Document:

<PAGE>

                                                                   Exhibit 10.34

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

                       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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                                      -2-

                                   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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                                      -3-

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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                                      -4-

     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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                                      -5-

     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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                                      -6-

     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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                                      -7-

          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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                                      -8-

             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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                                      -9-

      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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                                     -10-

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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                                     -11-

      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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                                     -12-

      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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                                     -16-

      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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                                     -17-

      (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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                                     -18-

      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
      an undertaking by Ceres to

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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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                                     -20-

      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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                                     -21-

                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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                                     -22-

        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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                                     -23-

        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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                                     -24-

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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                                      -25-

               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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                                      -26-

               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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                                      -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.

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                                      -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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<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 [**], and a lease agreement for premises will not exceed an
     initial fixed term of [**], provided (i) that any line agreement made with
     effect from [**] 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 [**] 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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<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<PAGE>

                                                                   Exhibit 10.35

                          THIRD AMENDED AND RESTATED
                         CBOT/CERES LICENSE AGREEMENT

     This Agreement ("Agreement")is entered as of 10/th/ day of July, 2002, by
and between Board of Trade of the City of Chicago, Inc. (hereinafter referred to
as ("CBOT(R)"), a non-stock, not-for-profit Delaware corporation, and Ceres
Trading Limited partnership, a Delaware limited partnership ("Ceres").

                                   RECITALS

     WHEREAS, CBOT is the successor of Board of Trade of the City of Chicago, a
voluntary membership association created by special act of the Illinois
legislature, and is a designated contract market pursuant to Section 7 of the
Commodity Exchange Act, 7 U.S.C. (S)1 et seq., for the trading of futures and
options on futures contracts on various agricultural commodities, financial
instruments, securities indexes and precious metals; and

     WHEREAS, Ceres was formed by the CBOT and the CBOT's members to facilitate
the electronic trading of CBOT contracts;

     WHEREAS, the CBOT's members have from time to time by ballot vote approved
the electronic trading of certain CBOT contracts during certain hours;

     WHEREAS, Ceres was the licensee of certain electronic trading software (the
"Eurex 2.0 Software") pursuant to a certain Software License Agreement dated
October 1, 1999, and the owner of various modifications to the Eurex 2.0
Software ("Modifications"), pursuant to a Software License Agreement dated
October 1, 1999, and a Confirmation of Rights Agreement dated July 27, 2000
(such Eurex 2.0 Software and the Modifications being hereinafter referred to as
the "a/c/e Software"), and entered into certain agreements to provide for the
implementation, operation and development of an electronic trading system (the
"a/c/e System") utilizing the a/c/e Software, and Ceres desires to license the
a/c/e Software (including a sublicense of the Eurex 2.0 Software) to CBOT and to
provide CBOT with various services so as to enable CBOT products to be traded
electronically on the a/c/e system;

     WHEREAS, pursuant to a Reorganization Agreement dated July 10, 2002, Ceres
has relinquished its rights in the a/c/e Software and has entered into a Non-
Exclusive Software License Agreement dated July 10, 2002, to use certain
portions of the Eurex Software (the "Programs") in connection with the CBOT's
electronic market, and Ceres has also entered into certain new agreements
regarding the operation and maintenance of the CBOT's electronic market; and
<PAGE>

     WHEREAS, the parties have agreed that, in consideration of the foregoing,
Ceres shall be paid a transaction fee for each contract that is traded
electronically in accordance with the terms described herein.

     NOW THEREFORE, in consideration of the premises, mutual covenants and
agreements herein contained, and for other good and valuable consideration, the
parties agree as follows:

                         SECTION 1 - AGREEMENT & TERM

     1.1  Agreement. Ceres agrees to enter into the license as set forth herein
and during the term of this Agreement, to provide the Facility Management
Services and other services described herein, and CBOT agrees to enter into the
license as set forth herein and during the term of this Agreement, to procure
such Facility Management Services and other services, all on the terms and
conditions herein contained.

     1.2  Term. The term of this Agreement shall commence upon the date above
written (the "Effective Date"), and except as expressly set forth herein, shall
continue until terminated by either party on not less than sixty (60) days prior
written notice to the other (the "Expiration Date").

                   SECTION 2 - FACILITY MANAGEMENT SERVICES

     2.1  Facility Management Services to be Performed by Ceres. During the term
of this Agreement, Ceres shall process, store and make available CBOT Data
(defined as bids, offers, and prices at which contracts are transacted through
the electronic market including volume information) in conformance with the
provisions of this Agreement and otherwise provide CBOT and its membership with
the services described in this Section 2.

     2.2  Ceres System Availability. Ceres shall process CBOT's Data on the
electronic market in accordance with the terms of this Agreement and provide
online capacity to CBOT, its members and members' customers during such hours as
CBOT reasonably requests. If so requested by CBOT and for the additional charges
as agreed to by the parties, Ceres shall provide the CBOT with online capacity
24 hours a day seven days a week. Ceres shall deliver reports and other output
to CBOT within the time periods specified by CBOT.

     2.3  Availability of CBOT Communication Facilities. CBOT will provide the
CBOT Communication Facilities during the term of this Agreement, and shall
maintain and operate such facilities so as to minimize the possibility of
interruption of the use of those facilities.

     2.4  Compliance with Requirements of Regulatory Authorities. CBOT shall
keep itself fully advised of regulatory requirements applicable to the operation
of the electronic market and the data processed thereon and shall advise Ceres
to maintain the
<PAGE>

electronic market, including without limitation, all system programs, so as to
comply with all requirements of regulatory authorities, including, but not
limited to, reporting, record maintenance, computer security, disclosure and
audit requirements.

     2.5  Record Protection and Retention. Ceres shall create and maintain on
computer readable media archival copies of all of CBOT's Data maintained on the
electronic market. Such archival copies shall be created on a daily basis so
that, at any point in time, CBOT's active data can be recreated through the
close of business on the prior business day. Such archival copies shall be
stored at a secure, fireproof site and maintained in accordance with standard
record retention requirements, but in no event for any less time than required
by the Regulatory Authorities.

     2.6  System Documentation. Ceres shall maintain documentation of and for
the electronic market, including but not limited to providing CBOT with user
manuals, object code for system programs, flow charts and the necessary
narrative to permit reasonably competent programmers, conversant in the language
in which the system programs are written, to maintain and modify such programs.
Ceres shall keep all documentation current to reflect all changes made in the
electronic market. CBOT is granted the right to copy the documentation as may be
necessary to support CBOT's use of the System program.

     2.7  System Support. Ceres agrees to provide on-going support for the
electronic market at CBOT's request and to support CBOT in servicing CBOT
members and member firms.

                              SECTION 3 - LICENSE

     3.1. Grant of License. Ceres hereby grants to CBOT a sublicense to use the
          Programs subject to the rights of the Licensors under the Non-
          Exclusive Software License Agreement attached as Exhibit I.

     3.2. System Documentation. To the extent permitted by the Non-Exclusive
Software License Agreement, Ceres shall provide CBOT with (a) copies of the
Programs in object code format together with user and maintenance documentation
therefor (including, without limitation, user, operator and maintenance manuals,
flow charts, narratives and any other documentation necessary to use the
Programs); and (b) Ceres shall provide CBOT with updates to such object code and
documentation to reflect all changes made in the Programs and to keep such
materials current.

                             SECTION 4 - CBOT DATA

     4.1  CBOT Data. CBOT shall also retain exclusive ownership and control over
CBOT Data and the sole right to distribute such CBOT Data to third parties.
Ceres hereby acknowledges that CBOT Data shall constitute valuable property of
the CBOT not within the public domain.
<PAGE>

                           SECTION 5 - LICENSE FEES

     5.1  Ceres shall charge CBOT a fee for each contract that is traded
electronically in accordance with the terms described in Exhibit II hereto.

     5.2  CBOT shall remit to Ceres all payments to which Ceres is entitled
pursuant to this Section 5 monthly by the last day of the month, together with
an accounting of such funds

     5.3  Ceres shall reimburse the CBOT for all expenses incurred by CBOT in
maintaining and operating the electronic market, including but not limited to
all labor and materials.

                          SECTION 6 - CONFIDENTIALITY

     6.1  Ceres' Obligation of Confidentiality Ceres acknowledges that CBOT
Proprietary Data is, shall be and shall remain the sole and exclusive property
of CBOT and constitutes valuable property of CBOT. The term "CBOT Proprietary
Data" includes any material or information relating to the research,
development, trade secrets and business operations and affairs of CBOT which has
been marked, or which is declared to be confidential in writing prior to its
oral disclosure. Ceres agrees to treat CBOT Proprietary Data in the manner
herein prescribed and to take such additional steps as are reasonably necessary
to protect the confidentiality of such data and CBOT's proprietary interests
therein, including but not limited to, the following:

     (a)  Except as expressly permitted by CBOT in writing, Ceres shall use CBOT
Proprietary Data only for purposes of providing services to CBOT in the manner
specified by this Agreement and shall not make any copies of, reproduce,
disclose, sell, assign, sublicense, or transfer, in whole or in part, any CBOT
Proprietary Data.

     (b)  Ceres shall place on any CBOT Proprietary Data created for CBOT by
Ceres proprietary markings as CBOT may reasonably require from time to time and
duplicate on any copies made of CBOT Proprietary Data all copyright notices and
proprietary markings contained thereon and shall place on all documentation
therefor CBOT's copyright notice.

     (c)  Except as specifically permitted by CBOT in writing, Ceres shall
disclose CBOT Proprietary Data in confidence only to those of its employees and
agents required to have knowledge of the same for the purpose for which it is
intended and to no other person.

     (d)  Ceres shall cause its employees and agents having access to CBOT
Proprietary Data to protect CBOT Proprietary Data in a manner consistent with
the terms of this Agreement, and Ceres shall be responsible to CBOT for any
injury caused by the misappropriation or wrongful disclosure by a Ceres employee
or agent of CBOT Proprietary Data.
<PAGE>

     (e)  Without limiting any other provision hereof, Ceres shall use no less
care to protect CBOT Proprietary Data as it uses to protect its own proprietary
data, and shall promptly report to CBOT any conduct by Ceres' present or former
employees or agents of which Ceres becomes aware relating to CBOT's Proprietary
Data inconsistent with this Agreement or CBOT's proprietary interests therein,
and take such reasonable steps as may be required to terminate such conduct.

     (f)  Immediately upon the termination of this Agreement, the discontinuance
of Ceres' Facility Management Services by Ceres or Ceres' receipt of written
demand from CBOT, Ceres shall (i) return to CBOT, or, at CBOT's election
destroy, all CBOT Proprietary Data in Ceres' possession or control, including
but not limited to all CBOT Proprietary Data in the possession or control of
Ceres' employees and agents, and (ii) provide a sworn affidavit from its general
partner attesting that, to the best of Ceres' knowledge, after due
investigation, such action has been taken and completed.

     6.2  CBOT Obligation for Confidentiality. CBOT acknowledges that Ceres
Proprietary Data, including but not limited to the Programs, is any material or
information relating to the research, development, trade secrets and business
operations and affairs of Ceres which has been marked or which is declared to be
confidential in writing prior to its disclosure, shall be and shall remain the
sole and exclusive property of Ceres and constitute valuable proprietary
information of Ceres. CBOT agrees to treat the Ceres Proprietary Data in the
manner herein prescribed and to take such additional steps as are reasonably
necessary to protect the confidentiality of Ceres Proprietary Data and Ceres
proprietary interests therein, including, but not by way of limitation, the
following:

     (a)  CBOT shall use Ceres Proprietary Data only for the purposes authorized
by this Agreement and shall not make any copies of, reproduce, or disclose,
sell, assign, sublicense, or transfer, in whole or in part, any of such
materials except to the extent authorized herein or otherwise permitted in
writing by Ceres.

     (b)  CBOT shall duplicate on any copies made of Ceres Proprietary Data all
copyright notices and proprietary markings contained thereon.

     (c)  CBOT shall disclose Ceres Proprietary Data in confidence only to its
employees, and agents, and CBOT members required to have knowledge of the same
for the purpose for which it is intended and to no other person.

          (d) CBOT shall use the same care to protect Ceres Proprietary Data as
it uses to protect its own proprietary data and shall promptly report to Ceres
any conduct by CBOT's present or former employees or agents of which CBOT
becomes aware relating to Ceres Proprietary Data inconsistent with this
Agreement or Ceres' proprietary interests therein, and take such reasonable
steps as may be required to terminate such conduct.

     6.3  Mutual Indemnifications. Each party shall be responsible for, and
shall indemnify the other and hold it harmless from and against any loss,
damage, or expense
<PAGE>

(including, without limitation, any loss, damage, or expense related to
enforcement by the party of its property rights against third parties and
reasonable attorneys' fees) incurred by the other as a result of any failure by
the party, its employees or agents to maintain the confidentiality of the
proprietary rights of the other party disclosed in connection with this
Agreement and described above, in the manner herein provided, without regard to
whether such employees or agents are acting under or contrary to the parties
instructions or their contractual, employment or agency relationship with the
party has been terminated.

     6.4  Record Maintenance. Each party shall maintain and make available to
the other party upon reasonable notice adequate records to demonstrate
compliance with this Section 6.

     6.5  Acknowledgement of Irreparable Injury. Each party hereby acknowledges
that use of the other party's proprietary Data in a manner contrary to the
provisions of this Agreement would cause the other party irreparable harm for
which money damages could not make the injured party whole, and hereby consents,
to the full extent that it is able to do so, to any order entered by any court
of competent jurisdiction prohibiting it from such violation of this Agreement.

     6.6  Materials Not Considered Confidential. Notwithstanding any other
provision in this Agreement to the contrary, information and data presently in
the public domain or which subsequently enters the public domain other than
through violation of this Agreement shall not be subject to any restrictions
under this Agreement, nor shall either party have any liability to the other for
the use or disclosure thereof. The party asserting the applicability of this
Section 6.6 will have the burden of proof with respect thereto.

                           SECTION 7 - MISCELLANEOUS

     7.l  Counterparts. This Agreement may be executed in several counterparts,
each of which shall be deemed to be an original but all of which taken together
shall constitute one single agreement between the parties hereto.

     7.2  Headings. The Section headings used herein are for reference and
convenience only and shall not enter into the interpretation hereof.

     7.3  Relationship of Parties. Ceres, in furnishing services to CBOT, is
providing Facilities Management Services only as an independent contractor.
Ceres does not undertake by this Agreement or otherwise to perform any
obligation of CBOT, whether regulatory or contractual. Ceres has the sole right
and obligation to supervise, manage, contract, direct, procure, perform or cause
to be performed, all work to be performed by Ceres hereunder unless otherwise
provided herein. Ceres may employ subcontractors, including CBOT/Eurex Alliance,
L.L.C., Deutsche Borse AG and Deutsche Borse Systems AG, to provide any of the
services covered by this Agreement.
<PAGE>

     7.4  Approvals, Consents, etc. Where any approval, acceptance or consent by
either party is required by any provision of this Agreement, such action shall
not be unreasonably delayed or withheld.

     7.5  Force Majeure. Ceres shall be excused from performance hereunder for
any period Ceres is prevented from performing any services pursuant hereto, in
whole or in part, as a result of an act of God, war, civil disturbance, or other
cause beyond its reasonable control, including shortages or fluctuations in
electrical power, heat, light or air conditioning, and such non-performance
shall not be a default hereunder or a ground for termination hereof so long as
the same is temporary in nature and does not unreasonably interfere with CBOT's
business and operations.

     7.6  Severability. If any provision of this Agreement is declared or found
to be illegal, unenforceable or void, then both parties shall be relieved of all
obligations arising under such provision, but if such provision does not relate
to the payments to be made to Ceres by CBOT and if the remainder of this
Agreement shall not be materially affected by such declaration or finding, then
each provision not so affected shall be enforced to the extent permitted by law.

     7.7  Attorneys' Fees. If any legal action or other proceeding is brought
for the enforcement of this Agreement, or because of an alleged dispute, breach,
default or misrepresentation in connection with any of the provisions of this
Agreement, the prevailing party shall be entitled to recover reasonable
attorneys' fees and other costs incurred in that action or proceeding, in
addition to any other relief to which it may be entitled.

     7.8  Waiver. No delay or omission by either party hereto to exercise any
right with respect to this Agreement shall impair any such right or be construed
to be a waiver thereof. A waiver by either of the parties hereto of any of the
agreements to be performed by the other or any breach thereof shall not be
construed to be a waiver of any succeeding breach thereof or of any other
agreement herein contained. All remedies provided for in this Agreement shall be
cumulative and in addition to and not in lieu of any other remedies available to
either party at law, in equity or otherwise.

     7.9  Choice of Law and Jurisdiction. This Agreement shall be governed by
the internal laws and not the choice of law provisions of the State of Illinois.
Any suit arising out of a dispute arising concerning this Agreement may only be
brought in a state or federal court sitting in Chicago, Illinois and the parties
agree that no other court shall have jurisdiction or venue.

     7.10 Entire Agreement. This Agreement, together with each Exhibit attached
          hereto, constitutes the entire agreement between the parties hereto
          with respect to the subject matter hereof and shall supercede in its
          entirety the CBOT/Ceres License Agreement between the parties dated
          October 22, 1992, the Amended and Restated CBOT/Ceres License
          Agreement dated
<PAGE>

          May 15, 1998, and the Second Amended and Restated CBOT/Ceres License
          Agreement dated August 25, 2000. No change, waiver or discharge hereof
          shall be valid unless in writing and executed by the party against
          whom such change, waiver or discharge is sought to be enforced.

     7.11 The parties acknowledge that they are in the process of reorganizing.
          In connection with this reorganization, Ceres may assign its rights
          and obligations under this Agreement to CBOT or Electronic Chicago
          Board of Trade, Inc.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date set forth above:

BOARD OF TRADE OF THE                      CERES TRADING LIMITED
CITY OF CHICAGO, INC.                      PARTNERSHIP

By: /s/ David J. Vitale                    By Electronic Chicago Board of trade
    --------------------                   Inc., Its Managing General Partner
        David J. Vitale
Its President and Chief Executive Officer  By: /s/ David J. Vitale
                                               --------------------
                                               David J. Vitale
                                           Its President and Chief Executive
                                           Officer
<PAGE>

                                   EXHIBIT II
                                  LICENSE FEES

CBOT shall pay to Ceres the following fees for each purchase and each sale of a
CBOT futures or option contract (i.e., per side) transacted through the CBOT
electronic market:

(A) Transaction-Based Fee

<TABLE>
<CAPTION>
 No.                      Account Type                                              Fees/Annual Volume
-----                    --------------                                            --------------------
                                                                              *50,000/50,000-150,000/**150,000
                                                                              ---------------------------------
---------------------------------------------------------------------------------------------------------------
<S>                                                                           <C>
   1.  Individual Member initiating and executing trades for his own
                         ------------------------
       account.
       Individual Member initiating and executing trades for the
                         ------------------------
       proprietary account of a member firm. (Select either account             $    .20 / $ .18 / $ .15
       type 1.b. or 3.b)
       Joint account between individual members or an individual
       member and a member firm, where a member is initiating and
                                                   --------------
       executing the trades.
       ---------
       Individual member's account where another individual member is
       initiating and executing trades for the account or another
       ------------------------
       member is executing trades that were initiated by the
       individual member.
-------------------------------------------------------------------------------------------------------------
   2.  Delegate initiating and executing for trades his own account.            $    .20 / $ .18 / $ .15
                ------------------------

-------------------------------------------------------------------------------------------------------------
   3.  Proprietary account traded by a non-member or delegate that              $    .35 / $ .30 / $ .25
       meets the definition of CBOT Regulation 450.02C.
       Individual Member initiating and executing trades for the
                         ------------------------
       proprietary account of a member firm. (Select either account
       type 1.b or 3.b.)
-------------------------------------------------------------------------------------------------------------
   4.  An account that does not meet the definition of CBOT             Agricultural
       Regulation 450.02C.                                              ------------
                                                                                $   1.50 / $1.50 / $1.50
       Any account of a non-member or an account where a non-member
       has ownership participation.                                     Financial
                                                                        ---------
                                                                                $   1.25 / $  .95 / $ .70

-------------------------------------------------------------------------------------------------------------
   5.  Proprietary account of an e-cbot member firm.                    Agricultural
                                                                        ------------
                                                                                $    .50 / $ .45 / $ .40

                                                                        Financial
                                                                        ---------
                                                                                $    .50 / $ .45 / $ .40

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

*   Less than
**  Greater than
<PAGE>

                                                                               2

  (B) Mini-Sized Contract Fee

  Contract                          Member      Delegate     Non-Member
-----------------------------------------------------------------------
  Mini-Sized Dow $2 & $5             $.05*        $.45*           $1.00
-----------------------------------------------------------------------
  Mini-Sized N.Y. Gold               $.05         $.25            $ .50
-----------------------------------------------------------------------
  Mini-Sized N.Y. Silver             $.05         $.25            $ .50
-----------------------------------------------------------------------
  Mini-Sized 30 - Year Bond          $.15         $.25            $ .50
-----------------------------------------------------------------------
  Mini-Sized 10 - Year Note          $.15         $.25            $ .50
-----------------------------------------------------------------------
  Mini-Sized Eurodollars             $.15         $.25            $ .50
-----------------------------------------------------------------------

  (C) Surcharges

<TABLE>
<CAPTION>
                                    Member     Delegate     Non-Member
------------------------------------------------------------------------
<S>                                 <C>        <C>          <C>
  Dow Jones Contracts*               $.20        $.20           $ .20***
------------------------------------------------------------------------
  Muni Bond Contracts                                           $ .20
------------------------------------------------------------------------
  Delegate                                       $.15
------------------------------------------------------------------------

------------------------------------------------------------------------

------------------------------------------------------------------------

  X-Fund                                                        $7.00
------------------------------------------------------------------------
</TABLE>

*   Between June 1, 2002, and December 31, 2002, the $.20 surcharge for Dow
Jones contracts is waived for Members & Delegates.

Definitions and Clarifications

Volume Discount -Trade transactions executed in open auction are not counted for
the purpose of calculating the volume discount.  For give-up transactions, the
volume is credited to the account that ultimately receives the trade.  Non-trade
transactions:  Exchange for physical transactions, option exercises, option
assignments, option expirations, futures from deliveries, futures from
assignments and futures from exercises are not included in volume discounts.

Effective October 1, 2002 the Transaction-Based Fee for Full and Associate
Members and Membership Interest Holders trading their own account or for member
firm proprietary account
<PAGE>

                                                                               3

will be reduced to $.15 / $.13 / $.10. This rate change applies to account types
1a, 1b, 1c, 1d, and 2.

The Transaction-Based Fee will be assessed at the customer rate for transactions
made by CBOT delegates and Full Members trading on the CBOE.

The term "member firm's account" shall refer only to those commodity futures or
commodity options trading accounts that are wholly owned by and held in the name
of the member firm.  The term "member firm" shall refer only to a firm
registered with the Exchange pursuant to Regulation 230.02.  For an account to
qualify as a member firm proprietary account delegates and individuals who are
non -members with respect to the contracts being traded, who initiate and/or
enter trades on behalf of the proprietary account must meet the following
requirements:

may not provide trading capital for the account; and
may not have responsibility for downside risk of trading losses or
responsibility to provide capital based on losses; and
individuals other than delegates must be issued a W-2 (or comparable
documentation in jurisdictions other than the United States), and must be
included in the firm's payroll tax records; and
may not contribute subordinated debt, unless the individual is a partner or
shareholder of the member firm; and
gross trading profits and losses must be reported in the firm's income; and
the time period for which a trader is evaluated (for the determination of the
percentage of trading profits) may not exceed a twelve-month period and may not
carry over the firm's fiscal year-end.

  Joint Account - The Transaction-Based Fee applicable to any account that is
  owned by more than one member or non-member shall be the highest fee required
  of any of the account's participants, with the exception of joint accounts or
  proprietary accounts between a member firm and an individual member. (See
  Account Type #1).  Any account where losses and/or profits are shared that
  does not meet the description of Account Type # 1 or of a Proprietary Account
  as defined in Regulation 450.02C will be considered a joint account.

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