Document:

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                                                               Exhibit 10.10

Portions of this exhibit have been omitted pursuant to a request for
confidential treatment filed with the Securities and Exchange Commission. The
omissions have been indicated by asterisks ("*****"), and the omitted text has
been filed separately with the Securities and Exchange Commission.

                          CENTRAL SERVICES SYSTEM (NSC)
                  SOFTWARE LICENSE AND DEVELOPMENT AGREEMENT

      This Agreement is made the 5th day of June 1997, by and between SBF Bourse
de Paris, a corporation organized and existing under the laws of the Republic of
France with a stated capital of 654.925.600 French Francs and having its
principal office 39, rue Cambon 75001 Paris, France, duly represented by its
Chairman and Chief Executive Officer, Mr. Jean-Francois Theodore ("SBF")
and THE CHICAGO MERCANTILE EXCHANGE, a not for profit corporation organized
under the laws of the State of Illinois and having its principal office situated
at 30 South Wacker Drive, Chicago, Illinois, U.S.A., duly represented by its
Chairman of the Board, Mr. John F. Sandner, and its Chairman Emeritus, Mr. Leo
Melamed ("CME").

                                    RECITALS:

      WHEREAS, SBF has developed, owns, operates in France and distributes a
computerized trading system known as "NSC"; and has also developed a Front End
Software known as "FRONTAL", a Ticker Plant Software known as "RLC", a Real-Time
Index Calculator Software known as "PFI" and a Market Surveillance Stock Watch
and Administration Software known as "OSCAR" and a Monitoring and Control tool
known as "CABINE"; and NSC, FRONTAL, RLC, X-DIFF, PFI, OSCAR and CABINE are
herein referred to collectively as the "Central Services Systems" and are
described in Exhibit 6 hereto.

      WHEREAS, in conjunction with the Central Services Systems, GL Consultants
SA ("GL"), a subsidiary of SBF, provides Trading Workstation Softwares developed
and owned by GL, known as "GL WIN," "SLE" and "SLC"; and GL WIN, SLE and SLC are
herein referred to collectively as the "Client Services Systems".

      WHEREAS, CME, together with THE NEW YORK MERCANTILE EXCHANGE ("NYMEX"),
has developed a computerized clearing system known as the "Clearing 21 System"
which they jointly own and separately operate for their respective markets in
the United States ("Clearing 21").

      WHEREAS, the Marche a Terme International de France, a French
corporation organized and existing under the laws of France ("MATIF"), has
decided to use the

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Central Services Systems and the Client Services Systems in replacement of
the GLOBEX System, a trading system presently used by MATIF and CME, at the
expiration of the term of the GLOBEX Agreement; and consequently, SBF and GL,
in cooperation with MATIF, have been developing for that purpose an
additional set of software in accordance with the specifications described in
Exhibit 2 hereto to be integrated in the Central Services Systems and the
Client Services Systems.

      WHEREAS, CME has also decided to replace the GLOBEX System with the
Central Services Systems and the Client Services Systems as modified in
accordance with the requirements of MATIF and including certain specific
modifications required by CME; and CME is therefore interested in acquiring from
SBF a license to use the Central Services Systems as modified pursuant to the
terms of this Agreement and acquiring from GL a license to use the Client
Services Systems as modified pursuant to the terms of a separate agreement
between CME and GL.

      WHEREAS, SBF is willing to grant CME the license to use the Central
Services Systems, as modified, subject to the terms and conditions contained
herein.

      WHEREAS, SBF is also interested in acquiring from CME a license to use
Clearing 21 and CME has executed this day a license agreement with SBF granting
SBF the right to use and modify Clearing 21.

      NOW, THEREFORE, in consideration of the premises and the mutual promises
and agreements herein expressed, the parties hereto agree as follows:

                         ARTICLE 1 - INTERPRETATION

      1.1   DEFINITIONS.

      In this Agreement (including the Recitals), unless the context otherwise
requires:

            (a) "Acceptance Test" means the approval process, jointly carried
out in Paris by SBF and CME, of the Modified Software in accordance with the
Test Scripts, which shall be carried out within such time as may be mutually
agreed between SBF and CME but which in no event shall exceed 90 days.

            (b) "Agreement" means this Agreement entitled "Central Services
System (NSC) Software License and Development Agreement" and includes any
Exhibits attached to this Agreement.

            (c) "Approved Exchanges" means exchanges or clearing
organizations with which CME has, during the term hereof, Cooperation
Agreements and any other exchanges or clearing organizations approved by SBF,
which approval shall not be unreasonably withheld.

            (d) "Authorized Users" means the CME, its member organizations
and all other Persons duly authorized to trade on the CME, including, without
limitation, any member organizations or members of Approved Exchanges that

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CME has so authorized, solely in connection with their trading activity on
the CME in accordance with and defined by the By-laws of the CME.

            (e) "Certificate of Acceptance" means the written notification
issued by CME to SBF of CME's final determination that the Modified Software
is in compliance with the Specifications Documents.

            (f) "Change Control Item" means any functionality requested by
CME that is not included in the original first version of the Specifications
Documents.

            (g) "CME Enhancements" means the software, in object and source
code format, developed by the CME or its contractors as a modification of or
enhancement to the Modified Software or Licensed Materials, as well as all
user or technical documentation related to such software or documentation.

            (h) "Common Software" means the New York Stock Exchange
proprietary software used as a utility to develop and operate the Central
Services Systems.

            (i) "Confidential Information" means information which is not
within the public domain and: (1) in which a party hereto has a proprietary
interest, or which such party wishes to protect and to maintain or have
maintained in confidence; or (2) which a party hereto has a legal or
contractual duty to protect and to maintain or have maintained in confidence.

            (j) "Cooperation Agreements" means mutual offset, cross-margining
or other linkage arrangements whereby cross-exchange trading privileges are
granted between the members and member organizations of the parties to such
arrangements but which do not involve engaging in service bureau activities.

            (k)   "Delivery Date" shall have the meaning set forth in Section
4.1 hereof.

            (l)   "Effective Date" means the date first written above.

            (m) "Final Cutover Date" means the date, set forth in the Project
Plan, on which CME intends to cutover from the GLOBEX System to the
electronic trading system based on the Licensed Software.

            (n) "General Know-How" means all ideas, inventions, procedures,
processes, methods of operation, concepts, principles, discoveries, and other
intangible information of a general nature that become a part of the
expertise of skilled computer professionals in the course of performing
computer software development work.

            (o) "Licensed Materials" means the English language versions of
the User Guide and of such technical documentation presently used by the SBF
for use with the Central Services Systems, whether any of the foregoing is in
paper or electronic

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form, and shall also include any updates to the User Guide and technical
documentation necessitated by any modifications to the Central Services
Systems.

            (p) "Licensed Software" means the Central Services Systems
consisting of the software modules described in Exhibit 6, licensed by SBF
pursuant to this Agreement and includes the Modifications, the CME
Enhancements and enhancements thereto as may, from time to time, be made
available to the CME pursuant to the terms of this Agreement.

            (q) "Man/Day" means a work day of 8 hours.

            (r) "Modifications" means the adaptations to the Central Services
Systems required by the CME to be made by SBF or its subcontractors as
described in the Specifications Documents.

            (s) "Modified  Software" means the Central Services  Systems,
including the Modifications.

            (t) "Person" includes an individual, corporation, partnership,
trustee, trust, regulatory body or agency, government or governmental
authority or entity (however designated or constituted) and any
unincorporated organization.

            (u) "Project Plan" means the document entitled "Project Plan," as
the same shall be amended from time to time by mutual agreement of the
parties, and incorporated into the SBF/GL Proposal attached as Exhibit 1.

            (v) "Requirements Documents" shall mean CME system requirements
for the Modified Software, as described in the document entitled the "GLOBEX
II Requirements Document" and attached hereto as provided in Section 3.2
hereof, as the same shall be amended from time to time by mutual agreement of
the parties, and incorporated into the SBF/GL Proposal attached as Exhibit 1.

            (w) "SBF/GL Proposal" shall mean the proposal submitted by SBF to
CME dated June 30, 1997 and to be attached hereto as Exhibit 1.

            (x) "Specifications Documents" means the document attached hereto
as Exhibit 2 which describes the Modifications required by CME to the Central
Services Systems and the Client Service Systems.

            (y) "Steering Committee" shall mean the Committee charged with
the responsibility of carrying out the Project Plan, comprised of a
representative of CME (Donald Serpico), MATIF (Francois-Guy Hamonic),
SBF (Dominique Brutin) and GL (Pierre Gatignol). CME, MATIF, SBF and GL may
each replace their designated representative by providing written notice
thereof to each of the entities listed above.

            (z) "Syntec Index" shall mean the index published by the
Federation SYNTEC - 3, rue Leon Bonnat - 75016 Paris.

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            (aa) "Test Scripts" means the testing procedures prepared by CME
and approved by SBF to verify that the Modified Software meets the
functionalities described in the Specifications Documents.

            (bb) "User Guide" means a written description of the functions of
the Modified Software provided to CME by SBF, in such form as is reasonably
required to enable competent information systems personnel to operate the
Modified Software.

      1.2   REFERENCES.

      Unless something in the subject matter or context is inconsistent with the
resulting interpretation, all references to Sections, Paragraphs, Articles and
Exhibits are to Sections, Paragraphs, Articles and Exhibits of this Agreement.
The words "hereto," "herein," "of this Agreement," "under this Agreement" and
similar expressions mean and refer to this Agreement.

      1.3   EXHIBITS.

      The Exhibits forming part of this Agreement are as follows:

      Exhibit 1 - SBF/GL Proposal
      Exhibit 2 - Specifications Documents
      Exhibit 3 - Description of Hardware Configuration
      Exhibit 4 - Clearing 21 Software License and Development Agreement
      Exhibit 5 - List of Restricted Persons
      Exhibit 6 - Description of the Central Services System

      1.4   HEADINGS AND TABLE OF CONTENTS.

      The inclusion of headings in this Agreement is for the convenience of
reference only and does not affect the construction or interpretation of this
Agreement.

                   ARTICLE 2 - LICENSE AND PROPRIETARY RIGHTS

      2.1   GENERAL GRANT.

      Subject to the terms and conditions of this Agreement, from the date of
this Agreement, SBF grants to the CME and the CME accepts, a non-exclusive and
non-transferable license to: (a) use the Licensed Software (including the source
and object codes) and the Licensed Materials for the trading of: (i) CME listed
products and for the trading of the products of Approved Exchanges, by
Authorized Users; (ii) U.S. Dollar denominated repurchase agreements involving
non-European sovereign debt obligations and (iii) such other products not
covered by Subsections (i) or (ii) above which CME and SBF may mutually agree
upon, in writing, subsequent to the Effective Date hereof; and (b) to modify and
enhance the Licensed Software. The uses permitted by Subsections (a) and (b)
above shall be at the locations selected from time to time by the CME and on the
hardware configuration designated by the SBF. The Licenses granted by SBF to CME
hereunder shall include the right to permit the operation of the Licensed
Software and the

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Licensed Materials by P.M.T. Limited Partnership (an Illinois limited
partnership in which CME is the general partner and CME's members and
clearing member firms are limited partners). The CME shall provide SBF with
written notice of the locations and of the designated hardware configuration
used by the CME to operate the Licensed Software. Following the 90 day
warranty period described in Article 6, CME may modify the hardware
configuration.

      2.2   RESTRICTIONS ON USE.

      CME shall not use the Licensed Software and the Licensed Materials:
***** The foregoing restrictions shall not apply to any Common Software
incorporated into the Licensed Software for which CME has obtained a separate
license. In the event that CME incorporates any portion of the Licensed Software
into other systems or programs owned or operated by CME, *****.

      2.3   PROPRIETARY RIGHTS.

      Except for the licenses granted pursuant to Section 2.1 hereof, CME shall
have no proprietary rights to or interest in the Licensed Software and the
Licensed Materials and acknowledges that the Licensed Software, the Licensed
Materials and the CME Enhancements remain the ownership of SBF and are protected
in particular by the laws on intellectual property (i.e. French law number
92-597 of July 1, 1992 and law number 94-361 of May 10, 1994 as well as
regulations and directives of the European Union on the protection of software
programs).

      2.4   INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS.

      CME shall inform SBF of any infringements to the Licensed Software and the
Licensed Materials as soon as it becomes aware of such infringements and agrees
to provide all relevant information, of which CME has actual knowledge, to SBF
so that SBF can protect such rights.

      2.5   USE OF THE GLOBEX TRADEMARK.

      SBF acknowledges and agrees that CME intends to use the GLOBEX Trademark
in conjunction with CME's operation of the electronic trading system based on
the Licensed Software.

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                ARTICLE 3 - MODIFICATIONS, ACCEPTANCE AND DELIVERY

      3.1   SBF/GL PROPOSAL.

      SBF and GL shall develop and provide to CME, by no later than June 30,
1997, a final proposal containing the final Specifications Documents, the final
Delivery Dates and the fixed price sums for the Modifications to be made by SBF
and GL.

      3.2   REQUIREMENTS AND SPECIFICATIONS DOCUMENTS.

      CME has developed and provided to SBF, Requirements Documents that SBF
shall use in connection with its development of the Specifications Documents in
accordance with the SBF/GL Proposal. The parties acknowledge and agree that the
Requirements Documents represent only an expression of the system requirements
of the CME on the Effective Date hereof and that these requirements shall be
definitively described by CME and SBF in the Specifications Documents to be
attached hereto. Using the Requirements Documents, SBF shall prepare and deliver
to CME for its review and approval, detailed Specifications Documents for the
Modifications. Delivery of the Specifications Documents shall be within the time
specified in Section 3.1 hereof. CME shall have 10 days from receipt of such
delivery to either approve or reject the Specifications Documents. Upon
acceptance, the Specifications Documents shall be attached as Exhibit 2 and
shall supersede the Requirements Documents in all respects. In the event that
CME and SBF are unable to agree, after negotiating in good faith for not less
than 30 days, on the final terms of the Specifications Documents, the Steering
Committee shall resolve any disagreements. CME shall cooperate with SBF in order
to write or amend the Specifications Documents. A specialist of CME shall assist
the SBF staff in Paris with the preparation, and amendment, if any, of the
Specifications Documents.

      3.3   CHANGE CONTROL.

      Any Change Control Item may only be made and implemented in accordance
with the following change control procedures. Unless other payment terms are
mutually agreed to between SBF and CME, and reflected in an amendment to the
Project Plan, CME shall compensate SBF in accordance with Section 4.2 hereof.
SBF shall not commence work on, nor shall CME be obligated to make any payment
to SBF for, any Change Control Item until the scheduled delivery date for such
item is agreed to by SBF and CME and set forth in a validly executed written
amendment to the Project Plan. Any Change Control Items that are implemented
other than in conformity herewith shall not entitle SBF to any additional
compensation hereunder, nor shall it affect the Delivery Dates or other aspects
of the Project Plan. If the parties mutually agree that SBF shall prepare
specifications for any Change Control Item, CME shall have 10 days from receipt
thereof to either approve or reject such Specifications. Upon acceptance thereof
by CME, the Specifications Documents shall be amended.

      3.4   DEVELOPMENT SCHEDULE.

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      Upon completion of the Specifications Documents as provided for in Section
3.1 hereof, SBF and CME shall agree upon a development schedule, setting forth
the deadlines for completion of the Modifications. In the event that CME and SBF
are unable to agree, after negotiating in good faith for not less than 30 days,
on the development schedule, the Steering Committee shall resolve any
disagreements.

      3.5   MODIFIED SOFTWARE ACCEPTANCE.

      SBF shall give written notice to CME of completion of the Modifications.
Within 10 days of such notice, SBF and CME shall jointly initiate in Paris,
France, the Modified Software Acceptance Test in accordance with the Test
Scripts and on the hardware configuration described in Exhibit 3.

      If the Modified Software passes the Acceptance Test, SBF shall notify CME
in writing of the successful completion of the Acceptance Test and CME shall
sign a Certificate of Acceptance. Alternatively, if good cause exists for so
doing, CME shall notify SBF, in writing, that successful completion of the
Acceptance Test has not been achieved and stating in detail its reasons
therefor. In such event, SBF shall promptly take appropriate corrective action
and shall issue to CME a second notice of completion. SBF and CME shall conduct
another Acceptance Test. SBF and CME shall repeat such procedures until such
time as the Modified Software passes the Acceptance Test. SBF and CME agree that
time is of the essence in this Agreement and that the Modified Software shall
pass the final Acceptance Test by no later than May 31, 1998. In the event that
the failure to pass any Acceptance Test will, or threatens to, delay the Final
Cutover Date, SBF agrees, at its sole expense, to devote such additional
resources as may be necessary in order to permit CME to cutover to the
electronic trading system based on the Modified Software on the Final Cutover
Date.

      The Certificate of Acceptance shall not be unreasonably withheld. In the
event that CME does not deliver to SBF the Certificate of Acceptance referred to
above or the written notice referred to above within 15 days after the
notification by SBF to CME of successful completion of the Acceptance Test, the
completion shall for all purpose be conclusively presumed to have occurred and
CME shall be deemed for all purposes to have executed and delivered the
Certificate of Acceptance.

      3.6   PROFESSIONAL SERVICES.

      SBF agrees to provide CME with technical support, integration services,
training and implementation services at the per Man/Day rate set forth in
Section 4.2 hereof, upon mutual agreement between SBF and CME.

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                      ARTICLE 4 - DELIVERABLES AND PAYMENTS

      4.1   DELIVERY OF THE MODIFIED SOFTWARE.

      Within 5 days from the delivery by CME to SBF of the Certificate of
Acceptance, SBF will deliver to CME one copy of the Modified Software as well as
one copy of the Licensed Materials (the "Delivery Date").

      4.2   PAYMENT TERMS.

      In consideration of the license of the Licensed Software and the Licensed
Materials granted herein, and in further consideration of the Modifications to
be made by SBF on behalf of CME, CME: (a) has granted to SBF, on the date
hereof, a license to use and modify Clearing 21 under the terms and conditions
set forth in the software license agreement attached hereto as Exhibit 4; and
(b) until such time as SBF and CME have agreed upon the final Specifications
Documents, the final Delivery Dates and the fixed price sums for such
Modifications, CME shall pay SBF to make the Modifications at the rate of *****
per Man/Day, as set forth in the SBF/GL Proposal. This rate may be adjusted by
SBF on the annual anniversary of the Effective Date hereof by *****. Upon mutual
agreement regarding the foregoing, the Project Plan shall be amended in a
writing signed by both parties indicating agreement on "fixed price sums" and
CME shall thereafter pay SBF for the remaining work on the Modifications
pursuant to the amended Project Plan. The parties agree that the payment
schedule for fixed price sums shall be as follows: ***** upon reaching final
agreement on the Specifications Documents as provided in Section 3.2 hereof,
***** upon delivery of the Modified Software, ***** upon delivery of the
Certificate of Acceptance as provided in Section 3.5 hereof, and ***** upon
expiration of the 90 day warranty period following the actual Final Cutover
Date. All fixed price sums shall include any applicable out-of-pocket expenses
to be incurred by SBF in connection with such Modifications, including, without
limitation, hotel, transportation and meals.

      For work performed on a time and materials basis, including, without
limitation, Professional Services rendered pursuant to Section 3.6 hereof, CME
shall be invoiced monthly for the Man/Days of work performed by SBF during the
prior month and any reasonable out-of-pocket expenses incurred by SBF in
connection with such work, including, without limitation, hotel, transportation
and meals. CME shall pay SBF no later than 15 days from the date of receipt of
the invoice.

      4.3   TAXES.

      All amounts payable to SBF are exclusive of, and will be paid without
deduction for, all taxes, levies, or similar governmental charges, however
designated, which may be assessed by any jurisdiction based on gross revenue.
Except for corporate income tax imposed on SBF or other taxes, fees or duties
associated to this Agreement imposed by the Republic of France, CME will pay all
taxes including any related penalties and interest or late charges, levies, or
similar governmental charges or provide SBF with a certificate of exemption
acceptable to the appropriate taxing authority. SBF agrees to

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provide CME with such forms or documents as may be reasonably requested by
CME from time to time to certify exemption from withholding of income tax.
The obligations under this Article shall survive the completion, expiration
or termination of this Agreement.

           ARTICLE 5 - REPRESENTATIONS AND WARRANTIES OF THE PARTIES

      5.1   REPRESENTATIONS AND WARRANTIES OF SBF.

      SBF represents and warrants to CME as follows and acknowledges that the
CME is relying on the following representations and warranties in connection
with the transactions contemplated hereby:

            (a) SBF has the corporate power and the capacity to enter into
and to perform its obligations under this Agreement and this Agreement has
been duly authorized, executed and delivered by SBF and is a valid and
binding obligation of SBF, enforceable in accordance with its terms;

            (b) at the time of delivery of the Modified Software and Licensed
Materials, SBF will be the owner of the Licensed Software and Licensed
Materials, with the right to grant the rights to the CME as provided for in
this Agreement;

            (c) neither the entering into of this Agreement, nor the
performance by SBF of any of its obligations under this Agreement will
contravene, breach or result in any default under the articles, by-laws,
constating documents or other organizational documents of SBF or under any
mortgage, lease, agreement, other legally binding instrument, license,
permit, statute, regulation, order, judgment, decree or law to which SBF is a
party or by which SBF may be bound;

            (d) no authorization, consent or approval of, or filing with or
notice to, any court or other Person is required in connection with the
execution, delivery or performance of this Agreement by SBF; and

            (e) the source code for the Modified Software does not contain
any passwords or other devices that would prevent or prohibit use of the
source code.

      5.2   REPRESENTATIONS AND WARRANTIES OF THE CME.

      CME represents and warrants to SBF as follows and acknowledges that SBF is
relying on the following representations and warranties in connection with the
transactions contemplated hereby:

            (a) CME has the corporate power and the capacity to enter into,
and to perform its obligations under this Agreement and this Agreement has
been duly authorized, executed and delivered by CME and is a valid and
binding obligation of CME, enforceable in accordance with its terms;

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            (b) neither the entering into of this Agreement, nor the
performance by CME of any of its obligations under this Agreement will
contravene, breach or result in any default under the articles, by-laws,
constating documents or other organizational documents of CME or under any
mortgage, lease, agreement, other legally binding instrument, license,
permit, statute, regulation, order, judgment, decree or law to which CME is a
party or by which CME may be bound;

            (c) no authorization, consent or approval of, or filing with or
notice to, any court or other Person is required in connection with the
execution, delivery or performance of this Agreement by CME; and

            (d) CME acknowledges that the Modified Software is designed to be
used with other software programs and CME agrees that it is solely
responsible for obtaining and complying with all licenses to use such other
programs from the relevant owners or licensors thereof including, without
limiting the generality of the foregoing, the Common Software. CME shall be
fully liable for any claims arising as a result of its failure to obtain or
comply with such licenses.

                     ARTICLE 6 - PRODUCT WARRANTIES

      During the 90 day period following the actual Final Cutover Date (I.E.,
the date on which CME begins using the Licensed Software in a production
environment), SBF warrants to CME that it will cure, at its own expense, any
defects or malfunctions in the Modified Software such that the Modified Software
will operate in conformity to the Specifications Documents.

      If the media on which the Modified Software is delivered is found to be
defective during a period of 90 days following the Delivery Date, SBF will
replace the copy of the Modified Software on request by the CME.

      The liability of SBF under the above warranty is limited to the
replacement by the SBF of the defective copy of the Modified Software and does
not include liability to the CME or any third party for loss of data or profits,
failure to realize expected savings, loss of computer time, any direct damages
or any special, indirect or consequential damages, whether foreseeable or not.

      Except as set forth in this Article VI, SBF makes no warranties in respect
to the Modified Software or the Licensed Materials. SBF disclaims all other
warranties or conditions, express or implied, including, but not limited to,
warranties of merchantable quality, merchantability or fitness for a particular
purpose and those arising by statute or otherwise in law or from a course of
dealing or usage of trade.

                    ARTICLE 7 - INTELLECTUAL PROPERTY INDEMNITY

      7.1   DEFENSE OF CLAIMS AGAINST CME.

      SBF agrees that it shall indemnify CME and save it harmless from any and
all costs, losses, damages, liability, claims and demands (collectively an
"Intellectual

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Property Claim") incurred by or made against CME alleging that the exercise
by the CME of any of its rights arising from this Agreement infringes any
such intellectual property rights. CME will promptly notify SBF of any
Intellectual Property Claim that is threatened or brought against CME
alleging that the Licensed Software or Licensed Materials infringes any such
intellectual property rights. SBF will defend and contest or settle any
Intellectual Property Claim, at its sole expense, in its own name and/or in
the name of CME and CME will co-operate with and assist SBF to the extent
that such co-operation may reasonably be required.

      7.2   DEFENSE OF CLAIMS AGAINST SBF.

      CME agrees that it shall indemnify SBF and save it harmless from an
Intellectual Property Claim incurred by or made against SBF alleging that the
exercise by the SBF of any of its rights arising from this Agreement infringes
any such intellectual property rights. SBF will promptly notify CME of any
Intellectual Property Claim that is threatened or brought against the SBF
alleging that the CME Enhancements and related documentation infringes any such
intellectual property rights. CME will defend and contest or settle any
Intellectual Property Claim, at its sole expense, in its own name and/or in the
name of the SBF and the SBF will cooperate with and assist CME to the extent
that such co-operation may reasonably be required.

      7.3   CLAIM FOR INFRINGEMENT.

      If the Modified Software or Licensed Materials are held by a final
judgment of a court of competent jurisdiction or is conceded by SBF in any
settlement to constitute an infringement of any intellectual property rights
and, as result thereof, the permitted use or modification of the Modified
Software or Licensed Materials is prohibited, SBF in addition to honoring the
foregoing indemnity, at its sole option and expense, shall forthwith either:
(a) procure from the owner of the intellectual property rights, the right for
CME and its Authorized Users to continue the permitted use and modification
of the Modified Software or Licensed Materials; or (b) further modify the
Modified Software or Licensed Materials, or the infringing part or parts
thereof, so that it is non-infringing or replace the same with a substitute
of equal quality approved by the CME, acting reasonably, such that the
Modified Software or Licensed Materials, or the substitute, shall perform to
the same or better level of performance.

      7.4   CLAIM FOR INFRINGEMENT.

      If CME Enhancements and related documentation are held by a final judgment
of a court of competent jurisdiction or is conceded by CME in any settlement to
constitute an infringement of any intellectual property rights and, as a result
thereof, the permitted use or modification of the CME Enhancements and related
documentation is prohibited, CME in addition to honoring the foregoing
indemnity, at its sole option and expense, shall forthwith either: (a) procure
from the owner of the intellectual property rights, the right for the SBF and
its Authorized Users to continue the permitted use of the CME Enhancements and
related documentation; or (b) modify the CME Enhancements and related
documentation, or the infringing part or parts thereof, so that it is
non-infringing

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or replace the same with a substitute of equal quality approved by the SBF,
acting reasonably, such that CME Enhancements and related documentation or
the substitute shall perform to the same or better level of performance.

      7.5   LIMITATION ON INDEMNITY.

      In any claim for infringement against CME, SBF shall not be liable for any
infringement based on the use or combination of the Modified Software (or any
element of it) with programs not supplied by SBF if the infringement would have
been avoided in the absence of such use or combination.

      In any claim for infringement against SBF, CME shall not be liable for any
infringement based on the use or combination of the CME Enhancements (or any
element of them) with programs not supplied by CME if the infringement would
have been avoided in the absence of such use or combination.

      The foregoing paragraphs of this Article 7 state the entire liability of
the parties to each other for any loss and damage whatsoever as a result of the
infringement of any intellectual property rights.

                     ARTICLE 8 - LIMITATION OF LIABILITY

      8.1   EXTENT OF LIABILITY OF SBF.

      For any breach or default by SBF of any terms of this Agreement, CME's
exclusive remedy shall be the recovery of its direct damages. SBF's liability
for damages and regardless of the form or cause of action, whether in contract
or in tort, including negligence, shall not, in the aggregate, exceed the
amounts paid to SBF by CME for the Modifications.

      8.2   NO LIABILITY FOR CONSEQUENTIAL DAMAGES.

      In no event will either party be liable to the other or have a remedy for
the recovery of any special, indirect or consequential or incidental damages,
whether foreseeable or not, even if the applicable party has been advised of the
possibility thereof including, but not limited to, lost profits, lost revenues,
failure to realize expected savings, or other commercial or economic loss of any
kind.

                                       13

<Page>

      8.3   RESPONSIBILITIES OF CME.

      CME assumes full responsibility for use of the Licensed Software and the
Licensed Materials and any information entered, used and stored thereon,
including, without limitation, protection of data from viruses, or any
unintended modification, destruction or disclosure, and for the accuracy and
integrity of the results. SBF assumes no responsibility for CME's negligence or
failure to protect data from viruses, or any unintended modification,
destruction, or disclosure, or any damages caused by CME's failure to provide
properly functioning and compatible hardware, operating systems, or applications
software. SBF shall have no liability to CME for errors or defects in the CME
Enhancements or to any third party for any damages arising from CME's use of the
Licensed Software and the Licensed Materials.

      8.4   RESPONSIBILITIES OF THE SBF.

      SBF assumes full responsibility for its use of any CME Enhancements and
any information entered, used and stored thereon, including, without limitation,
protection of data from viruses, or any unintended modification, destruction or
disclosure, and for the accuracy and integrity of the results. CME assumes no
responsibility for SBF's negligence or failure to protect data from viruses, or
any unintended modification, destruction, or disclosure, or any damages caused
by SBF's failure to provide properly functioning and compatible hardware,
operating systems, or applications software.

  ARTICLE 9 - OWNERSHIP OF SOFTWARE AND CME ENHANCEMENTS AND CONFIDENTIALITY

      9.1   ACKNOWLEDGMENT OF OWNERSHIP BY SBF.

      CME acknowledges that the Licensed Software and Licensed Materials are the
property of SBF and that the only right which the CME obtains to the Licensed
Software and Licensed Materials is the right of use, modification, enhancement
and merger of the Licensed Software and Licensed Materials in accordance with
and subject to the terms of this Agreement.

      9.2   SBF OWNERSHIP AND USE OF MODIFICATIONS AND CME ENHANCEMENTS.

      During the term hereof, on each anniversary of the Effective Date, CME
shall, at its own expense, provide SBF with a copy of all Modifications and CME
Enhancements, related documentation, and any other changes made to the Modified
Software and Licensed Materials during the previous 12 month period; provided,
however, that in the event that SBF and CME have not reached a definitive
marketing agreement by September 15, 1997, respecting marketing of the Licensed
Software to third parties, SBF's use of the Modifications and CME Enhancements
will be limited to use in its own business.

      9.3   CME USE OF SBF ENHANCEMENTS.

                                       14

<Page>

      Subject to the terms of this Agreement, CME shall have the right to use
any enhancements made by SBF to the Licensed Software, whether made for SBF or
another licensee of the Licensed Software, provided that SBF has the legal right
to do so and further provided that SBF and CME shall agree on a reasonable fee
for such use, which fee shall be determined in good faith.

      9.4   INTELLECTUAL PROPERTY NOTICES.

      CME will ensure that all copyright, patent, proprietary and trade secret
notices of SBF will remain on the Licensed Software in an unmodified form, and
on all Licensed Materials.

      9.5   CONFIDENTIAL INFORMATION.

      CME acknowledges that the Licensed Software and Licensed Materials contain
proprietary and Confidential Information of SBF. CME agrees to safeguard the
Licensed Software and Licensed Materials by employing the highest degree of care
and diligence that it takes to safeguard its own most confidential information,
and such care shall not be any less than would be taken by a reasonable company
to safeguard such information. SBF acknowledges that CME may engage, with the
prior written approval of SBF, Persons to assist in the modification of the
Licensed Software and that CME may disclose the Licensed Software and Licensed
Materials to such Persons so long as CME has obtained from them a written
agreement to be bound by confidentiality provisions of equal scope to those in
this Agreement.

      However, with respect to the Persons listed in Exhibit 5 (which may be
amended from time to time by SBF), CME acknowledges that it will need the prior
written approval of SBF, which SBF shall not unreasonably withhold, in order to
use such subcontractors or any company directly or indirectly affiliated to such
subcontractors.

      The parties recognize that a breach of this Section 9.5 by the other party
may give rise to irreparable injury to the non-breaching party such that
remedies other than injunctive relief may not be adequate. Accordingly, the
non-breaching party has the right to seek from the "Tribunal de Grande Instance
de Paris" (France) equitable and injunctive relief to prevent the threatened or
actual unauthorized use of Licensed Software and Licensed Materials or
disclosure of the non-breaching party's Confidential Information.

      9.6   INFORMATION NOT PROTECTED.

      The protection to be accorded to Confidential Information to be disclosed
pursuant to this Agreement does not and will not extend to any information for
which it can be proved by documentary evidence produced by the receiving party:

            (a)  is already known to it or is in its possession before the
disclosure pursuant to this Agreement, free from any obligation to keep it
confidential;

            (b)  is or becomes publicly known through no wrongful act or
default of the receiving party;

                                       15

<Page>

            (c)  is received by a third Person without similar obligations of
confidence and without breach of this Agreement;

            (d)  is independently developed by the receiving party;

            (e)  is disclosed to a third party by the disclosing party
without similar restrictions on that third party's rights of disclosure;

            (f)  is approved for release by the prior written authorization
of the disclosing party; or

            (g)  constitutes General Know-How.

      9.7   NON-COMPETITION.

      In the event that CME determines to develop another electronic trading
system not based on the Licensed Software, CME agrees to give SBF *****
months prior written notice of its intention to develop such system, provided
that CME may begin using such new system prior to the expiration of such
***** month period. During such ***** month period, CME may continue to use
the Licensed Software and the Licensed Materials for its own use. CME may
utilize General Know-How in conjunction with its new development efforts;
including, without limitation, a joint development effort in conjunction with
another exchange. However, CME may not provide General Know-How to third
parties with whom it is not jointly developing a new electronic trading
system.

                      ARTICLE 10 - TERM AND TERMINATION

      10.1  TERM AND TERMINATION.

      The term of this Agreement shall commence on the Effective Date and shall
continue for 25 years, unless terminated: (a) by the mutual written agreement of
the parties; or (b) by an award of the arbitrators rendered pursuant to Section
11.2 for a material breach of the Agreement which remains uncured after 30 days
following receipt of notice of such failure from the other party.

      10.2  RETURN MATERIALS.

      On any termination of this Agreement, other than a termination caused by
SBF's breach of this Agreement, CME shall return the Licensed Software and
Licensed Materials to SBF and shall certify, under the hand of a duly authorized
officer of CME, that the original and all copies of the Licensed Software and
Licensed Materials have been given up to SBF, all records or copies of the
Licensed Software or Licensed Materials in computer memory have been destroyed,
and that no copies of any part of the Licensed Software and Licensed Materials,
in any form, remain in possession or control of CME.

      10.3  RIGHTS OF ACTION.

                                       16

<Page>

      Termination of this Agreement will not affect any right of action of
either party arising from anything which was done or not done, as the case may
be, prior to such termination taking effect.

                          ARTICLE 11 - GENERAL

      11.1  FORCE MAJEURE.

      Neither party shall be liable for delay or failure in performance, except
the payment of money, resulting from acts beyond the control of such party,
including, but not limited to Acts of God, acts of war, fire, flood, or other
disaster, act of government, strike, lockout, communication line or power
failures.

      11.2  GOVERNING LAW; ARBITRATION; AND CHOICE OF JURISDICTION.

            (a) The construction, validity and performance of this Agreement
will be governed in all respects by the laws of France.

            (b) Except as may arise pursuant to Section 9.5 hereof, all
disputes and claims arising in connection with this Agreement, whether during
or after the term hereof, shall be submitted for a final determination to
arbitration under the then-current Rules of Conciliation and Arbitration of
the International Chamber of Commerce ("ICC"), as may be modified or
supplemented by this Section 11.2. Such arbitration shall be held in Paris,
France conducted in the English language. The arbitration panel shall consist
of three arbitrators. SBF and CME expressly agree that the arbitrators shall
permit each party: (1) to request, and shall compel each party to produce for
the other party reasonably in advance of any hearing, any relevant documents,
evidence or witnesses; and (2) to call and question any witness, including
any expert witness, and to cross-examine any witness called by its opponent.
The award of the arbitrators shall be final and shall constitute the
exclusive remedy of SBF and CME for all claims, counterclaims, issues or
accounting presented or plead to the arbitrators. Each award by the
arbitrators shall: (1) be granted and paid in United States Dollars; (2) if
such award includes payment from one party to another, include interest at
the rate of one percent per month from the date of breach or other violation
of the Agreement until the date the award is fully paid; and (3) include the
cost of the arbitration and the prevailing party's reasonable attorneys' fees
and expenses. Judgment upon the final arbitral award may be entered in any
court that has jurisdiction thereof. Any additional costs, fees or expenses
incurred by the prevailing party in enforcing the arbitral award shall be
charged against and paid by the party that resists its enforcement.

      11.3  ASSIGNMENT OR DELEGATION.

      Neither party may assign its rights or delegate its obligations hereunder
to any third parties without the prior written consent of the other party.

      11.4  NOTICES.

                                       17

<Page>

      Any notice or communication to be given under this Agreement may be
effectively given by delivering the same at the addresses listed below or by
sending the same by prepaid registered mail or facsimile to the parties at such
addresses. Any notice so mailed shall be deemed to have been received on the
fifth day next following the mailing thereof provided the postal service is in
operation during such time and any notice sent by facsimile shall be deemed to
have been received on transmission. The mailing addresses and facsimile numbers
of the parties for the purposes of this Agreement shall respectively be:

      IN THE CASE OF SBF:

      SBF Bourse de Paris
      39, rue Cambon
      75001 PARIS, FRANCE
      Attention:  President Directeur General
      Facsimile:  (33 1) 49.27.11.12.

      WITH A COPY TO:

      SBF Bourse de Paris
      39, rue Cambon
      75001 PARIS, FRANCE
      Attention:  Direction Informatique
      Facsimile: (33 1) 49.27.14.16

      IN THE CASE OF THE CME:

      CHICAGO MERCANTILE EXCHANGE
      30 South Wacker Drive
      CHICAGO, ILLINOIS, 60606 U.S.A.
      Attention:  T. Eric Kilcollin, President and Chief Executive Officer
      Facsimile:  (312) 648-3625

      WITH A COPY TO:

      CHICAGO MERCANTILE EXCHANGE
      30 South Wacker Drive
      CHICAGO, ILLINOIS, 60606 U.S.A.
      Attention:  Paul B. O'Kelly, Senior Vice President and General Counsel
      Facsimile:  (312) 930-3323

      Either party may from time to time notify the other, in accordance with
the provisions of this Agreement, of any change of address or facsimile number
which thereafter, until changed by like notice, shall be the address or
facsimile number of such party for all purposes of this Agreement.

      11.5  COMPLETE AGREEMENT.

                                       18

<Page>

      This Agreement and the Exhibits attached hereto contain the complete and
exclusive statement of the Agreement between the parties with respect to the
subject matter hereof and supersedes all prior and contemporaneous agreements,
understandings, proposals, negotiations, representations or warranties of any
kind, whether oral or written.

      11.6  SEVERABILITY.

      If any provision of this Agreement is declared by a court of competent
jurisdiction to be invalid, illegal or unenforceable, such provision shall be
severed from the Agreement and the other provisions will remain in full force
and effect.

      11.7  AMENDMENT.

      No provision of this Agreement may be amended, altered or waived except by
a further written agreement between the parties.

      11.8  NO WAIVERS.

      No failure on the part of either party to insist upon strict adherence to
any term or provision of this Agreement on any occasion shall be considered a
waiver of that term or provision and shall not deprive either party of the right
to subsequently insist upon strict adherence to that term or provision or any
other term or provision of this Agreement.

      11.9  CONSENTS, APPROVALS AND REQUESTS.

      All consents and approvals to be given by a party under this Agreement
shall not be unreasonably withheld or delayed, and each party shall make only
reasonable requests, under this Agreement.

      11.10 SURVIVAL.

      In the event of the termination or expiration of this Agreement, the
provisions of Sections 7.3, Article 8, Article 9, Section 11.2, Section 11.6 and
Section 11.8 shall remain in full force and effect, until such time as the
parties mutually agree to the release of the terms thereof.

                                      19

<Page>

IN WITNESS WHEREOF, SBF and CME have executed this Agreement as of the Effective
Date.

THE CHICAGO MERCANTILE EXCHANGE

By:  /s/ John F. Sandner
    --------------------------------
      Mr. John F. Sandner
      Chairman of the Board

THE CHICAGO MERCANTILE EXCHANGE

By:  /s/ Leo Melamed
    --------------------------------
      Mr. Leo Melamed
      Chairman Emeritus

SOCIETE DES BOURSES FRANCAISES

By:  /s/ Jean-Francois Theodore
    --------------------------------
      Mr. Jean-Francois Theodore
      Chairman and Chief Executive Officer

SOCIETE DES BOURSES FRANCAISES

By:  /s/ Dominique Brutin
    --------------------------------
      Mr. Dominique Brutin
      Senior Executive Vice President

                                       20

<Page>

                                    EXHIBIT 1

                                 SBF/GL PROPOSAL

                                    *****

                                     E1-1

<Page>

                                    EXHIBIT 2

                             SPECIFICATIONS DOCUMENT

                                    *****

                                     E2-1

<Page>

                                    EXHIBIT 3

                      DESCRIPTION OF HARDWARE CONFIGURATION

                Tandem K Series hardware running NSK-Guardian

                                     E3-1

<Page>

                                    EXHIBIT 4

                                   CLEARING 21
                  SOFTWARE LICENSE AND DEVELOPMENT AGREEMENT

                                    *****

                                     E4-1

<Page>

                                    EXHIBIT 5

                           LIST OF RESTRICTED PERSONS

                                    *****

                                     E5-1

<Page>

                                    EXHIBIT 6

                 DESCRIPTION OF THE CENTRAL SERVICES SYSTEMS

                                    *****

                                     E6-1
<Page>

                                  AMENDMENT

This is Amendment Number 1 to the Central Services System (NSC) Software License
and Development Agreement between Societe des Bourses Francaises ("SBF") and
Chicago Mercantile Exchange ("CME"), which became effective on June 5, 1997. The
CLEARING 21/NSC Marketing Letter of intent, which also became effective on June
5, 1997, is hereby terminated.

Capitalized terms used but not defined in this Amendment Number 1 shall have the
meaning set forth in the Central Services System (NSC) Software License and
Development Agreement; or, if any such capitalized term is likewise not therein
defined, shall have the meaning set forth in an agreement entitled CLEARING 21
Software Marketing and Distribution Agreement.

This Amendment is effective this 24th day of February, 1998, which is the same
effective date as the effective date of the CLEARING 21 Software Marketing and
Distribution Agreement. Except as set forth herein, all provisions of the
Central Services System (NSC) Software License and Development Agreement shall
remain unchanged and in full force and effect.

Article 4 of the Central Services System (NSC) Software License and Development
Agreement is hereby amended to conclude with a new Section 4.4, as set forth
below.

"4.4  NSC LICENSE FEE.

SBF has accepted certain additional license rights in the CLEARING
21-Registered Trademark- system pursuant to the terms of the aforesaid
CLEARING 21 Software Marketing and Distribution Agreement, and certain
further license rights as a consequence of the execution simultaneously
therewith of Amendment Number 1 to the CLEARING 21 Software License and
Development Agreement between SBF and CME dated June 5, 1997. In
consideration of the extension of SBF's license rights in the CLEARING 21
system as set forth above, of the special obligations agreed to by CME in
section 4.6 of the aforesaid CLEARING 21 Software Marketing and Distribution
Agreement relating to the services of a full-time marketing specialist, and
of the positive promotional impact that disclosure of CME's decision to adopt
the Central Services Systems is anticipated to have on other derivatives
exchanges considering licensing of the Central Services Systems from SBF, SBF
agrees to pay CME ***** of any gross license fee received by SBF for any
license of the Central Services Systems to a derivatives exchange in the
United States, and ***** of any gross license fee received by SBF for any
license of the Central Services Systems to a derivatives exchange elsewhere
in the world."

CHICAGO MERCANTILE EXCHANGE            SOCIETE DES BOURSES FRANCAISES

By /s/ T. Eric Kilcollin               By /s/ Jean-Francois Theodore
   ------------------------------        --------------------------------

Title  President and CEO               Title  President
      ---------------------------            ----------------------------

                                       1

<Page>

                                    AMENDMENT

This is Amendment Number 2 to the Central Services System (NSC) Software License
and Development Agreement (the "Agreement") between Societe des Bourses
Francaises ("SBF") and Chicago Mercantile Exchange ("CME"), which became
effective on June 5, 1997. This Amendment is effective this 13th day of July,
1998. Capitalized terms used but not defined in this Amendment shall have the
meaning set forth in the Agreement. Except as set forth herein, all provisions
of the Agreement shall remain unchanged and in full force and affect.

Section 9.2 of the Agreement is hereby amended to read as follows:

      "9.2  SBF OWNERSHIP AND USE OF MODIFICATIONS AND CME ENHANCEMENTS.

      CME acknowledges that all Modifications and CME Enhancements are the
exclusive property of SBF. SBF, in its sole discretion, may utilize such
Modifications and CME Enhancements as SBF deems appropriate, without any
accounting to CME therefor. During the term hereof, on each anniversary of the
Effective Date, CME shall, at its own expense, provide SBF with a
machine-readable copy of the software, in object and source code format, for all
such Modifications and CME Enhancements, related documentation, and any other
changes made to the Licensed Software and Licensed Materials during the previous
12 month period."

CHICAGO MERCANTILE EXCHANGE            SOCIETE DES BOURSES FRANCAISES

By /s/ Donald D. Serpico               By /s/ F. G. Hamonic
   ------------------------------        --------------------------------

Title  Exec. V.P., Operations          Title  Senior Exec. V.P.
      ---------------------------            ----------------------------

                                       1

<Page>

                                    AMENDMENT

This is the Second Amendment to the Central Services System (NSC) Software
License and Development Agreement between Euronext-Paris, the successor of
Societe des Bourses Francaises ("SBF") and Chicago Mercantile Exchange Inc., the
successor to Chicago Mercantile Exchange ("CME"), which became effective on June
5, 1997. This Second Amendment is executed simultaneous with the Clearing 21
Software Sublicense Agreement between SBF, CLEARNET, CME and the New York
Mercantile Exchange Inc. ("NYMEX"), dated January 30, 2001, as well as the
Restatement of the Clearing 21 Software Marketing and Distribution Agreement,
between SBF, NYMEX and CME, dated January 30, 2001.

Capitalized terms used but not defined in this Second Amendment shall have the
meaning set forth in the Central Services System (NSC) Software License and
Development Agreement; or, if any such capitalized term is likewise not therein
defined, shall have the meaning set forth in an agreement entitled CLEARING 21
Software Marketing and Distribution Agreement.

This Amendment is effective this 30th day of January, 2001. Except as set forth
herein, all provisions of the Central Services System (NSC) Software License and
Development Agreement shall remain unchanged and in full force and effect.

1. Sections 1.1(d) and 1.1(e) of Article 1 of the Central Services System (NSC)
Software License and Development Agreement is hereby amended as follows:

      (d) "Approved Exchanges" means exchanges, trading platforms, or clearing
organizations with which CME has, during the term hereof, Cooperation Agreements
and any other exchanges, trading platforms, or clearing organizations approved
by SBF, which approval shall not be unreasonably withheld.

      (e) "Authorized Users means CME, its member organization and all other
Persons duly authorized to trade on the CME, including, without limitation, any
member organizations or members of Approved Exchanges that CME has so
authorized, solely in connection with their trading activity on the CME in
accordance with and defined by the By-laws or rules of the CME."

2. Section 2.1 of Article 2 of the Central Services System (NSC) Software
License and Development Agreement is hereby amended as follows:

      "2.1  GENERAL GRANT.

      Subject to the terms and conditions of this Agreement, from the date of
this Agreement, SBF grants to the CME and CME accepts, a non-exclusive and
non-transferable license to: (a) use the Licensed Software (including the source
and object codes) and the Licensed Materials for the trading of: (i) CME listed
products and for the trading of the products of Approved Exchanges, by
Authorized Users; (ii) U.S. Dollar denominated repurchase agreements involving
non-European sovereign debt obligations and (iii) such other products not
covered by Subsections (i) or (ii) above which CME and

                                       1

<Page>

SBF may mutually agree upon, in writing, subsequent to the Effective Date
hereof; and (b) modify and enhance the Licensed Software. The uses permitted
by Subsections (a) and (b) above shall be at the location selected from time
to time by the CME and on the hardware configuration designated by the CME.
The licenses granted by SBF to CME hereunder shall include the right to
permit the operation of the Licensed Software and the Licensed Materials by
P.M.T. Limited Partnership (an Illinois limited partnership in which CME is
the general partner and CME's members and clearing member firms are limited
partners). The CME shall provide SBF with written notice of the locations of
the designated hardware configuration used by the CME to operate the Licensed
Software. Following the 90 day warranty period described in Article 6, CME
may modify the hardware configuration."

3. Article 4 of the Central Services System (NSC) Software License and
Development Agreement, as amended on February 24, 1998 (Amendment Number 1), is
hereby amended to conclude with new Sections 4.5, 4.6 & 4.7, as set forth below.

      "4.5  REPORTING REQUIREMENTS.

      (a) REPORTING OF FEES. Within fifteen calendar days of the end of each
calendar quarter beginning with the first calendar quarter in which a payment is
due to CME hereunder, SBF shall send CME a written report for such calendar
quarter and cumulatively for the calendar year a detailed account of all fees
due to CME under this Agreement including: identification of each Sublicensee by
name and specific site or location; authorized type/model and number of
computers; date of sublicense agreement; date of installation of each such
Licensed Software; effective dates of maintenance agreements; effective dates
and details of any events that impact or affect fees owed by SBF to CME under
this Agreement (e.g., implementation or deployment of the Licensed Software by a
third party); and, the breakdown of SBF's and CME's respective shares of fees
and charges accrued and paid (expressed in both the currency of payment and in
U.S. dollars). Upon request, SBF shall promptly provide CME with copies of all
invoices relevant to the calculation of fees due.

      (b) REPORTING OF EXECUTED LICENSE AGREEMENTS. Additionally, SBF shall be
required to notify CME in writing of all license agreements executed under this
Agreement. Such notification shall occur within fifteen calendar days of the
execution of the license agreement and shall include a copy of the fee and
payment schedule associated with each such license agreement.

      4.6   PAYMENTS OF FEES.

      Any payment due from SBF to CME under this shall be paid to CME at the
date of the quarterly report of fees required by Section 4.5(a). SBF agrees to
make payments due hereunder to CME in U.S. dollars, at the then-prevailing
exchange rate on the date payment is effected by SBF. If local law or accounting
principles require that SBF pay only in response to an invoice, SBF shall
prepare an invoice in the appropriate form and forward it to CME for signature
and presentation. SBF shall supply sufficient detail to explain its calculation
of the payments owing to CME and will provide copies of relevant

                                       2

<Page>

materials upon request. Failure by SBF to make payments to CME within 45
calendar days of the end of each calendar quarter shall constitute a material
breach of this Agreement.

      4.7   RIGHT TO AUDIT RECORDS.

      CME shall have the right, upon reasonable notice, by independent audit and
at its own expense, to audit SBF's records as they affect amounts payable to CME
under this Agreement. If any such audit results in a determination that there
has been an under payment greater than 15% of the payment actually made, then
the costs of the audit shall be borne by SBF."

EURONEXT-PARIS

/s/ Jean-Francois Theodore
-----------------------------------
By Mr. Jean-Francois Theodore
Chairman and Chief Executive Officer

CHICAGO MERCANTILE EXCHANGE INC.

/s/ James J. McNulty
-----------------------------------
By Mr. James J. McNulty
President and Chief Executive Officer

                                       3<Page>

                                                            Exhibit 10-11

Portions of this exhibit have been omitted pursuant to a request for
confidential treatment filed with the Securities and Exchange Commission. The
omissions have been indicated by asterisks ("*****"), and the omitted text has
been filed separately with the Securities and Exchange Commission.

    AGREEMENT ON DEVELOPMENT AND MAINTENANCE BETWEEN EURONEXT AND THE CME

This agreement is made between Euronext, a cooperative corporation organized and
existing under the laws of the Kingdom of Belgium, with its principal place of
business at 39, rue Cambon 75001 Paris, France and the Chicago Mercantile
Exchange ("CME"), a not-for-profit corporation existing and organized under the
laws of the State of Illinois, with its principal place of business at 30 South
Wacker Drive, Chicago, Illinois, U.S.A.

1.    PURPOSE OF THE AGREEMENT

      This Agreement is designed to describe the maintenance, support and
      development services provided to the CME by Euronext, a corporation that
      specializes in the conception and development of trading systems and in
      the marketing of these systems to exchanges and other financial
      institutions throughout the world. This Agreement also sets out the
      general procedures to be followed by the CME in identifying modifications
      to the Central Services System, the HUB API or other systems to meet its
      business needs and in submitting those needs to Euronext for its
      development.

2.    DEFINITIONS

      A.    ANNUAL CME DEVELOPMENT PLAN means the plan described in paragraph
            4(B) below.

      B.    ANNUAL COMMON DEVELOPMENT PLAN means the plan described in paragraph
            3(B) of the Agreement on GLOBEX-Registered Trademark- Common
            Development between SBF and the CME.

      C.    BUSINESS FUNCTIONAL SPECIFICATIONS are a written expression of the
            general business requirements and operation of a project, but do not
            include a detailed technical description of each function or system
            included in the project.

      D.    CENTRAL SERVICES SOFTWARE means the software described in Exhibit 5,
            as it currently exists or is later enhanced, that is licensed to CME
            pursuant to the NSC License.

      E.    CENTRAL SERVICES SYSTEM has the meaning given to that term in the
            NSC License.

                                       1

<Page>

      F.    CLASS 1 ERROR. An error will be classified as a Class 1 Error if the
            Central Services Software cannot process critical functions in CME's
            commercial production environment. Critical functions include any
            function that, if not processed correctly, will result in a halt to
            trading in one of the markets being served or will result in an
            inability to clear trades executed in one of the markets being
            served.

      G.    CLASS 2 ERROR. An error will be classified as a Class 2 Error if the
            Central Services Software fails to meet the specifications documents
            in a way that makes continued use of the Central Services Software
            inconvenient in any material respect or substantially reduces its
            value to CME.

      H.    CLASS 3 ERROR.  All other errors that do not have the
            consequences defined for Class 1 Errors and Class 2 Errors.

      I.    COMMON DEVELOPMENTS means those major initiatives and projects that
            constitute "common developments" as that term and any payment
            obligations are defined in the GLOBEX MOU.

      J.    COMMON DEVELOPMENT STEERING COMMITTEE means the steering committee
            identified in paragraph 3(A) of the Agreement on GLOBEX-Registered
            Trademark- Common Development between SBF and the CME.

      K.    COMMON SOFTWARE shall mean the New York Stock Exchange's software
            used as a utility to develop and operate the Central Services
            Software.

      L.    CONFIDENTIAL EXCHANGE INFORMATION means any non-public
            information relating to the SBF's or CME's internal business
            operations including, but not limited to, information about
            exchange members or member firms, their trading positions and
            their trading history; information relating to each exchange's
            independent software vendors, including their names, technical
            requirements and business plans; financial information relating
            to an exchange's budget or its actual expenditures or potential
            expenditures on non-Common Development work; business plans,
            technology plans and marketing strategies that are not included
            in the final Annual Common Development Plan; and other
            information relating to the core trading and clearing work of
            either exchange.

      M.    EURONEXT RESOURCE COMMITMENT means the Euronext staff resources
            identified in the Annual CME Development Plan as described in
            paragraph 4.

      N.    GLOBEX MOU means the GLOBEX Alliance Memorandum of Understanding, to
            be signed February 8, 1999 by the CME, SBF and SIMEX, and any later
            definitive agreement arising from that MOU.

      O.    HUB API means the Basic API and the Enhanced API as those terms
            are defined in the HUB API Co-Ownership Agreement.

                                       2

<Page>

      P.    HUB API CO-OWNERSHIP AGREEMENT means the Basic and Enhanced
            Application Programming Interface ("API") Ownership and Development
            Agreement, signed by CME and Euronext on February 8, 1999.

      Q.    MAXIMUM RESOURCE COMMITMENT means 2,640 days of work each year.

      R.    MINIMUM RESOURCE COMMITMENT means 1,320 days of work each year.

      S.    NEW VERSION means the next generation of Central Services
            Software containing significant functional or technical upgrades.

      T.    NEW RELEASE means changes in a version of the Central Services
            Software correcting defaults and introducing some minor functional
            or technical enhancements, without changes in the Central Services
            Software architecture.

      U.    NSC LICENSE means the Central Services System (NSC) Software License
            and Development Agreement between the CME and SBF Bourse de Paris,
            dated June 5, 1997, which was later assigned to Euronext.

      V.    PERSON means an individual, corporation, partnership, trustee,
            trust, regulatory body or agency, government or governmental agency
            or other entity (however designated or constituted) and any
            unincorporated organization.

      W.    SUPPLIER shall mean any person, firm or corporation that supplies
            materials or any services, necessary for the execution of all or
            part of this Agreement, under contract with Euronext.

      X.    SYNTEC INDEX shall mean the index published by the Federation
            Syntec, 3 rue Leon Bonnat- 75016 Paris.

3.    MAINTENANCE AND SUPPORT SERVICES

      A.    DESCRIPTION OF MAINTENANCE SERVICES PROVIDED

            Throughout the term of this Agreement, Euronext will provide the
            following maintenance services to the CME.

            1.    HOT-LINE SUPPORT.  If the CME experiences a problem with
                  the daily operation of the Central Services Software, the
                  HUB API or any other system later covered by this
                  Agreement, CME shall be entitled to call the Euronext
                  Hot-Line. The Euronext Hot-Line telephone number and
                  working hours are described in Exhibit 1. Euronext may
                  change its Hot-Line telephone number or provide additional
                  numbers by giving written notice to the CME. Euronext
                  confirms that its Hot-Line will be answered in person (not
                  by voice mail or another sort of answering system) and that
                  CME's calls will

                                       3

<Page>

                  not be placed on hold for more than one minute before CME
                  is able to talk with a qualified Euronext representative
                  about a problem.

                  Attached to this Agreement as Exhibit 2 is a list of up to
                  seven (7) CME representatives entitled to call the Euronext
                  Hot-Line. The CME can change this list by giving written
                  notice to Euronext.

                  After CME makes a call to the Hot-Line, CME shall confirm the
                  call within 30 minutes after the call by faxing an error
                  report indicating the number, date and hour of the call, an
                  accurate and reasonably detailed description of the problem
                  encountered and a fair classification of the impact on CME
                  according to the error correction levels described in
                  paragraph 3 (A)(2), below.

                  Upon request from Euronext, the CME shall, at its own cost,
                  provide to a designated Euronext representative any requested
                  information, such as paper or electronic files relating to the
                  error and access to the production environment.

                  CME's working day schedule is defined in Exhibit 3. Any update
                  to this schedule shall be communicated to Euronext with at
                  least two weeks' prior notice, except that CME shall give
                  Euronext at least one month's notice of any changes to the
                  schedule for the months of July and August.

            2.    ERROR CORRECTION

                  (a)   For a Class 1 Error, a Euronext representative
                        qualified to address the specific problem at issue
                        shall contact CME within 15 minutes after receiving
                        the initial Hot-Line call and shall take immediate
                        and continuous action (beginning in no case later
                        than one hour after receiving the initial Hot-Line
                        call) to correct the reported error or to provide a
                        temporary circumvention. Euronext shall make all
                        reasonable efforts to correct the reported error or
                        to provide temporary circumvention within three hours
                        after receiving the initial Hot-Line call. Throughout
                        Euronext's work, it shall keep CME regularly informed
                        of its progress.

                  (b)   For a Class 2 Error, Euronext shall respond to the
                        error report within two business days and make all
                        reasonable efforts to provide a correction or a
                        reasonable circumvention within five business days
                        after receiving the initial Hot-Line call. Throughout
                        Euronext's work, it shall keep CME informed of its
                        progress through verbal progress reports given at
                        least once every 48 hours.

                                       4

<Page>

                  (c)   For a Class 3 Error, Euronext shall make all
                        reasonable efforts to provide correction or a
                        reasonable circumvention within two months.
                        Throughout Euronext's work, it shall keep CME
                        informed of its progress through written progress
                        reports delivered every other Monday after CME's
                        initial Hot-Line call or through another reporting
                        mechanism identified by CME.

            3.    EMERGENCY ON-SITE INTERVENTION. In the event that a Class 1
                  Error or Class 2 Error cannot be solved through hot-line
                  intervention or remote diagnostic and intervention methods,
                  CME and Euronext may jointly decide that an intervention of
                  Euronext staff is required at CME's site.

                  In such case, Euronext shall take immediate action to provide
                  the appropriate resources at CME's site. CME shall reimburse
                  Euronext for the travel and living expenses of its
                  representatives as described in paragraph 3(D)(4), but shall
                  not be required to make further payment to Euronext for these
                  emergency on-site services, unless it is later determined that
                  the error was not caused by the Central Services Software, the
                  HUB API or any other system covered by the Agreement. If the
                  error is later determined to be caused by a system that is not
                  covered by the Agreement, the CME shall compensate Euronext
                  for its efforts at a rate of ***** per person per day (in
                  addition to the travel and lodging expenses already reimbursed
                  as required above).

            4.    DELIVERY OF NEW RELEASES.  At CME's request, Euronext shall
                  deliver to CME, at no additional cost to the CME, New
                  Releases for the Central Services Software that are
                  produced at the software development base in Paris;
                  provided, however, that the CME must pay any additional
                  costs associated with any on-site intervention work
                  authorized pursuant to paragraph 3(C). CME is responsible
                  for the installation of any New Releases at CME's site.

            5.    CONTRACT MANAGEMENT. All issues related to the maintenance
                  provided in this Agreement shall be managed by a Euronext
                  account manager, designated from time to time by Euronext who
                  shall be the contact person with the CME. The name and phone
                  number of the Euronext account manager are provided in Exhibit
                  4.

            6.    MAINTENANCE FOR LATER ENHANCEMENTS OR MODIFICATIONS. In
                  exchange for the increased fees described in paragraph
                  3(D)(3) below, Euronext will provide the maintenance
                  services described in this Agreement for any modifications
                  or enhancements to the Central Services Software and the
                  HUB API and for any other

                                       5

<Page>

                  development work provided under this Agreement. These
                  maintenance obligations will begin not later than the end
                  of the 90-day warranty period relating to that work. When a
                  new project becomes included under the maintenance
                  provisions of this Agreement, the parties will revise, and
                  sign, Exhibit 5 accordingly.

      B.    MAINTENANCE SERVICES NOT PROVIDED

            Euronext shall provide the services described in paragraph 3(A)
            above except when: (1) the error originates from a system other than
            the Central Services Software, the HUB API or any other system
            covered by this Agreement; (2) the error is due to the usage of the
            Central Services Software without respecting the environment
            prerequisite as described in the installation manual or any
            contractual document; (3) no maintenance agreement exists between
            CME and SIAC concerning the Common Software; (4) the error arises
            from any changes to the Central Services Software or HUB API source
            code that has not been approved by Euronext; or (5) the error arises
            from any significant modifications made by the CME, to the
            configuration or environment of the Central Services Software or the
            HUB API or to the configuration or environment specified for any
            later project at the time of its delivery about which Euronext has
            either not received notice or has confirmed that its maintenance
            obligations cannot continue if the changes are made. (For purposes
            of this Agreement, extensions built on top of a system will be
            considered a modification to the configuration or environment of
            that system). The CME will provide notice to Euronext, through a
            mutually-agreed upon mechanism, of all significant changes described
            above. If Euronext believes the proposed change will cause its
            maintenance obligations to end, it will so notify the CME within
            five (5) business days. If CME does not receive any notice within
            this five-day period, Euronext will be deemed to have approved the
            change; provided, however, that Euronext can later notify CME that a
            previously-approved change cannot prospectively receive maintenance
            support. Euronext and the CME will work together to jointly agree
            upon specific guidelines for identifying the types of significant
            changes that must be reported to Euronext and that might cause
            Euronext to end its maintenance obligations. That set of guidelines
            will be finalized and attached as Exhibit 6 to this Agreement no
            later than March 12, 1999.

      C.    DESCRIPTION OF SUPPORT SERVICES PROVIDED

            If the CME asks Euronext to provide additional support services that
            relate to the Central Services Software, the HUB API or any other
            project developed under this Agreement and that are not covered by
            paragraph 3(A) above or any development arrangement described in
            paragraph 4 below, Euronext shall make all reasonable efforts to
            provide this service. These services shall be charged to CME at a
            rate of ***** per person per

                                       6

<Page>

            day and CME shall reimburse Euronext for the travel and living
            expenses of its representatives as described in paragraph 3(D)(4).

      D.    MAINTENANCE FEES AND OTHER COSTS

            1.    NSC MAINTENANCE FEES. Euronext shall perform the maintenance
                  services described in paragraph 3(A) above, during the period
                  from January 1, 1999 through December 31, 1999, in return for
                  the payment of a fixed annual fee of *****. The CME shall make
                  this payment no later than thirty (30) days after receiving an
                  appropriate invoice from Euronext.

            2.    HUB API MAINTENANCE FEES.  Euronext shall perform the
                  maintenance services described in paragraph 3(A) above,
                  beginning on the first day after the 90-day warranty period
                  for the HUB API expires and ending on December 31, 1999, in
                  return for the payment of a pro-rated portion of the annual
                  fee of *****. This pro-rated fee will be calculated in a
                  way to ensure that the CME is paying only for the portion
                  of the year that remains after the 90-day warranty period
                  has expired. The CME shall make this payment no later than
                  thirty (30) days after receiving an appropriate invoice
                  from Euronext.

            3.    ANNUAL FEE INCREASES

                  Each additional year during the Term of this Agreement, the
                  annual maintenance fee shall be adjusted in the following
                  ways:

                  (a)   The maintenance fee shall be adjusted to reflect the
                        increases in the Syntec Index between the first and last
                        day of each calendar year.

                  (b)   The maintenance fee shall also be adjusted, at the
                        beginning of each calendar year and no more than
                        twice during each calendar year of the Agreement to
                        reflect an additional amount equal to ***** of the
                        difference between the value of the Central Services
                        Software with any New Version purchased by the CME or
                        new project completed pursuant to a work order under
                        this Agreement and the value of the Central Services
                        Software as it existed immediately prior to the
                        release or completion of the project. For purposes of
                        this Agreement, the parties recognize that the
                        Central Services Software had a value, as of December
                        31, 1998, of *****. The parties also agree that, for
                        the purpose of identifying the additional maintenance
                        fee related to the HUB API, they will use the
                        estimated value of a license, which is *****. These
                        New

                                       7

<Page>

                        Version or new project-related increases shall be
                        prorated so that the CME pays the increased fee only
                        for the portion of the year that remains after the
                        New Version has been released or the 90-day warranty
                        period associated with a new project has expired.

            4.    EURONEXT TRAVEL AND LIVING EXPENSES. CME agrees that it shall
                  be responsible for the full reimbursement of transportation
                  expenses (business class airfare on airlines), as well as
                  payment of ***** per person per day for the accommodation and
                  related expenses of Euronext consultants and technicians
                  working in Chicago to perform services under this Agreement.

                  Euronext shall be responsible for purchasing and making the
                  appropriate hotel and travel reservations. Euronext shall
                  submit to the CME a written invoice for payment of these
                  expenses and must attach receipts showing the airfare
                  associated with each person's travel.

4.    SERVICES PROVIDED UNDER THE ANNUAL CME DEVELOPMENT PLAN

      A.    EURONEXT RESOURCE COMMITMENT

            During each year of the Agreement, CME shall be entitled to require
            Euronext to provide either development work associated with the
            Annual CME Development Plan or training specified by the CME for the
            number of days (in 220-day increments) that is not less than the
            Minimum Resource Commitment and not more than the Maximum Resource
            Commitment. CME shall have the right, upon giving 120 days' prior
            written notice to Euronext, to increase the initial commitment level
            identified in each year's Annual CME Development Plan up to the
            Maximum Resource Commitment. If the CME requests that Euronext
            perform development work or training that exceeds the Maximum
            Resource Commitment for the year, Euronext shall provide those
            services on a reasonable efforts basis.

            The CME shall pay Euronext ***** each year for the Minimum Resource
            Commitment and shall pay Euronext an additional ***** for each
            additional 220 days of work required by the Annual CME Development
            Plan. The ***** figure will be pro-rated, if the CME increases the
            Euronext Resource Commitment as permitted above, so that the CME
            pays only for the portion of the year after Euronext has notified
            CME that these additional resources are available. These amounts
            shall be adjusted each year to reflect the increases in the Syntec
            Index between the first and last days of each year. CME shall make
            these payments in four equal installments during the first ten (10)
            days of each calendar quarter

                                       8

<Page>

            throughout the year; provided, however, that the payment for the
            first quarter of 1999 shall be made, based on an assumption that
            the Annual CME Development Plan will require at least the Minimum
            Resource Commitment, no later than February 18, 1999. If the CME
            increases the Euronext Resource Commitment as permitted above,
            the CME's remaining payment installments shall be increased
            correspondingly to account for the prospectively increased costs.
            CME understands that any part of the Euronext Resource Commitment
            that remains unused at the end of the year will be forfeited.

      B.    PREPARATION OF THE ANNUAL CME DEVELOPMENT PLAN

            1.    PRELIMINARY DRAFT OF THE ANNUAL CME DEVELOPMENT PLAN. No later
                  than October 1 of each year, Euronext will provide the CME
                  with a preliminary description of its planned development work
                  for the next year.

                  No later than five (5) business days after October 15 of each
                  year, the CME will provide Euronext with a preliminary draft
                  of the Annual CME Development Plan for the upcoming year. This
                  preliminary draft will include: (a) an overview of the CME's
                  proposed project development and training needs and (b) a date
                  for the necessary completion of each project. Within fifteen
                  (15) business days, Euronext will review this preliminary
                  draft and provide the CME with estimates of the number of days
                  needed to complete each project. Both Euronext and the CME
                  understand that these preliminary plans and estimates may
                  change before the Annual CME Development Plan is finalized.
                  Unless otherwise agreed by the project management committee,
                  both the CME and Euronext will bear their own costs associated
                  with the preparation and review of the preliminary draft
                  described in this paragraph.

            2.    FINAL VERSION OF THE ANNUAL CME DEVELOPMENT PLAN.  No later
                  than January 15 of each year (March 31, in 1999), the CME
                  shall provide to Euronext a revised version of the Annual
                  CME Development Plan. This version of the plan shall
                  include: (a) the Business Functional Specifications for
                  each project then listed in the plan; (b) a description of
                  any training needed during the year; (c) a date for the
                  necessary completion of each project or training session;
                  (d) an identification of any portion of the Euronext
                  Resource Commitment that the CME wants to use to defray
                  cost sharing obligations with respect to Common
                  Developments; and (e) a description of any New Versions it
                  wants to incorporate during the year. Euronext shall review
                  this revised version of the plan and, within fifteen (15)
                  business days, provide the CME with a reasonable estimate
                  of the Euronext Resource Commitment required for each
                  project or training session.  No later than

                                        9

<Page>

                  February 15 of each year, the CME shall incorporate the
                  Euronext estimates into its plan and distribute a final
                  version of the plan to Euronext. Unless otherwise agreed by
                  the project management committee, both the CME and Euronext
                  will bear their own costs associated with the preparation
                  and review of the final version described in this paragraph.

                  The CME can revise this plan before a work order has been
                  issued, in its sole discretion, at any time throughout the
                  year by notifying Euronext of the modifications.

      C.    EURONEXT'S ROLE IN THE PREPARATION OF THE ANNUAL COMMON
            DEVELOPMENT PLAN

            1.    PRELIMINARY DRAFT OF THE ANNUAL COMMON DEVELOPMENT PLAN.
                  No later than five (5) business days after October 15 of
                  each year, the CME, acting jointly wish SBF, will provide
                  Euronext with a preliminary draft of the Annual Common
                  Development Plan for the upcoming year. This preliminary
                  draft will include: (a) an overview of the proposed Common
                  Development needs; and (b) a requested date for the
                  necessary completion of each project.

                  Within fifteen (15) business days, Euronext will review this
                  preliminary draft and provide the CME and SBF, jointly, with
                  estimates of the number of days needed to complete each
                  project. Unless otherwise agreed in advance, CME and Euronext
                  will bear their own costs associated with the preparation and
                  review of the preliminary draft described in this paragraph.

            2.    FINAL VERSION OF THE ANNUAL COMMON DEVELOPMENT PLAN.  No
                  later than January 15 of each year (March 31, in 1999), the
                  CME, acting jointly with SBF, shall provide to Euronext a
                  revised version of the Annual Common Development Plan.
                  This version of the plan shall include: (a) the Business
                  Functional Specifications for each project then listed in
                  the plan; and (b) a date for the necessary completion of
                  each project.

                  After receiving a copy of this revised version of the plan,
                  Euronext shall review it and, within fifteen (15) business
                  days, provide CME and SBF, jointly, with an estimate of the
                  number of days required for each project. No later than
                  February 15 of each year, the CME and SBF, jointly, shall
                  incorporate the Euronext estimates into the plan and
                  distribute a final version of the plan to Euronext. Unless
                  otherwise agreed in advance, the CME and Euronext will bear
                  their own costs associated with the preparation and review of
                  the final version described in this paragraph.

                                       10

<Page>

      D.    PREPARATION OF WORK ORDERS

            1.    DEVELOPING SPECIFICATIONS, RESOURCE ALLOCATIONS AND
                  DELIVERY PLANS.  For each project included in the Annual
                  CME Development Plan and the Annual Common Development
                  Plan, CME (or, in the case of Common Developments, the CME
                  and SBF, jointly) shall issue a written work order to
                  Euronext that includes the Business Functional
                  Specifications for the project and the required completion
                  date for the project. Euronext staff will prepare detailed
                  technical specifications for the project, identify the
                  Euronext Resource Allocation needed for the project (or, in
                  the case of Common Developments, the number of days needed
                  for the project), including any time spent preparing the
                  specifications and confirm the delivery plans for the
                  project.  Euronext will use reasonable efforts to complete
                  this work within ninety (90) calendar days after receiving
                  the work order.  The CME or, for Common Developments, the
                  CME and SBF, jointly, will review this work and notify
                  Euronext, within fifteen (15) business days, of any
                  necessary changes.

                  The CME (or, when applicable, the CME and SBF, according to
                  their respective shares) will compensate Euronext for its work
                  in preparing these materials by paying Euronext a fee equal to
                  ***** per day per person.

            2.    PREPARING THE FINAL WORK ORDER.  After working with
                  Euronext to finalize the specifications, Euronext Resource
                  Allocation and delivery plans for the project, the CME (or,
                  when applicable, the CME and SBF, jointly) will prepare a
                  final work order for the project. This work order will
                  include: (a) the final specifications; (b) the Euronext
                  Resource Allocation for the project (or, for Common
                  Developments, the number of days needed for the project);
                  (c) the delivery date; and (d) a description of, and the
                  dates for, acceptance testing. CME or, for Common
                  Developments, the CME and SBF, jointly, will forward the
                  final work order to Euronext before any work begins on the
                  project, but no later than fifteen (15) business days after
                  receiving the specifications, delivery plans and Euronext
                  Resource Allocation from Euronext.

            3.    LATER CHANGES TO THE SPECIFICATIONS.  The CME or, for
                  Common Developments, the CME and SBF, jointly, can make
                  changes to the specifications included in a work order by
                  submitting a description of the proposed change to
                  Euronext, in writing. Euronext will review the requested
                  change within fifteen (15) business days, make
                  modifications to the final specifications document and
                  identify any corresponding changes in either the Euronext
                  Resource Allocation (or the number of days needed) for

                                       11

<Page>

                  the project or the delivery date.  The CME or, for Common
                  Developments, the CME and SBF, jointly, will incorporate
                  any necessary changes to these materials in a revised work
                  order, with each party signing the revised document to
                  confirm their new understanding. Euronext will not begin
                  work on, and the CME or, for Common Developments, the CME
                  and SBF, jointly, will not be required to pay for, any
                  change that is not agreed upon as described above.

                  The CME or, when appropriate, the CME and SBF, according to
                  their respective shares, will compensate Euronext for its work
                  in preparing these revised materials by paying Euronext a fee
                  equal to ***** per day per person.

      E.    CANCELLATION OF A WORK ORDER

            CME can cancel a work order issued pursuant to the Annual CME
            Development Plan, at any time and in its sole discretion, by
            delivering written notice to Euronext. CME understands that any
            payments for any work already performed shall be due and payable,
            and that these payments may be made, at the CME's option, either
            through direct payments to Euronext or by subtracting the days
            worked from CME's annual Euronext Resource Allocation.

            Once a final work order issued pursuant to the Annual Common
            Development Plan has been delivered to Euronext and Euronext has
            started its development work, the work order cannot be cancelled
            without the consent of both CME and SBF.

      F.    GENERAL INFORMATION ABOUT DEVELOPMENT WORK PERFORMED BY EURONEXT

            Euronext and the CME agree that the following terms and conditions
            apply to all work performed pursuant to a work order under this
            Agreement.

            1.    OWNERSHIP AND USE OF THE DEVELOPMENT WORK. Except for work
                  that relates to the HUB API, all development work performed
                  under this Agreement shall constitute CME Enhancements or
                  Licensed Software as those terms are used in the NSC License
                  and shall remain the property of Euronext. The CME's use of
                  these CME Enhancements or Licensed Software shall be governed
                  by the terms of the NSC License.

                  Any development work performed under this Agreement that
                  relates to the HUB API shall be subject to the ownership
                  rights described in the HUB API Co-ownership Agreement.

                                       12

<Page>

            2.    DEVELOPMENT AND DELIVERY.  Euronext will perform the work
                  described in each work order, by the agreed-upon delivery
                  dates, using the agreed-upon number of days or agreed-upon
                  amounts of the Euronext Resource Allocation.

            3.    ACCEPTANCE TESTING.  Unless otherwise agreed by the parties
                  in writing, during the first thirty (30) days following
                  Euronext's delivery of a project, the CME or the persons
                  appointed by the Common Development Steering Committee
                  shall conduct the acceptance testing described in the work
                  order. This acceptance testing shall be designed primarily
                  to determine whether or not the project operates in
                  conformance with the specifications included in the work
                  order.  Throughout this testing, the CME or, for Common
                  Developments, the CME and SBF, jointly will communicate
                  regularly with Euronext to discuss any potential defects or
                  malfunctions they discover, and Euronext will begin its
                  efforts to cure these defects and malfunctions.  The CME
                  or, for Common Developments, the CME and SBF jointly shall
                  complete the acceptance testing during this 30-day period,
                  unless they notify Euronext during the acceptance testing
                  period that they require a longer time due to the existence
                  of defects or malfunctions.

            4.    CURING PRE-ACCEPTANCE DEFECTS.  Unless otherwise agreed by
                  the parties in writing, the CME or, for Common
                  Developments, the CME and SBF, jointly must notify
                  Euronext, in writing, no later than seven (7) business days
                  after the end of the acceptance testing period of any
                  remaining defects or malfunctions that prevent the project
                  from operating in accordance with the specifications. CME
                  or, for Common Developments, the CME and SBF jointly must
                  prioritize these defects, identifying the work that
                  Euronext should perform first. Euronext, at its sole
                  expense, will make all reasonable efforts to cure the
                  identified defects or malfunctions within fifteen (15)
                  business days after receiving this notice.

            5.    ACCEPTANCE.  When the CME or, for Common Developments, the
                  CME and SBF, jointly, has confirmed, through the acceptance
                  testing described in the work order, that the project
                  operates in accordance with the specifications, the CME or,
                  for Common Developments, the CME and SBF jointly, will
                  prepare and deliver to Euronext a written certificate of
                  acceptance. Acceptance will be presumed to have occurred,
                  even if the CME or, for Common Developments, the CME and
                  SBF, jointly, does not deliver a written certificate of
                  acceptance, if the project is put into production at the
                  end of the acceptance testing period.

            6.    LIMITED PRODUCT WARRANTY. During the 90-day period following
                  acceptance of each separate project, Euronext warrants that
                  the

                                       13

<Page>

                  project will operate in conformance with the specifications
                  included in the work order and agrees to cure, at its own
                  expense, any defects or malfunctions in the project within 90
                  days after being notified that they exist.

            7.    YEAR 2000 COMPLIANCE WARRANTY.  Each project delivered by
                  Euronext will be Year 2000 compliant in all material
                  respects. Year 2000 compliant means: (i) that each
                  component of the programs included in each project that
                  manipulates and accepts dates to the year 2090 will manage
                  and manipulate data involving such dates; (ii) such dates
                  will not cause the programs included in each project to
                  abnormally end processing; and (iii) the programs included
                  in each project will not generate incorrect values with
                  respect to date-dependent data resulting from such dates.

            8.    EURO COMPLIANCE WARRANTY.  Each project when delivered by
                  Euronext will be Euro compliant in all material respects,
                  will comply with any legislative changes connected with the
                  Economic and Monetary Union without requiring any material
                  rewrites or any further cost or expense to be incurred by
                  CME or, for Common Developments, by the CME and SBF,
                  jointly, and will not cause any disruption to the project
                  attributable to the generation of incorrect values relating
                  to the Euro as currency.  Euro compliant means: (i) that
                  each component of the project will be capable of supporting
                  the Euro as an additional currency and/or main currency;
                  and (ii) that each such component will have been
                  successfully tested to ensure that its operation will not
                  be adversely affected by virtue of the Economic and
                  Monetary Union and/or variation in currency and/or pricing
                  structures; and (iii) that each such component will
                  manifest no material errors as a result of the Economic
                  Monetary Union.

            9.    EXCLUSIONS AND LIMITATIONS OF LIABILITY.  The warranties
                  relating to Year 2000 and the Euro shall not apply if: (i)
                  the project is modified or altered by CME or any entity
                  other than Euronext and/or its affiliates; provided that,
                  but for such modification or alteration, the project would
                  be Year 2000 and Euro compliant; or (ii) the operating
                  system, computer hardware elements (including, but not
                  limited to, micro-code, BIOS and real time clock), any
                  third-party software, any interface to third-party
                  software, and/or any price feed or other third-party data,
                  cause the project, directly or indirectly, to fail to be
                  Year 2000 or Euro compliant. Euronext's sole obligation and
                  CME's sole remedy with respect to these Year 2000 and
                  Euro-related representations and warranties is for Euronext
                  to use commercially reasonable efforts to correct the
                  project.

                                       14

<Page>

                  EXCEPT AS SET FORTH IN PARAGRAPHS 4(F)(6) THROUGH (8) ABOVE,
                  EURONEXT MAKES NO WARRANTIES WITH RESPECT TO THE DEVELOPMENT
                  WORK DONE PURSUANT TO THIS AGREEMENT AND SPECIFICALLY
                  DISCLAIMS ANY WAY OF FITNESS FOR A PARTICULAR PURPOSE,
                  MERCHANTABILITY OR ANY OTHER EXPRESS OR IMPLIED WARRANTIES. NO
                  REPRESENTATION OR OTHER AFFIRMATION OF FACT, WHETHER MADE BY
                  EURONEXT OR OTHERWISE, WHICH IS NOT CONTAINED IN THIS
                  AGREEMENT SHALL BE DEEMED TO BE A WARRANTY BY EURONEXT FOR ANY
                  PURPOSES OR GIVE RISE TO ANY LIABILITY OF EURONEXT WHATSOEVER.

                  Euronext's liability for defects or malfunctions in any
                  project shall be limited to correction of those defects or
                  malfunctions. For any breach of any other provisions of this
                  Agreement relating to development work, the CME's exclusive
                  remedy shall be the recovery of its direct damages. Euronext's
                  liability for damages to the CME, regardless of the form or
                  cause of action, whether in contract or in tort, including
                  negligence, shall not, in the aggregate, exceed the amounts
                  paid to Euronext by the CME for the project at issue.

                  In no event shall either the CME or Euronext be liable to the
                  other or have a remedy for the recovery of any special,
                  indirect or consequential or incidental damages, whether
                  foreseeable or not, even if the applicable party has been
                  advised of the possibility thereof, including, but not limited
                  to, lost profits, lost revenues, failure to realize expected
                  savings, or other commercial or economic loss of any kind.

            10.   PAYMENT FOR NEW VERSIONS.  If the CME uses the Euronext
                  Resource Allocation or pays, as part of a Common
                  Development project, to develop work that is later
                  incorporated into a New Version, the CME shall not be
                  required to pay for the portion of that New Version
                  attributable to the work already paid for by the CME.
                  Euronext will make a reasonable determination of the
                  portion of the New Version attributable to the work already
                  paid for by the CME.

      G.    PROJECT MANAGEMENT

            1.    PROJECT MANAGEMENT COMMITTEE.  A project management
                  committee will oversee the non-Common Development and
                  training work performed under this Agreement. This
                  committee shall be comprised of two representatives from
                  each party. The CME representatives will be chosen from the
                  following three

                                       15

<Page>

                  persons: Bill Jenks, CME Executive Vice President and Chief
                  Information Officer; John Goode, CME Vice President,
                  Electronic Trading Systems; and Paul Jansson, Senior
                  Director, Customer Support Center.  The Euronext
                  representatives will be chosen from the following three
                  persons: Francois-Guy Hamonic, Euronext Senior
                  Executive Vice President; Gilles Clerc, Euronext Vice
                  President; and Francois Hudenot, SBF Project Manager. Any
                  party to this Agreement can, at its discretion, replace one
                  or both members of the committee by giving written notice
                  to the other party.

            2.    THE PROJECT MANAGEMENT COMMITTEE'S ROLE.  The project
                  management committee will have the following
                  responsibilities: (a) monitor the work performed during the
                  preparation of the preliminary drafts and final versions of
                  the Annual CME Development Plan; and (b) meet at least once
                  each calendar quarter to discuss the status of current
                  development work and any performance or quality issues that
                  have arisen. Any member of the project management committee
                  has the right to request an audit of any on-going projects
                  to assess progress toward goals, quality and other issues;
                  provided, however, that no audit shall be requested until
                  the party whose work will be audited has been given at
                  least thirty (30) days' prior written notice that an audit
                  might be requested and has had the opportunity to address
                  any concerns raised by the committee member during this
                  thirty (30) day period. Unless otherwise agreed by the
                  project management committee, the expenses associated with
                  any audit will be paid by the party requesting the audit.

            3.    QUARTERLY PROJECT REVIEW.  The project management
                  committee, and any other persons selected by any
                  participating committee member, shall attend a project
                  review meeting, held at a mutually agreed upon date during
                  the first month of each calendar quarter. These meetings
                  may be held by teleconference, videoconference or in
                  person. Each party attending the meting shall bear the
                  costs associated with its participation. This meeting shall
                  be held just before or just after any meeting of the
                  steering committee assembled under the Agreement on GLOBEX
                  Joint Development and Planning between the CME and SBF.

            4.    ADDITIONAL MEETINGS.  Any project management committee
                  member can call a meeting of the committee by sending
                  written notice to the other committee members. These
                  additional meetings shall be held on mutually agreed upon
                  dates, within at least ten (10) business days after notice
                  is received by all committee members, and may be held by
                  teleconference, videoconference or

                                       16

<Page>

                  in person. Each committee member shall make reasonable
                  efforts to make himself promptly available to attend these
                  meetings.

5.    CONFIDENTIALITY

      Except as excluded below, any Confidential Exchange Information and any
      information specifically identified, either verbally or in writing, as
      confidential, that is obtained under this Agreement by one party from the
      other shall be kept on a confidential basis by the party receiving such
      information, its officers and employees and, as such, shall not be
      disclosed to third parties or used for any purpose other than a purpose
      specifically authorized by this Agreement.

      The parties recognize that a breach of this paragraph by the other party
      may give rise to irreparable injury to the non-breaching party such that
      remedies other than injunctive relief may not be adequate. Accordingly,
      the non-breaching party has the right to seek from the Tribunal de Grande
      Instance de Paris (France) equitable and injunctive relief to prevent the
      threatened or actual unauthorized use of any confidential information
      covered by this Agreement.

      The obligation assumed by the parties in this paragraph shall not apply to
      information in the public domain at the time of any possible disclosure or
      that subsequently came into the public domain otherwise than by breach of
      this Agreement. Nothing in this paragraph prevents either party from
      advertising or otherwise promoting all of the functionalities of the NSC
      System, the HUB API or any other system subject to this Agreement.

6.    PAYMENTS AND TAXES

      A.    PAYMENT TERMS

      All payments that become due during the initial three-year term of this
      Agreement will be made in U.S. Dollars and will be made within 30 days
      after receiving an appropriate invoice from Euronext. If the parties agree
      to extend the agreement for between one and three additional one-year
      terms, all payments that become due during these periods will be made in
      Euros.

      B.    TAXES

      All amounts payable to Euronext are exclusive of, and will be paid without
      deduction for, all taxes, levies, or similar governmental charges, however
      designated, which may be assessed by any jurisdiction based on gross
      revenue. Except for corporate income tax imposed on Euronext, or other
      taxes, fees or duties associated with this Agreement demanded by the
      Republic of France, the CME (or the CME and SBF together, for Common
      Developments) shall pay all taxes including any related penalties and
      interest or late charges, levies, or similar governmental charges or
      provide Euronext with a certificate of exemption acceptable to the
      appropriate taxing authority. Euronext agrees to provide the

                                       17

<Page>

      CME with such forms or documents as may be reasonably requested by the
      CME from time to time to certify exemption from withholding of income
      tax.

7.    PERSONNEL MATTERS

      A.    EURONEXT'S EMPLOYEES

      Euronext shall be responsible for the payment of the salaries and the
      remuneration of its employees, as well as for any other obligations or
      taxes in compliance with the labor laws and regulations applicable to
      Euronext in France. It is hereby established that no employment bond shall
      be formed between the CME and Euronext's employees. Euronext shall
      indemnify the CME and hold it harmless from any and all costs, expenses,
      liability, claims and demands of any kind that may be filed against the
      CME by any such employees alleging the existence of such an employment
      bond.

      B.    RESTRICTION ON HIRING

      For the duration of this Agreement, neither party shall offer to employ or
      employ individuals employed by the other party or subcontracted by the
      other party without the written consent of the other party.

      C.    IMMIGRATION AUTHORIZATIONS

      The CME shall assist Euronext to obtain all immigration authorizations
      necessary for Euronext personnel to carry out their activities.

8.    TERM AND TERMINATION

      A.    TERM

      This Agreement shall take effect on January 1, 1999 and have an initial
      term of three (3) years. The parties can elect, by signing a final
      agreement no later than October 1, 2001, to renew the Agreement for one or
      more additional one-year periods.

      B.    TERMINATION

      If either party fails to perform any of its material obligations under the
      Agreement, and that failure is not remedied within 30 days after notice is
      given to the defaulting party specifying the nature of the default, the
      non-defaulting party may, upon further notice to the defaulting party
      terminate the Agreement as of the date specified in the notice of
      termination.

      In addition to the termination rights described above, the CME may
      immediately terminate the maintenance provisions of this Agreement upon
      notice to Euronext if Euronext fails, on at least two occasions within a
      six (6) month period and in a substantial way, to provide the error
      correction services for Class 1 Errors or

                                       18

<Page>

      Class 2 Errors described in paragraph 3(A)(2). If the CME terminates
      the maintenance provisions of this Agreement on this basis, Euronext
      shall reimburse the CME on a pro rata temporis basis the amount of the
      fee already paid that relates to the remaining duration of the
      maintenance provisions of the Agreement and the remaining provisions of
      the Agreement not relating to maintenance shall continue in effect.

9.    ARBITRATION

      A.    PRE-ARBITRATION ESCALATION

      Except for any disputes that may arise pursuant to paragraph 5, any
      dispute between the parties relating to this Agreement shall first be
      submitted in writing to a four-person panel consisting of two senior
      executives of both Euronext and the CME, who shall promptly meet and
      confer in an effort to resolve such a dispute. Each party shall designate
      such executives within five (5) business days after receipt of an
      appropriate notice from the other party. Each party's executives shall be
      identified by notice to the other party, and may be changed at any time
      thereafter also by notice to the other. The executives may choose to
      commission an audit of technical aspects of the dispute to assist them in
      reaching a decision. Such an audit shall be performed by an independent
      third party whose identity and terms of reference shall be agreed upon by
      the executives. Any decisions of the executives shall be final and binding
      on the parties. In the event the executives are unable to resolve any
      dispute within thirty (30) days after submission to them (including the
      conduct of any audit), either party may then refer such a dispute to
      arbitration in accordance with the provisions described below.

      B.    GENERAL PROVISIONS RELATING TO ARBITRATION

      Except for any disputes that may arise pursuant to paragraph 5, all
      disputes arising in connection with this Agreement, or the existence,
      validity, breach or termination thereof, whether during or after its term
      that have not been settled in the form described in paragraph 9(A), shall
      be finally settled by compulsory arbitration under the then-current Rules
      of Conciliation and Arbitration of the International Chamber of Commerce,
      as modified or supplemented in this Article. The arbitration panel shall
      consist of three arbitrators. Euronext and the CME expressly agree that
      the arbitrators shall permit each party: (1) to request, and shall compel
      each party to produce for the other party reasonably in advance of any
      hearing, any relevant documents, evidence or witnesses; and (2) to call
      and question any witness, including any expert witness, and to
      cross-examine any witness called by its opponent. The award of the
      arbitrators shall be final and shall constitute the exclusive remedy of
      Euronext and the CME for all claims, counterclaims, issues or accounting
      presented to the arbitrators. Each award by the arbitrators shall be: (1)
      granted and paid in Euros; (2) if such award includes payment from one
      party to another, include interest at the rate of one percent each month
      from the date of breach or other violation of the Agreement until the date
      the award if fully paid; and (3) include the cost of the arbitration and
      the

                                       19

<Page>

      prevailing party's reasonable attorneys' fees and expenses. Judgment
      upon the final arbitral award may be entered in any court that has
      jurisdiction. Any additional costs, fees or expenses incurred by the
      prevailing party in enforcing the award shall be charged against and paid
      by the party that resists its enforcement. The language of arbitration
      shall be English. The place of arbitration shall be Zurich, Switzerland.

10.   REPRESENTATIONS AND WARRANTIES OF THE PARTIES

      A.    GENERAL REPRESENTATIONS AND WARRANTIES OF EURONEXT.  Euronext
            represents and warrants to the CME as follows:

            1.    Euronext has the corporate power and the capacity to enter
                  into and to perform its obligations under this Agreement. This
                  Agreement has been authorized, executed and delivered by
                  Euronext and is a valid and binding obligation of Euronext,
                  enforceable according to its terms.

            2.    Neither the entering into of this Agreement, nor the
                  performance by Euronext of any of its obligations under
                  this Agreement will contravene, breach or result in any
                  default under the articles, by-laws, constituting documents
                  or other organizational documents of Euronext or under any
                  mortgage, lease, agreement, other legally binding
                  instrument, license, permit, statute, regulation, order,
                  judgment, decree or law to which Euronext is a party or by
                  which Euronext may be bound.

            3.    No other authorization, consent or approval of, or filing with
                  or notice to, any court or other Person is required in
                  connection with the execution, delivery or performance of this
                  Agreement by Euronext.

      B.    GENERAL REPRESENTATIONS AND WARRANTIES OF THE CME.  The CME
            represents and warrants to Euronext as follows:

            1.    The CME has the corporate power and the capacity to enter into
                  and to perform its obligations under this Agreement. This
                  Agreement has been authorized, executed and delivered by the
                  CME and is a valid and binding obligation of the CME,
                  enforceable according to its terms.

            2.    Neither the entering into of this Agreement, nor the
                  performance by the CME of any of its obligations under this
                  Agreement will contravene, breach or result in any default
                  under the articles, by-laws, constituting documents or
                  other organizational documents of the CME or under any
                  mortgage, lease, agreement, other legally binding
                  instrument, license, permit, statute, regulation, order,

                                       20

<Page>

                  judgment, decree or law to which the CME is a party or by
                  which the CME may be bound.

            3.    No other authorization, consent or approval of, or filing with
                  or notice to, any court or other Person is required in
                  connection with the execution, delivery or performance of this
                  Agreement by the CME.

11.   INTELLECTUAL PROPERTY INDEMNIFICATION

      A.    DEFENSE OF CLAIMS AGAINST CME.  Euronext shall indemnify CME, its
            affiliates and subsidiaries against, and hold these Persons
            harmless from, any and all costs, losses, damages, liabilities,
            claims and demands incurred by or made against CME by a third
            Person alleging that any development work or maintenance services
            delivered by Euronext pursuant to this Agreement infringes upon
            that Person's proprietary rights. CME will promptly notify
            Euronext of any threatened or actual claim covered by this
            indemnification and will cooperate with and assist Euronext to
            the extent that that cooperation may reasonably be required.

      B.    REMEDIES.  If any development work or maintenance services
            delivered by Euronext pursuant to this Agreement is found, by a
            final decision of a court of competent jurisdiction, to
            constitute an infringement of the proprietary rights to a third
            Person, or if Euronext concedes that infringement through a
            settlement of a claim, Euronext shall, at its sole option and
            expense and in addition to providing the indemnification
            described above, either: (1) procure for the CME the right to use
            the affected systems in the manner described in the NSC License
            or any other applicable agreement; or (2) modify the affected
            systems so as to render them non-infringing, or replace them with
            a substitute of equal quality approved by the CME, provided that
            any modification or substitute must perform according to the
            applicable specifications.

12. GENERAL PROVISIONS

      A.    ASSIGNMENT.  This Agreement shall bind and inure to the benefit
            of the parties and their respective successors and assigns;
            provided, however, that no party may assign or transfer its
            rights and obligations under this Agreement, whether totally or
            in part, without the prior written consent of the other party.

      B.    WAIVER.  Either party's acceptance of the other's default on any
            clauses or conditions shall be regarded as a mere forbearance,
            and shall not imply a waiver, alteration or innovation regarding
            the fulfillment of any obligation under this Agreement, which may
            be claimed at any time.

      C.    ENTIRE AGREEMENT. This Agreement contains the entire agreement
            between the parties with respect to its specific subject matter,
            superceding

                                       21

<Page>

            any other document formerly entered into between the parties in
            this regard; any amendment or change to any of the clauses or
            conditions of this Agreement may only be made by written contract
            signed by both parties.

      D.    NOTICE.  Any written notice required by this Agreement shall be
            made by overnight delivery through a reputable delivery service
            such as DHL or Federal Express or through registered first class
            mail, postage prepaid, and shall be forwarded to the respective
            addresses set forth above, unless another address is substituted
            by written notice, and shall be effective seven (7) days after
            posting or after delivery, whichever occurs first.

      E.    FORCE MAJEURE.  If any of the obligations of the parties are
            prevented, restricted or interfered with by reason of any actual
            or impending cause beyond the reasonable control of the affected
            party, or force majeure, upon prompt notice to the other party,
            the party so affected shall be excused from such performance to
            the extent of such prevention, restriction or interference for a
            period equal to the period of delay caused by such event; the
            party so excused shall make all reasonable efforts to avoid or
            remove such causes of non-performance and shall resume
            performance with the utmost dispatch whenever such causes are
            removed.

      F.    PARAGRAPH HEADINGS.  The paragraph headings contained in this
            Agreement are solely for the convenience of the parties and shall
            not affect the meaning or interpretation of this Agreement.

      G.    SEVERABILITY. Each part of this Agreement is a distinct undertaking.
            In the event any part of this Agreement shall be determined to be
            unlawful, such part shall be deemed severed from this Agreement and
            of no effect; every other part of this Agreement not so severed
            shall remain in full force and effect.

      H.    CONTINUING OBLIGATIONS.  The obligations and rights under
            paragraphs 5, 6, 7(A), 9 and 11 shall survive the completion,
            expiration or termination of this Agreement.

      I.    CHOICE OF LAW.  The Contract shall be subject to and construed
            and interpreted in accordance with French Law.

      J.    ENGLISH LANGUAGE.  The official language of this Agreement is
            English.

AGREED:

EURONEXT                            CHICAGO MERCANTILE EXCHANGE

By:    /s/ Dominique Brutin         By:    /s/ Bill Jenks
      ------------------------            ------------------------

                                       22

<Page>

Its:  CEO                           Its:  Executive Vice President, Chief
                                          Information Officer

                                       23

<Page>

                                    EXHIBIT 1

                            EURONEXT HOT-LINE NUMBER
                         WORKING DAYS AND WORKING HOURS
                            COVERED BY THIS AGREEMENT

==============================================================================
Phone Number                  33 1 49 27 15 60
------------------------------------------------------------------------------
Fax Number                    33 1 49 27 15 60
------------------------------------------------------------------------------
Working Days (Chicago Time)   From Sunday 12:00 (noon) to Saturday 00:00
------------------------------------------------------------------------------
Working Hours                 24 hours a day
------------------------------------------------------------------------------

                                    Ex. 1-1

<Page>

                                    EXHIBIT 2

                      IDENTIFIED CONTACTS FROM CME ENTITLED
                          TO CALL THE EURONEXT HOT-LINE

<Table>
<Caption>

                Name                          Position                       Phone                    E-mail
------------------------------------------------------------------------------------------------------------------
<S>    <C>                        <C>                                    <C>                      <C>
  1          John GOODE           V.P. Electronic Trading Systems        1 312 930 2601           Jgoode@cme.com
------------------------------------------------------------------------------------------------------------------
  2         James KRAUSE           Sr. V.P. Enterprise Computing         1 312 930 8173          Jkrause@cme.com
------------------------------------------------------------------------------------------------------------------
  3         James FARRELL               Sr. Systems Analyst              1 312 930 3347          Jfarrel@cme.com
------------------------------------------------------------------------------------------------------------------
  4          Amy WATSON                 Sr. Systems Analyst              1 312 338 7197          Awatson@cme.com
------------------------------------------------------------------------------------------------------------------
  5          Bill JENKS           Executive Vice President, Chief        1 312 930 3234           Bjenks@cme.com
                                        Information Officer
------------------------------------------------------------------------------------------------------------------
  6          John GOODE          Vice President, Electronic Trading      1 312 388 2601           Jgoode@cme.com
                                              Systems
------------------------------------------------------------------------------------------------------------------
  7         John RESTIVO                Sr. Business Analyst             1 312 634 5475          Jrestivo@cme.com
------------------------------------------------------------------------------------------------------------------
</Table>

                                    Ex. 2-1

<Page>
                                    EXHIBIT 3
                          CME WORKING DAYS FOR YEAR 1999

From Sunday 4 P.M. to Friday 8 P.M. Chicago time, except the following holidays:

<Table>
<Caption>
----------------------------------------------------------------------------------------------------------
           Month                        Day                       Month                       Day
----------------------------------------------------------------------------------------------------------
<S>                                  <C>                <C>                               <C>
January                              January 1          July
----------------------------------------------------------------------------------------------------------
February                                                August
----------------------------------------------------------------------------------------------------------
March                                                   September
----------------------------------------------------------------------------------------------------------
April                                                   October
----------------------------------------------------------------------------------------------------------
May                                                     November
----------------------------------------------------------------------------------------------------------
June                                                    December                          December 25
----------------------------------------------------------------------------------------------------------
</Table>

                                   Ex. 3-1

<Page>

                                   EXHIBIT 4
                             EURONEXT ACCOUNT MANAGER

<Table>
<Caption>
=====================================================================
Name                                          Gilles CLERC
---------------------------------------------------------------------
<S>                                           <C>
---------------------------------------------------------------------
Phone Number (Work)                           33 1 49 27
---------------------------------------------------------------------
Fax Number                                    33 1 49 27
---------------------------------------------------------------------
</Table>

                                     Ex. 4-1

<Page>

                                   EXHIBIT 5
                        SOFTWARE AND OPERATING SYSTEMS

<Table>
<Caption>
--------------------------------------------------------------------------
                                      Operating
CENTRAL SERVICES SOFTWARE               System             Configuration
--------------------------------------------------------------------------
<S>                                 <C>                   <C>
--------------------------------------------------------------------------
NSC Trading Engine                      G04               Tandem/S70 000
--------------------------------------------------------------------------
NSC Frontal                             G04               Tandem/S70 000
--------------------------------------------------------------------------
RLS - Ticker plant                      G04               Tandem/S70 000
--------------------------------------------------------------------------
DIFF - Broadcast                    Solaris 2.5                 Sun
--------------------------------------------------------------------------
Cabine - Monitoring                  AIX 4.2.1                RS6000
--------------------------------------------------------------------------
SPI                                 Solaris 2.5                 Sun
--------------------------------------------------------------------------
</Table>

                                     Ex. 5-1

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