Document:

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                                                                    Exhibit 10.1

                          CHICAGO MERCANTILE EXCHANGE
                              OMNIBUS STOCK PLAN

                                   ARTICLE 1
                           EFFECTIVE DATE AND PURPOSE

    1.1. Effective Date. The Plan is effective as of February 7, 2000.

    1.2. Purpose of the Plan. The Plan is intended to further the growth and
profitability of the Company by increasing incentives and encouraging Share
ownership on the part of Employees of the Company and its Subsidiaries. The Plan
is intended to permit the grant of Awards that constitute "qualified
performance-based compensation" under section 162(m) of the Code.

                                   ARTICLE 2
                                  DEFINITIONS

     The following words and phrases shall have the following meanings unless a
different meaning is plainly required by the context:

    2.1. "1934 Act" means the Securities Exchange Act of 1934, as amended.
Reference to a specific section of the 1934 Act or regulation thereunder shall
include such section or regulation, any valid regulation promulgated under such
section, and any comparable provision of any future legislation or regulation
amending, supplementing or superseding such section or regulation.

    2.2. "Affiliate" means any corporation or any other entity (including, but
not limited to, partnerships and joint ventures) controlled by the Company.

    2.3. "Award" means, individually or collectively, a grant under the Plan of
Non-Qualified Stock Options, Incentive Stock Options, SARs, Stock Awards or
Performance Shares.

    2.4. "Award Agreement" means the written agreement setting forth the terms
and conditions applicable to an Award.

    2.5. "Board" means the Board of Directors of the Company.

    2.6. "Bonus Stock" means Shares under a Stock Award which are not subject to
a Period of Restriction.

    2.7. "Cause" means, except as otherwise specified in a particular Award
Agreement, (a) the willful and continued failure (other than a failure resulting
from the Participant's Disability) to substantially perform the duties assigned
by the Company, (b) the willful engaging in conduct which is demonstrably
injurious to the Company, monetarily or otherwise, including conduct that, in
the reasonable judgment of the
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Company, no longer conforms to the standard of the Company's executives or
employees, (c) any act of dishonesty, commission of a felony, or (d) a
significant violation of any statutory or common law duty of loyalty to the
Company.

    2.8. "Change of Control" means, except as otherwise specified in a
particular Award Agreement, the occurrence of any of the following events:

               (a) The acquisition by any individual, entity or group (within
          the meaning of Section 13(d)(3) or 14(d)(2) of the 1934 Act) (a
          "Person") of beneficial ownership (within the meaning of Rule 13d-3
          promulgated under the 1934 Act) of 50% or more of either (1) the then
          outstanding Class A Shares (the "Outstanding Class A Common Stock") or
          (2) the combined voting power of the then-outstanding voting
          securities of the Company entitled to vote generally in the election
          of directors (the "Outstanding Company Voting Securities"); provided,
          however, that for purposes of this paragraph (a) the following
          acquisitions shall not constitute, or be deemed to cause, a Change of
          Control: (i) any increase in such percentage ownership of a Person to
          50% or more resulting solely from any acquisition of shares directly
          from the Company or any acquisition of shares by the Company;
          provided, that any subsequent acquisitions of shares by such Person
          that would add, in the aggregate, 1% or more (measured as of the date
          of each such subsequent acquisition) to such Person's beneficial
          ownership of Outstanding Class A Common Stock or Outstanding Company
          Voting Securities shall be deemed to constitute a Change of Control,
          (ii) any acquisition by any employee benefit plan (or related trust)
          sponsored or maintained by the Company or any Affiliate; or (iii) any
          acquisition by any corporation pursuant to a transaction which
          complies with clauses (1), (2) and (3) of paragraph (c) below; or

               (b) Individuals who, as of the Effective Date, constitute the
          Board (the "Incumbent Board") cease for any reason to constitute at
          least a majority of the Board; provided, however, that any individual
          becoming a Director subsequent to the date hereof whose election, or
          nomination for election, was approved by a vote of at least a majority
          of the Directors then comprising the Incumbent Board shall be
          considered as though such individual were a member of the Incumbent
          Board, but excluding, for this purpose, any such individual whose
          initial assumption of office occurs as a result of an actual or
          threatened election contest with respect to the election or removal of
          Directors or other actual or threatened solicitation of proxies or
          consents, by or on behalf of a Person other than the Board; or

               (c) Consummation of a reorganization, merger or consolidation or
          sale or other disposition of all or substantially all of the assets of
          the Company (a "Business Combination"), in each case, unless,
          following

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          such Business Combination, (1) all or substantially all of the
          individuals and entities who were the beneficial owners, respectively,
          of the then Outstanding Class A Common Stock and Outstanding Company
          Voting Securities, immediately prior to such Business Combination
          beneficially own, directly or indirectly, more than 50% of,
          respectively, the then-outstanding shares of common stock and the
          combined voting power of the then-outstanding voting securities
          entitled to vote generally in the election of directors, as the case
          may be, of the corporation resulting from such Business Combination
          (including, without limitation, a corporation which as a result of
          such transaction owns the Company or all or substantially all of the
          Company's assets either directly or through one or more subsidiaries)
          in substantially the same proportions as their ownership, immediately
          prior to such Business Combination, of the Outstanding Class A Common
          Stock and Outstanding Company Voting Securities, as the case may be,
          (2) no Person (excluding any corporation resulting from such Business
          Combination or any employee benefit plan (or related trust) of the
          Company or of such corporation resulting from such Business
          Combination) beneficially owns, directly or indirectly, 50% or more
          of, respectively, the then-outstanding shares of common stock of the
          corporation resulting from such Business Combination or the combined
          voting power of the then-outstanding voting securities of such
          corporation except to the extent that such ownership existed prior to
          the Business Combination and (3) individuals who were on the Incumbent
          Board continue to constitute at least a majority of the members of the
          board of directors of the corporation resulting from the Business
          Combination; provided, however, that any individual becoming a
          Director subsequent to the date hereof whose election, or nomination
          for election, was approved by a vote of at least a majority of the
          Directors then comprising the Incumbent Board shall be considered as
          though such individual were a member of the Incumbent Board, but
          excluding, for this purpose, any such individual whose initial
          assumption of office occurs as a result of an actual or threatened
          election contest with respect to the election or removal of directors
          or other actual or threatened solicitation of proxies or consents, by
          or on behalf of a Person other than the Board; or

               (d) Approval by the stockholders of the Company of a complete
          liquidation or dissolution of the Company.

    2.9. "Class A Shares" means shares of the Company's Class A common stock,
$.01 par value.

    2.10. "Code" means the Internal Revenue Code of 1986, as amended. Reference
to a specific section of the Code or regulation thereunder shall include such
section or regulation, any valid regulation promulgated thereunder, and any
comparable provision of

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any future legislation or regulation amending, supplementing or superseding such
section or regulation.

    2.11. "Committee" means the committee appointed by the Board (pursuant to
Section 3.1) to administer the Plan.

    2.12. "Company" means Chicago Mercantile Exchange Inc., a Delaware
corporation, or any successor thereto.

    2.13. "Director" means any individual who is a member of the Board.

    2.14. "Disability" means a Participant's permanent and total disability as
determined by the Committee in accordance with non-discriminatory standards
consistently applied.

    2.15. "Employee" means a common law employee of the Company or an Affiliate
designated by the Board or the Committee.

    2.16. "Exercise Price" means the price at which a Share subject to an Option
may be purchased pursuant to the exercise of the Option or the base price at
which an SAR may be exercised with respect to a Share, as applicable.

    2.17. "Fair Market Value" means, except as otherwise specified in a
particular Award Agreement, (a) in the case of Shares that are traded on an
established national or regional securities exchange, the closing transaction
price of such a Share as reported by such exchange on the date as of which such
value is being determined or, if there shall be no reported transaction for such
date, on the next preceding date for which a transaction was reported, (b) in
the case of Shares that are not traded on an established securities exchange,
the average of the bid and ask prices for such a Share, where quoted for such
Shares, or (c) if Fair Market Value cannot be determined under clause (a) or
clause (b) above, or if the Committee determines in its sole discretion that the
Shares are too thinly traded for Fair Market Value to be determined pursuant to
clause (a) or clause (b), the value as determined by an outside expert selected
by the Committee.

    2.18. "Fiscal Year" means the fiscal year of the Company.

    2.19. "Grant Date" means, with respect to an Award, the date that the Award
is granted.

    2.20. "Incentive Stock Option" means an Option that is designated as an
Incentive Stock Option and is intended by the Committee to meet the requirements
of section 422 of the Code.

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     2.21. "Non-Qualified Stock Option" means an Option that is not an Incentive
Stock Option.

     2.22. "Option" means an option to purchase Shares which is granted by the
Committee pursuant to Article 5.

     2.23. "Participant" means an individual with respect to whom an Award has
been granted and remains outstanding.

     2.24. "Performance Goals" means such criteria and objectives as may be
established by the Committee, which shall be satisfied or met (i) as a condition
to the exercisability of all or a portion of an Option or SAR, (ii) as a
condition to the grant of an Award, or (iii) during the applicable Performance
Period or Period of Restriction, as a condition to the Participant's receipt of
the Shares subject to a Restricted Stock Award or, in the case of a Performance
Share Award, of the Shares subject to such Award and/or the payment with respect
to such Award. In the case of an Award that is intended to qualify as "qualified
performance-based compensation" under section 162(m) of the Code, such criteria
and objectives shall be one or more of the following with respect to the Company
as a whole or with respect to an Affiliate or a division, operating segment,
business unit, joint venture, alliance or project of the Company or an
Affiliate: (a) pre-tax net income, (b) net income, (c) efficiency ratio, (d)
return to stockholders (including dividends), (e) pre-tax return on average
equity, (f) return on average equity, (g) return on assets, (h) trading volume,
(i) earnings per Share, (j) revenues, (k) market share, (l) cash flow, (m) cost
or expense reductions, (n) the attainment by a Share of a specified Fair Market
Value for a specified period of time, (o) increase in the Fair Market Value of a
Share, (p) enhancement of stockholder value, or any combination of the
foregoing. If the Committee desires that compensation payable pursuant to any
Award subject to Performance Goals be "qualified performance-based compensation"
within the meaning of section 162(m) of the Code, the Performance Goals (i)
shall be established by the Committee no later than the end of the first 90 days
of the Performance Period or Period of Restriction, as applicable (or such other
time prescribed by the Internal Revenue Service) and (ii) shall satisfy all
other applicable requirements imposed by Treasury Regulations promulgated under
section 162(m) of the Code, including the requirement that such Performance
Goals be stated in terms of an objective formula or standard.

     2.25. "Performance Period" means the period designated by the Committee
during which the Performance Goals applicable to an Award shall be measured.

     2.26. "Performance Share" means a right, contingent upon the attainment of
specified Performance Goals within a specified Performance Period, to receive
one Share, which may be Restricted Stock, or in lieu of all or a portion
thereof, the Fair Market Value of such Share in cash.

     2.27. "Period of Restriction" means the period during which Restricted
Stock is subject to forfeiture and/or restrictions on transferability.

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     2.28. "Plan" means this Chicago Mercantile Exchange Omnibus Stock Plan, as
set forth in this instrument and as hereafter amended from time to time.

     2.29. "Restricted Stock" means Shares under a Stock Award which are subject
to a Period of Restriction.

     2.30. "Retirement" means a Participant's Termination of Service (other than
for Cause) on or after attaining his or her "normal retirement date" as defined
in the Pension Plan for Employees of the Chicago Mercantile Exchange.

     2.31. "Rule 16b-3" means Rule 16b-3 promulgated under the 1934 Act, as
amended, and any future regulation amending, supplementing or superseding such
regulation.

     2.32. "Share" means a share of any class, and of any series within a class,
of the Company's common stock.

     2.33. "Stock Appreciation Right" or "SAR" means an Award, granted alone, in
reference to or in tandem with a related Option, which pursuant to Article 6 is
designated by the Committee as an SAR.

     2.34. "Stock Award" means an Award of Restricted Stock or Bonus Stock.

     2.35. "Ten Percent Holder" means an Employee (together with persons whose
stock ownership is attributed to the Employee pursuant to section 424(d) of the
Code) who, at the time an Option is granted, owns stock representing more than
ten percent of the voting power of all classes of stock of the Company (or of
any parent or subsidiary as defined in section 424 of the Code).

     2.36. "Termination of Service" means a cessation of the employee-employer
relationship between an Employee and the Company and Affiliates for any reason,
including, but not by way of limitation, a termination by resignation, discharge
with or without Cause, death, Disability, Retirement, or the disaffiliation of
an Affiliate, but excluding any such termination where there is a simultaneous
reemployment by the Company or an Affiliate.

                                   ARTICLE 3
                                ADMINISTRATION

     3.1. The Committee. The Plan shall be administered by the Committee. The
Committee shall consist of not less than two (2) Directors. The members of the
Committee shall be appointed from time to time by, and serve at the pleasure of,
the Board. It is intended that each member of the Committee shall qualify as (a)
a "non-employee director" under Rule 16b-3, and (b) an "outside director" under
section 162(m) of the Code. If it is later determined that one or more members
of the Committee do not

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so qualify, actions taken by the Committee prior to such determination shall be
valid despite such failure to qualify.

     3.2. Authority and Action of the Committee. It shall be the duty of the
Committee to administer the Plan in accordance with the Plan's provisions. The
Committee shall have all powers and discretion necessary or appropriate to
administer the Plan and to control its operation, including, but not limited to,
the power to (a) determine which Employees shall be eligible to receive Awards
and to grant Awards, (b) prescribe the form, amount, timing and other terms and
conditions of each Award, (c) interpret the Plan and the Award Agreements, (d)
adopt such procedures as it deems necessary or appropriate to permit
participation in the Plan by eligible Employees, (e) adopt such rules as it
deems necessary or appropriate for the administration, interpretation and
application of the Plan, and (f) interpret, amend or revoke any such procedures
or rules. A majority of the Committee shall constitute a quorum. The acts of the
Committee shall be either (i) acts of a majority of the members of the Committee
present at any meeting at which a quorum is present or (ii) acts approved in
writing by all of the members of the Committee without a meeting.

     3.3. Delegation by the Committee. The Committee, in its sole discretion and
on such terms and conditions as it may provide, may delegate all or any part of
its authority and powers under the Plan to one or more Directors and/or officers
of the Company; provided, however, that the Committee may not delegate its
authority or power with respect to (a) any officer of the Company with regard to
the selection for participation in this Plan of an officer or other person
subject to Section 16 of the 1934 Act or decisions concerning the timing,
pricing or amount of an award to such an officer or person or (b) any Award that
is intended to satisfy the requirements applicable to "qualified performance-
based compensation" under section 162(m) of the Code.

     3.4. Decisions Binding. All determinations, decisions and interpretations
by the Committee, the Board, and any delegate of the Committee pursuant to the
provisions of the Plan shall be final, conclusive, and binding on all persons,
and shall be given the maximum deference permitted by law.

                                   ARTICLE 4
                          SHARES SUBJECT TO THE PLAN

     4.1. Number of Shares. Subject to adjustment as provided in Section 4.3,
2.6 million Shares shall be available for grants of Awards under the Plan. In
the case of an Award that is intended to qualify as "qualified performance-based
compensation" under section 162(m) of the Code, the maximum number of Shares
with respect to which Options or SARs or a combination thereof may be granted
during any Fiscal Year to any person shall be 1.5 million, subject to adjustment
as provided in Section 4.3 and calculated, in the case of any Shares other than
Class A Shares, by using the number of
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Class A Shares that is equivalent to the number of such Shares under the table
of Share equivalencies contained in the Agreement and Plan of Merger dated as of
March ___, 2000, between CME Transitory Co. and the Company. Shares awarded
under the Plan may be either authorized but unissued Shares, authorized and
issued Shares reacquired and held as treasury Shares or a combination thereof.

    4.2. Lapsed Awards. To the extent that Shares subject to an outstanding
Option (except to the extent Shares are issued or delivered by the Company in
connection with the exercise of a tandem SAR) or other Award are not issued or
delivered by reason of the expiration, cancellation, forfeiture or other
termination of such Award or by reason of the delivery or withholding of Shares
to pay all or a portion of the exercise price of an Award, if any, or to satisfy
all or a portion of the tax withholding obligations relating to an Award, then
such Shares shall again be available under this Plan.

    4.3. Adjustments in Awards and Authorized Shares. In the event of any
merger, reorganization, consolidation, recapitalization, liquidation, stock
dividend, split-up, Share combination, or other similar change in the corporate
structure of the Company affecting the Shares, the Committee may adjust the
number, class and series of securities available under the Plan, the number,
class, series and purchase price of securities subject to outstanding Awards,
and the numerical limits of Sections 4.1, 7.1 and 8.2.1 in such manner as the
Committee in its sole discretion shall determine to be appropriate to prevent
the dilution or diminution of such Awards. If any such adjustment would result
in a fractional security being (a) available under this Plan, such fractional
security shall be disregarded, or (b) subject to an outstanding Award under this
Plan, the Company shall pay the holder of such Award, in connection with the
first vesting, exercise or settlement of such Award in whole or in part
occurring after such adjustment, an amount in cash determined by multiplying (i)
the fraction of such security (rounded to the nearest hundredth) by (ii) the
excess, if any, of (A) the Fair Market Value on the vesting, exercise or
settlement date over (B) the Exercise Price, if any, of such Award.

                                   ARTICLE 5
                                 STOCK OPTIONS

    5.1. Grant of Options. Subject to the provisions of the Plan, Options may be
granted to such Employees at such times, and subject to such terms and
conditions, as determined by the Committee in its sole discretion. An Award of
Options may include Incentive Stock Options, Non-Qualified Stock Options, or a
combination thereof; provided, that no Incentive Stock Option shall be granted
more than ten years after the date this Plan is adopted by the Board.

    5.2. Award Agreement. Each Option shall be evidenced by an Award Agreement
that shall specify the Exercise Price, the expiration date of the Option, the
number, class and, if applicable, series of Shares to which the Option pertains
(provided that Incentive Stock Options may be granted only with respect to Class
A Shares), any conditions to the exercise of all or a portion of the Option, and
such other terms and conditions as the

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Committee, in its discretion, shall determine. The Award Agreement pertaining to
an Option shall designate such Option as an Incentive Stock Option or a Non-
Qualified Stock Option. Notwithstanding any such designation, to the extent that
the aggregate Fair Market Value (determined as of the Grant Date) of Shares with
respect to which Options designated as Incentive Stock Options are exercisable
for the first time by a Participant during any calendar year (under this Plan or
any other plan of the Company, or any parent or subsidiary as defined in section
424 of the Code) exceeds the amount (currently $100,000) established by the
Code, such Options shall constitute Non-Qualified Stock Options. For purposes of
the preceding sentence, Incentive Stock Options shall be taken into account in
the order in which they are granted.

    5.3. Exercise Price. Subject to the provisions of this Section 5.3, the
Exercise Price with respect to Shares subject to an Option shall be determined
by the Committee in its sole discretion.

         5.3.1. Non-Qualified Stock Options. In the case of a Non-Qualified
     Stock Option, the Exercise Price may be equal to or greater than one
     hundred percent (100%) of the Fair Market Value of a Share on the Grant
     Date, as shall be determined by the Committee in its sole discretion.

         5.3.2. Incentive Stock Options. In the case of an Incentive Stock
     Option, the Exercise Price shall be not less than one hundred percent
     (100%) of the Fair Market Value of a Share on the Grant Date; provided,
     however, that the Exercise Price with respect to a Ten Percent Shareholder
     shall not be less than one hundred-ten percent (110%) of the Fair Market
     Value of a Share on the Grant Date.

    5.4. Expiration of Options.

         5.4.1. Expiration Dates. Each Option shall terminate not later than as
     of the expiration date specified in the Award Agreement pertaining to such
     Option; provided, however, that the expiration date with respect to an
     Incentive Stock Option shall not be later than the tenth anniversary of its
     Grant Date and the expiration date with respect to an Incentive Stock
     Option granted to a Ten Percent Holder shall not be later than the fifth
     anniversary of its Grant Date.

         5.4.2. Termination of Service. Unless otherwise specified in the Award
     Agreement pertaining to an Option, each Option granted to a Participant
     shall terminate no later than the first to occur of the following events:

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               (a) The expiration of ninety (90) days from the date of the
          Participant's Termination of Service for any reason other than the
          Participant's death, Disability, Retirement or termination for Cause;

               (b) The expiration of one (1) year from the date of the
          Participant's Termination of Service by reason of Disability;

               (c) The expiration of one (1) year from the date of the
          Participant's Termination of Service by reason of the Participant's
          Retirement (provided, that the portion of any Incentive Stock Option
          exercised more than three months after such Termination of Service
          shall be deemed to be a Non-Qualified Option);

               (d) The date of the Participant's Termination of Service for
          Cause; or

               (e) The expiration date specified in the Award Agreement
          pertaining to such Option.

         5.4.3. Death of Employee. Unless otherwise specified in the Award
     Agreement pertaining to an Option, if a Participant to whom an Option has
     been granted dies while an Employee but prior to the expiration,
     cancellation, forfeiture or other termination of such Option, such Option
     shall become exercisable in full upon the Participant's death and shall be
     exercisable thereafter until the earlier of (a) the expiration of one (1)
     year after the date of death, or (b) the expiration date specified in the
     Award Agreement pertaining to such Option.

    5.5. Exercisability of Options. Subject to Section 5.4, Options granted
under the Plan shall be exercisable at such times, and shall be subject to such
restrictions and conditions, as the Committee shall determine in its sole
discretion. After an Option is granted, the Committee, in its sole discretion,
may accelerate the exercisability of the Option.

    5.6. Method of Exercise. Options shall be exercised by the Participant's
delivery of a written notice of exercise to the Secretary of the Company (or its
designee), setting forth the number of Shares with respect to which the Option
is to be exercised, accompanied by full payment of the Exercise Price with
respect to each such Share. The Exercise Price shall be payable to the Company
in full in cash or its equivalent (including, but not limited to, by means of, a
broker-assisted cashless exercise). The Committee, in its sole discretion, also
may permit exercise (a) by tendering previously acquired Shares having an
aggregate Fair Market Value at the time of exercise equal to the aggregate
Exercise Price of the Shares with respect to which the Option is to be
exercised, or (b) by any other means which the Committee, in its sole
discretion, determines to both provide legal consideration for the Shares, and
to be consistent with the purposes of the Plan.

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As soon as practicable after receipt of a written notification of exercise and
full payment for the Shares with respect to which the Option is exercised, the
Company shall deliver to the Participant, as determined by the Committee in its
sole discretion, either (i) Share certificates (which may be in book entry form)
for such Shares, (ii) Share certificates for Class A Shares, (iii) cash or (iv)
a combination thereof, in each case with an aggregate Fair Market Value equal to
the Fair Market Value of the Shares with respect to which the Option is
exercised.

    5.7. Restrictions on Share Transferability. The Committee may impose such
restrictions on any Shares acquired pursuant to the exercise of an Option as it
may deem advisable, including, but not limited to, restrictions related to
applicable Federal securities laws, the requirements of any national securities
exchange or system upon which Shares are then listed or traded, or any blue sky
or state securities laws.

                                   ARTICLE 6
                           STOCK APPRECIATION RIGHTS

    6.1. Grant of SARs. Subject to the provisions of the Plan, SARs may be
granted to such Employees at such times, and subject to such terms and
conditions, as shall be determined by the Committee in its sole discretion;
provided, that any tandem SAR related to an Incentive Stock Option shall be
granted at the same time that such Incentive Stock Option is granted.

    6.2. Exercise Price and Other Terms. The Committee, subject to the
provisions of the Plan, shall have complete discretion to determine the terms
and conditions of SARs granted under the Plan; provided, however, that SARs may
be granted only with respect to Class A Shares. Without limiting the foregoing,
the Exercise Price with respect to Shares subject to an SAR may be equal to or
greater than one hundred percent (100%) of the Fair Market Value of a Share on
the Grant Date, as shall be determined by the Committee in its sole discretion;
provided, that the Exercise Price with respect to Shares subject to a tandem SAR
shall be the same as the Exercise Price with respect to the Shares subject to
the related Option.

    6.3. SAR Agreement. Each SAR grant shall be evidenced by an Award Agreement
that shall specify the Exercise Price, the term of the SAR, the conditions of
exercise, and such other terms and conditions as the Committee, in its sole
discretion, shall determine.

    6.4. Expiration of SARS

         6.4.1. Expiration Dates. Each SAR shall terminate not later than as of
     the expiration date specified in the Award Agreement pertaining to such
     SAR; provided, however, that the expiration date with respect to a tandem
     SAR shall not be later than expiration date of the related Option.

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         6.4.2. Termination of Service. Unless otherwise specified in the Award
     Agreement pertaining to an SAR, each SAR granted to a Participant shall
     terminate no later than the first to occur of the following events:

               (a) The expiration of ninety (90) days from the date of the
          Participant's Termination of Service for any reason other than the
          Participant's death, Disability, Retirement or termination for Cause;

               (b) The expiration of one (1) year from the date of the
          Participant's Termination of Service by reason of the Participant's
          Disability or Retirement;

               (c) The date of the Participant's Termination of Service for
          Cause; or

               (d) The expiration date specified in the Award Agreement
          pertaining to such SAR.

         6.4.3. Death of Employee. Unless otherwise specified in the Award
     Agreement pertaining to an SAR, if a Participant to whom an SAR has been
     granted dies while an Employee but prior to the expiration, cancellation,
     forfeiture or other termination of such SAR, such SAR shall become
     exercisable in full upon the Participant's death and shall be exercisable
     thereafter until the earlier of (a) the expiration of one (1) year after
     the date of death, or (b) the expiration date specified in the Award
     Agreement pertaining to such SAR.

    6.5. Payment of SAR Amount. An SAR may be exercised (a) by the Participant's
delivery of a written notice of exercise to the Secretary of the Company (or its
designee) setting forth the number of whole SARs which are being exercised, (b)
in the case of a tandem SAR, by surrendering to the Company any Options which
are cancelled by reason of the exercise of such SAR, and (c) by executing such
documents as the Company may reasonably request. Upon exercise of an SAR, the
Participant shall be entitled to receive payment from the Company in an amount
determined by multiplying: (i) The amount by which the Fair Market Value of a
Share on the date of exercise exceeds the Exercise Price specified in the Award
Agreement pertaining to such SAR; times (ii) The number of Shares with respect
to which the SAR is exercised.

    6.6. Payment Upon Exercise of SAR. Unless otherwise specified in the Award
Agreement pertaining to an SAR, payment to a Participant upon the exercise of
the SAR may be made, as determined by the Committee in its sole discretion,
either (a) in cash, (b) in Shares with a Fair Market Value equal to the amount
of the payment or (c) in a combination thereof.

                                       12
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                                   ARTICLE 7
                                 STOCK AWARDS

    7.1. Grant of Stock Awards. Subject to the provisions of the Plan, Stock
Awards may be granted to such Employees at such times, and subject to such terms
and conditions, as determined by the Committee in its sole discretion; provided,
however, that Stock Awards may be granted only with respect to Class A Shares.
The Award Agreement pertaining to a Stock Award shall specify whether it is a
Restricted Stock Award or a Bonus Stock Award. In the case of a Stock Award that
is intended to qualify as "qualified performance-based compensation" under
section 162(m) of the Code, the maximum number of Shares with respect to which a
Stock Award may be granted during any Fiscal Year to any person shall be
500,000.

    7.2. Stock Award Agreement. Each Stock Award shall be evidenced by an Award
Agreement that shall specify the number of Shares granted, any price to be paid
for the Shares, the Performance Goals (if any) and Period of Restriction
applicable to a Restricted Stock Award and such other terms and conditions as
the Committee, in its sole discretion, shall determine. Bonus Stock Awards shall
not be subject to any Periods of Restriction.

    7.3. Transferability/Share Certificates. Shares subject to an Award of
Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated during a Period of Restriction. During the Period of
Restriction, a Restricted Stock Award may be registered in the holder's name or
a nominee name at the discretion of the Company and may bear a legend as
described in Section 7.4.3. Unless the Committee determines otherwise, Shares of
Restricted Stock shall be held by the Company as escrow agent during the
applicable Period of Restriction, together with stock powers or other
instruments of assignment (including a power of attorney), each endorsed in
blank with a guarantee of signature if deemed necessary or appropriate by the
Company, which would permit transfer to the Company of all or a portion of the
Shares subject to the Restricted Stock Award in the event such Award is
forfeited in whole or in part. Upon the grant of a Bonus Stock Award, subject to
the Company's right to require payment of any taxes, a certificate or
certificates evidencing ownership of the requisite number of Shares shall be
delivered to the Participant.

    7.4. Other Restrictions. The Committee, in its sole discretion, may impose
such other restrictions on Shares subject to an Award of Restricted Stock as it
may deem advisable or appropriate, in accordance with this Section 7.4.

         7.4.1. General Restrictions. The Committee may set restrictions based
     upon the achievement of specific performance objectives (Company-wide,
     business unit or individual), applicable federal or state securities laws,
     or any other basis determined by the Committee in its discretion.

         7.4.2. Section 162(m) Performance Restrictions. In the case of Awards
     of Restricted Stock which are intended to satisfy the requirements for
     "qualified

                                       13
<PAGE>

     performance-based compensation" under section 162(m) of the Code, the
     Committee shall set restrictions based upon the achievement of Performance
     Goals.

          7.4.3. Legend on Certificates. The Committee, in its discretion, may
     legend the certificates representing Restricted Stock during the Period of
     Restriction to give appropriate notice of such restrictions. For example,
     the Committee may determine that some or all certificates representing
     Shares of Restricted Stock shall bear the following legend:

"The sale or other transfer of the shares of stock represented by this
certificate, whether voluntary, involuntary, or by operation of law, is subject
to certain restrictions on transfer as set forth in the Chicago Mercantile
Exchange Omnibus Stock Plan, and in a Restricted Stock Agreement. A copy of the
Plan and such Restricted Stock Agreement may be obtained from the Secretary of
the Chicago Mercantile Exchange."

     7.5. Removal of Restrictions. Shares of Restricted Stock covered by a
Restricted Stock Award made under the Plan shall be released from escrow as soon
as practicable after the termination of the Period of Restriction (and the
satisfaction or attainment of any applicable Performance Goals) and, subject to
the Company's right to require payment of any taxes, a certificate or
certificates evidencing ownership of the requisite number of Shares shall be
delivered to the Participant.

     7.6. Voting Rights. During the Period of Restriction, Participants holding
Shares of Restricted Stock granted hereunder may exercise full voting rights
with respect to those Shares, unless otherwise provided in the Award Agreement.

     7.7. Dividends and Other Distributions. During the Period of Restriction,
Participants holding Shares of Restricted Stock shall be entitled to receive all
dividends and other distributions paid with respect to such Shares unless
otherwise provided in the Award Agreement. If any such dividends or
distributions are paid in Shares, the Shares shall be deposited with the Company
and shall be subject to the same restrictions on transferability and
forfeitability as the Shares of Restricted Stock with respect to which they were
paid.

     7.8. Return of Restricted Stock to Company. On the date set forth in the
Award Agreement, the Restricted Stock for which restrictions have not lapsed
shall revert to the Company and again shall become available for Awards under
the Plan.

     7.9. Termination of Service.

          7.9.1. Disability, Retirement and Death. Unless otherwise specified in
     the Award Agreement pertaining to a Restricted Stock Award granted to a
     Participant, upon the Participant's Termination of Service by reason of
     Disability, Retirement or death, [the Period of Restriction shall terminate
     as of such date and all Performance Goals shall be deemed to have been
     satisfied at the [target] level.

                                       14
<PAGE>

          7.9.2. Other Termination of Service. Unless otherwise specified in the
     Award Agreement pertaining to a Restricted Stock Award granted to a
     Participant, upon the Participant's Termination of Service for any reason
     other than Disability, Retirement or death, the portion of such Award which
     is subject to a Period of Restriction on such date shall be forfeited by
     the Participant and canceled by the Company.

                                   ARTICLE 8
                           PERFORMANCE SHARE AWARDS

     8.1. Performance Share Awards. Subject to the provisions of the Plan,
Performance Share Awards may be granted to such Employees at such times, and
subject to such terms and conditions, as determined by the Committee in its sole
discretion; provided, however, that Performance Share Awards may be granted only
with respect to Class A Shares.

     8.2. Terms of Performance Share Award Agreement.

          8.2.1. Number of Performance Shares and Performance Goals. The Award
     Agreement pertaining to a Performance Share Award shall specify the number
     of Performance Shares subject to the Award and the Performance Goals and
     the Performance Period. In the case of a Performance Share Award which is
     intended to qualify as "qualified performance-based compensation" under
     section 162(m) of the Code, the maximum number of Shares with respect to
     which a Performance Share Award may be granted during any Fiscal Year to
     any person shall be 500,000.

          8.2.2. Vesting and Forfeiture. The Award Agreement pertaining to a
     Performance Share Award shall specify, in the Committee's discretion and
     subject to the terms of the Plan, for the vesting of such Award if
     specified Performance Goals are satisfied or met during the Performance
     Period, and for the forfeiture of all or a portion of such Award if
     specified Performance Goals are not satisfied or met during the Performance
     Period.

          8.2.3. Settlement of Vested Performance Share Awards. The Award
     Agreement pertaining to a Performance Share Award (i) shall specify whether
     such Award may be settled in Shares (including Shares of Restricted Stock)
     or cash or a combination thereof and (ii) may specify whether the holder
     thereof shall be entitled to receive, on a current or deferred basis,
     dividend equivalents, and, if determined by the Committee, interest on or
     the deemed reinvestment of any deferred dividend equivalents, with respect
     to the number of Shares subject to such Award. If a Performance Share Award
     is settled in Shares of Restricted Stock, a certificate or certificates
     representing such Restricted Stock shall be issued in accordance with
     Section 7.5 and the Participant shall have such rights of a stockholder of
     the Company as determined pursuant to Section 7.6 and 7.7. Prior to the
     settlement of a Performance Share Award in Shares, including

                                       15
<PAGE>

     Restricted Stock, the Participant shall have no rights as a stockholder of
     the Company with respect to the Shares subject to such Award.

     8.3. Termination of Service.

          8.3.1. Disability, Retirement and Death. Unless otherwise specified in
     the Award Agreement pertaining to a Performance Share Award granted to a
     Participant, upon the Participant's Termination of Service by reason of
     Disability, Retirement or death, all Performance Goals shall be deemed to
     have been satisfied at the [target] level with respect to such Performance
     Share Award.

          8.3.2. Other Termination of Service. Unless otherwise specified in the
     Award Agreement pertaining to a Performance Share Award granted to a
     Participant, upon the Participant's Termination of Service for any reason
     other than Disability, Retirement or death, the portion of such Award which
     is subject to outstanding Performance Goals on such date shall be forfeited
     by the Participant and canceled by the Company.

                                   ARTICLE 9
                                 MISCELLANEOUS

     9.1. No Effect on Employment or Service. Nothing in the Plan shall
interfere with or limit in any way the right of the Company to terminate any
Participant's employment or service at any time, with or without cause. For
purposes of the Plan, transfer of employment of a Participant between the
Company and any one of its Affiliates (or between Affiliates) shall not be
deemed a Termination of Service. Employment with the Company and Affiliates is
on an at-will basis only.

     9.2. Participation. No Employee shall have the right to be selected to
receive an Award under this Plan, or, having been so selected, to be selected to
receive a future Award.

     9.3. Indemnification. Each person who is or shall have been a member of the
Committee, or of the Board, shall be indemnified and held harmless by the
Company against and from (a) any loss, cost, liability, or expense that may be
imposed upon or reasonably incurred by him or her in connection with or
resulting from any claim, action, suit, or proceeding to which he or she may be
a party or in which he or she may be involved by reason of any good faith action
taken or good faith failure to act under the Plan or any Award Agreement, and
(b) from any and all amounts paid by him or her in settlement thereof, with the
Company's approval, or paid by him or her in satisfaction of any judgment in any
such claim, action, suit, or proceeding against him or her, provided he or she
shall give the Company an opportunity, at its own expense, to handle and defend
the same before he or she undertakes to handle and defend it on his or her own
behalf. The foregoing right of indemnification shall not be exclusive of any
other rights of indemnification to which such persons may be entitled under the
Company's

                                       16
<PAGE>

Certificate of Incorporation or Bylaws, by contract, as a matter of law, or
otherwise, or under any power that the Company may have to indemnify them or
hold them harmless.

     9.4. Successors. All obligations of the Company under the Plan, with
respect to Awards granted hereunder, shall be binding on any successor to the
Company, whether the existence of such successor is the result of a direct or
indirect purchase, merger, consolidation or otherwise, of all or substantially
all of the business or assets of the Company.

     9.5. Beneficiary Designations. If permitted by the Committee, a Participant
under the Plan may name a beneficiary or beneficiaries to whom any vested but
unpaid Award shall be paid in the event of the Participant's death. Each such
designation shall revoke all prior designations by the Participant and shall be
effective only if given in a form and manner acceptable to the Committee. In the
absence of any such designation, any vested benefits remaining unpaid a the
Participant's death shall be paid to the Participant's estate and, subject to
the terms of the Plan and of the applicable Award Agreement, any unexercised
vested Award may be exercised by the administrator or executor of the
Participant's estate.

     9.6. Nontransferability of Awards. Unless otherwise determined by the
Committee with respect to an Award other than an Incentive Stock Option, no
Award granted under the Plan may be sold, transferred, pledged, assigned, or
otherwise alienated or hypothecated, other than by will, by the laws of descent
and distribution, or to the limited extent provided in Section 9.5. All rights
with respect to an Award granted to a Participant shall be available during his
or her lifetime only to the Participant and may be exercised only by the
Participant or the Participant's legal representative.

     9.7. No Rights as Stockholder. Except to the limited extent provided in
Sections 7.6 and 7.7, no Participant (nor any beneficiary) shall have any of the
rights or privileges of a stockholder of the Company with respect to any Shares
issuable pursuant to an Award (or exercise thereof), unless and until
certificates representing such Shares shall have been issued, recorded on the
records of the Company or its transfer agents or registrars, and delivered to
the Participant (or beneficiary).

     9.8. Withholding Requirements. Prior to the delivery of any Shares or cash
pursuant to an Award (or exercise thereof), the Company shall have the power and
the right to deduct (including, but not limited to, deduction through a broker-
assisted cashless exercise) or withhold, or require a Participant to remit to
the Company, an amount sufficient to satisfy federal, state, local and foreign
taxes (including, but not limited to, the Participant's FICA and SDI
obligations) required to be withheld with respect to such Award (or exercise
thereof). Notwithstanding any contrary provision of the Plan, if a Participant
fails to remit to the Company such withholding amount within the time period
specified by the Committee (in its discretion), the Participant's Award may, in
the Committee's discretion, be forfeited and in such case the Participant shall
not receive any of the Shares subject to such Award.

                                       17
<PAGE>

     9.9. Withholding Arrangements. The Committee, in its sole discretion and
pursuant to such procedures as it may specify from time to time, may permit or
require a Participant to satisfy all or part of the tax withholding obligations
in connection with an Award by (a) having the Company withhold otherwise
deliverable Shares, or (b) delivering to the Company already-owned Shares having
a Fair Market Value equal to the amount required to be withheld.

     9.10. Deferrals. The Committee, in its sole discretion, may permit a
Participant to defer receipt of the payment of cash or the delivery of Shares
that would otherwise be delivered to a Participant under the Plan. Any such
deferral elections shall be subject to such rules and procedures as shall be
determined by the Committee in its sole discretion.

     9.11. Change of Control. (a)(1) Notwithstanding any provision in this Plan
or any Award Agreement, in the event of a Change of Control pursuant to
paragraphs (c) or (d) of Section 2.8 in connection with which the holders of
Shares receive shares of common stock that are registered under Section 12 of
the 1934 Act, (i) all outstanding Options and SARS shall immediately become
exercisable in full, (ii) the Period of Restriction applicable to any
outstanding Restricted Stock Award shall lapse, (iii) the Performance Period
applicable to any outstanding Performance Share shall lapse, (iv) the
Performance Goals applicable to any outstanding award shall be deemed to be
satisfied at the maximum level and (v) there shall be substituted for each Share
available under this Plan, whether or not then subject to an outstanding award,
the number and class of shares into which each outstanding Share shall be
converted pursuant to such Change of Control. In the event of any such
substitution, the purchase price per share in the case of an Option and the base
price in the case of an SAR shall be appropriately adjusted by the Committee
(whose determination shall be final, binding and conclusive), such adjustments
to be made in the case of outstanding Options and SARs without an increase in
the aggregate purchase price or base price.

     (2) Notwithstanding any provision in this Plan or any Award Agreement, in
the event of a Change of Control pursuant to paragraph (a) or (b) of Section
2.8, or in the event of a Change of Control pursuant to paragraph (c) or (d) of
Section 2.8 in connection with which the holders of Shares receive consideration
other than shares of common stock that are registered under Section 12 of the
1934 Act, each outstanding Award shall be surrendered to the Company by the
holder thereof, and each such Award shall immediately be canceled by the
Company, and the holder shall receive, within ten days of the occurrence of a
Change of Control, a cash payment from the Company in an amount equal to (i) in
the case of an Option, the number of Shares then subject to such Option,
multiplied by the excess, if any, of the greater of (A) the highest per Share
price offered to stockholders of the Company in any transaction whereby the
Change of Control takes place or (B) the Fair Market Value of a Share on the
date of occurrence of the Change of Control, over the purchase price per Share
subject to the Option, (ii) in the case of an SAR other than a tandem SAR, the
number of Shares then subject to such SAR, multiplied by the excess, if any, of
the greater of (A) the highest per Share price offered to stockholders of the
Company in any transaction whereby the Change of Control takes

                                       18
<PAGE>

place or (B) the Fair Market Value of a Share on the date of occurrence of the
Change of Control, over the base price of the SAR, (iii) in the case of a
Restricted Stock Award or Performance Share Award, the number of Shares or the
number of Performance Shares, as the case may be, then subject to such Award,
multiplied by the greater of (A) the highest per Share price offered to
stockholders of the Company in any transaction whereby the Change of Control
takes place or (B) the Fair Market Value of a Share on the date of occurrence of
the Change of Control. In the event of a Change of Control, each tandem SAR
shall be surrendered by the holder thereof and shall be canceled simultaneously
with the cancellation of the related Option. The Company may, but is not
required to, cooperate with any person who is subject to Section 16 of the
Exchange Act to assure that any cash payment in accordance with the foregoing to
such person is made in compliance with Section 16 and the rules and regulations
thereunder.

    9.12. Restrictions on Shares. Each Award made hereunder shall be subject to
the requirement that if an any time the Company determines that the listing,
registration or qualification of the Shares subject to such Award upon any
securities exchange or under a any law, or the consent or approval of any
governmental body, or the taking of any other action is necessary or desirable
as a condition of, or in connection with, the exercise or settlement of such
Award or the delivery of Shares thereunder, such Award shall not be exercised or
settled and such Shares shall not be delivered unless such listing,
registration, qualification, consent, approval or other action shall have been
effected or obtained, free of any conditions not acceptable to the Company. The
Company may require that certificates evidencing shares delivered pursuant to
any Award made hereunder bear a legend in indicating that the ale, transfer o
other disposition thereof by the holder is prohibited except in compliance with
the Securities Act of 1933, as amended, and the rules and regulations
thereunder.

                                  ARTICLE 10
                      AMENDMENT, TERMINATION AND DURATION

   10.1. Amendment, Suspension or Termination. The Board, in its sole
discretion, may amend, suspend or terminate the Plan, or any part thereof, at
any time and for any reason, subject to any requirement of stockholder approval
required by applicable law, rule or regulation, including section 162(m) and
section 422 of the Code. The amendment, suspension or termination of the Plan
shall not, without the consent of the Participant, alter or impair any rights or
obligations under any Award theretofore granted to such Participant. No Award
may be granted during any period of suspension or after termination of the Plan.

   10.2. Duration of the Plan. The Plan shall, subject to Section 10.1
(regarding the Board's right to amend or terminate the Plan), terminate on
February 7, 2003, unless earlier terminated by the Board. The termination of the
Plan shall not affect any Awards granted prior to the termination of the Plan.

                                       19
<PAGE>

                                  ARTICLE 11
                              LEGAL CONSTRUCTION

   11.1. Gender and Number. Except where otherwise indicated by the context, any
masculine term used herein also shall include the feminine; the plural shall
include the singular and the singular shall include the plural.

   11.2. Severability. In the event any provision of the Plan shall be held
illegal or invalid for any reason, the illegality or invalidity shall not affect
the remaining parts of the Plan, and the Plan shall be construed and enforced as
if the illegal or invalid provision had not been included.

   11.3. Requirements of Law. The granting of Awards and the issuance of Shares
under the Plan shall be subject to all applicable laws, rules and regulations,
and to such approvals by any governmental agencies or national securities
exchanges as may be required.

   11.4. Governing Law. The Plan and all Award Agreements shall be construed in
accordance with and governed by the laws of the State of Delaware, but without
regard to its conflict of law provisions.

   11.5. Captions. Captions are provided herein for convenience only, and shall
not serve as a basis for interpretation or construction of the Plan.

                                       20<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

                                                                  Exhibit 10.13
                                                Chicago Mercantile Exchange Inc.
                                              Registration Statement on Form S-4

                               LICENSE AGREEMENT

     This License Agreement, effective as of September 24, 1997 (the "Effective
Date"), is made by and between STANDARD & POOR'S, a division of The McGraw-Hill
Companies, Inc. ("S&P"), a New York corporation having an office at 65
Broadway, New York, New York 10006, and the CHICAGO MERCANTILE EXCHANGE ("CME"),
an Illinois not-for-profit corporation having an office at 30 South Wacker
Drive, Chicago, Illinois 60606.

                                   RECITALS:
                                   ---------

     WHEREAS, S&P compiles, calculates, maintains and owns rights in and to the
various stock indices listed in Appendix 1 to this Agreement and to the
proprietary data contained therein, including the S&P 500/BARRA Growth Index
and the S&P 500/BARRA Value Index which S&P and BARRA, Inc. ("BARRA") together
compile, calculate, maintain and own rights in; and

     WHEREAS, S&P uses in commerce and has trade name and trademark rights to
the designations listed in Appendix 2 to this Agreement, including the
designations "S&P 500/BARRA Growth Index" and "S&P 500/BARRA Value Index"
which S&P uses with BARRA's permission; and

     WHEREAS, CME wishes to use the S&P Stock Indices and the S&P Marks in
connection with: (1) creating, trading, marketing, clearing and promoting
Futures Contracts and Options on Futures Contracts and activities related
thereto; and (2) making disclosure about such Contracts under applicable laws,
rules and regulations in order to identify that S&P is the source of the S&P
Stock Indices, pursuant to the terms and conditions hereinafter set forth; and

     WHEREAS, S&P wishes to license CME to use the S&P Stock Indices and the S&P
Marks for the purposes stated above and has the right (with BARRA's consent) to
license the S&P/BARRA Indices and S&P/BARRA Marks to third parties, such as CME;
and

     WHEREAS, CME and S&P have previously entered into five license agreements
(listed in Appendix 3 hereto) that are currently in effect and collectively
provide CME with a license to use the S&P Stock Indices and S&P Marks in
connection with creating, trading, marketing, clearing and promoting Futures
Contracts and Options on Futures Contracts and activities related thereto; and

     WHEREAS, CME and S&P wish to consolidate the five license agreements
(listed in Appendix 3 hereto) into this License Agreement and to extend their
terms as provided herein;
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
and agreements contained herein, it is agreed as follows:

1.   DEFINITIONS. For purposes of this Agreement, the following definitions
shall apply:

     (a)  "Affected Contract" shall mean a Contract based upon an S&P Index
licensed to CME on an exclusive basis, the trading of which has been affected,
as described in Section 5(c) herein, by a CME listed Contract based on a
Competitive Index.

     (b)  "Agreement" shall mean this License Agreement.

     (c)  "CFTC" shall mean the Commodity Futures Trading Commission, as from
time to time constituted or, if at any time after the execution of this
Agreement such Commission is not existing and performing the duties assigned to
it under the Commodity Exchange Act, as amended, then the body performing such
duties at such time.

     (d)  "CME Substitute Contracts" shall have the meaning ascribed in Section
8 of this Agreement.

     (e)  "CME Substitute Index" shall have the meaning ascribed in Section 8 of
this Agreement.

     (f)  "Competitive Contract" shall mean a Contract based upon a Competitive
Index.

     (g)  "Competitive Index" shall mean the [*] or any index other than an
index for which CME pays S&P a license fee: (1) in which [*] or more of the [*]
are also [*] of an S&P Index that is licensed to CME on an exclusive basis, and
which has [*] to such S&P Index for the [*] period immediately prior to the
Launch Date and each Launch Anniversary Date, as applicable; and (2) the [*] of
which comprise [*] or more of the [*] of an S&P Index that is licensed to CME on
an exclusive basis, and which has [*] to such S&P Index for the [*] period prior
to the Launch Date and each Launch Anniversary Date, as applicable.

     (h)  "Confidential Information" shall have the meaning ascribed to it in
Section 12(b) of this Agreement.

     (i) "Contract" shall mean a Futures or Option Contract.

                                      -2-
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

     (j)  "Futures Contracts" shall mean: (1) all instruments: (A) the trading
of which is within the exclusive jurisdiction of CFTC (assuming for this purpose
that the instruments were traded in the United States regardless of where they
are actually traded), (B) which are regulated by the CFTC as futures contracts
(assuming for this purpose that such instruments were traded in the United
States regardless of where they are actually traded), and (C) which CME has the
authority to trade under its articles, by-laws, and rules; and (2) those
instruments which, as of the Effective Date, meet all of the requirements
specified in clause (1) of this Subsection (j) but subsequent to the Effective
Date fail to meet the requirements of clause (1)(A) of this Subsection (j)
solely because another U.S. regulatory authority (in addition to, or in
substitution of, the CFTC) is given regulatory jurisdiction over such
instruments.

     (k)  "Indexed Contracts" shall mean Futures and/or Option Contracts which
are indexed to any of the S&P Stock Indices.

     (l)  "Launch Date" shall mean the first day that a Contract begins trading
on the CME.

     (m) "Launch Anniversary Date" shall mean each [*] of a Launch Date.

     (n)  "Option Contract" shall mean an option to purchase or sell Futures
Contracts.

     (o)  "Normalized Volume" shall mean the [*] of a Competitive Contract,
[*] the [*] of the Affected Contract, [*] the [*] of the Competitive Contract.
The [*] of each Contract shall mean the [*] of [*] and the [*] of the [*] on the
day immediately preceding the Launch Date for the Competitive Contract.

     (p) "S&P/BARRA Agreement" shall mean the license agreement between S&P and
BARRA pertaining to the S&P/BARRA Indices and the S&P/BARRA Marks.

     (q) "S&P/BARRA Indices" shall mean the S&P 500/BARRA Growth Index and the
S&P 500/BARRA Value Index.

     (r) "S&P/BARRA Marks" shall mean the designations "S&P 500/BARRA Growth
Index" and "S&P 500/BARRA Value Index."

     (s)  "S&P Marks" shall mean the designations listed in Appendix 2 to this
Agreement.

                                      -3-
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

     (t)  "S&P Stock Indices" shall mean the stock indices listed in Appendix 1
to this Agreement.

     (u)  "Total Volume" shall mean the total S&P 500 trading volume plus the
Total Normalized Volume (as defined in Appendix 6) in the Competitive Contract.

2.   GRANT OF LICENSE.

     (a)  General.  Subject to the terms and conditions of this Agreement, S&P
hereby grants to CME worldwide licenses: (1) to use the S&P Stock Indices solely
in connection with creating, marketing, trading, clearing and promoting Indexed
Contracts; and (2) to use and refer to the S&P Marks in connection with
creating, marketing, trading, clearing and promoting Indexed Contracts and with
making such disclosures about Indexed Contracts as CME deems necessary or
desirable under any applicable federal or state laws, rules or regulations or
under this Agreement in order to indicate the source of the S&P Stock Indices.

     (b)  Electronic Trading System Rights.  The licenses granted to CME by this
Agreement extend to the trading of Indexed Contracts at CME and also on any
electronic trading system on which CME offers its products for trading, but only
to the extent that the Indexed Contracts traded on such electronic trading
system are cleared by CME.

     (c)  Index Value Dissemination Rights. Subject to the terms and conditions
of this Agreement, S&P further grants to CME a non-exclusive worldwide license
to disseminate the S&P Stock Indices, in real-time, to and through third-party
communications vendors, for information purposes, in connection with creating,
marketing, trading, clearing and promoting Indexed Contracts.

     (d)  Limited Licenses.  CME acknowledges that the S&P Stock Indices (except
for the S&P/BARRA Indices) and the S&P Marks (except for the S&P/BARRA Marks)
are the exclusive property of S&P, that S&P has and retains all proprietary
rights therein (including, but not limited to, trademarks and copyrights), and
that the S&P Stock Indices (except for the S&P/BARRA Indices) and their
compilation and composition and changes therein are in the complete control and
discretion of S&P. CME acknowledges that the S&P/BARRA Indices and the S&P/BARRA
Marks are the exclusive property of S&P and BARRA, that S&P and BARRA have and
retain all proprietary rights therein (including, but not limited to, trademarks
and copyrights) and that the S&P/BARRA Indices and their compilation and
composition and changes therein are in the complete control and discretion of
S&P and BARRA. Except as otherwise specifically provided herein, S&P reserves
all rights to the S&P Stock Indices and the S&P Marks which are not expressly
licensed hereunder and this

                                      -4-
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

Agreement shall not be construed to transfer to CME any right to, or interest
in, the S&P Stock Indices or the S&P Marks, or in any copyright, trademark or
proprietary right pertaining thereto.

     (e) Licensing of Additional S&P Stock Indices. Unless otherwise agreed
by the parties in writing, this Agreement shall govern any and all licenses to
S&P Stock Indices (whether newly created by S&P or resumed after
discontinuation) and S&P Marks granted by S&P to CME during the term of this
Agreement. Upon the granting by S&P to CME of any such license, Appendix 1 and 2
to this Agreement shall be amended accordingly.

3.   EXCLUSIVITY.

     (a) Licensed and Listed Contracts. Subject to this Section 3, the license
for any S&P Stock Index that was licensed to CME pursuant to the Prior License
Agreements, and in respect to which CME listed Indexed Contracts for trading
prior to the Effective Date, shall be exclusive for the period commencing on
the Effective Date and ending on December 31, 2008. The license shall continue
on a non-exclusive basis thereafter for the duration of the term of this
Agreement.

     (b) Licensed but Unlisted Contracts. The license for any S&P Stock Index
that was licensed to CME pursuant to the Prior License Agreements, but which was
not listed for trading prior to the Effective Date, shall be exclusive for a [*]
period, commencing on the Effective Date and ending on the [*] anniversary of
the Effective Date. However, if CME has applied to the CFTC to commence trading
of Indexed Contracts based upon any such S&P Stock Index and CME had not
previously been permitted by the CFTC to commence trading of such Indexed
Contracts, then the period of exclusivity shall commence on the Effective Date
and shall continue until [*] after the date on which CME receives final CFTC
approval to trade Indexed Contracts based upon any such S&P Stock Index. Upon
the expiration of any period of exclusivity described in this Subsection 3(b),
CME shall have the option, exercisable within thirty (30) days of the date of
such expiration, to extend, for [*] additional [*], the exclusive license for
any such S&P Stock Index by paying S&P [*]. After the [*], if any, that CME
extends the exclusivity of any license pursuant to the foregoing, S&P shall have
the option of making such license non-exclusive by delivering written notice to
CME within thirty (30) days of the expiration of the exclusivity of such
license. In the event S&P delivers CME notice pursuant to the foregoing or CME
does not elect to extend the exclusivity of any license or upon the expiration
of any extension provided for above, whichever occurs first, the license for any
such S&P Stock Index shall become non-exclusive and S&P may thereafter license
such S&P Stock Index to any other party.

     Once listed, any such license shall remain exclusive for the remainder of
the term of this Agreement so long as either, in any [*]: (1) a minimum average
trading volume of [*] of such Indexed Contracts per [*] has been achieved; or
(2) in the event that such minimum average is not met, CME determines, in its
sole discretion, to pay S&P the sum of [*] to maintain the exclusivity for such
Indexed Contract for [*], such payment to be made within thirty (30) days after
the end of [*]; provided, however, that the [*] payable by CME to S&P under this
Subsection 3(b) shall be reduced by the total amount of license fees paid by CME
to S&P in that [*] for such Indexed Contract. In the event the relevant license
does not remain exclusive pursuant to the foregoing, the license for the
relevant S&P Stock Index shall become non-exclusive and S&P may thereafter
license such S&P Stock Index to any other party.

                                      -5-
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

     (c) Contracts Listed for Trading After the Effective Date. The license for
any S&P Stock Index licensed to CME pursuant to Section 2(e) hereof after the
Effective Date, and upon which CME has listed Indexed Contracts for trading
within [*] after the date of the grant of such license, shall be exclusive for
the [*] following CME's listing of such Indexed Contracts. Thereafter, any such
license shall remain exclusive for the remainder of the term of this Agreement
so long as either, in any [*]: (1) a minimum average trading volume of [*] of
such Indexed Contracts per [*] has been achieved; or (2) in the event that such
minimum average is not met, CME determines, in its sole discretion, to pay S&P
the sum of [*] to maintain the exclusivity for such Indexed Contract for [*]
such payment to be made within thirty (30) days after the end of [*]; provided,
however, that the [*] payable by CME to S&P under this Subsection 3(c) shall be
reduced by the total amount of license fees paid by CME to S&P in that [*] for
such Indexed Contract. In the event the relevant license does not remain
exclusive pursuant to the foregoing, the license for the relevant S&P Stock
Index shall become non exclusive and S&P may thereafter license such S&P Stock
Index to any other party.

     (d) S&P 500 Exclusivity: In the event CME lists Competitive Contracts
(vis-a-vis the S&P 500) for trading, the [*] period prior to the Launch Date of
such Contracts shall be deemed the "Reference [*]." [*] following such Launch
Date, and [*] on the Launch Anniversary Date it shall be determined whether,
during the preceding [*], there has been a [*] or greater attributable decrease
(as defined herein) in both S&P 500 volume and S&P Market Share (as defined
herein) compared to levels during the Reference [*].

     An attributable decrease in S&P 500 volume shall be measured by the lesser
of: (1) the difference between the annual trading, volume in the S&P 500
Contract during the Reference [*] and the trading volume in the S&P 500
Contract during the [*] prior to the relevant Launch Anniversary Date; and (2)
the Normalized Volume in the Competitive Contract during such [*]. "S&P Market
Share" shall be the percentage of Total Volume represented by S&P 500 trading
volume.

                                      -6-

<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

     In the event there has been a [*] or greater attributable decrease in both
S&P 500 trading volume and S&P Market Share, then [*] following the date such
decreases are calculated, the attributable decrease in S&P 500 volume and S&P
Market Share shall be calculated a second time for the [*] immediately prior to
the date of the second calculation.

     In the event that after the [*] S&P 500 volume and S&P Market Share remain
below [*] of their levels in the Reference [*], the licenses granted hereunder
for the S&P 500 Index and its associated Marks shall immediately become
non-exclusive and continue for the remainder of the term of this Agreement on a
non-exclusive basis.

     In the event the license for the S&P 500 Index becomes non-exclusive
pursuant to this Subsection 3(d), there shall be no further adjustment to the
license fees paid to S&P by CME for Indexed Contracts based on the S&P 500 Index
pursuant to Subsection 5(c), and such license fees shall be the Basic License
Fee described in Subsection 5(a), adjusted, if applicable, pursuant to Section
5(b), for the remainder of the term of this Agreement.

4.   RIGHT OF FIRST REFUSAL ON NEW S&P STOCK INDICES.
     ------------------------------------------------

     During the term of this Agreement, CME shall have a right of first refusal
on licenses to base Indexed Contracts on any stock indices not licensed
hereunder as of the Effective Date, and which are developed and compiled [*]
prior to or during the term of this Agreement. Prior to offering any such
license to any other party, S&P must first offer the license on an exclusive
basis to CME. S&P must provide CME with reasonably sufficient information on
which to base its acceptance or rejection of S&P's offer, including, without
limitation, information and data (if available) indicating the amount of assets
benchmarked to such index. CME shall have sixty (60) calendar days thereafter to
accept the offered license, in writing, on mutually agreeable terms, or to
reject the offered license. However, if no agreement with respect to the offered
license is reached between CME and S&P, S&P shall not grant such license to
another party on more favorable terms than were offered to CME.

5.   LICENSE FEES.
     -------------

     (a) Basic License Fee. Except as provided below, and subject to the terms
and conditions of this Agreement, CME shall pay S&P [*] for each trade of an
Indexed Contract (except the S&P MidCap 400, for which the fee shall be [*] per
trade), through October 21, 1997,

                                      -7-
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

and [*] per trade of an Indexed Contract after October 21, 1997 and through and
including the date on which this Agreement is terminated or expires pursuant to
the terms hereof.

     (b) License Fees If Multiplier is Adjusted. If CME, in its sole discretion,
adjusts the multiplier of the S&P 500 Contract, the basic license fee described
in Section 5(a) will be proportionately adjusted on a prospective basis as of
the date of such change. CME shall provide S&P with at least thirty (30) days
advance written notice of such change, which notice shall specify the adjustment
to S&Ps license fee. [*] thereafter, and for so long as CME trades Contracts
based on the S&P 500 Index having a multiplier of [*] and so long as the S&P 500
Index is licensed to CME on an exclusive basis, CME will compare the fees paid
to S&P during the [*] preceding [*] of the adjustment date, in regard to such
contract, with the average annual fee paid to S&P therefor during the [*] period
prior to the first day that the adjusted contract was listed for trading. If the
total license fee paid to S&P for the S&P 500 Index in such [*] period is less
than the average annual license fee for the S&P 500 Index for such [*] period,
CME shall pay S&P the difference within sixty (60) days of the relevant [*] of
the adjustment date. Notwithstanding the foregoing, under no circumstances shall
CME be required to pay S&P more than [*] per round-turn trade. An example of the
above-described calculation is included in Appendix 5.

     CME shall adjust the multiplier of the S&P 500 only in the event that CME
determines, in its sole discretion, that such an adjustment will result in an
increase in revenue to both CME and S&P.

     (c) License Fee Adjustments if Contract based on a Competitive Index is
Traded. If, after the Effective Date, CME begins trading Competitive Contracts,
CME shall compensate S&P for any decrease in volume in the Affected Contract
that is not attributable to the normal decrease in trading volume for all
Indexed Contracts. As compensation for any such decrease in volume, S&P shall be
paid the lesser of the following: (1) the loss in volume (defined as the
difference between the average annual volume for the [*] period preceding the
Launch Date of Competitive Contracts and the volume in the Affected Contract
during the [*] period following Affected Contract during that [*] period; or (2)
the Normalized Volume of the Competitive Contract multiplied by the per-trade
license fee paid to S&P for the Affected Contract during that period. The
calculations described in this Subsection 5(c) shall be made, on each Launch
Anniversary Date for the Competitive Contracts, in [*] that Competitive
Contracts are traded, with the [*] period in question recalculated on a rolling
basis. Amounts payable to S&P hereunder shall be paid within sixty (60) days of
the relevant Launch Anniversary Date. An example of this calculation is included
in Appendix 6.

                                      -8-
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

     In the event CME reduces the Notional Value of the Affected Contract either
prior or subsequent to its listing Competitive Contracts for trading, CME shall
pay to S&P the lesser of the amounts calculated in either Subsection 5(b)
or 5(c) herein.

     (d) S&P 500 Mini-Contract. In the event CME, in addition to but not in lieu
of its current S&P 500 Contract, lists for trading Indexed Contracts based on
the S&P 500 Index having a contract multiplier [*], CME shall pay S&P a
per-trade license fee for the [*] equal to the license fee payable hereunder
for the S&P 500 Contract at the time the [*] is listed, multiplied by [*]
minus the percentage reduction in the size of the contract multiplier between
the original S&P Contract and the [*]. Notwithstanding the foregoing, the per-
trade license fee for any [*] contract shall be [*] through October 21, 1997.

     (e) Payment Schedule. The license fees payable pursuant to Section 5(a) and
5(d) shall be determined at the end of each month and shall be paid within
fifteen (15) days after the end of each month. Each payment shall be accompanied
by a full accounting of the basis for the calculation of the fee. The amounts
required to be paid pursuant to Sections 5(b) or (c) shall be payable in
accordance with such sections and shall be accompanied by a full accounting of
the basis for the calculation of the payment.

     (f) Right to Audit. During the term of this Agreement and for a period of
one (1) year after its termination or expiration. S&P shall have the right,
during normal business hours and upon reasonable notice to CME, to audit on a
confidential basis the relevant books and records of CME to determine that the
license fees, and other amounts payable hereunder, have been accurately
calculated. The costs of such audit shall be borne by S&P unless it determines
that it has been underpaid by five percent (5%) or more; in such case, the costs
of the audit shall be paid by CME.

6.   TERM.
     -----

     The term of this Agreement shall commence as of the Effective Date and
shall continue in full force and effect until December 31, 2013, unless and
until terminated earlier in accordance with Section 7 hereof. Upon the
expiration of this Agreement, the parties shall in good faith attempt to
negotiate a renewal of the Agreement on such terms as are mutually agreeable.

                                      -9-
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

7.   TERMINATION.
     ------------

     (a) Material Breach. In the case of a breach of any of the material terms
or conditions of this Agreement by either party, the other party may terminate
this Agreement by giving thirty (30) days prior written notice to the non-
breaching party of its intent to terminate, which notice shall specify the
nature of the alleged breach, and such notice shall be effective on the date
specified therein for such termination unless the breaching party shall correct
such breach within the notice period. In addition, at any time during the term
of this Agreement, either party may give the other party ninety (90) days prior
written notice of termination if the terminating party believes in good faith
that material damage or harm is occurring to the reputation or goodwill of the
terminating party by reason of its continued performance hereunder, and such
notice shall be effective on the date specified therein of such termination,
unless the other party shall correct the condition causing such damage or harm
within the notice period.

     (b) Discontinuation of an S&P Stock Index. S&P shall have the right in its
sole discretion to cease compilation and publication of any of the S&P Stock
Indices and to terminate the license granted hereunder as to such discontinued
index; provided, however, that S&P shall use its best efforts to give CME at
least one (1) year prior written notice of such discontinuation, and further
provided, however, that all Indexed Contracts based on the discontinued index
which are open and listed for trading on the date such notice of termination was
provided to CME, may nevertheless continue to be traded until such Indexed
Contracts either expire and are no longer listed for trading or until thirty-six
(36) months following the date of such notice of termination, whichever occurs
first. CME's obligations to make any payment to S&P with respect to any Indexed
Contract licensed pursuant to this Agreement and based on the discontinued Index
shall terminate effective on the date on which the license for the discontinued
Index is effectively terminated by S&P.

     (c) Failure to Obtain Regulatory Approval. If, within twelve (12) months
after any license has been granted to CME to trade Indexed Contracts based upon
an S&P Stock Index, CME has not obtained contract market designation therefor as
provided for in Section 10 hereof, then, unless the parties otherwise mutually
agree, upon written notice from either CME or S&P to the other party, the
license granted to CME with respect to such S&P Stock Index shall terminate,
along with all rights and obligations of the parties relating thereto. The
foregoing shall not apply, however, unless and until S&P reasonably determines
that the CFTC has determined that a particular S&P Stock Index may legally be
permitted to be used as the basis for trading Indexed Contracts.

                                      -10-
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

8.   CME SUBSTITUTE INDEX AND CONTRACTS.
     -----------------------------------

     (a) CME's Rights Upon Discontinuation of an S&P Stock Index. If S&P
discontinues compilation and publication of any S&P Stock Index licensed to CME
under this Agreement. CME shall have the following, rights:

          (1) S&P shall, for the purpose of enabling CME, if it chooses, to
compile and make use of its own substitute index ("CME Substitute Index") with
respect to any discontinued S&P Stock Index, provide CME with a continuing non-
exclusive and royalty-free worldwide license to use the list of companies,
shares outstanding and divisors for such discontinued S&P Stock Index as of the
Index Discontinuation Date. S&P shall have no further obligations to CME with
respect to such discontinued S&P Stock Index or any Indexed Contract based upon
such Index after finishing CME with the aforesaid information.

          (2) As of the Index Discontinuation Date, CME shall not trade any
Indexed Contracts based upon the discontinued S&P Stock Index except as provided
in Section 7(b) of this Agreement. CME may continue to use the S&P Marks in
connection with the trading of Indexed Contracts previously licensed hereunder
as provided in, and subject to, Section 7(b). Upon receipt of any notice of
index discontinuation by S&P hereunder as provided in Section 7(b), CME may
elect, by written notice to S&P, to redesignate the discontinued S&P Stock Index
as a CME Substitute Index and continue to trade Indexed Contracts ("CME
Substitute Contracts") based upon such CME Substitute Index, except that, from
the date of such notice of election until the Index Discontinuation Date of such
S&P Stock Index, such CME Substitute Index shall be described in a manner to
clearly differentiate it from the discontinued S&P Stock Index. CME shall have
no obligation to make any payment of fees to S&P with respect to the trading of
CME Substitute Contracts. After such election, CME may promote CME Substitute
Contracts based upon the CME Substitute Index provided that the S&P Marks are
not utilized by CME in connection therewith and CME prominently disclaims any
relationship with S&P with respect to the CME Substitute Contracts.

     (b) Discontinuation of Trademark Licenses. If CME's license to use any S&P
Stock Index terminates because of the termination or expiration of this
Agreement, or for any reason other than S&P's discontinuation of its compilation
and publication, then CME shall not use the name "Standard & Poor's" or "S&P" or
"BARRA" in connection with the promotion or trading of any additional Indexed
Contracts based on such S&P Stock Index; provided, however, that Indexed
Contracts based on such S&P Stock Index, which are listed for trading on the
date of termination, may be traded using the relevant S&P Marks until expiration
or for 36 months, whichever occurs first. Following such termination, if CME
elects to trade CME Substitute Contracts on a CME Substitute Index, it may make
information references only to such S&P Stock Index, provided that

                                      -11-
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

CME disclaims any relationship with S&P in connection therewith. The foregoing
shall nevertheless depend on the fact that S&P shall continue to compile and
publish such S&P Stock Index in which event S&P shall disseminate such Index to
CME in the same fashion as is currently being done, except that CME shall bear
any incremental costs incurred by S&P at any time in providing such service.

9.   S&P OBLIGATIONS.
     ----------------

     (a) Regulatory Approvals or Investigations. S&P shall reasonably assist
CME in connection with the preparation of factual materials for presentation
to the CME, or any other governmental entity, in connection with any
application by CME for approval to trade any of the Indexed Contracts licensed
hereunder, or any investigations or hearings regarding any such Indexed
Contracts.

     (b) Calculation and Dissemination of Index Values. S&P or its agent shall
compute and, in a manner reasonably satisfactory to CME, disseminate to CME, the
value of each of the S&P Stock Indices at least once every fifteen seconds
during normal trading hours. The foregoing shall be at S&P's expense, except
that S&P shall not be obligated to pay for any hardware, software,
communications or similar expenses associated with the receipt by CME of S&P
Stock Index values. S&P, or its agent, shall provide CME each trading day with
respect to each S&P Stock Index licensed to CME hereunder a special opening
quotation for use in settling Indexed Contracts based on such S&P Stock Index as
well as the percentage of underlying stocks that have opened trading that day in
the primary market or that have resumed trading after a trading halt in the
primary market. Subject to Section 13 hereof, S&P shall use its best efforts:
(1) to ensure the correct and timely calculation and dissemination of the S&P
Stock Indices; (2) maintain a backup to verify the calculation of the S&P Stock
Indices on a continuing basis; (3) take extra precautions to verify the accuracy
of the daily closing, index values; and (4) inform CME each day of the closing
numbers for each of the S&P Stock Indices as soon as practicable after the close
of trading of the underlying stocks.

10.  CME's OBLIGATIONS.
     ------------------

     (a) General. CME shall use its best efforts to protect the goodwill and
reputation of S&P and of the S&P Marks in connection with their use under this
Agreement. CME shall maintain high standards of fairness and truthfulness in,
and shall allow S&P, upon its request, to review and approve in advance, all CME
advertisements, brochures, promotional and informational materials relating to
or referring to the S&P Stock Indices or the Indexed Contracts. S&P shall
safeguard the

                                      -12-
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

confidentiality of any promotional or informational materials furnished by CME
for S&P's review, as provided for in Section 12(b) hereof.

     (b) Compliance with Applicable Laws. CME shall use its best efforts to
comply with the federal commodities laws and the rules thereunder insofar as
those laws and rules relate to the Indexed Contracts licensed hereunder. CME
shall take all necessary steps to ensure that the trading of the Indexed
Contracts is carried out in accordance with high ethical and legal standards.
S&P shall have no obligation or liability in connection therewith. This
provision is intended solely for the benefit of the parties hereto and not for
the benefit of third parties.

     (c) CME Rulebook Disclaimers. CME shall use and disseminate the S&P Stock
Indices and the S&P Marks only in compliance with the terms and conditions of
this Agreement to ensure that S&P's rights in the S&P Stock Indices and the S&P
Marks are in no way diminished or jeopardized and CME shall use its best efforts
to ensure that the public is in no way confused or misled as to such rights. CME
shall include Appendix 4 hereto in its rules and take any other action necessary
to ensure that its members trading in the Indexed Contracts are subject to the
provisions of Appendix 4.

     (d) Cross-Margining Program. CME will use its best efforts to include the
Indexed Contracts in CME's existing cross-margining program with the Options
Clearing Corporation unless CME reasonably determines in any case that such
cross-margining program is not appropriate.

     (e) Regulatory Approvals. CME shall promptly file for and use its best
efforts to obtain and maintain any regulatory approval for the trading of
Indexed Contracts that is required during the term of this Agreement.

     (f) CME Warranties. The CME represents and warrants to S&P that (1) the
execution and performance of this Agreement by the CME will not conflict with,
or result in a breach or violation of, any other agreement (written or oral) or
instrument to which CME is party or by which it is bound, and (2) this Agreement
has been duly authorized, executed and delivered by CME and constitutes a valid
and legally binding obligation of CME, enforceable in accordance with its terms.

11. PROTECTION OF VALUE OF LICENSE.
    -------------------------------

    (a) Trademark Registrations. During the term of this Agreement, S&P shall
use its best efforts to maintain in full force and effect federal registrations
of "Standard & Poor's(R)," "S&P(R)" and "S&P 500(R)." CME shall reasonably
cooperate with S&P, at S&P's expense, in the maintenance of

                                     -13-

<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

such rights and registrations and shall do such acts and execute such
instruments as are reasonably necessary and appropriate for such purposes.

     (b) Unlicensed Use of S&P Stock Indices or S&P Trademarks. In the event S&P
is notified by CME or otherwise becomes aware that any of the S&P Stock Indices
or S&P Marks are to be, or have been, used by a third party without the prior
written consent of S&P, in a manner materially inconsistent with the terms of
the licenses granted to CME hereunder ("Unlicensed User"), and that such use has
or may reasonably be expected to have a material adverse impact upon the
benefits derived by CME from the licenses hereunder, S&P shall have the option
to either (i) use its best efforts to terminate such use, including, without
limitation, by initiating litigation against any such Unlicensed User; or (ii)
permit such Unlicensed User to continue such use, in which case CME shall have
the rights provided below. S&P shall have thirty (30) days after learning of
such uncontested use in which to notify CME of S&P's decision whether to seek to
terminate such use or permit it. If S&P chooses to take action to terminate such
use, CME shall continue to pay the license fees required hereunder, except that
if such use has not been terminated within twenty-four (24) months after the
date of the notice to CME, then CME shall have the rights provided below. S&P
shall, within ten (10) days, give written notice to CME of its decision to cease
such effort to terminate such unlicensed use and of any adverse final decision
with respect to such efforts by any court or other governmental body as to which
there is no further appeal. The costs of any litigation brought under this
Subsection 11(b) shall be borne entirely by S&P, and the conduct of such
litigation shall remain in the sole control of S&P. In the event litigation
initiated pursuant to this Subsection 11(b) is decided adversely to S&P or if
S&P is otherwise unsuccessful in terminating such party's use of the S&P Stock
Indices or the S&P Marks, or if S&P notifies CME that it will not challenge
such unlicensed use, then:

                 (1) S&P shall have no further liability to CME hereunder on
account of such use and shall not be deemed to have breached any of its
representations, warranties or agreements hereunder. Notwithstanding the
foregoing, while this Agreement remains in effect, S&P shall not enter into any
agreement, written or oral, with any third party, pursuant to which S&P will
receive revenue, derived from the trading of Contracts based on any of the S&P
Marks or S&P Stock Indices licensed hereunder;

                 (2) CME shall have the right to [*] by this Agreement relating
to the S&P Stock Index or Indices being used by the Unlicensed User, along with
all rights and obligations of the parties thereto, except for [*] provided that
CME gives written notice of such termination to S&P within thirty (30) days of
receiving written notice from S&P that it will not seek to terminate such

                                      -14-
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

unlicensed use or that its efforts to terminate such unlicensed use have been
unsuccessful, or at the end of the twenty four (24) month period specified in
Section 11(b); and

          (3) if CME does [*] hereby to the S&P Stock Index or Indices being
used by the Unlicensed User as provided in subsection (2) above, CME shall have
the right to [*] to compensate for any loss of revenue to CME and its members as
a result of such unlicensed use. If the parties are unable to reach agreement
[*] within sixty (60) days after the CME's written notice requesting [*] the
matter shall be resolved by binding arbitration through the American Arbitration
Association and subject to its commercial rules. The binding arbitration shall
be conducted by three arbitrators qualified as valuation experts in the field of
intellectual property licenses, one of which shall be selected by S&P, one of
which shall be selected by CME and one of which shall be appointed by the other
two. The arbitration shall be conducted in The Borough of Manhattan, The City of
New York. The parties shall each be responsible for fifty percent (50%) of the
cost of the arbitration, regardless of the outcome thereof.

     Notwithstanding the foregoing, nothing herein shall be construed to limit
CME's right to seek to enjoin any unlicensed use of the S&P Marks by an
Unlicensed User in the event S&P does not terminate such use.

12.  PROPRIETARY RIGHTS.

     (a) Security Measures. CME acknowledges that the S&P Stock Indices,
including the S&P/BARRA Indices, are valuable assets of, and are selected,
coordinated, arranged and prepared solely by S&P, and S&P and BARRA,
respectively, through the application of methods and standards of judgment used
and developed through the expenditure of considerable work, time and money. CME
agrees that it will take such security measures as are reasonably necessary in
order to prevent any unauthorized use of the information provided to it
concerning the selection, coordination, arrangement and preparation of the S&P
Stock Indices, including the S&P/BARRA Indices.

     (b) Obligations of Confidentiality. Each party shall treat as confidential,
and shall not disclose or transmit to any third party: (1) any documentation or
other materials that are marked as "Confidential and Proprietary" by the
providing party; or (2) the terms of this Agreement ("Confidential
Information"). Confidential Information as described in clause (1) of the
preceding sentence shall not include: (A) any information that is available to
the public or to the receiving party hereunder from sources other than the
providing party (provided that such source is not subject to a confidentiality
agreement with regard to such information); or (B) any information that is

                                      -15-
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

independently developed by the receiving party without use of or reference to
information from the providing party. Notwithstanding the foregoing, either
party may reveal Confidential Information to any regulatory agency or court of
competent jurisdiction if such information to be disclosed is: (i) approved for
disclosure in writing by the providing party or (ii) required by law,
regulatory agency or court order to be disclosed by the receiving party,
provided, however, that if permitted by law, prior written notice of such
required disclosure shall be given to the providing party and further provided,
however, that the receiving party shall cooperate with the providing party to
limit the extent of such disclosure.

13.  REPRESENTATIONS, WARRANTIES, DISCLAIMERS.
     -----------------------------------------

     (a) Rights to Grant Licenses. S&P represents and warrants that S&P is the
owner of, or has the right to license CME to use, the S&P Stock Indices and S&P
Marks, as provided herein. S&P hereby represents and warrants to CME that BARRA
has consented to S&P's entry into this Agreement with CME. If at any time during
the term of this Agreement, BARRA ceases participating in the compilation and
publication of the S&P/BARRA Indices, whether as a result of the termination of
the S&P/BARRA Agreement or for any other reason, S&P covenants and agrees that
it shall, without interruption, itself compile and publish substantially similar
substitute indices for CME's use under the terms of this Agreement, and S&P
shall have no liability to CME hereunder. In such event, the parties agree that
such substitute indices shall replace the S&P/BARRA Indices under this Agreement
and that new trademarks will be designated to replace the S&P/BARRA Marks. It is
understood that the licensing of any such substitute indices shall be evidenced
by a written amendment to this Agreement, executed by S&P and CME.

     (b) Responsibilities for Errors and Omissions. S&P shall promptly correct,
or instruct its agent to correct, any errors made in S&P's computations of the
S&P Stock Indices that are brought to S&P's attention by CME; provided,
however, that nothing in this Section 13 shall give CME the right to exercise
any judgment or require any changes with respect to S&P's method of composing,
calculating or determining the S&P Stock Indices; and, further provided,
however, that nothing in this Section 13(b) shall be deemed to modify the other
provisions of this Section 13.

     (c) Limitation of Liability. S&P shall obtain information for inclusion in
or for use in the calculation of the S&P Stock Indices from sources that S&P
considers reliable, but S&P accepts no responsibility for, and shall have no
liability for, any errors, omissions or interruptions therein. S&P does not
guarantee the accuracy and/or the completeness of the S&P Stock Indices or any
data included therein in connection with the trading of the Indexed Contracts,
or any other use. S&P makes no warranty, express or implied, as to results to be
obtained by any person or any entity from the use of the S&P Stock Indices or
any data included therein. S&P makes no express or implied

                                     -16-
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

warranties and expressly disclaims all warranties of merchantability or fitness
for a particular purpose or use with respect to the S&P Stock Indices or any
data included therein.

     (d) No Special Damages. Neither party shall have any liability for lost
profits or indirect, punitive, special, or consequential damages (including lost
profits) arising out of this Agreement, even if notified of the possibility of
such damages.

     (e) Limitation on Damages. Without diminishing the disclaimers and
limitations set forth in this Section 13, in no event shall the cumulative
liability of S&P to CME exceed the license fees actually paid to S&P hereunder
over the one-year period preceding the date on which S&P is found liable to CME.
The parties agree that this limitation on liability is reasonable under the
circumstances.

14.  INDEMNIFICATION.
     ----------------

     (a) CME's Indemnification of S&P. Except as provided in Subsection (b)
below, CME shall indemnify and hold harmless S&P, its affiliates and their
officers, directors, employees and agents against any and all judgments,
damages, costs or losses of any kind (including reasonable attorneys' and
experts' fees) as a result of any claim, action, or proceeding that arises out
of or relates to: (1) this Agreement (other than a breach by S&P of its
representations, warranties and agreements hereunder); or (2) the Indexed
Contracts; provided, however, that S&P notifies CME promptly of any such claim,
action or proceeding. CME shall periodically reimburse S&P for its expenses
incurred under this Section 14. S&P shall have the right, at its own expense, to
participate in the defense of any claim, action or proceeding against which it
is indemnified hereunder; provided, however, it shall have no right to control
the defense, consent or judgment, or agree to settle any such claim, action or
proceeding without the written consent of CME without waiving the indemnity
hereunder. CME, in the defense of any such claim action or proceeding, except
with the written consent of S&P, shall not agree to entry of any judgment or
enter into any settlement which either does not include, as an unconditional
term, the grant by the claimant to S&P of a release of all liabilities in
respect of such claims or which otherwise adversely affects the rights of S&P.

     (b) Exclusion from CME's Indemnification Obligation. CME's indemnification
obligations under Subsection (a) above shall not apply to: (1) the willful or
intentional misconduct of any of S&P's officers, directors, employees, or
agents; (2) [*] in the S&P Stock Indices or any data included therein originated
by S&P; or (3) any breach by S&P of its representations, warranties, or
agreements made in this Agreement.

                                     -17-
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

     (c) No Third Party Beneficiaries. These indemnification provisions are
solely for the benefit of CME and S&P and are not intended to, and do not
create, any rights or causes of actions on behalf of any third party.

15.  FORCE MAJEURE
     -------------

         Neither S&P nor CME shall bear responsibility or liability for any
losses arising out of any delay in or interruptions of their respective
performance of their obligations under this Agreement due to any act of God, act
of governmental authority or act of public enemy or due to war, the outbreak or
escalation of hostilities, riot, fire, flood, civil commotion, insurrection,
labor difficulty (including, without limitation, any strike, or other work
stoppage or slow down), severe or adverse weather conditions, power failure,
communications line failure, or other similar cause beyond the reasonable
control of the party so affected.

16.  INJUNCTIVE RELIEF
     -----------------

          In the event of a material breach by one party of provisions of this
Agreement relating to the Confidential Information of the other party, the
parties acknowledge and agree that damages would be an inadequate remedy and
that the non-breaching party shall be entitled to preliminary and permanent
injunctive relief to preserve such confidentiality or limit improper disclosure
of such Confidential Information, but nothing herein shall preclude the non-
breaching party from pursuing any other action or remedy for any breach or
threatened breach of this Agreement. In the event of a material breach by CME of
provisions of this Agreement relating to dissemination of the S&P Stock Indices,
CME acknowledges and agrees that damages would be an inadequate remedy to S&P
and that S&P shall be entitled to preliminary and permanent injunctive relief to
enforce the provisions hereof, but nothing herein shall preclude S&P from
pursuing any other action or remedy for any breach or threatened breach of this
Agreement. All remedies hereunder shall be cumulative.

17.  GENERAL PROVISIONS.
     -------------------

     (a)  Assignment and Delegation. This Agreement is solely and exclusively
between the parties hereto and shall not be assigned or transferred, nor shall
any duty hereunder be delegated, by either party, without the prior written
consent of the other party, and any attempt to so assign or transfer this
Agreement or delegate any duty hereunder without such written consent shall be
null and void. This Agreement shall be valid and binding on the parties hereto
and their successors and permitted assigns.

                                     -18-
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

     (b)  Entire Agreement. This Agreement constitutes the entire agreement of
the parties hereto with respect to its subject matter. This Agreement supersedes
the Prior License Agreements and all other previous agreements between the
parties, if any, with respect to the subject matter of this Agreement. There are
no oral or written collateral representations, agreements, or understandings
except as provided herein.

     (c)  Non-Waiver and Amendments. No waiver, modification, or amendment of
any of the terms and conditions hereof shall be valid or binding, unless such
waiver, modification, or amendment is in writing and signed by a duly authorized
officer of each of the parties hereto.

     (d)  Effect of Breach. No breach, default or threatened breach or default
of this Agreement by S&P shall relieve CME of its obligations under this
Agreement with respect to the protection of the property or proprietary nature
of any property which is the subject matter of this Agreement.

     (e)  Notices. All notices and other communications under this Agreement
shall be: (1) in writing; (2) delivered by hand, by registered or certified
mail, return receipt requested, or by facsimile transmission to the address or
facsimile number set forth below or such address or facsimile number as either
party shall specify by a written notice to the other; and (3) deemed given
upon receipt.

               Notice to S&P:
               --------------
               Standard & Poor's
               65 Broadway
               New York, New York 10006
               Attention: John C. Zwingli
                             Group Vice President
               Facsimile No: 212/770-0270

               With a copy to:
               ---------------
               David B. Stafford
               Associate General Counsel
               The McGraw-Hill Companies
               1221 Avenue of the Americas
               New York, NY 10020
               Facsimile No:   212/512-6769

                                      -19-
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

            Notice to CME:
            --------------
            Chicago Mercantile Exchange
            30 South Wacker Drive
            Chicago, IL 60606
            Attention: T. Eric Kilcollin, President
            Facsimile No:   312/648-3625

            With a copy to:
            ---------------
            Paul O'Kelly
            Senior Vice President and General Counsel
            Chicago Mercantile Exchange
            30 South Wacker Drive
            Chicago, Illinois 60606
            Facsimile No:  312/930-3323

     (f) Governing Law. This Agreement shall be interpreted, construed and
enforced in accordance with the laws of the State of New York.

     (g) Choice of Jurisdiction. Each party agrees that in connection with any
legal action or proceeding arising with respect to this Agreement, such action
or proceeding shall be brought only in the United States District Court for the
Southern District of New York or in the Supreme Court of the State of New York
in and for the First Judicial Department, and each party agrees to submit to the
jurisdiction of those courts and venue in those courts and to waive any claim
that either court is an inconvenient forum.

     (h) Survival. Section 12, Section 13 and Section 14 shall survive the
expiration or termination of this Agreement.

                                      -20-
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
as of the date first set forth above.

STANDARD & POOR'S

By:  /s/ John C. Zwingli
     ------------------------
         John C. Zwingli
         Group Vice President

CHICAGO MERCANTILE EXCHANGE

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

By:  /s/ T. Eric Kilcollin
     ------------------------
         T. Eric Kilcollin
         President and CEO

                                      -21-
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

                                  APPENDIX I
                                  ----------

The S&P Stock Indices collectively covered by and referred to in this Agreement
are the following:

1.   S&P 500 Stock Price Index

2.   S&P 100 Stock Price Index

3.   S&P MidCap 400 Index

4.   S&P SmallCap 600 Index

5.   S&P 500/BARRA Growth Index

6.   S&P 500/BARRA Value Index

7.   S&P Energy Stock Price Index

8.   S&P Financial Stock Price Index

9.   S&P High Technology Stock Price Index

10.  S&P Public Utility Stock Price Index

11.  S&P Consumer Staple Stock Price Index

12.  S&P Transportation Stock Price Index
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

                                  APPENDIX 2
                                  ----------

The S&P Marks collectively covered by and referred to in this Agreement are the
following:

<TABLE>
<CAPTION>

<S> <C>                                                              <C>
1.  S&P                                                              15. S&P Energy Stock Price Index

2.  Standard & Poor's                                                16. Standard & Poor's Energy Stock Price Index

3.  Standard & Poor's 500                                            17. Standard & Poor's Financial Stock Price Index

4.  500                                                              18. S&P High Technology Stock Price Index

5.  S&P 100                                                          19. Standard & Poor's High Technology Stock Price Index

6.  Standard & Poor's 100                                            20. S&P Public Utility Stock Price Index

7.  S&P MidCap 400 Index                                             21. Standard & Poor's Public Utility Stock Price Index

8.  Standard & Poor's 100                                            22. S&P Consumer Staple Stock Price Index

9.  S&P SmallCap 600 Index                                           23. Standard & Poor's Consumer Staple Stock Price Index

10. Standard & Poor's                                                24. S&P Transportation Stock Index

11. S&P 500/BARRA Growth Index                                       25. Standard & Poor's Transportation Stock Price Index

12. Standard & Poor's 500/BARRA Growth Index                         26. Mini S&P 500*

13. S&P 500/BARRA Value Index                                        27. E-Mini S&P 500*

14. Standard & Poor's 500/BARRA Value Index
</TABLE>

                                       *Should this be a protectable mark

<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

                                  APPENDIX 3
                                  ----------

The Prior License Agreements between S&P and CME are the following:

1.   The License Agreement dated February 28, 1980, as amended on January 27,
     1983, and July 29, 1985. (Expiration date: October 21, 1998).

2.   The License Agreement dated January 27, 1983, as amended on July 13, 1983,
     and July 29, 1985 (Expiration date: [October 21, 1998, for exclusivity;
     otherwise license continues until terminated]).

3.   The License Agreement dated October 17, 1991, pertaining to the S&P MidCap
     400 Index. (Expiration date: October 17, 1996 [but extended for 5 years if
     CME's trading volume in contracts based on the Index for the first 6 months
     of the 12-month period ending October 17, 1996, averages at least 7,500
     contracts per trading day]).

4.   The License Agreement dated July 27, 1995, pertaining to the S&P SmallCap,
     600 Index. (Expiration date: June 30, 2000 [but extended for 5 years if
     CME's trading volume in contracts based on the Index for the first 6 months
     of the 12-month period ending June 30, 2000, averages at least 7,500
     contracts per trading day]).

5.   The License Agreement dated July 27, 1995, pertaining to the S&P/BARRA
     Indices. (Expiration date: June 30, 2000 [but extended for 5 years if CME's
     trading volume in contracts based on the Index for the first 6 months of
     the 12-month period ending June 30, 2000, averages at least 7,500 contracts
     per trading day]).
<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

                                  APPENDIX 4
                                  ----------

Limitation of Standard & Poor's Liability
-----------------------------------------

Rule __.     Standard & Poor's, a division of The McGraw-Hill Companies, Inc.
             ("S&P"), licenses the Exchange to use various S&P stock indices
             ("S&P Stock Indices") in connection with the trading of futures
             contracts and options on futures contracts based upon such indices.
             S&P shall have no liability for any damages, claims, losses or
             expenses caused by any errors or delays in calculating or
             disseminating the S&P Stock Indices.

S&P Disclaimer
--------------

Rule __.     Standard & Poor's, a division of The McGraw-Hill Companies, Inc.
             ("S&P"), does not guarantee the accuracy and/or completeness of the
             S&P Stock Indices or any data included therein. S&P makes no
             warranty, express or implied, as to the results to be obtained by
             any person or any entity from the use of the S&P Stock Indices or
             any data included therein in connection with the trading of futures
             contracts, options on futures contracts or any other use. S&P makes
             no express or implied warranties, and expressly disclaims all
             warranties of merchantability or fitness for a particular purpose
             or use with respect to the S&P Stock Indices or any data included
             therein. Without limiting any of the foregoing, in no event shall
             S&P have any liability for any special, punitive, indirect, or
             consequential damages (including lost profits), even if notified of
             the possibility of such damages.

<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

                             APPENDIX 5
                             ----------

Calculation Methodology Example

Initial Conditions:
1/1/00:                 S&P 500 contract multiplier of [*] reduced to [*] (i.e.
                        by a factor of [*]);
1/1/95-1/1/00:          Average [*] volume of [*] contracts traded;
1/1/00-1/1/01:          License fee of [*] based on actual volume and adjusted
                        rate [*].
1/1/01-1/1/02:          License fee of [*] based on actual volume and adjusted
                        rate [*].
1/1/02-1/1/03:          License fee of [*] based on actual volume and adjusted
                        rate [*].

1.  On January 1, 2000, upon reduction in the S&P 500 contract multiplier, the
    per-trade license fee paid on the S&P 500 contract is proportionately
    reduced.

[*]

2.  On January 1, 2001, multiply the average [*] volume in the S&P 500 contract
    for the [*] prior to the reduction in the S&P 500 contract multiplier by the
    unadjusted license fee in the S&P 500 Contract.

[*]

3.  On January 1, 2001 and [*] thereafter, the total license fee paid to S&P by
    CME in regard to the S&P 500 contract for the prior [*] is calculated. [*]

4.  CME pays S&P the [*].

        [*]

5.  Repeat steps 3 and 4 every [*] for the remainder of the term of the
    Agreement.

6.  The adjustment made to S&P is capped at a per-trade rate of [*].

<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

                             APPENDIX 6
                             ----------

Calculation Methodology Example
-------------------------------

Initial Conditions:

1/1/00:                 CME launches Competitive Contract
1/1/95-1/1/00:          Average [*] volume of [*] contracts traded;
1/1/96-1/1/01:          Average [*] volume of [*] contracts traded;
1/1/00-1/1/01:          [*] Volumes:
                            Affected Contract = [*];
                            Competitive Contract = [*];
1/1/01-1/1/02:          [*] Volumes:
                            Affected Contract = [*];
                            Competitive Contract = [*];

     1. The average [*] volume for the Affected Contract in the rolling [*]
period minus the volume for the Affected Contract in the [*] period immediately
following the rolling [*] period ("Volume Shortfall"). If Volume Shortfall is
less than 0, then, for the purposes of this calculation, Volume Shortfall shall
equal 0.

     Year 1 Volume Shortfall = [*];
     Year 2 Volume Shortfall = [*].

     2. Multiply Volume Shortfall by the license fee paid to S&P by CME for the
Affected Contract during the [*] period immediately following the listing of
such contracts for trading ("S&P Revenue Shortfall").

     Year 1 S&P Revenue Shortfall = [*]
     Year 2 S&P Revenue Shortfall = [*]

<PAGE>

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND 17 C.F.R. 230.406 AND 200.80 PROMULGATED
THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS.

3.   The total Normalized Volume is calculated by the following five (5) steps:

     (a)  The Normalization Factor is calculated:

          [*]

     (b)  Normalized Volume is calculated:

          [*]

Year 1: [*]
Year 2: [*]

     (c) Repeat steps (a) and (b) for each Competitive Contract as it relates to
the Affected Contract.

     (d) Sum the Normalized Volumes for all Competitive Contracts as they relate
to the Affected Contract.

Year 1: [*]
Year 2: [*]

     (e) Multiply the sum from step (d) by the per-trade license fee paid for
the Affected Contract at the time this calculation is being performed. ("Total
Normalized Revenue").

Year 1: [*]
Year 2: [*]

     The payment to S&P for the [*] period in question is the [*].

Year 1: [*]
Year 2: [*]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00003-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00003-of-00352.parquet"}]]