance, has not complied with
                terms of an agreement resolving a Problem within two weeks of
                conclusion of a Problem Report procedure relating to such
                Problem. They may also terminate this Agreement with immediate
                effect without first implementing the Problem Report procedure
                if the other party intentionally commits a material breach of
                the obligation of confidentiality (Section 15).

        17.2.2  The Eurex Entities may terminate this Agreement for cause, if
                CBOT and/or Ceres are breaching their obligations under the
                Network Restriction. Either of the Eurex Entities, on the one
                hand, and CBOT and Ceres, on the other hand, may terminate this
                Agreement for cause in the event the other party is in breach
                with its obligations under the Product Restrictions.

        17.2.3  DBS may terminate this Agreement upon the public announcement
                of, or the filing of a notice with the SEC relating to, a Change
                of Control of any member of the CBOT Group other than C-B-T
                Corporation and its legal successors and assigns (to the extent
                it remains in its present lines of business), provided that (i)
                all Service Fees that would have to be paid by Ceres throughout
                the entire regular term of the Agreement (i.e. through December
                31, 2003) are

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               immediately due and payable, whereby it shall be assumed that the
               Operation Services would have been continued to be provided as it
               was the case on the date of the declaration of termination, and
               (ii) DBS will ensure termination assistance for a period no
               longer than two months from the declaration of termination by
               DBS, and (iii) in the event a public announcement or SEC filing
               takes place after December 31, 2002, only the closing of the so
               announced or notified transaction shall trigger the termination
               right and termination assistance shall in such case be made
               available for a period of four months from the declaration of
               termination, but in no event beyond December 31, 2003.
               Termination assistance shall mean that DBS shall continue to
               perform the Operation Services, and Ceres shall have the
               obligation to pay for the Operation Services, each as set forth
               in this Agreement, through the end of the termination assistance.
               To the extent required by a corresponding written notice of
               Ceres, DBS must decide within 30 days of receipt of such notice
               whether or not to exercise the right to terminate pursuant to
               this section.

     17.2.4    DBS may terminate this Agreement upon the public announcement of,
               or the filing of a notice with the SEC relating to, the
               introduction of a system succeeding the System after the end of
               the Follow-up Agreements (as defined in the Reorganization
               Agreement), provided that (i) all Service Fees that would have to
               be paid by Ceres throughout the entire regular term of the
               Agreement (i.e. through December 31, 2003) are immediately due
               and payable, whereby it shall be assumed that the Operation
               Services would have been continued to be provided as it was the
               case on the date of the declaration of termination, and (ii) DBS
               will ensure termination assistance (as described in Section
               17.2.3) for a period no longer than two months from the
               declaration of termination by DBS, and (iii) this Section 17.2.4
               applies only in the event such public announcement or SEC filing
               takes place before December 31, 2002 and if another exchange or
               contract market, or any of its respective Affiliates, is directly
               or indirectly involved in providing the succeeding system or
               services related thereto. This Section 17.2.4 does not apply with
               regard to the introduction of any system which solely relates to
               open outcry trading, clearing or market surveillance. To the
               extent required by a corresponding

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               written notice of Ceres, DBS must decide within 30 days of
               receipt of such notice whether or not to exercise the right to
               terminate pursuant to this section.

     17.2.5    This Section 17.2 does not limit the rights of the parties to
               terminate this Agreement for cause (Kundigung aus wichtigem
               Grund) generally available under German law.

     17.2.6    In the event DBS terminates this Agreement for cause (Kundigung
               aus wichtigem Grund), Ceres will hold DBS harmless from the
               expenses for leased lines and leases for premises and equipment
               and other expenses relating to using such items by Ceres and
               charged to DBS by third parties and subcontractors until the end
               of the term of the agreement with the respective party. The right
               of DBS to indemnification under the preceding sentence does not
               apply if the third party or subcontractor charges expenses to DBS
               due to DBS having violated its obligations to the third party or
               subcontractor.

17.3 No Termination for Convenience.  For the avoidance of doubt, no party
     shall be entitled to terminate this Agreement for convenience.

17.4 Termination of Other Agreements. This Agreement shall terminate in the
     event either of the Non-exclusive Software License Agreement or the
     Software Maintenance Agreement terminates as of the date on which such
     agreement terminates. DBS will be entitled to payment on a time-and-
     materials basis for the work performed after termination for the purpose of
     winding down. For the avoidance of doubt, this Agreement is deemed to be
     terminated pursuant to Section 17.2.3 in the event that the Non-Exclusive
     Software License Agreement is terminated pursuant to its Section 8.2 or the
     Software Maintenance Agreement is terminated pursuant to its Section
     17.2.3.

18.  General Provisions

18.1 Notices. Except as expressly set forth to the contrary in this Agreement,
     all notices, requests or consents required or permitted under this
     Agreement must be in writing and must be either (i) delivered by hand, (ii)
     mailed by certified or registered mail, addressed to the recipient, postage
     paid, and registered or certified with return receipt requested, (iii) sent
     by overnight courier, or (iv) transmitted by facsimile transmission,

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               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

                                      -27-

     with confirmation of transmission, and are given when received by the
     recipient. All notices, requests and consents to be sent to a party must be
     sent to or made at the address given for that party in the heading of this
     Agreement, or such other address as that party may specify by notice to the
     other parties.

18.2 No Side Agreements, Amendments. While there are related agreements to which
     some or all of the parties hereto are parties (the Reorganization
     Agreement, the Non-exclusive Software License Agreement, the Software
     Maintenance Agreement and the surviving provisions of the Preexisting
     Agreements), this Agreement constitutes the complete agreement of the
     parties with respect to the matters set forth herein, and there are no oral
     or written side agreements to this Agreement. Amendments or supplements to
     this Agreement, including this Section 18.2, must be in writing and signed
     by all of the parties to be effective.

18.3 Savings Clause. The invalidity of individual provisions in this Agreement
     will not result in the entire Agreement being invalid. An invalid provision
     will be deemed to have been replaced by a valid provision which comes as
     close as possible to achieving the commercial purpose of the invalid
     provision.

18.4 Assignment. No party may assign this Agreement or any portion hereof, by
     Change of Control, operation of law or otherwise, without obtaining the
     prior written consent of the other parties. The parties will grant their
     consent to the assignment of rights or obligations by a party to an
     Affiliate of such party if (i) the assigning party remains liable for any
     assigned obligations as a jointly and severally liable guarantor
     (selbstschuldnerische Burgschaft) with the assignee, (ii) the assigning
     party, together with its rights and obligations under this Agreement,
     assigns its rights and obligations, if any, under the Reorganization
     Agreement, the Non-exclusive Software License Agreement and the Software
     Maintenance Agreement to the assignee, or (iii) in case of Ceres being the
     assigning party, CBOT assumes an additional performance guarantee as set
     forth in Section 18.10 with regard to the assignee. The exceptions to the
     definition of "Change of Control" for CBOT do not require the consent of
     the other Parties under this Section 18.4. For the avoidance of any doubt,
     the above shall not entitle a party to invoke a preliminary injunction or
     to seek any other remedy in order to prevent the occurrence of a Change of
     Control.

                    New Systems Operations Agreement - Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

                                      -28-

18.5 Applicable Law. This Agreement is governed by and subject to the laws of
     the Federal Republic of Germany, to the exclusion of its conflicts of law
     rules. The laws under the UN Treaty on the International Sale of Goods
     shall not apply.

18.6 Language. English is the official language of this Agreement. Any notice,
     request or consent must be in English.

18.7 Survival. Any provisions of this Agreement that can reasonably be
     interpreted as being intended to survive the termination of this Agreement
     will survive the termination of this Agreement.

18.8 Further Assurances. The parties will execute and deliver such further
     documents and instruments, make such other filings and take such further
     actions in addition to those contemplated herein as may be reasonably
     requested by the other parties (other than the material payment of money)
     to carry out the intents and purposes of this Agreement.

18.9 Arbitration Procedure. Except with regard to actions seeking temporary or
     permanent injunctive relief, any dispute arising under or in connection
     with this Agreement between or among any parties to this Agreement will be
     finally settled by arbitration in accordance with the arbitration rules of
     the United Nations Convention on International Trade Law (the "UNCITRAL
     Rules"). Prior to commencing arbitration, the parties, to the extent
     applicable, must have complied with the Problem procedures set forth in
     Section 8.

     18.9.1    The arbitration will be conducted by three (3) arbitrators. Such
               arbitrators are to be appointed in accordance with Article 7 of
               the UNCITRAL Rules.

     18.9.2    Where there are multiple parties, whether as claimant or as
               respondent the multiple claimants, jointly, and the multiple
               respondents, jointly, shall nominate an arbitrator pursuant to
               Article 7 of the UNCITRAL Rules. In the absence of such a joint
               nomination and where all parties are unable to agree to a method
               for the constitution of the Arbitral Tribunal, the London Court
               of International Arbitration (the "Appointing Authority" for the
               purposes of the application of the UNCITRAL Rules) may appoint
               each member of the Arbitral Tribunal and shall designate one of
               them to act as chairman. In such

                    New Systems Operations Agreement-Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

                                      -29-

               case the Appointing Authority shall be at liberty to choose any
               person it regards as suitable to act as arbitrator.

      18.9.3   The place of arbitration shall be London. The proceedings shall
               be conducted in the English language exclusively.

      18.9.4   The parties acknowledge that irreparable damage may occur in the
               event of breach of any of the terms of this Agreement.

      18.9.5   If an arbitration under this Agreement coincides with an
               arbitrable claim under the Software Maintenance Agreement, all
               such matters must be asserted in the same arbitration
               proceedings.

18.10 Performance Guarantee.

      18.10.1  CBOT hereby unconditionally and irrevocably guarantees to DBS the
               full and timely performance by Ceres and any of its permitted
               assigns or legal successors (individually and collectively
               referred to as "Ceres") of all of Ceres' obligations (the
               "Performance Obligations") under or pursuant to this Agreement,
               including, without limitation, the indemnity obligations
               hereunder, as and when the same shall be due to be performed
               under this Agreement, and all liabilities of Ceres under this
               Agreement in the event of any breach by Ceres of any term hereof.
               CBOT hereby waives any provision of any statute, regulation or
               judicial decision otherwise applicable hereto which restricts or
               in any way limits the rights of an obligee against a guarantor or
               surety following a default or failure of performance by an
               obligator with respect to whose obligations the guarantee or
               surety is provided.

      18.10.2  DBS may proceed to protect and enforce any or all of its rights
               under this Section 18.10 pursuant to Section 18.9, whether for
               the specific performance of any covenants or agreements of Ceres
               under or pursuant to this Agreement, and shall be entitled to
               require and enforce the performance by CBOT of all acts and
               things required to be performed hereunder by Ceres.

                    New Systems Operations Agreement-Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

                                      -30-

      18.10.3  CBOT shall not be entitled to and does hereby waive any and all
               defenses now or hereafter available to guarantors, sureties and
               other secondary parties at law or in equity, with the exception
               of any defenses Ceres may have against DBS that are available to
               CBOT.

      18.10.4  DBS shall be entitled to proceed on first demand directly against
               CBOT in respect of any Performance Obligation hereunder without
               any requirement that it first make any demand against or exhaust
               any remedies available to it from Ceres or to take any other
               steps.
<TABLE>
<S>                                                    <C>
Board of Trade of the City of Chicago, Inc.            Ceres Trading Limited Partnership, by
                                                       Electronic Chicago Board of Trade, Inc., its
                                                       managing general partner

By:   /s/ David J. Vitale                               By:   /s/ David J. Vitale
      -------------------                                     -------------------
Date:      7/10/02                                      Date:     7/10/02
      -------------------                                     -------------------

Deutsche Borse Systems AG                              Eurex Zurich AG

By:   /s/ Rudolf Ferscha                               By:   /s/ Rudolf Ferscha
      -------------------                                    --------------------
Date:      7/11/02                                     Date:       7/11/02
      -------------------                                    --------------------

Eurex Frankfurt AG

By:   /s/ Rudolf Ferscha
      -------------------
Date:      7/11/02
      -------------------
</TABLE>

                    New Systems Operations Agreement-Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedules 1.1 to the New Systems Operations Agreement

                           Glossary of Defined Terms

"Access Points"              is defined in item 3.1 of Schedule 10.2.

"Affiliate"                  is an "Affiliate" as defined in the Reorganization
                             Agreement.

"Agreement"                  is defined in the Heading and includes the
                             Schedules.

"Appointing Authority"       is defined in Section 18.9.2.

"Business Day"               means a day where banks are open in Chicago,
                             Frankfurt am Main and Zurich.

"CBOT"                       is defined in the initial paragraph of this
                             Agreement.

"CBOT Electronic Market"     is defined in the Recitals, Section B.

"CBOT Users"                 is defined in the Recitals, Section B.

"Ceres"                      is defined in the initial paragraph of this
                             Agreement.

"Change of Control"          means a "Change of Control" as defined in the
                             Reorganization Agreement.

"Change Request"             is defined in Section 4.4.

"Chicago Backend"            is defined in the Recitals, Section B.

"Claim"                      is defined in Section 12.4.

"Confidential Information"   is defined in Section 15.1.

"DBAG"                       is defined in the Recitals, Section A.

"DBS"                        is defined in the initial paragraph of this
                             Agreement.

"DBS Catalogue of Prices"    is defined in Section 10.2.

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedules 1.1 to the New Systems Operations Agreement

                                      -2-

"Deficiency Report"          means the Deficiency Report described in Section
                             9.1.

"Deliverables"               is defined in Section 4.3.

"Deviations"                 is defined in Section 9.1.

"Effective Date"             means the "Effective Date" as defined in the
                             Reorganization Agreement.

"Escalation Committee"       is defined in Section 5.6.

"Eurex Entities"             is defined in the Recitals, Section A.

"Eurex Exchanges"            is defined in the Recitals, Section A.

"Eurex Frankfurt"            is defined in the initial paragraph of this
                             Agreement.

"Eurex Manager"              means the Eurex Manager described in Section 5.5.

"Eurex Operations"           means all operations using the Eurex Software as
                             technological basis, including, without limitation,
                             the Eurex Exchanges, but excluding the CBOT
                             Electronic Market.

"Eurex Software"             means the "Eurex Software" as defined in the
                             Reorganization Agreement.

"Eurex Users"                is defined in the Recitals, Section B.

"Eurex Zurich"               is defined in the initial paragraph of this
                             Agreement.

"Facilities"                 is defined in Section 5.3.3.

"Freelancer"                 is defined in Section 5.7.

"Network"                    is defined in the Recitals, Section A.

"Network Restriction"        means the "Network Restriction" as defined in the
                             Reorganization Agreement.

"Non-exclusive Software      is defined in Section 2.2.

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedules 1.1 to the New Systems Operations Agreement

                                      -3-

License Agreement"

"Operation Services"         is defined in Section 2.1.

"Patent"                     is defined in Section 14.1.5.

"Performance Obligations"    is defined in Section 18.10.1.

"Preexisting Agreements"     means the "Preexisting Agreements" as defined in
                             the Reorganization Agreement.

"Problem"                    is defined in Section 8.1.

"Problem Report"             is defined in Section 8.3.

"Product Restrictions"       means the "Product Restrictions" as defined in the
                             Reorganization Agreement.

"Program Manager"            means the Program Manager described in Section 5.4.

"Release a/c/e 1.0"          shall have the meaning as set forth in the
                             Non-exclusive Software License Agreement.

"Reorganization Agreement"   is defined in the Recitals, Section B.

"Schedule"                   means a schedule to this Agreement.

"Service Fees"               is defined in Section 10.1.

"Services"                   is defined in Section 4.3.

"Sign-Off"                   means, with respect to a Deliverable, sign off of
                             such Deliverable as set forth in Section 9.1.

"Sign-Off Form"              means the Sign-Off Form described in Section 9.1.

"Software Maintenance        is defined in Section 2.2.
 Agreement"

"SWX"                        is defined in the Recitals, Section A.

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedules 1.1 to the New Systems Operations Agreement

                                      -4-

"System"                     means the "System" as defined Reorganization
                             Agreement.

"Systems Operations
Agreement"                   is defined in the Recitals, Section B.

"Tasks"                      is defined in Section 4.3.

"Texas Case"                 is defined in Section 14.1.5.

"UNCITRAL Rules"             is defined in Section 18.9.

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedules 4.1 to the New Systems Operations Agreement

                         Scope of Operations Services

The scope of the Operation Services shall be as described, only with regard to
the operation of the Chicago Backend and the Network, in the DBS proposal dated
January 31, 2000 attached hereto as amended or defined by this Agreement, other
Schedules or any Change Request under the Systems Operations Agreement or this
Agreement.  Any reference to the CBOT/Eurex Joint Venture or LLC shall be deemed
a reference to CBOT and/or Ceres as appropriate.

[Insert DBS presentation "IT-Services to CBOT/Eurex Joint Venture" dated 31-Jan-
2000, 8 p.m.]

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedules 5.4 to the New Systems Operations Agreement

                         Program Managers/Eurex Manager

                                Manager               Substitute
  --------------------------------------------------------------------------
            DBS            Gerhard Lessmann           Hanno Klein
  --------------------------------------------------------------------------
           Ceres            Mary McDonnell            Bernard Dan
  --------------------------------------------------------------------------
           Eurex              Thomas Lenz           Michael Widmer
  --------------------------------------------------------------------------

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedules 6.1 to the New Systems Operations Agreement

                          CFTC Regulation 1.59 Letter

Mary McDonnell
Board of Trade of the City of Chicago, Inc.
141 West Jackson Boulevard
Chicago, Illinois 60604 USA

Re:  CFTC Regulation 1.59

Dear Ms. McDonnell:

I am retained or employed and supervised by Deutsche Borse Systems AG/Eurex
Zurich AG/Eurex Frankfurt AG in connection with the New Systems Operations
Agreement or the provision of the services described therein for the benefit of
the CBOT Electronic Market.  I have been provided with and reviewed the attached
copy of CFTC Regulation 1.59 and hereby agree to abide by its terms.

I consent to the jurisdiction of the Commodity Futures Trading Commission (CFTC)
solely in connection with any inquiry or proceeding relating to CFTC Regulation
1.59.

Sincerely,

              Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 10.2 to the New Systems Operations Agreement

                            DBS Catalogue of Prices

1.   General Provisions

1.1  All amounts are in Euro (Euro), without VAT.

1.2  All amounts which are to be charged on a monthly basis are charged per
     calendar month and are determined on the basis of whether or not the
     individual billing criterion is satisfied on the calculation date
     (Stichtag) which is generally the 15/th/ of each month. For example, if a
     monthly fee is charged for a Participant (as defined in Section 3.1 below)
     and the Participant is connected on the 15th day or earlier of a calendar
     month, the full monthly fee is charged. If the Participant is connected on
     the 16/th/ day or later of the month, no fee is charged for the month. DBS
     can elect to charge for part of a month on a pro rata temporis basis by
     giving three full calendar months notice prior to the month for which the
     change takes effect.

1.3  The descriptions of services in this catalogue are solely for the purpose
     of identifying the items for which remuneration is charged and shall not be
     used for interpreting the scope of work.  The technical descriptions of
     services are set forth in other Schedules and, if applicable, in any Change
     Requests.

2.   Consulting

2.1  Description of Work

     These services are consulting and support services including the selection
     and introduction of software, operation and project management, all as
     described in more detail in the Agreement, its Schedules and in any Change
     Requests.

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 10.2 to the New Systems Operations Agreement

                                      -2-

2.2  Remuneration

     Unless a fixed price is agreed, the following hourly rates apply for work
     performed by individuals in the following DBS classifications, regardless
     of whether the individuals are DBS employees, Freelancers or subcontractor
     employees.

<TABLE>
<CAPTION>
               -------------------------------------------------------
                    Price Levels                      Price per hour
               -------------------------------------------------------
                    <S>                               <C>
                    Analyst                             (Euro) [**]
               -------------------------------------------------------
                    Junior Consultant                   (Euro) [**]
               -------------------------------------------------------
                    Specialist                          (Euro) [**]
               -------------------------------------------------------
                    Consultant                          (Euro) [**]
               -------------------------------------------------------
                    Senior Consultant                   (Euro) [**]
               -------------------------------------------------------
                    Manager                             (Euro) [**]
               -------------------------------------------------------
                    Senior Manager                      (Euro) [**]
               -------------------------------------------------------
</TABLE>

     These hourly rates cover all costs incurred in connection with the
     performance of the order, except for specific disbursements (e.g., usage of
     the provided Development Environment (as defined in Section 8.1 below),
     travel in accordance with the DBS standard travel policies). DBS classifies
     personnel according to its reasonable discretion. In the case of
     Freelancers and subcontractor employees, the classification is based on a
     comparison of the individual's position and duties to employees of DBS. DBS
     has informed the Ceres' Program Manager about the standard travel policies.
     If these policies change and the change would result in extra costs to
     Ceres, the extra costs will not be charged unless Ceres has been notified
     of such change. Travel time will be charged at one half of the above hourly
     rates, and then only for (i) the time in which the individual could have
     been working if the individual was not traveling, or (ii) the loss of the
     individual's normal time off on weekends or holidays, up to a maximum of 8
     hours for any such day.

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 10.2 to the New Systems Operations Agreement

                                      -3-

3.   Network Implementation and Operation

3.1  Description of Work

     The topology of the Chicago Backend and the Network, as provided under this
     Agreement, is designed to make an equal and high-quality access to the
     System possible for all connected Participants and to maintain a high
     performance.  A "Participant" (in the Agreement also referred to as "User")
     is an enterprise or individual who has applied for admission to trade on
     the CBOT Electronic Market or who has been admitted to trade on the CBOT
     Electronic Market.

                                [Illustration]

     Illustration 1: Network Architecture - Premium

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 10.2 to the New Systems Operations Agreement

                                      -4-

                                [Illustration]

     Illustration 2: Network Architecture - Combined/iAccess

     The Participants will be connected according to a two-phase concept (see
     illustration 1 and 2):

       .  Connection of the Participants to the Chicago Backend and the Network:

          A Participant is connected to an Access Point via one or two
          connections ("Participant Installation"). The two connections will be
          implemented, wherever technically possible and reasonable, using
          different telecommunication carriers with physically separate
          connections or diverse routing from a single carrier. In case of the
          Combined Access the Participant Installation is established via a
          leased line and the Internet. iAccess is established through the
          Internet only.

          A Participant Installation can consist of one or more physically
          separate offices connected to each other by a LAN or a WAN ("Sites").
          A Participant Installation may be used by one or several Participants.
          In the case of several Participants using a single Participant
          Installation, the installation is a Multi Member Integrated Server
          System ("MMISS").

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 10.2 to the New Systems Operations Agreement

                                      -5-

          .    Connection of the Access Points to the backend:

          The local connections of the Participant Installations within a
          geographic area are gathered together at "Access Points" consisting of
          two communications servers and four routers (maintained in a redundant
          structure of one server and two routers each at two physically
          separate locations). An Access Point is a logical unit having a
          maximum capacity of [**]. Accordingly, up to a number of [**] can be
          connected to one Access Point. This limitation applies only to
          Premium, Combined and iAccess. All Internet Connections are currently
          routed to the Frankfurt Internet Access Point. The connection of the
          Access Points to the backend is made by means of two separate
          connections. The price for establishing a new Access Point will be
          agreed in the corresponding Change Request.

3.2  Remuneration

     The following prices are based on the number of Participant Installations
     connected to the Access Points; a MMISS constitutes a single Participant
     Installation under this Section 3.2.  The amounts stated are for each
     calendar month.  With respect to the individual Participant Installations,
     the following prices apply:

<TABLE>
<CAPTION>
   ---------------------------------------------------------------------------------------
    Access Point            Participant       Price per       Price per        Price per
    Location (general        Location         Access           Premium         Combined
    urban area)                               Point          Participant      Participant
                                                             Installation    Installation
                                                             ([**] leased
                                                                lines)
   ---------------------------------------------------------------------------------------
   <S>                   <C>                <C>             <C>              <C>
    Chicago              Chicago            (Euro) [**]     (Euro) [**]      (Euro) [**]
   ---------------------------------------------------------------------------------------
    Chicago              Canadian, TX                       (Euro) [**]      (Euro) [**]
   ---------------------------------------------------------------------------------------
    Chicago              Jacksonville                       (Euro) [**]      (Euro) [**]
   ---------------------------------------------------------------------------------------
    Chicago              Toronto                            (Euro) [**]      (Euro) [**]
   ---------------------------------------------------------------------------------------
    Chicago              Tokyo                              (Euro) [**]      (Euro) [**]
   ---------------------------------------------------------------------------------------
    London               London             (Euro) [**]     (Euro) [**]      (Euro) [**]
   ---------------------------------------------------------------------------------------
</TABLE>

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 10.2 to the New Systems Operations Agreement

                                      -6-
<TABLE>
<CAPTION>
   ---------------------------------------------------------------------------------------
    Access Point            Participant       Price per       Price per        Price per
    Location (general        Location         Access           Premium         Combined
    urban area)                               Point          Participant      Participant
                                                             Installation    Installation
                                                             ([**] leased
                                                                lines)
   ---------------------------------------------------------------------------------------
   <S>                   <C>                <C>             <C>              <C>
    London               Dublin                             (Euro) [**]      (Euro) [**]
   ---------------------------------------------------------------------------------------
    Frankfurt            Frankfurt          (Euro) [**]     (Euro) [**]      (Euro) [**]
   ---------------------------------------------------------------------------------------
    Paris                Paris              (Euro) [**]     (Euro) [**]      (Euro) [**]
   ---------------------------------------------------------------------------------------
    New York             New York           (Euro) [**]     (Euro) [**]      (Euro) [**]
   ---------------------------------------------------------------------------------------
    New York             Greenwich                          (Euro) [**]      (Euro) [**]
   ---------------------------------------------------------------------------------------
    New York             King of Prussia                    (Euro) [**]      (Euro) [**]
   ---------------------------------------------------------------------------------------
    New York             Whippany                           (Euro) [**]      (Euro) [**]
   ---------------------------------------------------------------------------------------
    Tokyo                Tokyo              (Euro) [**]     (Euro) [**]      (Euro) [**]
   ---------------------------------------------------------------------------------------
    Internet AP          Frankfurt          (Euro) [**]
   ---------------------------------------------------------------------------------------
</TABLE>

     The one-off cost for a Premium Participant Installation is (Euro) [**], the
     one-off cost for a Combined Participant Installation is (Euro) [**].

     The remuneration for an iAccess Participant Installation is (Euro) [**] for
     each calendar month.  The one-off cost for an iAccess Participant
     Installation is (Euro) [**].

     The one-off fee applies for the initial installation of the Participant
     Installation at the Participant's member site as well as for any location
     changes of an installed Participant Installation. In case a Participant
     Installation order is cancelled after DBS has ordered the lines, both the
     one-off installation fee and the fees for the next three full calendar
     months will be charged.

     A Participant can have more than two connections between a Participant
     Installation and an Access Point. [**] will be charged for each additional
     connection. In case a

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 10.2 to the New Systems Operations Agreement

                                      -7-

     Participant Installation consists only of [**] connection [**]% of the
     above monthly and one-off charges for Participant Installations shall
     apply.

     The above monthly fees for Participant Installations are based on the
     carrier charges for leased lines between a Participant Installation and an
     Access Point located within the borders of the same city.  If the
     Participant Installation is located outside of the city in which the Access
     Point is located, the monthly charge will be increased to cover higher
     carrier costs for installing and maintaining the leased lines, if any, and
     any increased DBS handling costs.  DBS will agree with Ceres on the
     increased costs before connecting the Participant Installations.

     Access Points that are shared by Eurex and Ceres have discounted monthly
     fees. The following discounts apply to the monthly fees:

          ----------------------------------------------------------------
           Common Access Points                              Discount
                                                         Per Access Point
          ----------------------------------------------------------------
           Single usage by Exchange Application          [**]%
          ----------------------------------------------------------------
           Usage by two Exchange Applications            [**]%
          ----------------------------------------------------------------

     All sharing exchanges will be informed about a shared usage of an Access
     Point.

     After receipt of notice canceling a Participant Installation, the monthly
     fee will continue to be charged for the next three full calendar months.

     Upon the cancellation of an Access Point service in accordance with the
     terms of the Agreement, Ceres must pay the expenses for line costs or
     leases charged to DBS by third parties until the end of the term of the
     agreement with the respective supplier. DBS will also charge Ceres for the
     remaining book value (as shown on DBS's books) of the fixed assets in the
     Access Points if DBS cannot reasonably use the fixed assets elsewhere. If
     DBS charges the remaining book value, DBS will transfer ownership of the
     corresponding fixed assets to Ceres in "as is" condition immediately on
     receipt of payment; Ceres is responsible for taking delivery of the fixed
     assets at the Access Points.

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 10.2 to the New Systems Operations Agreement

                                      -8-

     Unless Ceres grants its prior written consent, the term of a line agreement
     will not exceed 12 months, and a lease agreement for premises will not
     exceed an initial fixed term of three years, provided (i) that any line
     agreement made with effect from January 1, 2003 or any later date shall be
     made for a period ending on December 31, 2003, and (ii) that any cost
     increases resulting from such line agreements with a duration less than
     twelve months shall be borne by Ceres.

4.   Production

4.1  Description of Work

     Operation of the "Production Environment" (as described below):

     The topology of the Production Environment is designed to make an equal and
     high-performance access to the Chicago Backend possible for all connected
     Participants and to maintain a high performance.  The security of the
     operated systems is achieved by:

         .   software installation on the backend systems, communication servers
             and other systems to be operated,

         .   continuous monitoring of the architecture and the application,

         .   technical supervision and continuous monitoring of the end-of-day
             processing (including preparation and distribution of the reports
             necessary for the exchange),

         .   continuous control of the system setup,

         .   redundant data protection of the operated systems,

         .   conclusion and administration of suitable license and maintenance
             agreements.

     The technical performance of the operated systems is achieved by:

         .   capacity and system management,

         .   selection and use of suitable hardware and software,

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 10.2 to the New Systems Operations Agreement

                                      -9-

         .   continuous performance analysis,

         .   preparation of reports and statistics.

     The Production Environment consists of a redundant backend cluster which is
     distributed to two locations together with subordinated data base systems
     which are also constructed as disaster tolerant.

                                    [CHART]

     Illustration 3: Production Architecture

4.2  Remuneration

     The remuneration for the operation of the Production Environment is (Euro)
     [**] for each calendar month.

5.   Simulation

5.1  Description of Work

     Operation of the "Simulation Environment" (as described below):

     The purpose of the Simulation Environment is to provide a test environment
     for Participants and vendors.  The topology of the Simulation Environment
     is similar to the

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 10.2 to the New Systems Operations Agreement

                                     -10-

     Production Environment. Its capacity is sufficient to allow all connected
     Participants reasonable tests. Operation of the Simulation Environment
     includes:

         .    software installation on the backend systems, communication
              servers and other systems to be operated,

         .    continuous monitoring of the architecture and the application,

         .    technical supervision and continuous monitoring of the end-of-day
              processing (including preparation and distribution of the reports
              necessary for the exchange),

         .    continuous control of the system setup,

         .    redundant data protection of the operated systems,

         .    conclusion and administration of suitable license and maintenance
              agreements.

         The technical performance of the operated systems is achieved by:

         .    capacity and system management,

         .    selection and use of suitable hardware and software,

         .    continuous performance analysis,

         .    preparation of reports and statistics.

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 10.2 to the New Systems Operations Agreement

                                     -11-

                                    [CHART]

     Illustration 4: Simulation Architecture

     The Communication Server ("CS"), Access Point Network and X.25-TCP/IP
     components are shared with the Production Environment.

5.2  Remuneration

     The remuneration for the operation of the Simulation Environment is (Euro)
     [**] for each calendar month.  Each Site connected to the Simulation
     Environment will be remunerated with (Euro) [**] per month.

6.   Customer Service

6.1  Description of Work

     Performance of the "Customer Service" (as described below):

     Customer Service is the central contact for Participants who want technical
     support for the Chicago Backend or the Network.  Customer Service also
     deals with all technical orders from Ceres and coordinates the realization
     of such orders (e.g., the connection of new Participants).

     Customer Service consists of:

             Schedule 10.2 to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 10.2 to the New Systems Operations Agreement

                                     -12-

         A.   "Connection Services" which include:

         .    examining application forms from potential Participants for
              completeness and plausibility,

         .    supporting the Participant by phone and electronic media in the
              configuration, installation and operation of its frontend
              installation,

         .    verification that the Participant Installation complies with
              Eurex' regulations governing the connection of Participants to the
              Chicago Backend and the Network (e.g., Implementation Regulations
              Concerning Technical Equipment (Technische
              Durchfuhrungsbestimmungen)),

         .    setting up network connections between the Participant and the
              Access Point (commissioning, coordinating the dates, setup of the
              required bandwidths, etc.),

         .    connecting the Participant to the Chicago Backend and the Network
              and testing (Ping Test, FTP Test, Failover Test),

         .    transferring the application software to the Participants'
              systems,

         .    technical configuration of the Participant in the backend,

         .    coordinating the functional setup of the Participant in the
              backend with market supervision and production administration,

         .    moving a Participant Installation from one Access Point to another
              or from one location to another location.

              The connection (including a move) of a Participant Installation
              requires an order from Ceres to DBS. The technical connection of a
              Participant is concluded as soon as the Participant has been
              completely set up in the production system and the Ping Test, the
              FTP Test and the Failover Test have been successfully completed.
              The

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 10.2 to the New Systems Operations Agreement

                                     -13-

          Participant will be disconnected as soon as Ceres notifies DBS in
          writing that the Participant connection must be cancelled.

     B.   Technical Helpdesk (First Level Support) and Change Management

          "Technical Helpdesk" includes the following services:

          .    solving technical problems in the everyday operation of the
               Member Integrated System Server ("MISS"), the WAN-Routers and the
               MISS-Router-LAN,

          .    support for troubleshooting of technical errors in the frontend
               installation,

          .    solving problems with the connection between the Participant and
               the Access Point,

          .    answering questions on technical matters,

          .    answering questions regarding the VALUES-API interface.

          All Participants operating a frontend installation which is classified
          as "supported" and which fulfills the requirements of the
          Implementation Regulations Concerning Technical Equipment will be
          supported.

          "Change Management" includes the following services for the
          "supported" Participant Installations:

          .    provision of additional connections and cancellation of
               connections between the Participant Installation and the Access
               Point,

          .    setup of additional MISS and cancellation of MISS,

          .    change of report nodes,

          .    setup of new routers in the Participants' premises,

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 10.2 to the New Systems Operations Agreement

                                     -14-

          .    cancellation of a Participant Installation.

6.2  Remuneration

     A.   Connection Services shall be remunerated for each new Participant
          Installation in an amount of (Euro) [**] per connection as a one time
          charge.  If Participants are connected to more than one Access Point,
          the connection to each Access Point constitutes a separate Participant
          Installation.  The move of a Participant Installation to another
          location is also a new Participant Installation and will be
          remunerated separately.  In case a Participant Installation order is
          cancelled after DBS has ordered the line, the full Connection Service
          fee will be charged.

     B.   Technical Helpdesk and Change Management is charged at a flat fee of
          (Euro) [**] per month.  If the total number of Sites connected to the
          Chicago Backend exceeds [**], an additional monthly fee of (Euro) [**]
          for each additional Site (i.e., MISS group location) will be charged.

7.   Hotfire Server

7.1  Description

     DBS provides and operates the necessary infrastructure for the Hotfire
     Servers.  The two servers are located in Chicago.  DBS provides the
     ethernet interface for the connection of the Hotfire Servers to the CBOT
     Electronic Market.  Ceres is responsible for the physical and logical
     connection from Market Operations desks to the Hotfire Servers.

     The operation of the Hotfire Servers is handled by DBS from Frankfurt and
     Chicago, respectively.

     The maintenance of the software installed on the Hotfire Servers is subject
     to the Software Maintenance Agreement.

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 10.2 to the New Systems Operations Agreement

                                     -15-

7.2  Remuneration

     The remuneration for the operation of the Hotfire Servers is (Euro)[**] for
     each calendar month.

8.   Development Environment

8.1  Description

     DBS provides and operates the infrastructure necessary for the development
     and update of the Eurex Software ("Development Environment").  For the
     purpose of planning the required number of software development
     workstations, DBS and Ceres will establish a utilization plan by 30
     September of each year for the next calendar year.  The plan will identify
     the number of required workstations per month for the following year.  In
     order to save costs, the frontend systems are also used for other
     development.

     A.   Development Frontend Hardware and Software Infrastructure:

          .    provision of desktop development and office communication
               frontend hardware and software (including servers),

          .    setup of the workstations,

          .    removal management,

          .    creation of specific software images,

          .    installation of new server software releases,

          .    installation of new desktop software releases,

          .    system management of the servers,

          .    hardware and software support of the desktop workstations.

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 10.2 to the New Systems Operations Agreement

                                     -16-

     B.   Development Backend Hardware and Software Infrastructure:

          .    installation of the required software on the backend systems,

          .    monitoring the architecture and the application,

          .    permanent control of the system setups,

          .    conclusion and administration of the required license and
               maintenance agreements.

     C.   Performance Test Environment:

          The "Performance Test Environment" represents a scaled-down image of
          the Production Environment.  It serves to monitor the impact of
          software modifications on performance.

     D.   Acceptance Test Environment:

          The "Acceptance Test Environment" is provided for the acceptance of
          new releases of the Eurex Software.  This environment also represents
          a scaled-down image of the Production Environment.  The Acceptance
          Test Environment is also used for other exchanges.

8.2  Remuneration

     The remuneration for the use of the Development Environment is not
     contained in the hourly rates for DBS' personnel and DBS' subcontractors
     (working on an hourly basis and not on a fixed price basis) and will be
     charged separately with (Euro) [**] per hour and person. With respect to
     Ceres' personnel (including Freelancers), Ceres' subcontractors and DBS'
     subcontractors working on a fixed price basis, DBS will charge (Euro) [**]
     per hour and person (based on 8 hours per day) for the use of the
     Development Environment.

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

                                Service Levels

This schedule covers the service levels for the CBOT Electronic Market.  All
times herein refer to Chicago Time.  All service levels shall apply from January
1, 2002.  For the purposes only of this Schedule 11, "System" shall mean the
Chicago Backend and the Network to the extent they are used for purposes of the
CBOT Electronic Market.

1.   Service Times

1.1  System

     The System will be operated on all trading days of the CBOT Electronic
     Market for the following hours of operation:

       -------------------------------------------------------------------------
        Operation                                       Time
       -------------------------------------------------------------------------
        General operation (including batch runs)        From Sunday 7:15 p.m.
                                                        to Friday 7:15 p.m.
       -------------------------------------------------------------------------
        Online operation (batch runs are, therefore,    7:15 p.m. on each
        possible from 4:45 p.m. on a trading day to     trading day to 4:45 p.m.
        7:15 p.m. on a trading day)                     on the next trading day
       -------------------------------------------------------------------------

     Notwithstanding the foregoing chart, the System will not be available for
     batch or online work from 7:00 p.m. on Friday to 7:15 p.m. on Sunday; these
     times are intended for regularly scheduled maintenance.

     The service for the Hotfire Servers is provided during the online operation
     of the System.

1.2  Technical Helpdesk

     The Technical Helpdesk is manned from Sunday 7:00 p.m. to Friday 7:00 p.m.

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 11 to the New Systems Operations Agreement

                                      -2-

2.   System Availability

2.1  Calculation of Actual Availability

     The actual availability of the System during the scheduled service times
     set forth in Section 1.1 above will be calculated for each calendar month
     according to the following formula:

              AV = 100%*(    E[Down Time for Each MISS]        )
                        (1 - --------------------------        )
                        (    #MISSs * 1,200 min * #Trading days)

          ---------------------------------------------------------------------
           Variable                      Description
          ---------------------------------------------------------------------
           AV                            Actual availability of the System in
                                         percent in respective month
          ---------------------------------------------------------------------
           Down Time for Each MISS       Minutes in each calendar month for
                                         which each MISS is not in operation
                                         during the Service Times for online
                                         operations
          ---------------------------------------------------------------------
           #MISSs                        Total number of connected MISSs in
                                         production in the respective month
          ---------------------------------------------------------------------
           #Trading days                 Number of trading days in respective
                                         month
          ---------------------------------------------------------------------

     Lack of availability resulting from poor performance by the
     telecommunications carriers will not be taken into account when calculating
     actual availability.  However, if DBS receives any indemnification from the
     carriers, this will be for the account of Ceres.

     Lack of availability due to data errors by parties other than DBS will not
     be taken into account.

2.2  Performance Credits

     If the actual availability of the System is less than [**]% in any calendar
     month in 2002, DBS will pay the following performance credits to Ceres:

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 11 to the New Systems Operations Agreement

                                      -3-

         ------------------------------------------------------------------
          Actual Availability           Performance Credit for each [**]%
          in a Calendar Month           (or portion thereof)
         ------------------------------------------------------------------
          Between [**]% and [**]%       (Euro) [**]
         ------------------------------------------------------------------
          Between [**]% and [**]%       (Euro) [**]
         ------------------------------------------------------------------

     Due to the reduction of the Non Trading Window (as described in Change
     Request 42 to the Systems Operations Agreement) the following shall apply:
     System down times resulting in late start of trading caused by

         .  delayed start of Batch processing (actual Batch start after 4:45
            p.m. CST),

         .  errors/unavailability of downstream systems/interfaces (non-DBS
            serviced systems/interfaces; e.g., OIA, Prices, BOTCC ), or

         .  any other errors/issues which result in a total delay of opening of
            trading less than 75 minutes,

     will not be taken into account when calculating the actual availability
     figures per calendar month.

2.3  Early Termination Right

     If the actual availability is less than [**]% in any two months during any
     four month period, or if the actual availability is less than [**]% in any
     single month, Ceres can terminate the Agreement by giving written notice of
     termination to DBS within two weeks after the conclusion of the Problem
     procedures concerning the lack of availability.  The notice will take
     effect at the end of the first full calendar month following the month in
     which the notice is received.  Such notice will constitute termination for
     cause pursuant to Section 17.2 of the Agreement.

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 11 to the New Systems Operations Agreement

                                      -4-

3.   Technical Helpdesk Availability

3.1  Calculation of Actual Technical Helpdesk Availability

     The actual availability of the Technical Helpdesk during the scheduled
     service times set forth in Section 1.2 will be calculated for each calendar
     month according to the following formula:

                               (  #Successful Calls     )
                     HA = 100%*(----------------------- )
                               ( #Total Number of Calls )

        -----------------------------------------------------------------------
          Variable                    Description
        -----------------------------------------------------------------------
          HA                          Actual availability of the Technical
                                      Helpdesk in percent in respective month
        -----------------------------------------------------------------------
          #Successful Calls           Number of calls taken by the Technical
                                      Helpdesk agents in the respective month
        -----------------------------------------------------------------------
          #Total Number of Calls      Total Number of calls to the Technical
                                      Helpdesk in the respective month
        -----------------------------------------------------------------------

     The number of Successful Calls and the Total Number of Calls will be
     measured by DBS' telephone equipment.  A Successful Call means that the
     person requesting service is

        .  connected directly with an English speaking staff member of the
           Technical Helpdesk, or

        .  connected with an automated voice message in English which provides
           sufficient information (e.g., the type, extent and probable duration
           of a general and broad System failure), and will be handed to the
           next free agent, or

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 11 to the New Systems Operations Agreement

                                      -5-

        .  conducted into a waiting loop and is informed by an automated voice
           message in English that currently all agents are busy and the caller
           will be connected as soon as possible with the next available agent.

     If the person requesting service hangs up more than one minute after the
     automated voice message has concluded, the attempted contact will be
     registered in the Total Number of Calls but not in the number of Successful
     Calls; if the person requesting service hangs up before the minute has
     passed, the call will not be registered in the Total Number of Calls.  If
     the person requesting service is connected to an automated voice message
     which provides sufficient information (e.g., the type, extent and probable
     duration of a general and broad System failure) with a duration of at least
     one minute, the call will also be registered in the Total Number of Calls
     even if the call was not connected to a staff member.

     Technical Helpdesk will answer e-mail and fax requests within 4 days during
     standard business operations. The requester will receive an acknowledgement
     of receipt without undue delay.

     The actual availability of the Technical Helpdesk in any calendar month
     shall not be less than [**]%.

3.2  Calculation of Actual Technical Helpdesk Quality

     The actual quality of the Technical Helpdesk during the scheduled service
     times set forth in Section 1.2 will be calculated for each calendar month
     according to the following formula:

                              ( #Tickets Closed at Call  )
                    HQ = 100%*( ------------------------ )
                              ( #Total Number of Tickets )

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 11 to the New Systems Operations Agreement

                                      -6-

        -----------------------------------------------------------------------
          Variable                   Description
        -----------------------------------------------------------------------
          HQ                         Actual quality of the Technical Helpdesk
                                     in percent in respective month
        -----------------------------------------------------------------------
          #Tickets closed at Call    Number of tickets that are closed by
                                     answering requests directly during call
                                     taken by the Technical Helpdesk agents
                                     in the respective month
        -----------------------------------------------------------------------
          #Total Number of Tickets   Total Number of Tickets to the Technical
                                     Helpdesk in the respective month
        -----------------------------------------------------------------------

     The number of Tickets closed at Call and the Total Number of Tickets will
     be measured by DBS. The actual quality of the Technical Helpdesk Quality in
     any calendar month shall not be less than [**]%.

4.   System Performance

4.1  Performance Criteria

     DBS will provide a performance system for trading products electronically.
     The System's performance will be measured as the average host roundtrip
     time per 22h-trading day and the time needed to process [**]% of all
     transactions.  The host roundtrip time is measured as the time a
     transaction needs for processing and transmission from entering the backend
     until leaving the backend.

     The current performance criteria are set to [**] seconds for the average
     host roundtrip time per 22-hour trading day and [**] seconds for [**]% of
     all transactions.

5.   Delivery Times

5.1  New Access Points Services

     For establishing an additional Access Point service consisting of two
     communications servers and four routers (maintained in a redundant
     structure of one server and two routers each at two physically separate
     locations) within the same premises as an existing Access

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 11 to the New Systems Operations Agreement

                                      -7-

     Point, the maximum delivery time is [**]. Delivery times for additional
     Access Points in new premises should be agreed in the corresponding Change
     Requests, although this may not always be possible due to circumstances at
     the location (e.g., availability of leased space, local equipment
     suppliers' delivery times, availability of local subcontractors). If an
     agreed delivery time for an Access Point is exceeded, DBS will pay to Ceres
     a performance credit of (Euro) [**] for each commenced week until delivery
     is completed up to a total of (Euro) [**].

5.2  New Participant Installations

     Delivery times for Participant Installations (as defined in Section 3.1 of
     Schedule 10.2 to the Agreement) cannot be guaranteed.  However, DBS will
     send out quote requests to the telecom provider(s) within 8 business days
     after receipt of the complete and correct `Network Line Order' form.  If a
     request is not necessary, a line order is placed within 8 business days
     after receipt of the complete and correct `Network Line Order' form.  These
     response times will only apply if sufficient capacity at the Access Point
     site is available to connect the new Participant Installation.  Incomplete
     `Network Line Order' forms will be returned to Ceres within 3 business
     days.  Multimarket orders must be confirmed in writing by the Eurex
     Entities in order to be accepted as complete and correct.

6.   Simulation Environment

     The Simulation Environment (as described in Section 5.1 of Schedule 10.2 to
     the Agreement) will be operated unattended on all trading days of the CBOT
     Electronic Market for the following hours of operation:

        ---------------------------------------------------------------
          Operation                           Time
        ---------------------------------------------------------------
          Online operation (batch runs are,   9:00 a.m. to 3:00 a.m.
          therefore, only possible outside    on the next trading day
          this time)                          for each trading day
        ---------------------------------------------------------------

     The Simulation Environment is available for approximately [**] per year due
     to release introductions.  Usually [**] per week with three batches are
     supported.  The simulation

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 11 to the New Systems Operations Agreement

                                      -8-

     will only be closed for batch runs. As the Simulation Environment is
     operated by unattended operations, any issues will only be fixed during the
     next trading day.

     A Permanent Simulation Schedule (approximately for a period of 1 or 2
     month) will be developed by CBOT's Market Operations together with DBS.
     Notwithstanding the foregoing general schedule, the Simulation Environment
     may not be available for batch or online work from 3:00 a.m. on Saturday to
     9:00 a.m. on Monday; these times are intended for regularly scheduled
     maintenance.  Any unavailability will be included in the Permanent
     Simulation Schedule.

     Prior to a release introduction a dedicated Release Simulation Schedule
     will be developed by the respective project.  During this phase the
     operation may differ from the standard operations.

7.   General Assumptions

     All service levels are based on the following volume and transaction
     assumptions:

          .   no market makers/quotes, i.e. no massive use of mass quote
              interface;

          .   no unlimited feed by electronic order routing systems;

          .   no batch processed order routing systems; only continuously loaded
              order routing systems;

          .   [**] Members at maximum;

          .   [**] Futures Products at maximum;

          .   [**] Options Products at maximum;

          .   [**] Series for Option Products at maximum;

          .   [**] Orders/sec (peak) in the most liquid futures product at
              maximum;

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 11 to the New Systems Operations Agreement

                                      -9-

          .   [**] Orders/sec (peak) in all futures product at maximum;

          .   [**] Orders and single quotes/sec (peak) in the most liquid
              options product at maximum;

          .   [**] Orders and single quotes/sec (peak) in all options product at
              maximum;

          .   [**] Full-trades/sec (peak) in the most liquid product at maximum;

          .   [**] Full-trades/sec (peak) in all products at maximum;

          .   [**] Full-trades/sec (average) in the most liquid product at
              maximum;

          .   [**] Full-trade/sec (average) in all products at maximum;

          .   [**] Orders/22h-trading day at maximum;

          .   [**] Orders/22h-trading day in the most liquid futures product at
              maximum;

          .   [**] Full-trades/22h-trading day at maximum;

          .   use of FIFO Matching Algorithm.

     Only regular procedure trading days will be taken into account (e.g.,
     trading days with market supervision or non system interface induced
     problems will not be taken into account).

DBS will monitor whether the operation of the System is within the above volumes
and transaction assumptions.  DBS will report monthly to Ceres and the Eurex
Entities about the monitored System information.  If the volumes and transaction
assumptions are exceeded in any month and if this causes non-compliance with a
service level, DBS will not be liable for any payments under this Schedule 11
relating to the non-compliance.  However, DBS will propose

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

<PAGE>

Schedule 11 to the New Systems Operations Agreement

                                     -10-

measures to accommodate increased volumes and changes in the transaction
assumptions in order to achieve the guaranteed service levels.

               Schedules to the New Systems Operations Agreement
                                     Final

                  Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.<PAGE>

                                                                   Exhibit 10.40

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

                                                                       EXECUTION

                           SOFTWARE LICENSE AGREEMENT

     This Software License Agreement (this "Agreement"), dated as of January 10,
2003, is among LIFFE ADMINISTRATION AND MANAGEMENT, a company incorporated in
England and Wales ("LIFFE"), and BOARD OF TRADE OF THE CITY OF CHICAGO, INC., a
Delaware corporation (the "CBOT"). Capitalized terms used but not otherwise
defined herein shall have the meanings ascribed thereto in Section 1.

                                    RECITALS

     A. LIFFE has devised and developed an automated derivatives trading and
order matching system known as "LIFFE CONNECT(TM)" to facilitate the trading of
certain securities, futures, and options contracts.

     B. The CBOT wishes to obtain from LIFFE a license to use and/or access
certain components of the LIFFE CONNECT system, and certain other software as
LIFFE may develop or provide pursuant to any Development Services Agreement
and/or Managed Services Agreement that may be entered into by LIFFE and the
CBOT.

     C. LIFFE has agreed to license to the CBOT, subject to the terms and
conditions hereof, the right (a) to use and/or access certain components of the
LIFFE CONNECT system as well as any Upgrades as LIFFE may provide pursuant to
any Managed Services Agreement between LIFFE and the CBOT, and any software that
may be developed or provided by LIFFE pursuant to any Development Services
Agreement and/or Managed Services Agreement that may be entered into by LIFFE
and the CBOT; and (b) to sublicense the right to use and/or access the API
and/or other Interfaces to Members, Independent Software Vendors, Quote Vendors,
and other Persons wishing to participate in the CBOT Electronic Exchange.

     In consideration of the recitals and the mutual covenants and agreements
hereinafter set forth, the Parties hereto (each a "Party" and collectively the
"Parties") agree as follows:

                                    AGREEMENT

1.   Definitions

     In this Agreement, the following expressions shall mean, respectively:

     "AAA" shall have the meaning set forth in Section 19.3.

     "AAA Rules" shall have the meaning set forth in Section 19.3.

     "Affiliate" means any Person that, directly or indirectly, controls, is
     controlled by or is under common control with a specified Person.

     "Agreement" shall have the meaning set forth above.

     "Amendment No. 4" shall have the meaning set forth in Section 25.

     "API" means the LIFFE CONNECT application programming interface from a
     Trading Application to the Trading Host.

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     "Arbitration Fees" shall have the meaning set forth in Section 19.3.7.

     "Auditor" shall have the meaning set forth in Section 3.2.2.2.

     "Bug Fixes" means any patch or other changes or modifications created for
     the primary purpose of remedying a defect in the Software.

     "Business Day" means any calendar day other than any Saturday, Sunday, U.S.
     bank holiday, and U.K. public or bank holiday.

     "CBOT Electronic Exchange" means the electronic facility for the trading of
     derivatives products listed from time to time by the CBOT in its capacity
     as a derivatives exchange.

     "CBOT Indemnitees" shall have the meaning set forth in Section 17.1.

     "CBOT Open Outcry Facility" means the open outcry facility for the trading
     of derivatives products listed from time to time by the CBOT in its
     capacity as a derivatives exchange.

     "CBOT's Premises" means those locations owned or controlled by the CBOT.

     "CBOT's Property" shall have the meaning set forth in Section 13.2.

     "CBOT Technology" means any software or equipment (other than Equipment) or
     other technology owned by the CBOT or licensed to the CBOT by a Person
     other than LIFFE.

     "CFTC" means the United States Commodity Futures Trading Commission.

     "Claim" shall have the meaning set forth in Section 17.1.

     "Confidential Information" shall have the meaning set forth in
     Section 14.1.

     "Contractor" shall have the meaning set forth in the Interface Sublicense
     Agreement.

     "Control" or "control" means the possession, direct or indirect, of fifty
     percent (50%) or more of the equity interests of another Person or the
     power otherwise to direct or cause the direction of the management and
     policies of such other Person, whether through ownership of voting
     securities, by contract or otherwise.

     "Delegate" means a Person who has leased a CBOT membership from a Member in
     accordance with CBOT rules and is thereby subject to the transaction fees
     applicable to Delegates with respect to the CBOT mini-Eurodollar futures
     contract.

     "Deposit Materials" shall have the meaning set forth in Section 7.1(a).

     "Development Services Agreement" means any agreement that may be entered
     into by LIFFE and the CBOT subsequent to the Effective Date, pursuant to
     which LIFFE agrees to develop software applications for the CBOT Electronic
     Exchange.

     "Development Services Deliverables" means any software and/or documentation
     provided to the CBOT by LIFFE pursuant to any Development Services
     Agreement, which software and/or

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     documentation has been accepted by the CBOT pursuant to the terms of such
     Development Services Agreement.

     "Disputes" shall have the meaning set forth in Section 19.1.

     "Documentation" means, collectively, the operating manuals, user
     instructions, technical literature, and other documentation supplied by
     LIFFE to the CBOT for purposes of assisting the CBOT's use of and/or access
     to the Software, including such documentation set forth in Part 2 of
     Schedule A.

     "Effective Date" shall mean January 10, 2003.

     "Equipment" means the computer hardware including processors, memory,
     discs, screens, printers, routers, and hubs to be used with the Software.

     "Escrow Agreement" shall have the meaning set forth in Section 7.1.

     "eSpeed" means eSpeed, Inc., a corporation organized and existing under the
     laws of the State of Delaware, having a place of business at 299 Park
     Avenue, 29th Floor, New York, New York 10171-0002.

     "Euronext.liffe Exchanges" means the market administered by LIFFE and all
     other derivatives trading markets comprised in the Euronext N.V. Group of
     Companies as of the Effective Date.

     "Euronext N.V. Group of Companies" means, collectively, Euronext N.V., a
     company organized under the laws of the Netherlands, and all Affiliates of
     Euronext N.V.

     "Exclusivity Period" shall have the meaning set forth in Section 3.4.

     "Fees" shall have the meaning set forth in Section 9.1.

     "First Renewal Term" shall have the meaning set forth in Schedule I.

     "Force Majeure Event" means any cause beyond a Party's reasonable control,
     including, but not limited to, any flood, riot, fire, judicial or
     governmental action, and labor disputes.

     "Go-Live Date" means that date, agreed by the Parties, upon which the
     Software is made available for use in a real time live trading environment.

     "Holdings" shall have the meaning set forth in Section 25.

     "ICDR" shall have the meaning set forth in Section 19.3.

     "Independent Software Vendors" and "ISVs" mean those independent software
     providers who develop systems via which access to the Trading Host may be
     achieved.

     "Initial Term" shall have the meaning set forth in Section 10.1.

     "Interface Sublicense Agreement" shall have the meaning set forth in
     Section 5.1.

     "Interfaces" means, collectively, the API, the trade data interface, audit
     data interface, standing data interface and market data interface.

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     "License" shall have the meaning set forth in Section 2.

     "License Fee" means the fee for the License, as specified in Schedule I.

     "Licensed Technology" means, collectively, (a) the object code versions of
     the Software and (b) the Documentation.

     "LIFFE CONNECT" means the electronic trading platform which is proprietary
     to LIFFE, as such trading platform may be modified from time to time.

     "LIFFE Indemnitees" shall have the meaning set forth in Section 17.2.

     "LIFFE Property" shall have the meaning set forth in Section 13.1.

     "Location" means those premises where the Software listed in Part 1 of
     Schedule A is to be installed, as specified in Schedule B.

     "Losses" shall have the meaning set forth in Section 17.1.

     "Malicious Code" means any computer virus, Trojan horse, worm, time bomb,
     or other similar code or hardware component designed to disrupt the
     operation of, permit unauthorized access to, erase, or modify the Licensed
     Technology or any operating system upon which the Licensed Technology is
     installed, excluding security keys or other disabling elements of any
     Software, which elements are designed to effect restrictions on the length
     of time during which any Software may be used or the number of persons who
     may use such Software.

     "Managed Services Agreement" means any agreement that may be entered into
     by LIFFE and the CBOT subsequent to the Effective Date, pursuant to which
     LIFFE agrees to provide the CBOT services relating to the operation and
     support of the CBOT Electronic Exchange.

     "Market Data" means any representation that conveys, either directly or
     indirectly, information and data pertaining to futures and/or options
     traded on the CBOT including, but not limited to, market prices of such
     futures or options, opening and closing price ranges, high-low prices,
     settlement prices, estimated and actual contract volume, information
     regarding market activity including exchange for physical transactions,
     best bid, best offer, the size of the best bid or best offer or a discrete
     number of best bids and best offers then pending on the CBOT Electronic
     Exchange along with the corresponding size of each bid and offer.

     "Media" means the media on which the Software and the Documentation are
     recorded or printed as provided by LIFFE to the CBOT.

     "Member" means any Person authorized by the CBOT to trade on the CBOT
     Electronic Exchange.

     "Non-Restricted Documentation" means all Documentation other than
     Restricted Documentation, including the Documentation identified in Part
     2(a) of Schedule A.

     "[**]" shall have the meaning set forth in Section 3.2.2.2.

     [**] shall have the meaning set forth in section 3.3.1.

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     "Out of Pocket Expenses" shall have the meaning set forth in Section 9.1.

     "Party" and "Parties" shall have the meanings set forth above.

     "Person" means an individual or a partnership, corporation, limited
     liability company, trust, joint venture, joint stock company, association,
     unincorporated organization, government agency or political subdivision
     thereof, or other entity.

     "Products Outside CBOT Field of Use" [**]

     "Products Within CBOT Exclusive Field of Use" [**]

     "Products Within CBOT Non-Exclusive Field of Use" [**]

     "Quote Vendors" and "QVs" mean those vendors who receive and disseminate,
     or wish to receive and disseminate, Market Data.

     "Registration Statement" shall have the meaning set forth in Section 25.

     "Relationship Manager" means that individual responsible on behalf of LIFFE
     or the CBOT, as applicable, for the day to day management of the
     relationship between LIFFE and the CBOT.

     "Release Period" shall have the meaning set forth in Section 7.1(d).

     "Renewal Term" shall have the meaning set forth in Section 10.2.

     "Restricted Documentation" means Documentation that is designated by LIFFE
     as "LIFFE Restricted" or otherwise specified by LIFFE to be restricted,
     including the Documentation set forth in Part 2(b) of Schedule A.
     Notwithstanding the foregoing, all documentation provided by LIFFE to the
     CBOT prior to the Effective Date which is labeled "LIFFE Confidential" is
     Restricted Documentation for purposes of this Agreement unless LIFFE, upon
     the CBOT's inquiry, notifies the CBOT in writing that specific
     Documentation is not "Restricted Documentation."

     "SEC" shall have the meaning set forth in Section 25.

     "Second Renewal Term" shall have the meaning set forth in Schedule I.

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     "Software" means, collectively, those software applications specified in
     Part 1 to Schedule A, any Development Services Deliverables, and any
     improvements, enhancements, additions, and modifications to or of the
     foregoing as LIFFE may provide to the CBOT pursuant to the terms of any
     Managed Services Agreement.

     "Sublicensee" means any Member, ISV, QV or other Person to which the CBOT
     wishes to sublicense a portion of the Licensed Technology.

     "Taxes" shall have the meaning set forth in Section 9.2.

     "Termination Notice Period" shall have the meaning set forth in Section
     11.2.1.

     "Third Party Materials" means any equipment, hardware, software, and/or
     other products obtained from any third party.

     "Trading Application" means any front-end trading application or other
     software which interfaces with, and has been conformed with, the API.

     "Trading Host" means the LIFFE CONNECT matching engine as may be developed
     for the CBOT pursuant to the Development Services Agreement and used on
     such Equipment as LIFFE may specify from time to time.

     "TRS Technology" means that post-trade matching and clearing technology
     used, as of the Effective Date, by LIFFE and the International Petroleum
     Exchange, specifically, [**]

     "Upgrades" means, collectively, improvements, enhancements, additions and
     modifications to and of the Licensed Technology or any portion thereof
     which LIFFE specifies for use and/or access as Licensed Technology.

     "U.S." means the United States of America.

     "Wagner/eSpeed Patent" means U.S. Letter Patent No. 4,903,201 (the '201
     patent).

     "Wagner License" shall have the meaning set forth in Section 16.2.

2.   License

     2.1 Grant of License. Subject to the terms and conditions hereof, LIFFE
hereby grants to the CBOT a non-transferable right and license (the "License"):

     (a)  from the Effective Date to the Go-Live Date, to use and/or access the
          Licensed Technology as necessary for purposes of carrying out any
          rights or obligations of the CBOT pursuant to any Development Services
          Agreement; and

     (b)  from the Go-Live Date to the effective date of termination of this
          Agreement, (i) to use and/or access the TRS Technology for purposes of
          operating the CBOT Electronic Exchange and the CBOT Open Outcry
          Facility; (ii) to use and/or access the Licensed Technology (excluding
          the TRS Technology) solely for purposes of operating the CBOT
          Electronic Exchange; and (iii) to sublicense the right to use and/or
          access the Interfaces and Documentation relating thereto to facilitate
          the participation in the CBOT Electronic Exchange of Sublicensees.

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     2.2 Hosting. The CBOT shall not use the Licensed Technology, or any
component thereof, to facilitate the trading of any derivative product, physical
commodity or financial instrument listed by (a) any U.S. domiciled "organized
exchange," "board of trade" or "trading facility" (as each such term is defined
in the Commodity Futures Modernization Act of 2000) under the jurisdiction of
the CFTC, other than the CBOT, or (b) any other third party exchange, board of
trade, association, communication network, alternative trading system, trading
facility or trading platform. For the avoidance of doubt, the foregoing
limitation of the scope of the License shall not apply to Trading Applications.

3.   Scope of License

     The Parties acknowledge that (a) they will be making a significant
investment in the customization and implementation of the Licensed Technology to
trade products listed by the CBOT and the Euronext.liffe Exchanges,
respectively, and (b) carrying out their obligations under this Agreement and
any Development Services Agreement and/or Managed Services Agreement will
necessitate access to the Confidential Information of the other Party relating
to such other Party's respective products, technologies, and business
methodologies. Therefore, in accordance with and subject to Sections 3.1 - 3.6
below, the License is:

          (i)  during the Exclusivity Period, (x) exclusive, to the extent set
               forth in Section 3.1, with respect to use of the Licensed
               Technology in connection with Products Within CBOT Exclusive
               Field of Use; and (y) non-exclusive with respect to use of the
               Licensed Technology in connection with Products Within CBOT
               Non-Exclusive Field of Use; and

          (ii) after the Exclusivity Period, non-exclusive with respect to use
               of the Licensed Technology in connection with any futures or
               options products.

     3.1 Exclusive License Granted to CBOT. In order to preclude free riding on
the significant investment by the CBOT in the customization of LIFFE CONNECT
pursuant to any Development Services Agreement, and to protect the Confidential
Information of the CBOT and other intellectual property concerning the CBOT's
products, technologies, and business methodologies, LIFFE agrees that, subject
to Sections 3.3.1 and 4, Products Within CBOT Exclusive Field of Use will not be
made available for trading on LIFFE CONNECT:

          (a)  by (i) the Euronext.liffe Exchanges and (ii) any derivatives
               trading market which becomes comprised in the Euronext N.V. Group
               of Companies after the Effective Date, to the extent that such
               derivatives trading market is not already trading Products Within
               CBOT Exclusive Field of Use at the time that it becomes comprised
               in the Euronext N.V. Group of Companies (but, for the avoidance
               of doubt, no clearing, settlement, or custody-related activities
               of the Euronext N.V. Group of Companies shall be deemed to
               violate the foregoing limitations); or

          (b)  as a consequence of the licensing of LIFFE CONNECT by LIFFE to a
               U.S. domiciled "organized exchange," "board of trade" or "trading
               facility" (as such terms are defined in the Commodity Futures
               Modernization Act of 2000) under the jurisdiction of the CFTC, as
               such CFTC jurisdiction is established as of the Effective Date,
               whether or not such exchange, board of trade or trading facility
               is a member of or becomes comprised in the Euronext N.V. Group of
               Companies (but, for the avoidance of doubt, such limitations
               shall not apply in respect of any other exchange, board of trade,
               association, communication network, alternative

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                trading system, trading facility or trading platform, whether or
                not its products are made available for trading in the U.S.
                and/or to U.S. investors).

     3.2 Scope of CBOT License.

          3.2.1 General Restrictions. In recognition of the significant
                investment that LIFFE has made in the customization and
                implementation of the Licensed Technology to trade products
                listed by the Euronext.liffe Exchanges, and to protect the
                Confidential Information of LIFFE, and subject to Sections 3.2.2
                and 3.4, the CBOT agrees that the license granted hereunder does
                not include the right to use the Licensed Technology in
                connection with Products Outside CBOT Field of Use.

          3.2.2 Eurodollars.

                    (i)  3.2.2.1 Payment. The CBOT may make available for
                         trading on the Licensed Technology the CBOT's existing
                         U.S. $500,000 notional value Eurodollar futures
                         contracts provided that if, during any calendar
                         quarter, the [**] in such CBOT Eurodollar futures
                         contracts on the Licensed Technology exceeds [**] then
                         the CBOT shall pay to LIFFE an amount equal to [**]

               The CBOT shall make any such payment by the end of the month
               immediately following the end of the relevant calendar quarter.
               The CBOT's obligations under this Section 3.2.2.1 shall apply in
               respect of CBOT Eurodollar futures contracts traded on the
               Licensed Technology up to and including [**]

               3.2.2.2. Audit. LIFFE shall have the right, at its own expense,
                        to commission an independent third party professional
                        organization (the "Auditor") to audit the CBOT's
                        performance of its obligations under Section 3.2.2.1
                        and to provide the results of such audit to [**]. The
                        CBOT shall cooperate fully with any such audit and shall
                        provide the Auditor access to all relevant books and
                        records, during normal business hours or as otherwise
                        agreed by the Parties. Notwithstanding the foregoing,
                        the information that may be disclosed by the Auditor to
                        LIFFE and [**] shall be subject to Section 14 and will
                        be limited to (a) the amount that was paid to LIFFE by
                        the CBOT in respect of each calendar quarter forming the
                        subject of the audit and (b) the amount that should
                        properly have been paid to LIFFE by the CBOT during each
                        such calendar quarter.

     3.3  Third Party Licensees.

          3.3.1 [**]

          3.3.2 Other Licensees. LIFFE will take all commercially reasonable
                steps (including pursuing court proceedings) to ensure that
                neither any licensee of LIFFE CONNECT other than the CBOT, nor
                any other Person, contravenes the exclusivity limitations set
                forth in Section 3.1. For the avoidance of doubt, preparatory
                work up to the date on which products are made available for
                trading

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               in the live market may be undertaken within the Exclusivity
               Period by any licensee of LIFFE CONNECT or any other Person
               without triggering LIFFE's obligations under the preceding
               sentence.

     3.4 Exclusivity Period. Subject to Section 3.5, the field of use and
exclusivity limitations set forth in Sections 3.1 and 3.2.1 shall take effect
upon the Effective Date and will remain in force until [**] (the "Exclusivity
Period"). Thereafter, subject to Section 2.2, the CBOT shall be permitted to
make any futures and options products available for trading via the Licensed
Technology on a non-exclusive basis. For the avoidance of doubt, preparatory
work up to the date on which products are made available for trading in the live
market undertaken within the Exclusivity Period will not constitute a breach of
the field of use or exclusivity limitations of Sections 3.1, 3.2 or 3.3.

     3.5 [**] In the event that LIFFE terminates this Agreement in accordance
with Section 11.2, then the CBOT shall not, during the Termination Notice
Period, make available for trading on the Licensed Technology (a) any product
that is listed by one or more of the Euronext.liffe Exchanges, as of the date
upon which notice of termination is given by LIFFE, or (b) any product that (i)
one or more of the Euronext.liffe Exchanges has publicly announced, prior to the
date notice of termination is given by LIFFE, it intends to launch and (ii) is
not traded by the CBOT on the Licensed Technology as of the date of any such
notice of termination is given by LIFFE.

     3.6 Acknowledgement. As of the Effective Date, (a) LIFFE is not subject to
any agreements which would materially affect its ability to grant the License,
and (b) the CBOT is not subject to any agreements which would materially affect
its ability to comply with the License.

     3.7 [**] The license granted hereunder includes the right to use the
Licensed Technology in connection with futures and options on the [**] only
pursuant to a joint listing arrangement mutually agreed upon by the Parties.

4.   Restrictions on Use

     4.1  Software.

          4.1.1 General Restrictions. The CBOT may (a) use and/or access the
                Software on the Equipment, only at the Locations set forth in
                Schedule B, and (b) have and make available for use only four
                (4) run-time copies of the Trading Host. With respect to all
                Software installed or otherwise located at or accessible from
                the CBOT's Premises and any other Software to which the CBOT is
                provided access, the CBOT agrees:

                (a) not to, and not to permit any other Person to, copy, modify,
                    decompile, reverse engineer, disassemble or otherwise reduce
                    to a humanly perceivable form, combine with any other works,
                    including any hardware or software facilitating the voice
                    activation of any component of the Licensed Technology, make
                    any attempt to discover the source code of, create
                    derivative works based on, translate, market, sell, or
                    distribute the Software or otherwise make the Software
                    available to any third party, without the prior written
                    consent of LIFFE, except as provided in Sections 2 and 4.1;

                (b) not to, and not to permit any other Person to, remove or
                    alter in any manner any trademarks, trade names, copyright
                    notices or other

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                    proprietary or confidentiality notices or designations, of
                    LIFFE or any other Person, contained or displayed in or on
                    the Software; or

               (c)  to ensure that neither the CBOT nor any other Person
                    (excluding LIFFE) introduces any Malicious Code into the
                    Software or otherwise uses the Software to further any
                    illegal purpose.

     For the avoidance of doubt, with respect to any Software to which the CBOT
     has access, the CBOT shall neither provide or allow [**] access, nor permit
     any other Person to provide or allow [**] access, to such Software or any
     portion thereof.

          4.1.2 Copies. Subject to Section 4.1, the CBOT may not copy the
                Software except that the CBOT may, for archival or backup
                purposes, make a reasonable number of copies of Software
                installed or otherwise located at the CBOT's Premises. All
                copies of the Software are subject to the terms and conditions
                of this Agreement. The CBOT shall (i) ensure that all
                trademarks, trade names, copyright notices and other proprietary
                and confidentiality notices or designations, of LIFFE or any
                other Person, contained or displayed in or on the Software are
                reproduced on all Software copies created by the CBOT; (ii)
                maintain a current and accurate record of the number of copies
                made and of the specific location of each such copy; and (iii)
                ensure that all backup copies are marked as such and are not
                used for any purpose other than as backup in the event of damage
                or destruction of other copies.

     4.2  Documentation.

          4.2.1 Non-Restricted. The CBOT may (a) distribute Non-Restricted
                Documentation to actual and prospective Sublicensees and to
                other Persons for purposes related to the operation of the
                CBOT Electronic Exchange by or on behalf of the CBOT; (b)
                create as many copies of the Non-Restricted Documentation as
                reasonably necessary for the purposes set forth in Section
                4.2.1(a); (c) permit Sublicensees to copy such Non-Restricted
                Documentation to the extent allowed by the Interface Sublicense
                Agreements; and (d) permit prospective Sublicensees to copy any
                Non-Restricted Documentation which is designed primarily for the
                purpose of marketing the CBOT Electronic Exchange.

          4.2.2 Restricted. The CBOT (a) may create only the number of copies of
                the Restricted Documentation specified in Part 2(b) of Schedule
                A; and (b) shall maintain a current record of (x) the number of
                copies of such Restricted Documentation made by the CBOT, (y)
                the Persons given access to each item of Restricted
                Documentation, and (z) the current location of each item of
                Restricted Documentation.

          4.2.3 General Limitations. All copies of the Documentation are subject
                to the terms and conditions of this Agreement. The CBOT shall
                ensure that all trademarks, trade names, copyright notices and
                other proprietary and confidentiality notices or designations,
                of LIFFE or any other Person, are reproduced on all copies of
                the Documentation (both Restricted and Non-Restricted). The CBOT
                agrees not to, and not to authorize any other Person to: (a)
                except as permitted in Sections 4.2.1, 4.2.2 and/or 14, as
                applicable, copy, modify, create derivative works based on,
                translate, market, sell, or distribute the Documentation, or
                otherwise make the

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                Documentation available to any third party, without the prior
                written consent of LIFFE; or (b) remove or alter in any manner
                any trademarks, trade names, copyright notices or other
                proprietary or confidentiality notices or designations contained
                or displayed in the Documentation.

5.   Interface Sublicense Agreements

     5.1 Interface Sublicense Agreements. Each Member, ISV, QV, or any
additional Person wishing to interface with the API and/or another Interface and
to participate in the CBOT Electronic Exchange shall be required by the CBOT to
enter into, and provide to the CBOT an executed copy of, the "Interface
Sublicense Agreement," in the form attached hereto as Schedule E (each, as
executed by the CBOT and a Sublicensee, an "Interface Sublicense Agreement").
Amendments to any Interface Sublicense Agreement may be made only upon LIFFE's
prior written consent. Upon the written request of LIFFE, the CBOT shall
promptly provide to LIFFE copies of a current, fully executed Interface
Sublicense Agreement for each Sublicensee authorized to gain access to one or
more of the Interfaces.

     5.2  Enforcement. The CBOT:

          (a)  shall enforce each Sublicensee's compliance with the terms of the
               Interface Sublicense Agreement;

          (b)  shall provide LIFFE written notice of any violation by a
               Sublicensee or any other Person of any Interface Sublicense
               Agreement, immediately upon becoming aware of any such violation;

          (c)  shall provide LIFFE written notice of the termination (specifying
               the effective date of termination) of any Interface Sublicense
               Agreement, immediately upon the CBOT receiving or giving notice
               of such termination;

          (d)  shall upon the termination of any Interface Sublicense Agreement,
               provide LIFFE any reasonable assistance as LIFFE may request in
               facilitating either the return to LIFFE of, or the destruction of
               and certification of the destruction of, all Licensed Technology
               in the possession of the relevant Sublicensee, at the CBOT's
               expense;

          (e)  shall provide LIFFE written notice promptly upon becoming aware
               of any acts or omissions of any Person, in addition to those
               required to be reported pursuant to Section 5.2(b), which the
               CBOT believes, in its reasonable judgment, (i) might jeopardize
               or prejudice the rights of LIFFE or its suppliers in the Licensed
               Technology; (ii) would result in the Licensed Technology being
               confiscated, seized, requisitioned, taken in execution, impounded
               or otherwise taken from any location; or (iii) threaten the
               security or operations of the Licensed Technology.

          (f)  shall provide LIFFE written notice promptly upon becoming aware
               of any claim, demand, or cause of action brought against the CBOT
               by a Sublicensee or any other Person, or any subpoena served upon
               the CBOT or any employee, officer or director thereof, which
               relates to (i) any Interface Sublicense Agreement, or (ii) the
               Licensed Technology or any component thereof; and

          (g)  shall not repossess or disable any Software located at any
               premises owned or controlled by any Sublicensee, and shall
               enforce its rights under the Interface

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                Sublicense Agreements so as not to permit any Person (other than
                LIFFE or LIFFE's designee) to repossess or disable any Software
                located at any premises owned or controlled by any Sublicensee,
                notwithstanding Section 5.2(a).

6.   Obligations of the CBOT and LIFFE

     6.1 Security. In addition to all other duties of the CBOT specified
hereunder in respect of Licensed Technology and the use or access thereof by the
CBOT, the CBOT shall use reasonable efforts to (a) comply with LIFFE's security
policy, a copy of which is attached as Schedule F hereto, and (b) establish and
maintain supervisory and security procedures satisfactory to LIFFE for the
purpose of protecting all Licensed Technology and LIFFE's rights, title and
interest in and to the Licensed Technology.

     6.2 Third Party Licenses. The CBOT shall enter into and comply with the
terms and conditions of those third party license agreements set forth in
Schedule G. The CBOT acknowledges and agrees that any rights or remedies to be
pursued by the CBOT in respect of any third party software shall be pursued
against the third party licensor (and not LIFFE).

     6.3 Upgrades. Subject to any applicable obligations of LIFFE pursuant to
any Managed Services Agreement entered into by the Parties, nothing herein shall
require LIFFE to (a) create any Upgrades or (b) license to the CBOT for use
and/or access as "Licensed Technology" hereunder any modifications,
enhancements, improvements or additions to the Licensed Technology as LIFFE may
choose to create. Notwithstanding the foregoing, in the event LIFFE delivers to
the CBOT any Upgrades pursuant to any Managed Services Agreement, the CBOT shall
install such Upgrades in accordance with the terms of such Managed Services
Agreement.

     6.4 Materials and Assistance. In order to facilitate the Parties'
performance of their obligations hereunder, the CBOT shall promptly provide to
LIFFE such information and documentation as LIFFE may reasonably request.

     6.5 Export Compliance. The CBOT and LIFFE each shall comply with all
applicable export laws and regulations of the United States and foreign
authorities, including regulatory authorities. For purposes of this obligation,
export laws and regulations include, but are not limited to, all applicable end
use controls and all applicable restrictions on the export, reexport and
transfer of encryption items.

7.   Escrow Agreement

     7.1 Terms. The Parties shall enter into a separate agreement with an escrow
agent specified by LIFFE, which agreement shall be substantially in the form of
the agreement attached as Schedule H (the "Escrow Agreement"). In addition to
any other terms upon which the Parties may agree, the Escrow Agreement will
provide:

          (a)  within six (6) months of the execution of the Escrow Agreement,
               but in no event earlier than the conclusion of the sixth month
               following the Go-Live Date, LIFFE shall deposit with the escrow
               agent that source code to the then current versions of the
               Software which has been developed by LIFFE or is available to
               LIFFE, all other software and documentation (including libraries,
               make files, and object code) necessary to build the Software, and
               Documentation relating thereto (collectively, the "Deposit
               Materials");

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          (b)  the Deposit Materials will be updated quarterly;

          (c)  the Deposit Materials may be released only in accordance with the
               procedures set forth in the Escrow Agreement and upon the
               occurrence of one or more of the following release conditions:
               LIFFE (i) becomes insolvent, (ii) files for voluntary protection
               under the bankruptcy laws of the United States or England and
               Wales, or (iii) becomes subject to any involuntary bankruptcy or
               insolvency proceeding under laws of the United States or England
               and Wales (which proceeding is not dismissed by a court of
               competent jurisdiction within sixty (60) Business Days);

          (d)  upon release, the CBOT will be entitled to use such Deposit
               Materials for (i) a period not to exceed [**] months following
               the date of release of the Deposit Materials (the "Release
               Period"), and (ii) the sole purpose of continuing the CBOT's use
               of the Licensed Technology as permitted by this Agreement,
               provided that (x) the CBOT shall have the right to modify the
               source code of Deposit Materials comprising software only to the
               extent necessary to create Bug Fixes and (y) the CBOT shall be
               obligated to maintain the confidentiality of the released Deposit
               Materials; and

          (e)  the CBOT shall be responsible for payment of all fees and
               expenses owed to the escrow agent pursuant to the Escrow
               Agreement.

     7.2 Return of Deposit Materials. In the event the Deposit Materials are
released and, prior to any effective date of termination of the Release Period,
any involuntary bankruptcy or insolvency proceeding referenced in Section
7.1(c)(iii) is dismissed, then the CBOT shall (a) return to LIFFE all Deposit
Materials and any Bug Fixes created by or on behalf of the CBOT; (b) provide
LIFFE with any modified source code (including source code pertaining to any Bug
Fixes created by or on behalf of the CBOT); or (c) destroy any and all copies of
the Deposit Materials in the CBOT's possession and/or control, via a method that
renders all such copies permanently unrecoverable, and certify any such copies
as destroyed via such a method.

8.   Inspection, Removal, or Disablement of the Licensed Technology

     In the event that any Licensed Technology is located at the CBOT's
Premises, LIFFE shall be entitled to have reasonable access to the CBOT's
Premises and such Licensed Technology, and:

     (a)  to inspect such Licensed Technology or any portion thereof: (i) to
          determine whether the CBOT is complying or has complied with its
          obligations under this Agreement; and/or (ii) to facilitate LIFFE's
          efforts to remedy any defect or error in the Licensed Technology or
          any portion thereof; and

     (b)  to disable and/or to remove such Licensed Technology or any part or
          parts thereof (i) if the CBOT has failed or is failing to comply with
          its obligations under this Agreement; or (ii) to facilitate LIFFE's
          efforts to remedy any defect or error in the Licensed Technology or
          any portion thereof.

9.   Fees

     9.1 Payment. In consideration for the rights and licenses granted
hereunder, the CBOT shall, via wire transfer of immediately available funds to
such bank account as LIFFE may specify, (a) pay to LIFFE the License Fee in
accordance with Schedule I, and (b) reimburse LIFFE for any out of pocket

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expenses incurred by LIFFE hereunder (collectively, "Out of Pocket Expenses")
(the License Fee and Out of Pocket Expenses, collectively, the "Fees"). All
payments hereunder shall be made in pounds sterling.

     9.2 Taxes. The Fees are exclusive of all international, national or state
taxes (including withholding taxes), levies, duties, or similar charges, however
designated, that may be assessed by any jurisdiction under current law or as a
result of any change in the law following the date thereof (collectively,
"Taxes"), and the CBOT shall pay or reimburse LIFFE for all such Taxes that may
be levied or imposed in relation to this Agreement or any of the rights and
licenses granted hereunder, excluding taxes based on the net income of LIFFE.
Prior to receiving from the CBOT any payment which may be subject to United
States withholding taxes, LIFFE shall deliver to the CBOT two original copies of
Internal Revenue Service Form "W-8BEN" (or any successor forms), accurately
completed and duly executed by LIFFE certifying, in Line 9a thereof (or the
corresponding line of any successor forms), that the applicable treaty is the
United States-United Kingdom Income Tax Convention, and further certifying the
matters set forth in Line 9b and 9c of Form "W-8BEN" (or the corresponding lines
of any successor forms). LIFFE hereby agrees, from time to time after the
initial delivery by LIFFE of such forms whenever a lapse in time or change of
circumstances renders such forms obsolete or inaccurate in any material respect,
to deliver to the CBOT two new original copies of Internal Revenue Service Form
"W-8BEN" (or any successor forms), accurately completed and duly executed by
LIFFE. Notwithstanding this Section 9.2, the relevant Fees shall be paid net of
any U.S. federal income withholding tax caused by the failure of LIFFE to
provide the CBOT with such forms, unless a change in applicable law of the
United States, enacted or promulgated after the date hereof, makes it impossible
for LIFFE to continue to make the certifications described above.

     9.3 Invoices. LIFFE shall invoice the CBOT for the License Fee in
accordance with Schedule I, in pounds sterling. LIFFE shall invoice the CBOT
monthly in arrears for the Out of Pocket Expenses and any additional amounts due
hereunder (excluding the License Fee), in pounds sterling. Payment of each
invoice shall be made by the CBOT within fourteen (14) days of the date of
receipt of such invoice by the CBOT, unless the CBOT makes a good faith
objection to the terms of the invoice, in which case (a) the CBOT shall pay the
undisputed amount of the invoice, and (b) the Parties shall promptly undertake
to resolve the disputed portion of the invoice.

     9.4 Suspension. If the CBOT fails to pay any undisputed sum due under this
Agreement, then, without prejudice to any other remedy available to LIFFE, LIFFE
may, upon fourteen (14) days prior written notice to the CBOT, suspend the
CBOT's License, provided that the CBOT has not made payment within such period
of time. In the event of reinstatement of the License, the CBOT will (i) pay
LIFFE for all work undertaken by LIFFE in connection with such reinstatement on
a time and materials basis in accordance with LIFFE's then current hourly rates
for comparable services, and (ii) the CBOT shall be required to install any such
Upgrades to the version(s) of the Licensed Technology last utilized by the CBOT,
as LIFFE may specify.

     9.5 Late Payment. If the CBOT fails to pay any undisputed Fees due under
this Agreement, then interest shall be charged thereon from the date of issuance
of the applicable invoice until the date payment is made, at the rate of the
lesser of one and one half percent (1.5%) per month, or the maximum amount
allowed under applicable law.

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10.  Term

     10.1 Initial Term. The initial term of this Agreement shall commence on the
Effective Date and shall continue for a period of five (5) years from the
Go-Live Date ("Initial Term"), unless terminated earlier in accordance with
Section 11.

     10.2 Renewal. Unless terminated earlier in accordance with Section 11, THIS
AGREEMENT WILL AUTOMATICALLY RENEW FOR NO MORE THAN TWO SUCCESSIVE PERIODS OF
THREE (3) YEARS (each, a "Renewal Term").

11.  Termination

     11.1 By the CBOT.

          11.1.1 Non-Renewal. The CBOT may terminate this Agreement, for any
                 reason, upon written notice to LIFFE provided at least [**]
                 months prior to the end of the Initial Term or the First
                 Renewal Term (if any).

          11.1.2 Development Services Agreement and Managed Services Agreement.
                 The CBOT may terminate this Agreement immediately upon notice
                 to LIFFE in the event that the Parties have not entered into
                 (a) a Development Services Agreement by [**] or (b) a Managed
                 Services Agreement by [**]

     11.2 By LIFFE.

          11.2.1 [**] LIFFE may terminate this Agreement, upon twelve (12)
                 months prior written notice to the CBOT ("Termination Notice
                 Period"), if [**] or any Affiliate of [**] directly or
                 indirectly acquires control of the CBOT.

          11.2.2 Development Services Agreement and Managed Services
                 Agreement. LIFFE may terminate this Agreement immediately
                 upon notice to the CBOT in the event that the Parties have not
                 entered into a Development Services Agreement and a Managed
                 Services Agreement by [**]

     11.3 By Either Party.

          11.3.1 Material Breach. Subject to Section 12.3, at any time during
                 the term of this Agreement, either Party may terminate this
                 Agreement immediately upon written notice to the other Party if
                 the other Party commits a breach of any of its material
                 obligations under this Agreement and fails to remedy such
                 material breach within thirty (30) days of receipt of written
                 notice thereof.

          11.3.2 Insolvency. At any time during the term of this Agreement,
                 either Party may terminate this Agreement upon thirty (30) days
                 prior written notice if: (a) the other Party (i) becomes
                 insolvent, (ii) voluntarily commences any proceeding or files
                 any petition under the bankruptcy laws of the United States or
                 England and Wales, (iii) becomes subject to any involuntary
                 bankruptcy or insolvency proceedings under the laws of the
                 United States or England and Wales, which proceedings are not
                 dismissed within thirty (30) days, (iv) makes an assignment for
                 the benefit of its creditors, or (v) appoints a receiver,
                 trustee, custodian or

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                 liquidator for a substantial portion of, its property, assets
                 or business; or (b) the other Party passes a resolution for its
                 winding up or dissolution, or a court of competent jurisdiction
                 makes an order for such other Party's winding up or
                 dissolution.

     11.4 Automatic Termination. As maintenance services relating to the
Licensed Technology will be required (at a minimum), this Agreement will
terminate automatically upon termination of the Managed Services Agreement.

12.  Consequences of Termination

     12.1 Licensed Technology.

          12.1.1 In CBOT's Possession. Following termination of this Agreement,
                 the CBOT shall (a) immediately cease use of the Licensed
                 Technology; (b) at LIFFE's request and at the CBOT's expense,
                 (i) immediately return to LIFFE, or destroy and certify as
                 destroyed, any Licensed Technology in the CBOT's possession
                 and/or control (including all Documentation), and (ii) return
                 to LIFFE any and all other LIFFE Property in the CBOT's
                 possession and/or control; and (c) within fourteen (14) days of
                 the effective date of termination of this Agreement,
                 permanently erase and certify the erasure of the Software (and
                 all copies thereof) from the Equipment and all backup Media.

          12.1.2 In Sublicensees' Possession. Upon or prior to the effective
                 date of termination of this Agreement, the CBOT shall (a)
                 terminate all Interface Sublicense Agreements; (b) require each
                 Sublicensee, to which the CBOT has sublicensed the right to use
                 and/or access certain components of the Licensed Technology, to
                 (i) cease use of such Licensed Technology and (ii) promptly
                 return to LIFFE, or destroy and certify as destroyed, each item
                 of Licensed Technology in such Sublicensee's possession and/or
                 control (including all Documentation), and (iii) promptly
                 return to LIFFE any other LIFFE Property within such
                 Sublicensee's possession and/or control; and
                 (c) notwithstanding Section 12.1.2(b), return to LIFFE any
                 LIFFE Property that has been provided to the CBOT by any
                 Sublicensee, promptly upon the CBOT's receipt thereof.

     12.2 Third Party Obligations. In the event of termination of this
Agreement, LIFFE will use commercially reasonable efforts to terminate any
contracts with third parties relating to LIFFE's provision of the Licensed
Technology or other obligations hereunder (or relevant portions thereof).
Notwithstanding the foregoing, the CBOT shall be obligated to reimburse LIFFE
for any and all costs and expenses relevant to this Agreement for which LIFFE is
contractually obligated as of the termination hereof.

     12.3 Transition. In the event of LIFFE's notice of termination to the CBOT
pursuant to Section 11.3.1 for a material breach that is incapable of remedy,
the License provided hereunder shall continue for a period of up to [**] months
from the date upon which notice of termination is given (the "Transition
Period"); provided that, within thirty (30) days following notice of
termination, (a) the CBOT has accepted full liability for such material breach
via written notice to LIFFE in a form acceptable to LIFFE, in LIFFE's sole
discretion; and (b) the CBOT has submitted to LIFFE reasonable assurances that
it has employed measures sufficient to prohibit repetition of such material
breach. Notwithstanding the foregoing, (i) during any Transition Period, LIFFE
shall not be held liable for any failure to perform

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any obligations under this Agreement (x) that have been transitioned by the CBOT
to a Person other than LIFFE, or (y) that have been wound down or phased out;
and (ii) in the event of the CBOT's breach of any of its material obligations
under this Agreement during any Transition Period, then LIFFE may terminate this
Agreement immediately upon notice to the CBOT.

     12.4 Survival. The termination of this Agreement for any reason will not
affect the accrued rights of the Parties or the right of either Party to sue for
damages arising from a breach of this Agreement. Notwithstanding termination of
this Agreement, the CBOT shall remain liable to pay LIFFE all sums accrued or
due on or prior to the effective date of termination. Sections 1, 5.2, 6.5, 8,
9, 12, 13, 14, 16.3, 17, 18, 19, 21, 22, 24, 27, 28, 29, 30, 32 and 34 shall
survive beyond the effective date of termination of this Agreement and shall
remain in full force and effect.

13.  Proprietary Rights

     13.1 LIFFE Property. As between the CBOT and LIFFE, all rights, title and
interest in and to the Licensed Technology and all portions thereof (excluding
the third party software specified in Schedule G), including but not limited to,
all Development Services Deliverables; all Upgrades (including Bug Fixes created
by or on behalf of the CBOT pursuant to Section 7.1(d)); all Confidential
Information of LIFFE; all Documentation; the Equipment; all other materials
whatsoever relating to the Licensed Technology and provided by LIFFE to the CBOT
and/or any Sublicensees, including any gateways, hubs, routers, cables, cabinets
and servers; and any other materials provided by LIFFE to the CBOT and/or any
Sublicensees under this Agreement; including all copyrights, trademarks,
patents, trade secrets and other intellectual property inherent in the foregoing
or appurtenant thereto (collectively, "LIFFE Property") shall be and remain
vested in LIFFE (or LIFFE's Affiliates, suppliers or licensors, as applicable).
To the extent, if any, that ownership of the LIFFE Property does not
automatically vest in LIFFE by virtue of this Agreement or otherwise, the CBOT
hereby transfers and assigns to LIFFE, as of the date of creation, all rights,
title and interest which the CBOT may have in and to such LIFFE Property. The
CBOT undertakes, at the CBOT's expense, to do or cease to do all such acts as
LIFFE may reasonably direct, and to execute, or cause its employees, agents
and/or subcontractors to execute, all such documents as LIFFE deems reasonably
necessary or helpful to assure further the rights, title and interest of LIFFE
or its nominee in and to such LIFFE Property.

     13.2 CBOT's Property. Notwithstanding the foregoing, as between the CBOT
and LIFFE, all rights, title and interest in and to (a) the CBOT Technology (if
any); (b) Market Data (collectively, the "CBOT's Property") shall be and remain
vested in the CBOT; (c) all Confidential Information of the CBOT; and (d) all
copyrights, trademarks, patents, trade secrets and other intellectual property
inherent in the foregoing or appurtenant thereto.

14.  Confidentiality

     14.1 Confidential Information. Subject to Section 14.2, each Party shall
treat as confidential the terms and conditions of this Agreement (excluding the
existence of this Agreement), all information (a) marked as confidential, "CBOT
Restricted" and/or "LIFFE Restricted" (as applicable) or (b) which the recipient
should reasonably know, by its nature or the manner of its disclosure, to be
confidential (including, but not limited to, the information and materials the
CBOT has obtained rights to use hereunder), which either Party may receive or
have access to during or prior to the performance of this Agreement
("Confidential Information"). Neither Party shall (i) use the Confidential
Information of the other Party for any purpose other than the performance of its
obligations under this Agreement, or (ii) divulge such Confidential Information
(x) without the other Party's prior written consent, to anyone other than the
employees, subcontractors, consultants or advisors of such Party who are subject
to

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nondisclosure obligations and to whom such disclosure is reasonably necessary to
facilitate the performance of this Agreement; or (y) unless requested pursuant
to a judicial or governmental request, requirement or order under law (including
disclosure obligations of the Parties under applicable securities laws), in
which case, if not so prohibited by a regulatory or other governmental authority
or an order of a court of competent jurisdiction, the receiving Party will
promptly notify the other Party of such request; provided that, if, in the
opinion of counsel to the receiving Party, such disclosure is required under
securities laws, the receiving Party, in consultation with the other Party,
shall additionally use good faith efforts to secure confidential treatment of
the information so disclosed. "Confidential Information" of LIFFE includes, but
is not limited to, Restricted Documentation and the source code of the Software.
For the avoidance of doubt, with respect to Confidential Information of LIFFE
that has been disclosed to the CBOT or to which the CBOT has access, the CBOT
shall neither provide or permit [**] access to, nor permit any other Person to
provide or permit [**] access to, any Confidential Information of LIFFE or any
derivative work based on such Confidential Information.

     14.2 Exclusions. Notwithstanding Section 14.1, Confidential Information
will not include information (a) which is independently developed by the
receiving Party or is lawfully received free of restriction from another source
that, to the receiving Party's knowledge, has the right to furnish such
information; (b) after it has become generally available to the public by acts
not attributable to the receiving Party or its employees, consultants or
advisors; or (c) which, at the time of disclosure to the receiving Party, was
known to the receiving Party free of restriction.

15.  Subcontractors

     LIFFE may appoint subcontractors and agents to carry out the whole or any
part of its obligations hereunder; provided, however, that LIFFE shall obtain
the CBOT's consent to any subcontractors whose primary residence is located in
the United States, which consent will not be unreasonably withheld. For the
avoidance of any doubt, LIFFE shall not have an obligation to obtain the CBOT's
consent in respect of any subcontractors whose primary residence is located to
LIFFE's knowledge, outside the United States.

16.  Warranties

     16.1 LIFFE. LIFFE warrants that (a) it has the requisite corporate power
and authority to execute and perform this Agreement; (b) its execution and
performance of its obligations hereunder will not violate any other agreement or
regulatory obligation to which it is bound; and (c) to LIFFE's knowledge, the
Software contains no Malicious Code. EXCEPT AS SPECIFICALLY PROVIDED IN THIS
AGREEMENT, LIFFE MAKES NO, AND HEREBY DISCLAIMS ALL, WARRANTIES, CONDITIONS,
UNDERTAKINGS, TERMS OR REPRESENTATIONS, EXPRESSED OR IMPLIED BY STATUTE, COMMON
LAW OR OTHERWISE, IN RELATION TO THE LICENSED TECHNOLOGY OR ANY PORTION OF THE
SAME OR THE USE THEREOF, INCLUDING BUT NOT LIMITED TO ALL IMPLIED WARRANTIES OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. LIFFE
FURTHER DISCLAIMS ALL WARRANTIES, IMPLIED OR OTHERWISE, RELATING TO ANY THIRD
PARTY MATERIALS.

     16.2 The CBOT. The CBOT hereby warrants to LIFFE that (a) it has the
requisite corporate power and authority to execute and perform this Agreement;
(b) its execution and performance of its obligations hereunder will not violate
any other agreement or regulatory obligation to which it is bound; (c) it is a
valid licensee of the Wagner/eSpeed Patent pursuant to Attachment B to that
certain "Settlement Agreement" between the CBOT, The Chicago Mercantile
Exchange, Electronic Trading Systems Corporation and eSpeed, entered into as of
August 26, 2002, in settlement of eSpeed, Inc. and Electronic Trading Systems
Corporation v. The Board of Trade of the City of Chicago and The Chicago
Mercantile

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Exchange, before the United States District Court for the Northern District of
Texas (Civil Action No. 3:99-CV-1016-M) (the "Wagner License"), a copy of which
has been provided to LIFFE; and (d) the License, the Licensed Technology
provided hereunder, and the use of such Licensed Technology by or on behalf of
the CBOT and Sublicensees, are encompassed by such Wagner License and will not
violate the terms of the Wagner License. EXCEPT AS SPECIFICALLY PROVIDED IN THIS
AGREEMENT, THE CBOT MAKES NO, AND HEREBY DISCLAIMS ALL, WARRANTIES, CONDITIONS,
UNDERTAKINGS, TERMS OR REPRESENTATIONS, EXPRESSED OR IMPLIED BY STATUTE, COMMON
LAW OR OTHERWISE, IN RELATION TO THE LICENSED TECHNOLOGY AND CBOT PROPERTY OR
ANY PORTION OF THE SAME OR THE USE THEREOF, INCLUDING BUT NOT LIMITED TO ALL
IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND
NON-INFRINGEMENT.

17.  Indemnification

     17.1 By LIFFE. LIFFE shall defend, indemnify and hold the CBOT, and the
officers, directors, employees, agents, and representatives of the CBOT ("CBOT
Indemnitees") harmless from and against all costs, claims, demands, losses,
expenses and liabilities of any nature whatsoever (including reasonable
attorneys fees) ("Losses") incurred or suffered by such CBOT Indemnitees arising
out of, or in connection with, any third party claim, demand, or cause of action
(each, a "Claim") to the extent such Claim is based upon or arises out of (a)
LIFFE's gross negligence or willful misconduct; (b) LIFFE's material breach of
this Agreement or any part hereof; or (c) [**]; provided that (i) the CBOT shall
take no other action which the CBOT, in its reasonable judgment, believes would
be contrary to LIFFE's interests relative to the Claim; (ii) LIFFE (or any
Person acting on behalf of or authorized by LIFFE), at its own expense, shall be
entitled to have sole conduct and control of all legal proceedings in connection
with the Claim or the settlement or other compromise thereof; (iii) the CBOT
shall give LIFFE (and any Person acting on behalf of or authorized by LIFFE) all
reasonable assistance therewith, at LIFFE's reasonable expense; and (iv) the
CBOT shall use good faith efforts to notify LIFFE as soon as possible, but in
any event within five (5) Business Days, after the CBOT becomes aware of the
Claim. Notwithstanding the foregoing, LIFFE shall have no obligation to defend,
indemnify, or hold any CBOT Indemnitee harmless from or against any Losses
incurred or suffered by such CBOT Indemnitee (x) as a result of the gross
negligence or willful misconduct of the CBOT Indemnitee or any Sublicensee, or
(y) to the extent any Losses are attributable to the fact that the use of the
Licensed Technology by the CBOT, other CBOT Indemnitee, or any Sublicensee has
not been in accordance with this Agreement.

     17.2 By the CBOT. The CBOT shall defend, indemnify and hold LIFFE, its
Affiliates, and the officers, directors, employees, agents, and representatives
of LIFFE and its Affiliates ("LIFFE Indemnitees") harmless from and against all
Losses incurred or suffered by such LIFFE Indemnitees arising out of, or in
connection with, any third party Claim to the extent such Claim is based upon or
arises out of: (a) the CBOT's material breach of this Agreement or any part
hereof; (b) the gross negligence or willful misconduct of the CBOT, any of its
Affiliates, or any Members or other Sublicensees; (c) the CBOT's Property or
LIFFE's use thereof; (d) the CBOT's use of the Licensed Technology in
contravention of this Agreement; (e) any breach by any Member, other
Sublicensee, or Contractor (as that term is defined Schedule E) of any Interface
Sublicense Agreement; or (f) any Claim that the License, the Licensed Technology
provided hereunder, or the use thereof by or on behalf of the CBOT or
Sublicensees, infringes or otherwise violates the Wagner/eSpeed Patent; provided
that (i) LIFFE shall take no action which LIFFE, in its reasonable judgment,
believes would be contrary to the CBOT's interests relative to the Claim; (ii)
the CBOT (or any Person acting on behalf of or authorized by the CBOT), at its
own expense, shall be entitled to have sole conduct and control of all legal
proceedings

                  CONFIDENTIAL INFORMATION REDACTED AND FILED
       SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS INDICATED BY [**]

                                       19

<PAGE>

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

in connection with the Claim or the settlement or other compromise thereof;
(iii) LIFFE shall give the CBOT (and any Person acting on behalf of or
authorized by the CBOT) all reasonable assistance in connection therewith at the
CBOT's reasonable expense; and (iv) LIFFE shall use good faith efforts to notify
the CBOT as soon as possible, but in any event within five (5) Business Days,
after LIFFE becomes aware of the Claim. Notwithstanding the foregoing, CBOT
shall have no obligation to defend, indemnify, or hold any LIFFE Indemnitee
harmless from or against any Losses incurred or suffered by such LIFFE
Indemnitee as a result of the gross negligence or willful misconduct of the
LIFFE Indemnitee.

18.  Liability

     18.1 Specific Limitations. LIFFE shall have no liability to the CBOT for
any breach of this Agreement or any Losses (including, but not limited to, the
CBOT's inability to use any part of the Licensed Technology and the interruption
or corruption of any data or information stored, used, generated or transmitted
on or via any Licensed Technology) under this Agreement arising from (a) any
defect in the Licensed Technology of which LIFFE has not received notice of from
the CBOT within five (5) Business Days following the first date upon which the
CBOT discovered or otherwise became aware of such defect, (b) any Force Majeure
Event, or (c) any Trading Applications or other Third Party Materials.

     18.2 General Limitation. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT,
NEITHER PARTY SHALL HAVE LIABILITY TO THE OTHER FOR ANY LOSS, DAMAGE OR INJURY,
DIRECT OR INDIRECT, WHETHER OR NOT CAUSED BY THE NEGLIGENCE OF SUCH PARTY, ITS
AFFILIATES, OR THE OFFICERS, EMPLOYEES, AGENTS OR REPRESENTATIVES OF SUCH PARTY
OR OF ANY OF ITS AFFILIATES, EXCEPT THAT EACH PARTY SHALL ACCEPT LIABILITY FOR
(a) MATERIAL BREACH OF THIS AGREEMENT, (b) THE GROSS NEGLIGENCe OR WILLFUL
MISCONDUCT OF SUCH PARTY, ITS AFFILIATES OR THE OFFICERS, EMPLOYEES, AGENTS OR
REPRESENTATIVES OF SUCH PARTY OR OF ANY OF ITS AFFILIATES, AND (c) FOR DEATH,
PERSONAL INJURY AND DIRECT PHYSICAL DAMAGE TO THE TANGIBLE PROPERTY OF THE OTHER
CAUSED BY SUCH PARTY, ITS AFFILIATES OR THE OFFICERS, EMPLOYEES, AGENTS OR
REPRESENTATIVES OF SUCH PARTY OR OF ANY OF ITS AFFILIATES. EXCEPT WITH REGARD TO
EITHER PARTY'S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS UNDER SECTION 14 OR ITS
WARRANTIES SET FORTH IN SECTION 16, NEITHER PARTY SHALL BE LIABLE TO THE OTHER
HEREUNDER FOR ANY INDIRECT OR CONSEQUENTIAL LOSS, OR FOR LOSS OF PROFITS,
GOODWILL OR CONTRACTS, WHETHER ARISING FROM NEGLIGENCE, BREACH OF CONTRACT OR
OTHERWISE, AND WHETHER OR NOT EITHER PARTY SHALL HAVE BEEN ADVISED OF OR
OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.

     18.3 Limitation of Liability. The cumulative liability of LIFFE under this
Agreement, the Development Services Agreement and the Managed Services
Agreement, during the respective terms of this Agreement, the Development
Services Agreement and the Managed Services Agreement, however arising, will not
exceed [**] provided, however, that the limitations set forth in this Section
18.3 will not apply to (a) liability of LIFFE for death or personal injury; (b)
fraudulent acts or omissions; or (c) violations of the confidentiality
obligations of Section 14.

     18.4 Claims Against Individuals. Where the liability of a Party (including,
but not limited to, any liability with respect to the officers, employees,
agents or representatives of a Party or any of its Affiliates) has been excluded
or restricted hereunder, each Party agrees that it shall not bring any claim
against any officers, employees, agents or representatives of the other Party or
any of its Affiliates or join

                  CONFIDENTIAL INFORMATION REDACTED AND FILED
       SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS INDICATED BY [**]

                                       20

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

such officers, employees, agents or representatives in any claim such that the
liability of such officers, employees, agents or representatives and such other
Party, when taken together, would be greater than the liability of such other
Party hereunder.

19.  Dispute Resolution

     19.1 Escalation. As used herein, "Disputes" means any claims, disputes,
controversies, and other matters in question between the Parties arising out of
or relating to this Agreement or the breach hereof (excluding any third party
claims against LIFFE or the CBOT subject to indemnification pursuant to Section
17, but including any disagreements as to indemnification rights hereunder). Any
Dispute between the Parties shall in the first instance be referred to the
Parties' Relationship Managers for discussion and resolution. If the Dispute is
not resolved by the Relationship Managers within five (5) Business Days, the
Dispute will be referred to the Managing Director of LIFFE Market Solutions and
a representative of the CBOT at an equivalent level, who must discuss and, if
appropriate, meet within five (5) Business Days to attempt to resolve the
Dispute. If the Dispute is not resolved by such second representatives within
five (5) Business Days, the Dispute will be referred to the Parties' Chief
Executive Officers who must discuss and, if appropriate, meet within five (5)
Business Days to attempt to resolve the Dispute. If any representative of either
Party referred to in this Section 19.1 is not available for any reason, the
affected Party shall be entitled to appoint an appropriate substitute.

     19.2 Mediation. If the Parties cannot resolve any Dispute in accordance
with Section 19.1 within thirty (30) Business Days, they may refer the Dispute
to mediation, to be conducted by a single mediator in (i) Chicago, Illinois, if
LIFFE has initiated the Dispute, or (ii) London, England, if the CBOT has
initiated the Dispute. The Parties shall use good faith efforts to agree upon a
mediator. If the Parties are unable to agree upon a mediator within thirty (30)
Business Days, the Parties may seek judicial resolution and remedy of the
Dispute without first proceeding with mediation. The Parties shall use good
faith efforts to hold the mediation within thirty (30) Business Days following
the selection of a mediator. Unless otherwise agreed by the Parties, no decision
resulting from the mediation proceedings will be binding upon the Parties.
Unless expressly provided herein, each Party will bear its own costs (including
attorneys fees) relating to the mediation, but the Parties will share equally
the fees and expenses charged by the mediator.

     19.3 Arbitration. If a Dispute is not resolved in accordance with Section
19.2, then either Party may provide written notice to the other Party of an
intention to refer the Dispute to arbitration. Any such arbitration shall be:
(a) binding; (b) administered by the International Centre for Dispute Resolution
("ICDR") of the American Arbitration Association ("AAA"); (c) conducted in
accordance with the International Arbitration Rules of the AAA (the "AAA
Rules"), as such AAA Rules may be amended from time to time, except to the
extent this Section 19.3 provides otherwise; (d) held in Chicago, Illinois, if
the Dispute is initiated by LIFFE and in London, England if the Dispute is
initiated by the CBOT; and (e) conducted using the English language. Upon filing
a claim, the filing Party will simultaneously provide written notice of such
claim to the other Party and to the relevant administrator at the ICDR.

          19.3.1 Selection of Arbitrators. Within ten (10) Business Days of
                 receipt of the ICDR initiation letter, each Party shall select
                 one neutral individual to act as arbitrator. In addition, the
                 Parties shall submit a written request to AAA to use its normal
                 procedures pursuant to the AAA Rules to appoint the third
                 arbitrator within five (5) Business Days of AAA's receipt of
                 such request. The arbitrator appointed by AAA shall serve as
                 the chairperson of the arbitration panel. The Parties agree
                 that the selection of arbitrators must be completed within
                 twenty-five (25) Business Days of receipt by both Parties of
                 the ICDR initiation letter.

                  CONFIDENTIAL INFORMATION REDACTED AND FILED
       SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS INDICATED BY [**]

                                       21

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

          19.3.2 Cooperation. The Parties shall cooperate with each other in
                 causing the arbitration to be held in as efficient and
                 expeditious a manner as practicable, and in this respect to
                 furnish such documents and make available such personnel as the
                 arbitrators may request.

          19.3.3 Reduction of Losses. The Parties have selected arbitration to
                 expedite the resolution of Disputes and to reduce the costs
                 and burdens associated with litigation. The Parties agree
                 that the arbitrators should take these concerns into account
                 when determining whether to authorize discovery and, if
                 discovery is authorized, the scope of permissible discovery
                 and other hearing and pre-hearing procedures. Thearbitrators
                 shall render an award, including a written decision, within
                 ninety (90) calendar days after the arbitration notice is
                 provided, unless the Parties otherwise agree or the arbitrators
                 make a finding that a Party has carried the burden of showing
                 good cause for a longer time period.

          19.3.4 Binding Decision. The decision or award of the arbitrators will
                 be final and binding, and may be used as a basis for judgment
                 thereon in any jurisdiction. The award shall be in writing,
                 shall be signed by a majority of the arbitrators, and shall
                 include a written decision setting out the reasons for the
                 disposition of any claim.

          19.3.5 Punitive Damages. Without limiting any other remedies that may
                 be available under applicable law, the arbitrators shall have
                 no authority to award punitive damages.

          19.3.6 Confidentiality. All proceedings and decisions of the
                 arbitrators shall be maintained in confidence to the extent
                 legally permissible, and shall not be made public by any Party
                 or any arbitrator without the prior written consent of the
                 Parties, except as may be required by applicable laws.

          19.3.7 Losses. Each Party shall bear its own costs and attorneys fees,
                 and the Parties shall equally bear the fees, costs, and
                 expenses of the arbitrators and the arbitration proceedings
                 charged by the arbitrators ("Arbitration Fees"); provided,
                 however, that (a) the filing Party shall pay any filing fees
                 charged by the AAA; and (b) the arbitrators may exercise
                 discretion to award costs, but not attorneys fees or
                 Arbitration Fees, to the prevailing Party.

          19.3.8 Obligations. The commencement and pendency of an arbitration
                 under this Section 19.3 shall not relieve either of the Parties
                 of their respective obligations under this Agreement.

          19.3.9 Limitations. A demand for arbitration shall not be made after
                 the date when institution of legal or equitable proceedings
                 based upon such dispute would be barred by the applicable
                 statute of limitations or laches under the laws of the State
                 of Illinois, and the Parties expressly waive any causes of
                 action relating to any Dispute not brought within the period
                 set forth therein.

     19.4 Limitations. Notwithstanding Sections 19.2 and 19.3, nothing herein
restricts the rights of either Party to seek judicial resolution and remedy of
(i) any Disputes, following compliance with

                  CONFIDENTIAL INFORMATION REDACTED AND FILED
       SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS INDICATED BY [**]

                                       22

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

Section 19.2 and 19.3, or (ii) any claims, disputes, controversies, or other
matters in question between the Parties arising out of either Party's breach of
its obligations pursuant to Section 14 or Section 16.

20.  Reasonable Efforts

     Each Party agrees to use good faith efforts to negotiate the Development
Services Agreement and the Managed Services Agreement. LIFFE shall deliver to
the CBOT a draft (a) Development Services Agreement, by [**] and (b) Management
Services Agreement, by [**]

21.  Entire Agreement

     This Agreement, together with any Development Services Agreement and
Managed Services Agreement entered into by the Parties, constitutes the entire
understanding between the Parties with respect to the subject matter hereof and
supersedes all prior representations, agreements, negotiations and discussions
between the Parties, excluding that Consultancy Agreement entered into by and
between LIFFE and the CBOT, having an effective date of October 22, 2002, and
entered into on December 6, 2002.

22.  Schedules

     Each of the schedules attached hereto is a part of and incorporated into
this Agreement. Unless otherwise indicated therein, all capitalized terms
contained within the Schedules will have the meanings ascribed to them in the
main body of this Agreement.

23.  Amendments

     Except as expressly provided for herein, this Agreement may be amended only
by an instrument in writing signed on behalf of a duly authorized representative
of each Party.

24.  Binding Provisions/Third Party Beneficiaries

     This Agreement is binding upon, and shall inure to the benefit of, the
Parties and their respective administrators, legal representatives, successors,
and permitted assigns. The Parties agree that no provision of this Agreement is
intended, expressly or by implication, to purport to confer a benefit or right
of action upon a third party (whether or not in existence, and whether or not
named, as of the Effective Date).

25.  Assignment and Sublicensing

     Except as otherwise expressly provided herein, the CBOT shall not assign,
transfer or sublicense any right or obligation under this Agreement without the
prior written approval of LIFFE; provided however, that the CBOT may assign its
rights and obligations under this Agreement to CBOT Holdings, Inc. ("Holdings")
or to a wholly owned exchange subsidiary of Holdings, as described in the
Registration Statement on Form S-4 filed by Holdings with the Securities and
Exchange Commission ("SEC") on October 24, 2001 (the "Registration Statement"),
as amended by Amendment No. 4 to the Registration Statement filed with the SEC
on December 30, 2002 ("Amendment No. 4"), or any subsequent amendment thereto,
provided that the structure of the exchange subsidiary is in a form
substantially the same as that described in Amendment No. 4. LIFFE may, in
LIFFE's sole discretion, assign this Agreement and/or its rights and obligations
under this Agreement to an Affiliate of LIFFE that is capable of performing the
obligations of LIFFE under this Agreement.

                  CONFIDENTIAL INFORMATION REDACTED AND FILED
       SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS INDICATED BY [**]

                                       23

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

26.  Force Majeure

     If the performance of this Agreement by either Party is prevented,
hindered, delayed or otherwise made impracticable by reason of any Force Majeure
Event, that Party shall be excused from such performance to the extent that it
is prevented, hindered or delayed by such cause. In the event a Party becomes
aware of a Force Majeure Event that will affect its performance under this
Agreement, it shall notify the other Party as soon as reasonably practicable.
The Parties shall thereafter work together to take reasonable steps to mitigate
the effects of any inability to perform, if practicable.

27.  Separability of Provisions

     Each provision of this Agreement shall be considered separable; and if, for
any reason, any provision of this Agreement is determined by a court of
competent jurisdiction to be invalid, unlawful, or unenforceable, such
determination shall not affect the enforceability of the remainder of this
Agreement or the validity, lawfulness, or enforceability of such provision in
any other jurisdiction.

28.  Waiver

     The failure of a Party to exercise or enforce any right conferred upon it
by this Agreement shall not be deemed to be a waiver of any such right or
operate so as to bar the exercise or enforcement thereof at any time or times
hereafter.

29.  Remedies Not Exclusive

     No remedy conferred by any provision of this Agreement is intended to be
exclusive of any other remedy, except as expressly provided in this Agreement,
and each and every remedy shall be cumulative and shall be in addition to every
other remedy given hereunder or now or hereafter existing in law or in equity or
by statute or otherwise.

30.  Notices

     Except as otherwise expressly provided herein, all notices, certifications,
requests, demands, payments and other communications hereunder: (a) shall be in
writing; (b) may be delivered by certified or registered mail, postage prepaid;
by hand; by facsimile; or by any internationally recognized private courier; (c)
shall be effective (i) if mailed, on the date ten (10) days after the date of
mailing or (ii) if hand delivered, faxed, or delivered by private courier, on
the date of delivery; and (d) shall be addressed as follows:

               If to the CBOT:

               Board of Trade of the City of Chicago, Inc.
               141 West Jackson Boulevard
               Suite 600-A
               Chicago, Illinois 60604  U.S.A.
               Attention: Carol A. Burke

                  CONFIDENTIAL INFORMATION REDACTED AND FILED
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                                       24

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

               If to LIFFE:

               LIFFE Administration and Management
               Cannon Bridge House
               1 Cousin Lane
               London, EC4R 3XX  (England)
               Attention:  Company Secretary

or to such other address or addresses as may hereafter be specified by notice
given by one Party to the other.

31.  Announcements

     Neither Party may refer to this Agreement in any publicity or advertising
materials without the other Party's prior written consent.

32.  Interpretation

     32.1 Headings, Gender, "Including," "Control" and Person. References to
sections and schedules are to sections of and schedules to this Agreement unless
otherwise indicated. Section headings are inserted for convenience of reference
only and shall not affect the construction of this Agreement. The masculine
gender shall include the feminine and the singular number shall include the
plural, and vice versa. Any use of the word "including" will be interpreted to
mean "including, but not limited to," unless otherwise indicated. Any use of the
terms "controlling," "controlled by" or "under common control with" shall have a
meaning consistent with the definition of "Control" set forth in Section 1.
References to any Person (including the Parties and any other entities referred
to) shall be construed to mean such Person and its successors in interest and
permitted assigns, as applicable.

     32.2 Inconsistency. In the event of any inconsistency between the terms of
the main body of this Agreement and any schedule hereto, the terms of the main
body of this Agreement will govern to the extent of the inconsistency.

33.  Further Assurances

     The Parties shall execute all such further documents and do all such
further acts as may be necessary to carry the provisions of this Agreement into
full force and effect.

34.  Governing Law

     The validity and effectiveness of this Agreement shall be governed by and
construed and enforced in accordance with the internal laws of the State of
Illinois, without giving effect to the provisions, policies or principles of any
state law relating to choice or conflict of laws. Subject to Section 19, any
legal action or proceeding with respect to this Agreement may be brought
exclusively in the Federal or state courts located in Chicago, Illinois,
including the United States District Court for the Northern District of
Illinois. The United Nations Convention on Contracts for the International Sale
of Goods shall not apply to this Agreement and is hereby disclaimed.

35.  Counterparts

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

     This Agreement may be executed in two counterparts, each of which when so
executed and delivered shall be deemed an original, and both of which together
shall constitute but one and the same instrument.

                  [Remainder of page intentionally left blank.
                             Signature page follows]

                  CONFIDENTIAL INFORMATION REDACTED AND FILED
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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

     IN WITNESS WHEREOF, the Parties have executed this Software License
Agreement as of the Effective Date.

                                     LIFFE ADMINISTRATION AND MANAGEMENT, a
                                     company incorporated in England and Wales

                                     By:   /s/ Mark S. Hemsley
                                         -------------------------------------
                                     Name: Mark S. Hemsley
                                         -------------------------------------
                                     Its:  Director
                                         -------------------------------------

                                    BOARD OF TRADE OF THE CITY OF CHICAGO, INC.,
                                    a Delaware corporation

                                     By:   /s/ Bernard W. Dan
                                         ---------------------------------------
                                     Name: Bernard W. Dan
                                         ---------------------------------------
                                     Its:  President and Chief Executive Officer
                                         ---------------------------------------

                  CONFIDENTIAL INFORMATION REDACTED AND FILED
       SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS INDICATED BY [**]

<PAGE>

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

                                    SCHEDULES

Schedule A   -   Software and Documentation

Schedule B   -   Software, Locations and Operating Systems

Schedule C   -   Products Outside CBOT Field of Use

Schedule D   -   Products Within CBOT Exclusive Field of Use

Schedule E   -   Interface Sublicense Agreement

Schedule F   -   Security Policy

Schedule G   -   Third Party Software

Schedule H   -   Escrow Agreement

Schedule I   -   Fees

                  CONFIDENTIAL INFORMATION REDACTED AND FILED
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<PAGE>

                       CONFIDENTIAL TREATMENT REQUESTED BY
                               CBOT HOLDINGS, INC.

                                   SCHEDULE A

                           SOFTWARE AND DOCUMENTATION
                           --------------------------

     Part 1 - Software

     [**]

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       SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS INDICATED BY [**]

<PAGE>

                       CONFIDENTIAL TREATMENT REQUESTED BY
                               CBOT HOLDINGS, INC.

     Part 2 - Documentation
              -------------

     (a)  Unrestricted Documentation

          1.   LIFFE CONNECT(TM) Application Program Interface and Changes

          2.   The Application Program Interface Reference Manual

          3.   LIFFE CONNECT(TM) Release Specific Information - The Application
               Program Interface Reference Manual

          4.   LIFFE CONNECT(TM) Application Program Interface Installation
               notes

          5.   How the Market Works

          6.   TRS User Guide

     (b)  Restricted Documentation
          ------------------------
<TABLE>
<CAPTION>
     ------------------------------------------------------------------------------------------------------------
                                                                                         Number of
                                            Title                                    Authorized Copies
     ------------------------------------------------------------------------------------------------------------
     <S>                                    <C>                                      <C>
     1.                                      [**]                                           [**]
     ------------------------------------------------------------------------------------------------------------
     2.                                      [**]                                           [**]
     ------------------------------------------------------------------------------------------------------------
     3.                                      [**]                                           [**]
     ------------------------------------------------------------------------------------------------------------
     4.                                      [**]                                           [**]
     ------------------------------------------------------------------------------------------------------------
     5.                                      [**]                                           [**]
     ------------------------------------------------------------------------------------------------------------
     6.                                      [**]                                           [**]
     ------------------------------------------------------------------------------------------------------------
     7.                                      [**]                                           [**]
     ------------------------------------------------------------------------------------------------------------
     8.                                      [**]                                           [**]
     ------------------------------------------------------------------------------------------------------------
     9.                                      [**]                                           [**]
     ------------------------------------------------------------------------------------------------------------
     10.                                     [**]                                           [**]
     ------------------------------------------------------------------------------------------------------------
     11.                                     [**]                                           [**]
     ------------------------------------------------------------------------------------------------------------
     12.                                     [**]                                           [**]
     ------------------------------------------------------------------------------------------------------------
</TABLE>

                   CONFIDENTIAL INFORMATION REDACTED AND FILED
       SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS INDICATED BY [**]

<PAGE>

                       CONFIDENTIAL TREATMENT REQUESTED BY
                               CBOT HOLDINGS, INC.

                                   SCHEDULE B

                     SOFTWARE, LOCATIONS & OPERATING SYSTEMS
                     ---------------------------------------

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------
                                                            Operating System (or such operating systems as
          Software                     Location              may be approved by LIFFE from time to time)
============================================================================================================
          <S>                          <C>                  <C>
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
</TABLE>

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       SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS INDICATED BY [**]

<PAGE>

                       CONFIDENTIAL TREATMENT REQUESTED BY
                               CBOT HOLDINGS, INC.

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------
                                                            Operating System (or such operating systems as
          Software                     Location              may be approved by LIFFE from time to time)
============================================================================================================
          <S>                          <C>                  <C>
            [**]                         [**]                          [**]
------------------------------------------------------------------------------------------------------------
</TABLE>

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       SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS INDICATED BY [**]

<PAGE>

                       CONFIDENTIAL TREATMENT REQUESTED BY
                               CBOT HOLDINGS, INC.

                                   SCHEDULE C

                       PRODUCTS OUTSIDE CBOT FIELD OF USE
                       ----------------------------------

<TABLE>
---------------------------------------------------------------------------------------------------------
<S>                           <C>                                      <C>
 Index Futures                Short Term Interest Rate Futures         Commodity Futures
---------------------------------------------------------------------------------------------------------
      [**]                          [**]                                     [**]
                             ------------------------------------
                              Short Term Interest Rate Options

                                    [**]
---------------------------------------------------------------------------------------------------------
 Index Options                Medium and Long Term Interest Rate       Commodity Options
                              Futures
---------------------------------------------------------------------------------------------------------
      [**]                          [**]                                     [**]

---------------------------------------------------------------------------------------------------------
                              Medium and Long Term Interest Rate       Other Products
                              Options
---------------------------------------------------------------------------------------------------------
                                    [**]                               Futures

                                                                       [**]

                                                                       Options

                                                                       [**]

---------------------------------------------------------------------------------------------------------
</TABLE>

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       SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS INDICATED BY [**]

<PAGE>

                       CONFIDENTIAL TREATMENT REQUESTED BY
                               CBOT HOLDINGS, INC.

                                   SCHEDULE D

                   PRODUCTS WITHIN CBOT EXCLUSIVE FIELD OF USE
                   -------------------------------------------

<TABLE>
-------------------------------------------------------------------------------------------------
<S>             <C>                        <C>                            <C>
Agricultural    Treasury Futures           Treasury Options               Index Futures
Futures
-------------------------------------------------------------------------------------------------
        [**]            [**]                       [**]                           [**]
-------------------------------------------------------------------------------------------------
Agricultural    Federal Funds Futures      Other Financial Options        Index Options
Options
-------------------------------------------------------------------------------------------------
        [**]            [**]                       [**]                           [**]
-------------------------------------------------------------------------------------------------
                Other Financial Futures    Metal Options
-------------------------------------------------------------------------------------------------
                        [**]                       [**]
-------------------------------------------------------------------------------------------------
                                           Metal Futures
-------------------------------------------------------------------------------------------------
                                                   [**]
-------------------------------------------------------------------------------------------------
</TABLE>

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       SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS INDICATED BY [**]

<PAGE>

                       CONFIDENTIAL TREATMENT REQUESTED BY
                               CBOT HOLDINGS, INC.

                                   SCHEDULE E

                         INTERFACE SUBLICENSE AGREEMENT
                         ------------------------------

     This Interface Sublicense Agreement (this "Agreement") dated as of
__________ __, 200__ (the "Effective Date"), is among Board of Trade of the City
of Chicago, Inc., a Delaware corporation (the "CBOT"), and ____________, a(n)
_________ [form of entity] ("Licensee"). Capitalized terms used but not
otherwise defined herein shall have the meanings ascribed thereto in Section 1.

                                    RECITALS

     A. The CBOT offers an automated derivatives trading and order matching
system known as "LIFFE CONNECT(TM)" (the "Trading System") to facilitate the
trading of certain futures and options contracts on the electronic contract
market operated by the CBOT (the "Exchange").

     B. In order to gain access to and participate in the Exchange via the
Trading System, Licensee wishes, and the CBOT is willing to license to Licensee
the right, to access the Interface component of the Trading System set forth in
Exhibit A which the CBOT may provide with the software (the "Software"), and to
use any documentation relating to the Software the CBOT may provide (the
"Interface Documentation" and together with the Software, the "Licensed
Products").

     In consideration of the recitals and the mutual covenants and agreements
hereinafter set forth, the parties hereto (each a "Party" and collectively the
"Parties") agree as follows:

                                   AGREEMENT

1.   Definitions

     In this Agreement, the following expressions shall have the following
     respective meanings:

     "Agreement" shall have the meaning set forth above.

     "Application" means a front-end application or other software which
     interfaces with, and has been conformed with, the Interface.

     "CBOT Matching Engine" means the central processing component of the
     Trading System.

     "CBOT Property" shall have the meaning set forth in Section 11.1.

     "Confidential Information" shall have the meaning set forth in Section
     12.1.

     "Contractor" means a Person contracted by Licensee to assist Licensee in
     developing Applications.

     "Data" means externally disseminated Exchange-related pricing and trade
     volume information.

     "Effective Date" shall have the meaning set forth above.

     "Exchange" shall have the meaning set forth above.

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     "Exchange Notice" means a notice published by the Exchange by such means as
     the Exchange may from time to time determine.

     "Force Majeure Event" means any cause beyond a Party's reasonable control,
     including, but not limited to, any flood, riot, fire, judicial or
     governmental action, and labor disputes.

     "Interface" means the LIFFE CONNECT(TM) application interface described in
     Exhibit A for the use and/or access to the CBOT Matching Engine by an
     Application.

     "Interface Documentation" shall have the meaning set forth above.

     "Licensed Products" shall have the meaning set forth above.

     "Licensee's Property" shall have the meaning set forth in Section 11.2.

     "LIFFE" means LIFFE Administration and Management, a company incorporated
     in England and Wales, having a principal place of business at Cannon Bridge
     House, 1 Cousin Lane, London EC4R 3XX, England.

     "Malicious Code" means any computer virus, Trojan horse, worm, time bomb,
     or other similar code or hardware component designed to disrupt the
     operation of, permit unauthorized access to, erase, or modify the Licensed
     Products.

     "Member" means any Person authorized by the CBOT to trade on the Exchange.

     "Parties" shall have the meaning set forth above.

     "Person" means an individual, partnership, corporation, limited liability
     company, trust, joint venture, joint stock company, association,
     unincorporated organization, government agency or political subdivision
     thereof, or other entity.

     "Premises" means the premises specified in Exhibit A.

     "Responsible Person" means, with respect to the Trading System, an
     individual who is (i) designated as such by Licensee, if Licensee is a
     Member, pursuant to the Rules, and (ii) registered with the Exchange.

     "Rules" means the rules of the Exchange and each procedure and Exchange
     Notice as in effect from time to time and, (i) with respect to the trading
     of futures contracts, the regulations of the United States Commodity
     Futures Trading Commission (the "CFTC"); (ii) with respect to the trading
     of securities futures, the rules and regulations of the Securities and
     Exchange Commission (the "SEC") and the CFTC; and (iii) with respect to the
     trading of securities other than securities futures, the rules and
     regulations of the SEC.

     "Software" shall have the meaning set forth above.

     "Third Party Materials" means any equipment, hardware, software, or other
     products obtained from any third party.

     "Trading System" shall have the meaning set forth above.

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     "User Guides" means the documentation which may be provided relating to the
     use of the Trading System.

2.   License

     2.1 License. Subject to the terms and conditions hereof, the CBOT hereby
grants to Licensee a non-transferable, non-exclusive and royalty-free license
(a) to, and to sublicense to one or more Contractors the right to, have
reasonable access to the Interface and use the Software and the Interface
Documentation to procure and/or develop Applications; (b) to install the
Software at the Premises; and (c) to use the Software to access Data. If
Licensee is a Member, the CBOT additionally grants to Licensee a
non-transferable and non-exclusive license to use the Interface to access the
CBOT Matching Engine and, if possible, other components of the Trading System.
Licensee may not make any other use of the Licensed Products.

     2.2 Contractors. Licensee shall ensure that each Contractor to which
Licensee sublicenses its rights (a) shall make no use of the Licensed Products
other than that set forth in Section 2.1(a), and (b) otherwise abides by the
terms of this Agreement as if Contractor were a party to this Agreement.
Licensee is responsible for all actions of each Contractor with respect to the
Licensed Products.

3.   Delivery of Licensed Products

     3.1 Software. By such date(s) as may be agreed upon by the Parties and via
a delivery method agreed upon by the Parties, the CBOT shall deliver to the
Premises a master copy of the current version of the Software, in object code
form. Licensee may copy the Software only with the prior written consent of the
CBOT. All copies of the Software are subject to the terms and conditions of this
Agreement.

     3.2 Interface Documentation. Upon Licensee's request, by such date(s) as
may be agreed upon by the Parties, and via a delivery method and in a format
agreed upon by the Parties, the CBOT will provide the Interface Documentation to
Licensee. Licensee may make as many copies of the Interface Documentation as it
deems reasonably necessary. All copies of the Interface Documentation are
subject to the terms and conditions of this Agreement.

4.   Modifications and Improvements

     CBOT reserves the right during the term of this Agreement to specify for
use and/or access hereunder any improvements, modifications, enhancements or
upgrades to and of the Licensed Products or any part or parts thereof. Unless
otherwise specified by the CBOT, Licensee shall use only the current release
version(s) of the Software provided hereunder.

5.   Obligations of Licensee

     5.1  Use of Software.

          5.1.1 General Restrictions. With respect to the Software, Licensee
                agrees not to, and not to permit any Contractor or any other
                Person to:

                (a) copy, modify, duplicate, decompile, reverse engineer,
                    disassemble or otherwise reduce to a humanly perceivable
                    form, make any attempt to discover the source code of,
                    create derivative works based on, market,

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                    sell, provide or make available to any third party,
                    otherwise distribute, or translate the Software, except as
                    expressly provided herein;

               (b)  remove or alter in any manner any trademarks, trade names,
                    copyright notices or other proprietary or confidentiality
                    notices of the CBOT or third Persons contained or displayed
                    in or on the Software; or

               (c)  upload any Malicious Code or otherwise use the Software to
                    further any purpose which is illegal or is otherwise
                    contrary to the License.

          5.1.2 Copies. In the event that Licensee is granted permission
                pursuant to Section 3.1 to copy the Software, Licensee shall:

                (a) ensure that all trademarks, trade names, copyright notices
                    and other proprietary and confidentiality notices or
                    designations, of the CBOT or any other Person, contained or
                    displayed in or on the Software, are reproduced on all
                    Software copies created by Licensee; and

                (b) maintain a current and accurate record of the number of
                    copies made and of the specific location of each such copy.

     5.2 Use of Interface Documentation. Licensee shall ensure that all
trademarks, trade names, copyright notices and other proprietary and
confidentiality notices or designations, of the CBOT, or any other Person, are
reproduced on all Interface Documentation copies made by Licensee. Licensee
agrees not to, and not to permit any Contractor or any other Person to: (a)
copy, modify, translate, create derivative works based on, market, sell, or
distribute the Interface Documentation, except as expressly provided herein; or
(b) remove or alter in any manner any trademarks, trade names, copyright notices
or other proprietary or confidentiality notices or designations contained or
displayed therein.

     5.3 Materials and Assistance. In order to facilitate the CBOT's performance
of its obligations hereunder, Licensee shall promptly provide to the CBOT any
information, documentation, access to the Premises, equipment, software, and
personnel as the CBOT may reasonably request.

     5.4 Export Compliance. Licensee shall comply with all applicable export
laws and regulations of the United States and foreign authorities, including
regulatory authorities. For purposes of this obligation, export laws and
regulations include, but are not limited to, all applicable end use controls and
all applicable restrictions on the export, reexport and transfer of encryption
items.

6.   Market Entry Testing

     6.1 Testing Process. Prior to being permitted to participate in the
Exchange via any Application, Licensee must complete the CBOT's Market Entry
Testing process, which process is designed to safeguard the integrity of the
Exchange by verifying that (a) Licensee demonstrates an appropriate level of
technical and operational readiness to participate in the Trading System; and
(b) each Application conforms to a series of criteria to ensure it will not
cause degradation of the Trading System and is fit for the purpose of
participating in the Exchange. Upon request by Licensee, the CBOT shall provide
Licensee a test environment loaded with a dummy market and a pre-defined script
known as a "Market Entry Test" or "MET," and Licensee shall undertake the
testing process. If the CBOT deems, in its sole discretion, that Licensee and
the particular Application being tested have met all of the relevant Market
Entry Testing requirements, the CBOT will issue to Licensee, if required by the
operation of the

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Interface, an appropriate encrypted license key (which key will be a view only
key unless Licensee is a Member) which will permit the Licensee to participate
in the Exchange utilizing the Application tested. If the CBOT determines, in its
sole discretion, that Licensee has not met all of the Market Entry Testing
requirements, the CBOT will so notify Licensee, which will then be provided a
subsequent opportunity to undertake Market Entry Testing during the time period
specified by the CBOT.

     6.2 Modified Applications. In the event any Application which has passed
the Market Entry Testing process is modified, Licensee must (a) notify the CBOT,
and (b) undertake Market Entry Testing of the modified Application.

7.   Payment

     7.1 Expenses. Licensee shall promptly reimburse the CBOT for any expenses
incurred hereunder in association with the performance of the CBOT's obligations
hereunder, including, but not limited to, all travel and travel-related
expenses.

     7.2 Late Payment. All past due amounts owed to the CBOT will earn interest
at the rate of the lesser of one and one half percent (1.5%) per month or the
maximum amount allowed under applicable law, commencing on the applicable due
date. Licensee will reimburse the CBOT for all reasonable costs (including
reasonable attorneys fees) incurred in collecting past due amounts owed by
Licensee.

     7.3 Taxes. Licensee shall pay or reimburse the CBOT for all taxes, however
designated, and whether international, national, state or local, which are
levied or imposed in connection with or as a result of this Agreement,
excluding, however, taxes based on the CBOT's net income.

8.   Term

     This Agreement shall commence on the Effective Date and shall continue
until and unless terminated in accordance with Section 9 or as otherwise
provided in this Agreement.

9.   Termination

     9.1 By the CBOT. The CBOT may terminate this Agreement for any reason,
immediately upon written notice to Licensee.

     9.2 By Licensee. Licensee may terminate this Agreement for any reason, upon
one day's written notice to the CBOT.

     9.3 Automatic Termination. This Agreement will terminate automatically upon
(a) the death of Licensee, if Licensee is an individual; or (b) the dissolution
of Licensee, if Licensee is other than an individual.

10.  Consequences of Termination

     10.1 Software. Upon termination of this Agreement, for whatever reason,
Licensee shall immediately cease access to and use of the Licensed Products and,
at Licensee's cost, shall return to the CBOT or its designee the Licensed
Products and other CBOT Property (as defined in Section 11.1) in the possession
or control of Licensee or any Contractor, including, but not limited to, any
Confidential Information (as defined in Section 12.1) of the CBOT. Licensee
shall be responsible for any damage to

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or deterioration of the Licensed Products arising out of a breach by Licensee of
this Agreement or any negligence or willful misconduct of Licensee, any
Contractors, or the employees, officers or agents of Licensee or such
Contractors.

     10.2 Payment. Upon any termination of this Agreement, Licensee shall pay to
the CBOT any and all unpaid and outstanding amounts due hereunder through the
effective date of termination.

     10.3 Survival. The termination of this Agreement for any reason will not
affect the accrued rights of the Parties or the right of either Party to sue for
damages arising from a breach of this Agreement. Sections 1, 7, 10, 11, 12, 13,
14, 15, 16 (solely for the purpose of the repossession of the Licensed Products
upon termination), 19, 21, 23, 24, 25, 26, 27, 28 and 30 will survive the
termination of this Agreement.

11.  Proprietary Rights

     11.1 CBOT Property. As between Licensee and the CBOT, all rights, title,
and interest in and to the Licensed Products and all parts thereof; all other
materials and documentation whatsoever relating to the Licensed Products and/or
provided by the CBOT to Licensee; all Confidential Information (as defined
below) of the CBOT; Market Data; and all enhancements and upgrades to and
modifications of the Licensed Products; including all copyrights, trademarks,
and other intellectual property inherent in the foregoing or appurtenant thereto
(collectively, "CBOT Property") shall be and remain vested in the CBOT (or its
licensors, as applicable). To the extent, if any, that ownership of CBOT
Property does not automatically vest in the CBOT (or its licensors, as
appropriate) by virtue of this Agreement or otherwise, Licensee hereby agrees to
transfer and assign to the CBOT (or its licensors, as appropriate), all rights,
title, and interest which Licensee may have in and to such CBOT Property.
Licensee acknowledges that the CBOT shall have the right to provide to third
Persons technology which is the same or similar to the Licensed Products.
Licensee agrees, at its own cost, to do or cease to do all acts as the CBOT may
direct, and to execute, or cause its employees, officers, agents or Contractors
to execute, all such documents as the CBOT deems reasonably necessary or helpful
to assure further the right, title, and interest of the CBOT (or its licensors)
in and to such CBOT Property.

     11.2 Licensee's Property. As between Licensee and the CBOT, all rights,
title, and interest in and to each Application and any additional property
(other than the Licensed Products or other CBOT Property) used by Licensee
hereunder and provided by Licensee (collectively, "Licensee's Property") shall
be and remain vested in Licensee.

12.  Confidentiality

     12.1 Confidential Information. Subject to Section 12.2, each Party shall
treat as confidential all private, proprietary or confidential information
(including, but not limited to, that information and those materials Licensee
has obtained rights to use hereunder) which the CBOT and Licensee may receive or
have access to during or prior to the performance of this Agreement
("Confidential Information"), and shall not divulge such Confidential
Information: (a) to any Person other than to the employees, subcontractors,
licensors, consultants or advisors of such Party to whom such disclosure is
necessary to facilitate the performance of this Agreement, without the other
Party's prior written consent; or (b) unless requested pursuant to a judicial or
governmental request, requirement, or order under law, in which case, if not so
prohibited by a regulatory or other governmental authority or an order of a
court of competent jurisdiction, the receiving Party shall make the required
disclosure and promptly notify the other Party of such request and related
disclosure.

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     12.2 Exclusions. Notwithstanding Section 12.1, Confidential Information
will not include information (a) which is independently developed by the
receiving Party or is lawfully received free of restriction from another source
having the right to furnish such information; (b) which has become generally
available to the public by acts not attributable to the receiving Party or its
employees, agents or contractors; or (c) which, at the time of disclosure to the
receiving Party, was known to the receiving Party free of restriction and
evidenced by documentation in the receiving Party's possession. In addition, the
CBOT shall be entitled to disclose Confidential Information of Licensee to the
Exchange, employees of the Exchange, consultants and advisors of the Exchange
and any other Person as may be necessary to facilitate the operation of the
Exchange or comply with any contractual obligations of the CBOT relating to the
operation of the Exchange.

13.  Indemnification

     Licensee shall defend, indemnify and hold the CBOT harmless, against all
costs, claims, demands, expenses and liabilities of any nature whatsoever
(including reasonable attorneys fees) incurred or suffered by the CBOT arising
out of, or in connection with, any claim, demand, or cause of action which is
based upon or arises out of: (a) the breach of this Agreement or any part
hereof; (b) use of the Licensed Products by Licensee or any Contractor in
violation of this Agreement; (c) the gross negligence or willful misconduct of
Licensee or any Contractor; (d) Licensee's Property or the CBOT's use thereof;
(e) Licensee's or Licensee's customers' use of any Application; or (e) any
damages to Licensed Products in the possession or control of Licensee or any
Contractor.

14.  Disclaimer of Warranties

     LICENSEE ACKNOWLEDGES THAT THE CBOT PROVIDES THE LICENSED PRODUCTS AND
ACCESS TO THE INTERFACE "AS IS." EXCEPT AS SPECIFICALLY PROVIDED IN THIS
AGREEMENT, THE CBOT MAKES NO, AND HEREBY DISCLAIMS ALL, WARRANTIES, CONDITIONS,
UNDERTAKINGS, TERMS OR REPRESENTATIONS, EXPRESSED OR IMPLIED BY STATUTE, COMMON
LAW OR OTHERWISE, IN RELATION TO THE LICENSED PRODUCTS OR ANY PART OR PARTS OF
THE SAME. THE CBOT SPECIFICALLY DISCLAIMS ALL IMPLIED WARRANTIES OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. THE CBOT
FURTHER DISCLAIMS ALL WARRANTIES, IMPLIED OR OTHERWISE, RELATING TO ANY THIRD
PARTY MATERIALS.

15.  Liability

     15.1 General Limitation. NEITHER THE CBOT NOR ANY OFFICERS, EMPLOYEES,
AGENTS, SUBCONTRACTORS OR LICENSORS OF THE CBOT SHALL HAVE ANY LIABILITY TO
LICENSEE, OR ANY OTHER PERSON, FOR ANY LOSS, DAMAGE OR INJURY, DIRECT OR
INDIRECT (INCLUDING, BUT NOT LIMITED TO, CONSEQUENTIAL DAMAGES AND LOSS OF
PROFITS, GOODWILL OR CONTRACTS), WHETHER ARISING FROM THE NEGLIGENCE OR BREACH
OF CONTRACT OF THE CBOT, ITS OFFICERS, EMPLOYEES, AGENTS OR REPRESENTATIVES OR
OTHERWISE, AND WHETHER OR NOT EITHER PARTY (OR ANY DESIGNEE) SHALL HAVE BEEN
ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES,
EXCEPT THAT THE CBOT SHALL ACCEPT LIABILITY FOR THE GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT OF THE CBOT OR ITS OFFICERS, EMPLOYEES, AGENTS, SUBCONTRACTORS OR
LICENSORS.

     15.2 Aggregate Liability. In the event of (a) liability for direct physical
damage to the tangible property of Licensee or (b) that the limitation under
Section 15.1 is found by a court of competent

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jurisdiction to be invalid, unlawful, or unenforceable, the entire aggregate
liability of the CBOT under or in connection with this Agreement will not exceed
$500.

16.  Inspection and Disablement of the Licensed Products

     The CBOT shall be entitled, and Licensee shall permit the CBOT, to have
access to the Premises and the Licensed Products on the Premises during normal
business hours to inspect, disable or repossess such Licensed Products or any
part or parts thereof and/or to take such other action in connection with the
Licensed Products as may be deemed desirable or necessary by the CBOT:

          (a)  to determine whether Licensee is complying or has complied with
               its obligations under this Agreement;

          (b)  to facilitate efforts to remedy any defect or error in the
               Licensed Products or any part or parts thereof; or

          (c)  in the event Licensee commits a material breach of its
               obligations under this Agreement.

     Notwithstanding the foregoing, (i) the CBOT shall be entitled to prohibit
Licensee's access to the Licensed Products, to disable the Licensed Products, or
to remove the Licensed Products from the Premises at any time and from time to
time, provided that the CBOT shall, where practicable, use commercially
reasonable efforts to give prior written notice to Licensee; and (ii) unless any
such repossession or disablement is occasioned by Licensee's breach of its
obligations hereunder, the CBOT shall use good faith efforts to (x) return or
reinstate the Licensed Products or the relevant part or parts thereof (as the
case may be), or (y) as soon as reasonably practicable provide Licensee with
replacement products that will function in all material respects with the
repossessed or disabled Licensed Products (which will thereafter be "Licensed
Products" hereunder).

17.  Assignment and Sublicensing

     Except as expressly provided herein, Licensee shall not assign (by
operation of law or otherwise), sublicense, transfer, charge or part with the
possession of the benefits and obligations of, this Agreement (including, but
not limited to, the license granted under Section 2) without the prior written
consent of the CBOT. The CBOT may assign its rights and obligations hereunder
without Licensee's prior consent.

18.  Subcontractors

     The CBOT shall be entitled to appoint such subcontractors as it shall deem
fit to carry out the whole or any part of its obligations hereunder.

19.  Third Party Beneficiary

     LIFFE shall be a third party beneficiary of this Agreement, thereby
entitled to receive the rights of the CBOT (excluding those set forth in
Sections 7 and 9), and enforce the provisions of this Agreement against
Licensee, or any other Person, to the same extent as if LIFFE had been a
signatory to this Agreement, in the courts and under the laws of the State of
Illinois, without giving effect to the provisions, policies or principles of any
state law relating to choice or conflict of laws. Notwithstanding the foregoing,
nothing in this Agreement will impose directly upon LIFFE any of the obligations
of the CBOT set forth herein.

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20.  Force Majeure

     Except for the payment of any amounts due hereunder, if the performance of
this Agreement by either Party is prevented, hindered, delayed or otherwise made
impracticable by reason of any Force Majeure Event, that Party shall be excused
from such performance to the extent that it is prevented, hindered or delayed by
such cause.

21.  Entire Agreement

     This Agreement constitutes the entire understanding between the Parties
with respect to the subject matter hereof and supersedes all prior
representations, agreements, negotiations and discussions between the Parties.

22.  Amendments

     Except as expressly provided for herein, this Agreement may be amended only
by an instrument in writing signed on behalf of each of the Parties and in
compliance with law.

23.  Waiver

     The failure of a Party to exercise or enforce any right conferred upon it
by this Agreement shall not be deemed to be a waiver of any such right or
operate so as to bar the exercise or enforcement thereof at any time or times
hereafter.

24.  Notices

     Except as otherwise expressly provided herein, all notices, certifications,
requests, demands, payments and other communications hereunder: (a) shall be in
writing; (b) may be delivered by certified or registered mail, postage prepaid;
by hand; by facsimile; or by any internationally recognized private courier; (c)
shall be effective (i) if mailed, on the date three (3) days after the date of
mailing or (ii) if hand delivered, faxed, or delivered by private courier, on
the date of delivery; and (d) shall be addressed as follows:

                           If to Licensee:

                           -----------------------------------------------------
                           [address]

                           Attention:
                                      ------------------------------------------

                           If to the CBOT:

                           Board of Trade of the City of Chicago, Inc.
                           141 West Jackson Boulevard
                           Suite 600-A
                           Chicago, Illinois  60604
                           [Attention:                              ]
                                       -----------------------------
or to such other address or addresses as may hereafter be specified by notice
given by one Party to the other.

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25.  Remedies Not Exclusive

     No remedy conferred by any provision of this Agreement is intended to be
exclusive of any other remedy (including, but not limited to, any remedy or
rights under the Rules), except as expressly provided in this Agreement, and
each and every remedy shall be cumulative and shall be in addition to every
other remedy given hereunder or now or hereafter existing in law or in equity or
by statute or otherwise.

26.  Binding Provisions

     This Agreement is binding upon, and shall inure to the benefit of, the
Parties and their respective administrators, legal representatives, successors,
and permitted assigns.

27.  Separability of Provisions

     Each provision of this Agreement shall be considered separable; and if, for
any reason, any provision of this Agreement is determined by a court of
competent jurisdiction to be invalid, unlawful, or unenforceable, such
determination shall not affect the enforceability of the remainder of this
Agreement or the validity, lawfulness, or enforceability of such provision in
any other jurisdiction.

28.  Interpretations

     References to sections and exhibits are to sections of and exhibits to this
Agreement. The headings are inserted for convenience of reference only and shall
not affect the construction of this Agreement. The masculine gender shall
include the feminine and the singular shall include the plural, and vice versa.

29.  Further Assurances

     The Parties shall execute all such further documents and do all such
further acts as may be necessary to carry the provisions of this Agreement into
full force and effect.

30.  Governing Law

     The validity and effectiveness of this Agreement shall be governed by and
construed and enforced in accordance with the internal laws of the State of
Illinois, without giving effect to the provisions, policies or principles of any
state law relating to choice or conflict of laws.

31.  Counterparts

     This Agreement may be executed in any number of counterparts, and by the
different Parties on separate counterparts, each of which when so executed and
delivered shall be an original, but all of which together shall constitute but
one and the same instrument. A complete set of counterparts shall be lodged with
each Party.

                  [Remainder of page intentionally left blank.
                            Signature page follows.]

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     IN WITNESS WHEREOF, the Parties have executed this Interface Sublicense
Agreement as of the Effective Date.

                                     LICENSEE

                                     a(n) __________ [Form of Entity]

                                     By:
                                        ----------------------------------------
                                     Name:
                                          --------------------------------------
                                     Its:
                                         ---------------------------------------

                                    BOARD OF TRADE OF THE CITY OF CHICAGO, INC.,
                                    a Delaware corporation

                                     By:
                                        ----------------------------------------
                                     Name:
                                          --------------------------------------
                                     Its:
                                         ---------------------------------------

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                                    EXHIBIT A

1.   Premises

2.   Interface Software

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                                   SCHEDULE F

                                 SECURITY POLICY
                                 ---------------

1.   [**]

2.   [**]

3.   [**]

        3.1   [**]

        3.2   [**]

        3.3   [**]

4.   [**]

        4.1   [**]

        4.2   [**]

5.   [**]

        5.1   [**]

        5.2   [**]

        5.3   [**]

        5.4   [**]

        5.5   [**]

        5.6   [**]

        5.7   [**]

6.   [**]

        6.1   [**]

        6.2   [**]

        6.3   [**]

7.   [**]

        7.1   [**]

        7.2   [**]

8.   [**]

        8.1   [**]

9.   [**]

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                       CONFIDENTIAL TREATMENT REQUESTED BY
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        9.1   [**]

        9.2   [**]

        9.3   [**]

        9.4   [**]

10.  [**]

     10.1.    [**]

     10.2.    [**]

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                                   SCHEDULE G
                                   ----------

                              THIRD PARTY SOFTWARE
                              --------------------

1. [**]

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                       CONFIDENTIAL TREATMENT REQUESTED BY
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[**]

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                       CONFIDENTIAL TREATMENT REQUESTED BY
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[**]

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                      CONFIDENTIAL TREATMENT REQUESTED BY
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2. [**]

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                       CONFIDENTIAL TREATMENT REQUESTED BY
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3. [**]

4. [**]

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                      CONFIDENTIAL TREATMENT REQUESTED BY
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5. [**]

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6. [**]

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7. [**]

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8. [**]

9. [**]

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<PAGE>

10. [**]

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                       CONFIDENTIAL TREATMENT REQUESTED BY
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                                   SCHEDULE H

                           PREFERRED ESCROW AGREEMENT
                           --------------------------

                      Account Number ______________________

     This Preferred Escrow Agreement (this "Agreement") dated as of __________
___, 2003, is among Data Securities International, Inc. ("DSI"), LIFFE
Administration and Management, a company incorporated in England and Wales
("Depositor"), and Board of Trade of the City of Chicago, Inc., a Delaware
corporation ("Preferred Beneficiary"), who collectively may be referred to in
this Agreement as "the parties" and who are more fully identified in Exhibit A.

                                    RECITALS

     A. Depositor and Preferred Beneficiary have entered into that certain
Software License Agreement dated as of January 10, 2003, regarding certain
proprietary technology of Depositor (the "License Agreement").

     B. Depositor desires to avoid disclosure of its proprietary technology
except under certain limited circumstances.

     C. The proprietary technology of Depositor is used by Preferred Beneficiary
in the conduct of its business and, therefore, Preferred Beneficiary needs
access to the proprietary technology under certain limited circumstances.

     D. Depositor and Preferred Beneficiary desire to establish an escrow with
DSI to provide for the retention, administration and controlled access of the
proprietary technology materials of Depositor.

     E. The parties desire this Agreement to be supplementary to the License
Agreement pursuant to 11 United States Bankruptcy Code, Section 365(n).

                                   AGREEMENT

1.   Deposits

     1.1 Obligation to Make Deposit. Within six (6) months of the signing of
this Agreement by the parties, Depositor shall deliver to DSI the proprietary
information and other materials required to be deposited by the License
Agreement (the "Deposit Materials"), including, but not limited to, the source
code and relevant documentation relating to the then current versions of the
software components of the Licensed Technology (as such term is defined in the
License Agreement).

     1.2 Identification of Tangible Media. Prior to the delivery of the Deposit
Materials to DSI, Depositor shall conspicuously label for identification each
document, magnetic tape, disk, or other tangible media upon which the Deposit
Materials are written or stored. Additionally, Depositor shall complete
Exhibit B to this Agreement by listing each such tangible media by the item
label description, the type of media and the quantity. Exhibit B shall be signed
by Depositor and delivered to DSI with the Deposit Materials. Unless and until
Depositor makes the initial deposit with DSI, DSI shall have no obligation with
respect to this Agreement, except the obligation to notify the parties regarding
the status of the deposit account as required in Section 2.2 below.

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                       CONFIDENTIAL TREATMENT REQUESTED BY
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     1.3 Deposit Inspection. When DSI receives the Deposit Materials and
Exhibit B, DSI will conduct a deposit inspection by visually matching the
labeling of the tangible media containing the Deposit Materials to the item
descriptions and quantity listed on Exhibit B.

     1.4 Acceptance of Deposit. At completion of the deposit inspection, if DSI
determines that the labeling of the tangible media matches the item descriptions
and quantity on Exhibit B, DSI will date and sign Exhibit B and mail a copy
thereof to Depositor and Preferred Beneficiary. If DSI determines that the
labeling does not match the item descriptions or quantity on Exhibit B, DSI will
(a) note the discrepancies in writing on Exhibit B; (b) date and sign Exhibit B
with the exceptions noted; and (c) provide a copy of Exhibit B to Depositor and
Preferred Beneficiary. DSI's acceptance of the deposit occurs upon the signing
of Exhibit B by DSI. Delivery of the signed Exhibit B to Preferred Beneficiary
is Preferred Beneficiary's notice that the Deposit Materials have been received
and accepted by DSI.

     1.5  Depositor's Representations. Depositor represents as follows:

     (a)  With respect to all of the Deposit Materials, Depositor has the
          requisite corporate power and authority to grant to DSI and Preferred
          Beneficiary the rights as provided in this Agreement;

     (b)  The Deposit Materials as of the date hereof are not subject to any
          lien or other encumbrance; and

     (c)  The Deposit Materials are readable and useable in their current form
          or, if the Deposit Materials are encrypted, the decryption tools and
          decryption keys have also been deposited.

     1.6 Verification. Preferred Beneficiary shall have the right, at Preferred
Beneficiary's expense, to cause a verification of any Deposit Materials. A
verification determines, in different levels of detail, the accuracy,
completeness, sufficiency and quality of the Deposit Materials. If a
verification is elected after the Deposit Materials have been delivered to DSI,
then only DSI, or at DSI's election an independent person or company selected
and supervised by DSI, may perform the verification, provided that such
verification does not disclose Depositor's source code or intellectual property
rights.

     1.7 Deposit Updates. Unless otherwise provided by the License Agreement,
Depositor shall update the Deposit Materials quarterly. Such updates will be
added to the existing deposit. All deposit updates shall be listed on a new
Exhibit B and the new Exhibit B shall be signed by Depositor. The processing of
all deposit updates shall be in accordance with Sections 1.2 through 1.6 above.
Each Exhibit B will be held and maintained separately within the escrow account.
An independent record will be created which will document the activity for each
Exhibit B. All references in this Agreement to the Deposit Materials shall
include the initial Deposit Materials and any updates. For the avoidance of
doubt, Depositor shall not have an obligation to update the Deposit Materials in
the event that the Deposit Materials have not been modified or enhanced since
the most recent prior deposit update.

     1.8 Removal of Deposit Materials. The Deposit Materials may be removed
and/or exchanged only on written instructions signed by Depositor, or as
otherwise provided in this Agreement. DSI shall notify Preferred Beneficiary
upon the removal of any Deposit Materials.

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                       CONFIDENTIAL TREATMENT REQUESTED BY
                               CBOT HOLDINGS, INC.

2.   Confidentiality and Record Keeping

     2.1 Confidentiality. DSI shall maintain the Deposit Materials in a secure,
environmentally safe, locked facility which is accessible only to authorized
representatives of DSI. DSI shall have the obligation to reasonably protect the
confidentiality of the Deposit Materials. Except as provided in this Agreement,
DSI shall not disclose, transfer, make available, or use the Deposit Materials.
DSI shall not disclose the content of this Agreement to any third party. If DSI
receives a subpoena or other order of a court or other judicial tribunal
pertaining to the disclosure or release of the Deposit Materials, DSI will
immediately notify the parties to this Agreement. It shall be the responsibility
of Depositor and/or Preferred Beneficiary to challenge any such order; provided,
however, that DSI does not waive its rights to present its position with respect
to any such order. DSI will not be required to disobey any court or other
judicial tribunal order. (See Section 7.4 below for notices of requested
orders.)

     2.2 Status Reports. DSI will issue to Depositor and Preferred Beneficiary a
report profiling the account history at least semi-annually. DSI may provide
copies of the account history report upon the request of Depositor or Preferred
Beneficiary.

     2.3 Audit Rights. During the term of this Agreement, Depositor and
Preferred Beneficiary shall each have the right to inspect the written records
of DSI pertaining to this Agreement. Any inspection shall be held during normal
business hours and following three (3) days prior notice.

3.   Grant of Rights to DSI

     3.1 Title to Media. Depositor hereby transfers to DSI the title to the
media upon which any Deposit Materials are written or stored. However, this
transfer does not include the ownership of any Deposit Materials contained on
the media, including, but not limited to, United States and foreign copyrights,
copyright registrations, copyright registration applications, patents and patent
applications.

     3.2 Right to Make Copies. DSI shall have the right to make copies of the
Deposit Materials as reasonably necessary to fulfill its obligations under this
Agreement. DSI shall include all copyright, nondisclosure, and other proprietary
notices and titles contained on the Deposit Materials on any copies made by DSI.
With all Deposit Materials submitted to DSI, Depositor shall provide any and all
instructions as may be necessary to duplicate the Deposit Materials, including,
but not limited to, a description of the hardware and/or software needed.

     3.3 Right to Transfer Upon Release. During the term of this Agreement,
Depositor hereby grants to DSI the right to transfer a copy of the Deposit
Materials to Preferred Beneficiary upon any release of the Deposit Materials for
use by Preferred Beneficiary in accordance with Section 4. Except upon such a
release or as otherwise provided in this Agreement, DSI shall not transfer the
Deposit Materials.

4.   Release of Deposit

     4.1 Release Conditions. As used in this Agreement, "Release Conditions"
shall mean the existence of any one or more of the following circumstances:
Depositor (i) becomes insolvent, (ii) files for voluntary protection under the
bankruptcy laws of the United States or England and Wales, or (iii) becomes
subject to any involuntary bankruptcy or insolvency proceeding under laws of the
United States

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or England and Wales (which proceeding is not dismissed by a court of competent
jurisdiction within sixty (60) Business Days (as defined in the License
Agreement)) (an "Involuntary Proceeding").

     4.2 Filing For Release. If Preferred Beneficiary believes in good faith
that a Release Condition has occurred, Preferred Beneficiary may provide to DSI
written notice of the occurrence of the Release Condition and a request for the
release of the Deposit Materials. Upon receipt of such notice, DSI shall
promptly notify Depositor and provide a copy of the request to Depositor, by
certified mail, return receipt requested, or by commercial express mail.

     4.3 Contrary Instructions. From the date DSI mails the notice requesting
release of the Deposit Materials, Depositor shall have thirty (30) days to
deliver to DSI Contrary Instructions. "Contrary Instructions" shall mean the
written representation by Depositor that a Release Condition has not occurred or
has been cured. Upon receipt of Contrary Instructions, DSI shall notify
Preferred Beneficiary and send a copy of the Contrary Instructions to Preferred
Beneficiary by certified mail, return receipt requested, or by commercial
express mail. Additionally, DSI shall notify both Depositor and Preferred
Beneficiary that there is a dispute to be resolved pursuant to Section 7.3.
Subject to Section 5.3, DSI will continue to store the Deposit Materials without
release pending (a) joint instructions from Depositor and Preferred Beneficiary;
(b) resolution pursuant to Section 7.3; or (c) order of a court.

     4.4 Release of Deposit. If DSI does not receive Contrary Instructions from
the Depositor, DSI is authorized to release the Deposit Materials to the
Preferred Beneficiary at such location in the United States as is specified by
the Preferred Beneficiary. However, DSI is entitled to receive any fees then due
DSI pursuant to the terms of this Agreement before release of the Deposit
Materials. This Agreement will terminate upon the release of the Deposit
Materials held by DSI.

     4.5 Right to Use Following Release. Unless otherwise provided in the
License Agreement, upon release of the Deposit Materials in accordance with this
Section 4, Preferred Beneficiary shall have the right to use the Deposit
Materials for (i) a period not to exceed [**] months (the "Release Period"), and
(ii) the sole purpose of continuing Preferred Beneficiary's use of the Licensed
Technology as permitted by the License Agreement, provided that Preferred
Beneficiary shall have the right to modify the source code of Deposit Materials
comprising software only to the extent necessary to create Bug Fixes (as defined
in the License Agreement). The parties agree that (a) Depositor shall own any
and all modifications to, and derivative works based on, such Deposit Materials,
including any Bug Fixes created by Preferred Beneficiary ("Escrow Bug Fixes"),
(b) Preferred Beneficiary shall have a right to use the same during the term of
the License Agreement, and (c) neither Depositor nor Preferred Beneficiary may
charge the other party any fees or royalties relating to any such Escrow Bug
Fixes or the use thereof. Preferred Beneficiary shall be obligated to maintain
the confidentiality of the released Deposit Materials as provided in the License
Agreement.

     4.6 Release Upon an Involuntary Proceeding. In the event the Deposit
Materials are released due to an Involuntary Proceeding pursuant to Section 4.1
above, if such Involuntary Proceeding is dismissed during the Release Period,
Preferred Beneficiary must, unless otherwise agreed by Depositor and Preferred
Beneficiary, (a) return to Depositor all Deposit Materials and any Escrow Bug
Fixes, (b) provide Depositor with any modified source code (including source
code pertaining to any Escrow Bug Fixes) and a detailed description of all
modifications, or (c) destroy any and all copies of Deposit Materials in
Preferred Beneficiary's possession and/or control via a method which renders all
such copies permanently unrecoverable and certify any such copies as destroyed
via such a method.

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                      CONFIDENTIAL TREATMENT REQUESTED BY
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5.   Term and Termination

     5.1 Term of Agreement. The initial term of this Agreement is for a period
of one year. Thereafter, this Agreement shall automatically renew from
year-to-year unless (a) Depositor and Preferred Beneficiary jointly instruct DSI
in writing that the Agreement is terminated; or (b) the Agreement is terminated
by DSI for nonpayment in accordance with Section 5.2. If the Deposit Materials
are subject to another escrow agreement with DSI, DSI reserves the right, after
the initial one (1) year term, to adjust the anniversary date of this Agreement
to match the then prevailing anniversary date of such other escrow arrangement.

     5.2 Termination for Nonpayment. In the event of the nonpayment of fees owed
to DSI, DSI shall provide written notice of delinquency to all parties to this
Agreement. Any party to this Agreement shall have the right to make the payment
to DSI to cure the default. If the past due payment is not received in full by
DSI within one (1) month of the date of such notice, then DSI shall have the
right to terminate this Agreement at any time thereafter by sending written
notice of termination to all parties. DSI shall have no obligation to take any
action under this Agreement so long as any payment due to DSI remains unpaid.

     5.3 Disposition of Deposit Materials Upon Termination. Upon termination of
this Agreement, DSI shall destroy, return, or otherwise deliver the Deposit
Materials in accordance with signed, written instructions delivered by Depositor
to DSI. If there are no instructions, DSI may, at its sole discretion, destroy
the Deposit Materials or return them to Depositor. DSI shall have no obligation
to return or destroy the Deposit Materials if the Deposit Materials are subject
to another escrow agreement with DSI.

     5.4 Survival of Terms Following Termination. Upon termination of this
Agreement, the Sections 2.1, 5.3, 5.4, 6.1, 7 and 8 shall survive.

6.   Fees

     6.1 Fee Schedule. DSI is entitled to be paid its standard fees and expenses
applicable to the services provided. Preferred Beneficiary shall be responsible
for payment of all fees and expenses owed to DSI pursuant to this Agreement. DSI
shall notify Preferred Beneficiary at least sixty (60) days prior to any
increase in fees. For any service not listed on DSI's standard fee schedule, DSI
will provide a quote prior to rendering the service, if requested.

     6.2 Payment Terms. DSI shall not be required to perform any service unless
all amounts then due are paid in full. All fees are due thirty (30) days after
receipt of invoice. If invoiced fees are not paid, DSI may terminate this
Agreement in accordance with Section 5.2. Late fees on past due amounts shall
accrue interest at the rate of one and one-half (1.5%) percent per month
(eighteen percent (18%) per annum) from the date of the invoice.

7.   Liability and Disputes

     7.1 Right to Rely on Instructions. DSI may act in reliance upon any
instruction, instrument, or signature reasonably believed by DSI to be genuine.
DSI may assume that any employee of a party to this Agreement who gives any
written notice, request, or instruction has the authority to do so. DSI shall
not be responsible for failure to act as a result of causes beyond the
reasonable control of DSI.

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                       CONFIDENTIAL TREATMENT REQUESTED BY
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     7.2 Indemnification. DSI shall be responsible to perform its obligations
under this Agreement and to act in a reasonable and prudent manner with regard
to this escrow arrangement. Provided DSI has acted in such reasonable and
prudent manner, Depositor and Preferred Beneficiary each agree to indemnify,
defend and hold harmless DSI from any claims and all damages, arbitration fees
and expenses, costs, attorney's fees and other liabilities resulting therefrom
(collectively, the "Liabilities") incurred by DSI relating in any way to this
escrow arrangement, except for any Liabilities related to the adjudged gross
negligence or willful misconduct of DSI. Depositor shall have sole control over
the defense of any such claim and neither Depositor of Preferred Beneficiary
shall be liable hereunder for any settlement or compromise negotiated by DSI
unless such party agrees in writing to be so bound.

     7.3 Dispute Resolution. Any dispute relating to or arising from this
Agreement shall be resolved by arbitration under the Commercial Rules of the
American Arbitration Association. Three arbitrators shall be selected. Depositor
and Preferred Beneficiary shall each select one arbitrator and the two chosen
arbitrators shall select the third arbitrator, or failing agreement on the
selection of the third arbitrator, the American Arbitration Association shall
select the third arbitrator. However, if DSI is a party to the arbitration, DSI
shall select the third arbitrator. Unless otherwise agreed by Depositor and
Preferred Beneficiary, arbitration will take place in Chicago, Illinois. Any
court having jurisdiction over the matter may enter judgment on the award of the
arbitrator(s). Service of a petition to confirm the arbitration award may be
made by First Class mail or by commercial express mail, to the attorney for the
party or, if unrepresented, to the party at the last known business address.

     7.4 Notice of Requested Order. If any party intends to obtain an order from
the arbitrator or any court of competent jurisdiction which may direct DSI to
take, or refrain from taking any action, that party shall:

     (a)  Give DSI at least two US business days' prior notice of the hearing;

     (b)  Include in any such order that, as a precondition to DSI's obligation,
          DSI be paid in full for any past due fees and be paid for the
          reasonable value of the services to be rendered pursuant to such
          order; and

     (c)  Ensure that DSI not be required to deliver the original (as opposed to
          a copy) of the Deposit Materials if DSI may need to retain the
          original in its possession to fulfill any of its other duties.

8.   General Provisions

     8.1 Entire Agreement. This Agreement, which includes the exhibits described
herein, embodies the entire understanding among the parties with respect to its
subject matter and supersedes all previous communications, representations or
understandings, either oral or written. DSI is not a party to the license
agreement between Depositor and Preferred Beneficiary and has no knowledge of
any of the terms or provisions of any such license agreement. DSI's only
obligations to Depositor or Preferred Beneficiary are as set forth in this
Agreement. No amendment or modification of this Agreement shall be valid or
binding unless signed by all the parties hereto, except that Exhibit A need not
be signed and Exhibit B need not be signed by Preferred Beneficiary.

     8.2 Notices. Any notices hereunder shall be in writing and shall be deemed
to be sufficiently given to the addressee and any delivery hereunder deemed
made: (i) ten (10) business days after deposit

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                       CONFIDENTIAL TREATMENT REQUESTED BY
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with the United States Postal Service, via registered air-mail, return receipt
requested, postage pre-paid, (ii) five (5) business days after deposit with a
reputable commercial express mail courier or (iii) one (1) business day after
facsimile transmission (provided the sender receives an automated confirmation
of transmission), in each case sent to the parties at the addresses specified in
Exhibit A. The parties may change the addresses or fax numbers for notice
hereunder by delivery of notice in accordance with the provisions of this
section.

     8.3 Governing Law. This Agreement is to be governed and construed in
accordance with the laws of the State of Illinois, without regard to its
conflict of law provisions.

     8.4 Severability. In the event any provision of this Agreement is found to
be invalid, voidable or unenforceable, the parties agree that unless it
materially affects the entire intent and purpose of this Agreement, such
invalidity, voidability or unenforceability shall affect neither the validity of
this Agreement nor the remaining provisions herein, and the provision in
question shall be deemed to be replaced with a valid and enforceable provision
most closely reflecting the intent and purpose of the original provision.

     8.5 Successors. This Agreement shall be binding upon and shall inure to the
benefit of the successors and assigns of the parties. However, DSI shall have no
obligation in performing this Agreement to recognize any successor or assign of
Depositor or Preferred Beneficiary unless DSI receives clear, authoritative and
conclusive written evidence of the change of parties.

     8.6 Regulations. Depositor and Preferred Beneficiary are responsible for
all laws, rules and regulations applicable to performance of their respective
obligations of Depositor and Preferred Beneficiary hereunder, including but not
limited to customs laws, import, export, and re-export laws and government
regulations of any country to which the Deposit Materials may be delivered in
accordance with the provisions of this Agreement.

     8.7 Counterparts. This Agreement may be executed in any number of
counterparts, and by the different Parties on separate counterparts, each of
which when so executed and delivered shall be an original, but all of which
together shall constitute but one and the same instrument. A complete set of
counterparts shall be lodged with each Party.

                  [Remainder of page intentionally left blank.
                            Signature page follows.]

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

     IN WITNESS WHEREOF, the parties have executed this Preferred Escrow
Agreement as of the date first above written.

                                     LIFFE ADMINISTRATION AND MANAGEMENT

                                     By:
                                          --------------------------------
                                     Name:
                                          --------------------------------
                                     Title:
                                          --------------------------------
                                     Date:
                                         --------------------------------

                                     BOARD OF TRADE OF THE CITY OF CHICAGO, INC.

                                     By:
                                       -----------------------------------------
                                     Name:
                                         ---------------------------------------
                                     Title:
                                          --------------------------------------
                                     Date:
                                         ---------------------------------------

                                     DATA SECURITIES INTERNATIONAL, INC.

                                     By:
                                       -----------------------------------------
                                     Name:
                                         ---------------------------------------
                                     Title:
                                          --------------------------------------
                                     Date:
                                          --------------------------------------

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                       CONFIDENTIAL TREATMENT REQUESTED BY
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                                                                       EXHIBIT A

                               DESIGNATED CONTACT

                      Account Number ______________________

<TABLE>
<S>                                              <C>
Notices, deposit material returns and
communications to Depositor                      Invoices to Depositor should be
should be addressed to:                          addressed to:

Company Name:________________________________    _____________________________________________

Address:_____________________________________    _____________________________________________

        _____________________________________    _____________________________________________

        _____________________________________    _____________________________________________

Designated Contact:__________________________    Contact:_____________________________________

Telephone:___________________________________    _____________________________________________

Facsimile:___________________________________    P.O.#, if required:__________________________

Notices and communications to                    Invoices to Preferred Beneficiary
Preferred Beneficiary should be addressed to:    should be addressed to:

Company Name:________________________________    _____________________________________________

Address:_____________________________________    _____________________________________________

        _____________________________________    _____________________________________________

        _____________________________________    _____________________________________________

Designated Contact:__________________________    Contact:_____________________________________

Telephone:___________________________________    _____________________________________________

Facsimile:___________________________________    P.O.#, if required:__________________________

Requests from Depositor or Preferred Beneficiary to change the designated contact should be
given in writing by the designated contact or an authorized employee of Depositor or Preferred
Beneficiary.

Contracts, Deposit Materials and notices to      Invoice inquiries and fee remittances
DSI should be addressed to:                      to DSI should be addressed to:

DSI                                              DSI
Contract Administration                          Accounts Receivable
Suite 200                                        Suite 1450
9555 Chesapeake Drive                            425 California Street
San Diego, CA 92123                              San Francisco, CA 94104

Telephone: (619) 694-1900                        (415) 398-7900
Facsimile: (619) 694-1919                        (415) 398-7914
</TABLE>

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<PAGE>

                       CONFIDENTIAL TREATMENT REQUESTED BY
                               CBOT HOLDINGS, INC.

Date:_________________________________

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                       CONFIDENTIAL TREATMENT REQUESTED BY
                               CBOT HOLDINGS, INC.

                                                                       EXHIBIT B

                        DESCRIPTION OF DEPOSIT MATERIALS

<TABLE>
<S>          <C>                         <C>
Depositor Company Name _______________________________________________________________________
Account Number _______________________________________________________________________________
Product Name ______________________________________________Version ___________________________
(Product Name will appear on Account History report)

DEPOSIT MATERIAL DESCRIPTION:
Quantity     Media Type & Size                  Label Description of Each Separate Item
                                         (Please use other side if additional space is needed)
_______      Disk 3.5" or ____
_______      DAT tape ____mm
_______      CD-ROM
_______      Data cartridge tape ____
_______      TK 70 or ____ tape
_______      Magnetic tape ____
_______      Documentation
_______      Other __________________

PRODUCT DESCRIPTION:
Operating System _____________________________________________________________________________
Hardware Platform_____________________________________________________________________________

DEPOSIT COPYING INFORMATION:
Is the media encrypted?  Yes / No   If yes, please include any passwords and the decryption
tools.
Encryption tool name_______________________________________ Version __________________________

Hardware required ____________________________________________________________________________
Software required ____________________________________________________________________________

I certify for Depositor that the above described   DSI has inspected and accepted the above
Deposit Materials have been transmitted to DSI:    materials (any exceptions are noted above):

Signature _________________________________        Signature _________________________________
Print Name ________________________________        Print Name ________________________________
Date ______________________________________        Date Accepted _____________________________
                                                   Exhibit B# ________________________________

    Send materials to: DSI, 9555 Chesapeake Dr. #200, San Diego, CA 92123 (619)694-1900
</TABLE>

                   CONFIDENTIAL INFORMATION REDACTED AND FILED
       SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS INDICATED BY [**]

                                       B-1

<PAGE>

                       CONFIDENTIAL TREATMENT REQUESTED BY
                               CBOT HOLDINGS, INC.

                  CONFIDENTIAL INFORMATION REDACTED AND FILED
       SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS INDICATED BY [**]

<PAGE>

                       CONFIDENTIAL TREATMENT REQUESTED BY
                               CBOT HOLDINGS, INC.

                                   SCHEDULE I

                                      FEES
                                      ----

Part 1 - Initial Term License Fee
         ------------------------

     The License Fee payable under this Agreement for the duration of the
     Initial Term is [**], which shall be paid as follows:

     (a)  The CBOT shall pay to LIFFE [**];

     (b)  LIFFE shall invoice the CBOT for [**];
          and

     (c)  LIFFE shall invoice the CBOT for [**].

Part 2 - Renewal Term License Fee
         ------------------------

2.1  The License Fee payable in respect of the Renewal Term immediately
     following the Initial Term (the "First Renewal Term") shall be calculated
     as follows: [**] per annum adjusted by the greater of (a) [**] per annum
     during the Initial Term or (b) the percentage change in the [**] as
     published by the [**] during the Initial Term, as measured by the change
     between the [**] number for the month before the month in which the Initial
     Term began and for the month before the month in which the first day of the
     First Renewal Term begins; provided that the License Fee shall not be
     adjusted by more than [**].

2.2  The License Fee payable in respect of the Renewal Term immediately
     following the First Renewal Term (the "Second Renewal Term") shall be
     calculated as follows: the annual License Fee payable for the First Renewal
     Term adjusted by the greater of (a) [**] percent [**] per annum during the
     First Renewal Term or (b) the percentage change in the [**] as published by
     the [**] during the Initial Term, as measured by the change between the
     [**] number for the month before the month in which the First Renewal Term
     began and for the month before the month in which the first day of the
     Second Renewal Term begins; provided that the License Fee shall not be
     adjusted by more than [**].

2.3  LIFFE shall be entitled to invoice the CBOT for the full amount of the
     License Fee for each Renewal Term [**].

                   CONFIDENTIAL INFORMATION REDACTED AND FILED
       SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS INDICATED BY [**]

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