Document:

<PAGE>

                                                                    Exhibit 4.15

                Paragraph (b) of Article Fifth of the Certificate

                               of Incorporation of

                   Chicago Board Options Exchange Incorporated

     In recognition of the special contribution made to the organization and
development of the Corporation by the members of the Board of Trade of the City
of Chicago, a corporation organized and existing by Special Legislative Charter
of the General Assembly of the State of Illinois, and for the further purpose of
promoting the growth and liquidity of the Corporation, developing a broad
financial base of dues-paying members, and assuring participation on a
continuing basis of persons experienced in the trading and clearing of contracts
for future purchase or delivery on a central marketplace, every present and
future member of said Board of Trade who applies for membership in the
Corporation and who otherwise qualifies shall, so long as he remains a member of
said Board of Trade, be entitled to be a member of the Corporation
notwithstanding any such limitation on the number of members and without the
necessity of acquiring such membership for consideration or value from the
Corporation, its members or elsewhere. Members of the Corporation admitted
pursuant to this paragraph (b) shall, as a condition of membership in the
Corporation, be subject to fees, dues, assessments and other like charges, and
shall otherwise be vested with all rights and privileges and subject to all
obligations of membership, as provided in the by-laws. No amendment may be made
with respect to this paragraph (b) of Article Fifth without the prior approval
of not less than 80% of (i) the members of the Corporation admitted pursuant to
this paragraph (b) and (ii) the members of the Corporation admitted other than
pursuant to this paragraph (b), each such category of members voting as a
separate class; provided, however, that any amendment to this paragraph (b)
which is required under a final order of any court or regulatory agency having
jurisdiction in the matter may be made in accordance with the provisions of
Article Twelfth covering amendments to this Certificate of Incorporation
generally, without regard to the above provisions concerning such 80% vote by
classes.<PAGE>

                                                                   Exhibit 10.32

                    Non-exclusive Software License Agreement

This Non-exclusive Software License Agreement (this "Agreement") is entered into
between the following (each a "Party" and collectively the "Parties"):

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

                                                            (hereinafter "DBAG")

2. SWX Swiss Exchange, Selnaustrasse 30, 8021 Zurich, Switzerland

                                                         (hereinafter "SWX", and

                                             together with DBAG the "Licensors")

and

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

                                             (hereinafter "Ceres" or "Licensee")

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

                                                            (hereinafter "CBOT")

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -2-

                                    PREAMBLE

A.   Licensors are the exclusive owners of the Eurex Software (as defined
     below). CBOT offers certain derivative products for trading on an
     electronic market operated on the basis of Release a/c/e 1.0 (as defined
     below) of the Eurex Software and known as "a/c/e" (the "CBOT Electronic
     Market"). Licensee's right to use Release a/c/e 1.0 was to date subject to
     the Software License Agreement among DBAG, SWX, CBOT and Ceres dated
     October 1, 1999 (the "Software License Agreement"), the Alliance Agreement
     among the Parties and Eurex Deutschland, Eurex Zurich AG, Eurex Frankfurt
     AG and Ceres Alliance LLC dated October 1, 1999 (the "Alliance Agreement")
     and the Master Software Development Agreement dated July 20, 2000 (the
     "Master Software Development Agreement"). The Alliance Agreement and the
     Software License Agreement provide for, among other things, Licensee's
     right to use release Eurex 2.0 of the Eurex Software, and for the co-
     ownership of the Parties with regard to certain modifications to such
     release. Deutsche Borse Systems AG ("DBS"), a wholly-owned subsidiary of
     DBAG, has so far, under a Systems Operations Agreement dated July 20, 2000
     (the "Systems Operations Agreement"), provided the services required by
     Licensee and the CBOT for (i) the development and the maintenance of
     Release a/c/e 1.0 under the Master Software Development Agreement and (ii)
     the implementation, operation and maintenance of the computer and
     communication resources required to provide electronic trading services on
     the basis of Release a/c/e 1.0.

B.   By way of a Reorganization Agreement dated an even date herewith (the
     "Reorganization Agreement"), the Parties have decided to terminate the
     Alliance Agreement and the Software License Agreement as of the Effective
     Date (as defined below) and CBOT and Ceres have, with effect from the
     Effective Date, waived and assigned (as more clearly set forth in the
     Reorganization Agreement) to Licensors, all right, title and interest, as
     existing as of the Effective Date, they acquired with regard to the Eurex
     Software under the Software License Agreement, the Alliance Agreement, and
     the Master Software Development Agreement. The Reorganization Agreement
     also provides for the termination of the Master Software Development
     Agreement and the Systems Operations Agreement.

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -3-

C.   Licensee and CBOT desire to continue to use Release a/c/e 1.0 after the
     termination of the Software License Agreement and the Alliance Agreement,
     and to replace Release a/c/e 1.0 with a First Subsequent Release (as
     defined below) and eventually further Subsequent Releases (as defined
     below). Licensors desire, pursuant to the terms of this Agreement, in a
     first step, to grant to Licensee the right to use Release a/c/e 1.0 for the
     purposes of the trading of certain CBOT derivative products on the CBOT
     Electronic Market, and, in a second step, to grant to Licensee the right to
     use Subsequent Releases for the same purpose as and when implemented.

D.   This Agreement exclusively governs Licensee's right to use Release a/c/e
     1.0 as well as any Subsequent Releases and New Modifications (as defined
     below). The services required for the maintenance of Release a/c/e 1.0 and
     of any Subsequent Release shall be provided by DBAG subject to the terms of
     the Software Maintenance Agreement (the "Software Maintenance Agreement")
     dated an even date herewith between the Parties, Eurex Zurich AG and Eurex
     Frankfurt AG, and the services required for the testing, installation and
     deployment of any Subsequent Release shall be provided by DBS subject to
     the New Systems Operations Agreement (the "New Systems Operations
     Agreement") dated an even date herewith between CBOT, Ceres, DBS, Eurex
     Frankfurt AG and Eurex Zurich AG.

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

1.   Definitions

Unless otherwise specified in the body of this Agreement, each term set forth
below when used anywhere in this Agreement or its Exhibits shall have the
respective meaning ascribed to it below:

1.1  "Additional Eligible Derivatives" shall mean the CBOT derivatives products
     identified in Exhibit A, section B, as may be amended in writing from time
     to time, other than an Initial Eligible Derivative.

1.2  "Affiliate" shall have the meaning set forth in the Reorganization
     Agreement.

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -4-

1.3  "CBOT Group" shall have the meaning set forth in the Reorganization
     Agreement.

1.4  "Change of Control" shall have the meaning set forth in the Reorganization
     Agreement.

1.5  "Documentation" shall mean all user documentation in both human readable
     and machine readable form, flow charts and narratives, as well as other
     materials used in providing and supporting electronic trading facilities
     and services and all other tangible materials which represent, describe or
     specify the Licensed Programs and/or the New Modifications or their use,
     operations or applications. For the avoidance of doubt, the term
     "Documentation" shall include the Program Documentation (as defined in
     Section 1.13 of the SLA).

1.6  "Effective Date" shall have the meaning set forth in the Reorganization
     Agreement.

1.7  "Eligible Derivatives" shall mean the Initial Eligible Derivatives and the
     Additional Eligible Derivatives.

1.8  "Eurex Group" shall have the meaning set forth in the Reorganization
     Agreement.

1.9  "Eurex Exchanges" means Eurex Deutschland and Eurex Zurich.

1.10 "Eurex Software" shall have the meaning set forth in the Reorganization
     Agreement, and shall, for the avoidance of doubt, include the Licensed
     Programs (excluding the Tools) and the New Modifications.

1.11 "First Subsequent Release" shall mean the release of the Eurex Software
     described in Exhibit C.

1.12 "First Subsequent Release Date" shall mean the Subsequent Release Date of
     the First Subsequent Release.

1.13 "Initial Eligible Derivatives" shall mean the derivative products set
     forth in Exhibit A, section A.

1.14 "Licensed Programs" shall mean

     (a)  until the First Subsequent Release Date the Tools and all those parts
          of the Eurex Software, in an object code or other executable format,
          but in any

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -5-

          event excluding the source code, (i) which were actually used as of
          the Effective Date by the Licensee for the electronic trading of
          Eligible Derivatives on the CBOT Electronic Market and for providing
          and supporting the facilities and services required by CBOT users for
          such trading, and/or (ii) which were the subject-matter of any New
          Modifications agreed to after the Effective Date and are actually used
          for the electronic trading of Eligible Derivatives on the CBOT
          Electronic Market and for providing and supporting the facilities and
          services required by CBOT users for such trading before the First
          Subsequent Release Date; and

     (b)  from any Subsequent Release Date to the following Subsequent Release
          Date the Tools and all those parts of the Eurex Software in an object
          code or other executable format, but in any event excluding the source
          code, (i) which are actually used as of such Subsequent Release Date
          by the Licensee for the electronic trading of Eligible Derivatives on
          the CBOT Electronic Market and for providing and supporting the
          facilities and services required by CBOT users for such trading,
          and/or (ii) which are the subject-matter of any New Modifications
          agreed to after this Subsequent Release Date and actually used by
          Licensee for the electronic trading of Eligible Derivatives on the
          CBOT Electronic Market and for providing and supporting the facilities
          and services required by CBOT users for such trading before the
          following Subsequent Release Date.

     The term "Licensed Programs" shall not include any clearing
     functionalities, but shall include the "distributed matching algorithm",
     provided that (i) the "distributed matching algorithm" is thoroughly
     tested, at Licensee's cost and expense, (ii) all actions and cost necessary
     for taking the distributed matching algorithm into production shall be
     subject to a change request under the New Systems Operations Agreement, and
     (iii) no service levels agreed to under the New Systems Operations
     Agreement shall apply with regard to services involving the "distributed
     matching algorithm".

1.15 "Licensors Confidential Information" shall have the meaning as defined in
     Section 7.2 below.

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -6-

1.16 "New Modifications" shall mean all of the alterations, adaptions,
     amendments, modifications, enhancements, extensions, developments and
     improvements, or other work results related, to the Licensed Programs made
     under the Master Software Development Agreement (to the extent not already
     included in the Licensed Programs) or, subsequently, the Software
     Maintenance Agreement.

1.17 "Proprietary Rights" means, with respect to any item, all trade secret,
     copyright, patent, trademark, service mark, certification mark, trade dress
     or other intellectual property or proprietary rights in all countries
     related to such item or any part thereof, any extensions and renewals of
     the foregoing, and any registrations, patents or applications with respect
     to the foregoing, including any Licensors Confidential Information included
     therein or related thereto.

1.18 "Release a/c/e 1.0" shall mean those parts of the Eurex Software that have
     been put into production for purposes of the CBOT Electronic Market on or
     before the Effective Date.

1.19 "Subsequent Release" shall mean the First Subsequent Release and any
     further release intended for the operation of the CBOT Electronic Market.

1.20 "Subsequent Release Date" shall mean the date on which a Subsequent Release
     has been put into production for the electronic trading of Eligible
     Derivatives on the CBOT Electronic Market and for providing and supporting
     the facilities and services required by CBOT users for such trading before
     the following Subsequent Release Date.

1.21 "System" shall have the meaning set forth in the Reorganization Agreement.

1.22 "Termination Date" shall have the meaning as defined in Section 3.

1.23 "Tools" shall mean various tools and methodology created by DBS (as
     presently used, subsequently modified or newly created by DBS) as are
     necessary for Licensee and CBOT to receive the services provided under the
     New Systems Operations Agreement.

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -7-

2.   Grant of License

2.1  Subject to the terms and conditions of this Agreement, Licensors hereby
     grant to Licensee throughout the period from the Effective Date to the
     Termination Date a non-exclusive, non-transferable license, sublicensable
     only as provided in this Section 2 and royalty-bearing as provided in
     Section 6, to use the Licensed Programs in object code form only to provide
     and support electronic trading facilities and services for the trading of
     Eligible Derivatives on the CBOT Electronic Market. Licensee may use the
     Licensed Programs for such purposes only on the equipment and
     infrastructure made available to it by DBS under the New Systems Operations
     Agreement. Licensee may provide to CBOT users those components of the
     Licensed Programs as are necessary for such users to participate in the
     electronic trading of Eligible Derivatives on the CBOT Electronic Market.
     Licensee shall have no right to decompile, reverse engineer, disassemble,
     rent, lease, distribute or modify the Licensed Programs and make derivative
     works thereof and/or to merge the same into other programs and materials.
     Licensee shall have no other rights with respect to the Licensed Programs
     other than as provided in this Agreement.

2.2  Licensee may sublicense the Licensed Programs subject to Licensors' prior
     written consent. No such consent shall be required for any sublicense
     granted to CBOT to provide and support electronic trading facilities and
     services for CBOT users for the trading of Eligible Derivatives on the CBOT
     Electronic Market if and to the extent that any such sublicense contains
     terms for the benefit of the Licensors which are comparable to the
     restrictions contained herein with respect to (i) protecting the
     confidentiality and proprietary nature of the Licensed Programs, the
     Licensors' Confidential Information and Licensors' Proprietary Rights with
     respect thereto, (ii) limitations on use, (iii) disclaimers of warranties,
     (iv) limitations on liability and (v) limitations on transfer, assignment
     and sublicensing.

3.   Term of License

     This Agreement shall be effective as of the Effective Date and shall
     continue through December 31, 2003 or any earlier date in the event this
     Agreement is terminated as of such earlier date pursuant to Section 8.1 or
     8.2 (the "Termination Date").

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -8-

4.   Delivery

4.1  Licensee and CBOT acknowledge (i) that the Licensed Programs referred to in
     Section 1.13 (a) have been delivered to them and accepted under the Master
     Software Development Agreement, and (ii) that the Documentation relating to
     such Licensed Programs referred to in Section 1.13(a) has been delivered to
     them.

4.2  The First Subsequent Release shall be delivered to Ceres for acceptance on
     or before December 31, 2002. With regard to the acceptance of the First
     Subsequent Release, the provisions of Section 9.4 of the Software
     Maintenance Agreement shall apply accordingly. The steps necessary to take
     the First Subsequent Release into production, and the cost thereof, shall
     be subject to a Change Request (as defined in the New Systems Operations
     Agreement) under the New Systems Operations Agreement.

4.3  The delivery of any Subsequent Release other than the First Subsequent
     Release shall take place on the date and with specifications to be mutually
     agreed by the Parties. Licensee shall be responsible for the installation
     of any Subsequent Release and shall in this context use the services
     offered by DBS under the New Systems Operations Agreement. The delivery and
     installation of any New Modifications after the Effective Date shall be
     agreed under the Software Maintenance Agreement.

5.   Warranties, Disclaimer of Warranties

5.1  Licensors warrant that:

     5.1.1  Except for the third party software identified in Exhibit B hereto
            which Licensors warrant is available from third party vendors, the
            Licensed Programs include all of the software used on the Effective
            Date by CBOT and Ceres in providing and supporting the CBOT
            Electronic Market electronic trading facilities and services for the
            users of CBOT.

     5.1.2  To Licensors' knowledge as of the date hereof, (i) Licensors, taken
            together, and their respective licensors are the lawful owners of
            all intellectual property rights in the Licensed Programs with full
            rights to grant the license granted herein, and (ii) as delivered to
            Licensee, the Licensed Programs do not infringe the intellectual
            property rights of any third party and are not subject to

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -9-

            any claim of infringement by any third party, provided that
            Licensors are aware of the claims under U.S. Patent No. 4,903,201
            (the "Patent") asserted in the case captioned eSpeed, Inc. and
            Electronic Trading Systems Corporation v. Board of Trade, et al.,
            Civil Action No. 3-99CV1016-M, pending in the United Stated District
            Court for the Northern District of Texas (the "Texas Case"). None of
            the parties to this Agreement have any reason to believe that, when
            used in the manner contemplated in this Agreement, the System does
            or will infringe any valid patent rights of the plaintiff in the
            Texas Case. Notwithstanding any other provisions of this Agreement,
            no Party shall have any liability (including, without limitation,
            under Section 5.2) to another Party under this Agreement arising out
            of or in connection with the Patent or any claims asserted with
            respect thereto, in the Texas Case or otherwise, based upon the
            Patent.

     5.1.3  To Licensors' knowledge as of the date hereof, the Licensed Programs
            do not contain any timer, clock, counter or other limiting design or
            routine which causes the Licensed Programs to become erased,
            inoperable or otherwise incapable of being used in the full manner
            for which they are designed and licensed pursuant to this Agreement
            after being used or copied a certain number of times, or after the
            lapse of a certain period of time, after the occurrence or lapse of
            any similar triggering factor or event, or because they have been
            installed on or moved to a central processing unit or system which
            has a different serial number, model number or other identification
            different from the system on which they were originally installed.

     5.1.4  Neither of Licensors is a party to any agreement that impairs its
            rights to grant the license herein or perform its obligations
            hereunder.

5.2  Licensee's sole remedies with respect to breaches by Licensors of their
     warranties under Section 5.1 shall be the commercially reasonable efforts
     of the Licensors to correct such breaches or cause such breaches to be
     corrected.

5.3  Licensee recognizes that, in licensing the Licensed Programs from
     Licensors, it is relying upon its own investigation of the Licensed
     Programs and its judgments on the suitability of the Licensed Programs for
     its purposes and acknowledges that Licensors

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -10-

     can and do not make any representation or warranties that the Licensed
     Programs do or will (i) meet the requirements of Licensee or operate in
     configurations selected by Licensee, (ii) operate in the environment of
     Licensee in an uninterrupted or error-free manner, or (iii) conform to any
     performance specifications.

5.4  With regard to the First Subsequent Release, the provisions set forth in
     Sections 11.2, 12.3 and 14.1 of the Software Maintenance Agreement shall
     apply instead of Sections 5.2, 5.3 and 5.7 of this Agreement. For the
     avoidance of doubt, the preceding sentence does not apply with regard to
     the "distributed matching algorithm" which is not part of the First
     Subsequent Release.

5.5  Except as set forth in Section 5.1, the Licensed Programs are being
     provided to Licensee as is, and Licensors do not make, and hereby disclaim,
     any and all other warranties, express, implied, statutory or otherwise,
     including, but not limited to, implied warranties of title, non-
     infringement, merchantability and fitness for a particular purpose, and
     shall have no liability in connection with or arising out of any failure of
     the Licensed Programs (i) to meet Licensee's requirements or operate in
     configurations selected by Licensee, (ii) to operate in Licensee's
     environment in an uninterrupted or error-free manner or (iii) to conform to
     any performance specifications, or in connection with or arising out of any
     ability or inability to use the Licensed Programs in connection with any of
     the financial products or contracts traded (or failed to be traded) on any
     exchange or by any members thereof. Notwithstanding the fact that Licensee
     is not entitled to make any modifications to the Licensed Programs,
     Licensors shall have no liability of any kind under this Agreement for any
     modifications made to the Licensed Programs by Licensee or any permitted
     sublicensee of any party acting on behalf of any of them.

5.6  Each of the Parties hereby represents and warrants to the others as
     follows:

     5.6.1  It has all requisite corporate power and authority to enter into
            this Agreement and to carry out the transactions contemplated
            hereby.

     5.6.2  The execution, delivery and performance of this Agreement and the
            consummation of the transactions contemplated hereby have been duly
            authorized by all requisite corporate action on its part.

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -11-

     5.6.3  This Agreement is a legal, valid and binding obligation of it, and
            enforceable against it in accordance with the terms hereof.

5.7  In no event shall Licensors be liable for, and Licensee hereby waives and
     releases any claims it might otherwise have to be compensated by Licensors
     in connection with this Agreement for, any special, indirect, consequential
     or collateral damages (such as, without limitation, loss of revenue, loss
     of profits, loss of data, loss of use, interruption of business or loss of
     goodwill), or any damages other than direct damages, without regard to the
     circumstances giving rise to any purported claim and regardless of the
     legal or equitable grounds on which any purported claim is based, arising
     from the granting of the license granted herein or the dependence upon or
     use of the Licensed Program by Licensee or any third party.

5.8  Licensee agrees to indemnify, defend and hold Licensors harmless against
     any and all damages, costs or expenses (including reasonable attorney's
     fees) relating to, based on or arising out of all claims brought by users
     of the CBOT Electronic Market arising out of the Licensee's use or
     disclosure of the Licensed Programs, or any such use or disclosure by any
     third party to which Licensee has made available any portion of the
     Licensed Programs, other than with respect to that portion of any such
     damages, costs or expenses resulting directly from any breach by Licensors
     of their warranties set forth in Section 5.1, or, with regard to the First
     Subsequent Release, the provisions referenced in Section 5.4.

6.   License Fees

6.1  In consideration for the license granted under Section 2.1, Licensee shall
     pay to Licensors

     (a)  an annual license fee of Euro [**]((Euro) [**]) (pro rata temporis for
          2002) (the "Annual Fee") and

     (b)  a variable fee (the "Variable Fee") (i) to be calculated with regard
          to the Initial Eligible Derivatives on the basis of the number of
          Initial Eligible Derivative contracts [**] on any electronic exchange
          operated by or on behalf or with the consent of CBOT or an Affiliate
          of CBOT on the equipment and infrastructure made available by DBS
          under the New Systems Operations Agreement, whereby the fee shall be
          [**] and [**], and (ii) consisting in case of the Additional Eligible
          Derivatives of [**] of Additional Eligible Derivatives on the CBOT
          Electronic Market.

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -12-

6.2  The Annual Fee shall be paid in installments of Euro [**] ((Euro) [**]) in
     advance on the first day of each [**]. The payment of the Annual Fee shall
     start as of [**]. The installment for the [**] of 2002 shall be due and
     payable within [**] of the Effective Date. In the event the Termination
     Date does not coincide with the [**] of a [**], the installment paid with
     regard to the [**] in which the Termination Date falls, shall be adjusted
     pro rata temporis from the first day of such [**] until, and including, the
     Termination Date; the Licensors shall in such case refund to Licensee any
     payments already made in excess of such adjusted installment.

6.3  The Variable Fees shall be calculated each calendar quarter. The payment of
     the Variable Fees shall start as of April 1, 2002. All Variable Fees
     accrued in a calendar quarter shall be paid within ten (10) business days
     of the end of such calendar quarter. Each payment of Variable Fees shall be
     accompanied by a report listing all [**] in sufficient detail to permit
     confirmation of the accuracy of the Variable Fee payment made, including,
     without limitation, the [**] basis. Licensee shall keep complete and
     accurate records pertaining to the information required to calculate the
     Variable Fee in sufficient detail to permit Licensors to confirm the
     accuracy of all payments due hereunder. Licensors shall have the right to
     have an independent, certified public accountant audit such records to
     confirm the amount of Variable Fees. Such audit may be exercised during
     normal business hours upon reasonable prior written notice to Licensee.
     Prompt adjustment shall be made by the Parties with regard to affected
     payments to reflect the results of such audit. Licensors shall bear the
     full cost of such audit unless such audit discloses a variance of more than
     five percent (5%) between the amount of Variable Fees or other payments due
     under this Agreement for a particular calendar quarter and the amount
     actually received by Licensors for such calendar quarter. In such case,
     Licensee shall bear the full cost of such audit and shall, in addition,
     promptly remit to Licensors the amount of any underpayment.

6.4  In the event this Agreement ends or is terminated, Licensee shall pay on
     the Termination Date to Licensors an amount equal to Euro plus [**] of the
     aggregate of all Variable Fees due by Licensee for the three months
     preceding the Termination Date. The preceding sentence shall not apply in
     the event Section 6.2.3, last sentence, of the Reorganization Agreement
     applies.

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -13-

6.5  Licensors shall pay any and all taxes levied on account of license fees and
     other payments under this Agreement. If any taxes are required to be
     withheld by Licensee, Licensee will (i) deduct such taxes from the
     remitting payment, (ii) timely pay the taxes to the proper taxing
     authority, (iii) send proof of payment to Licensor and certify its receipt
     by the taxing authority within thirty (30) days following such payment, and
     (iv) provide all necessary support to Licensors as required to recover such
     taxes.

6.6  Each of Licensors, or one Licensor on behalf of both Licensors, will send
     to Licensee invoices regarding its share, as such share is agreed between
     Licensors, in the license fees set forth in Section 6.1.

6.7  Legal rights of either Party to set-off against claims of the other Party
     are excluded, except where the corresponding claim of such Party has either
     been determined by a final arbitral award pursuant to Section 9.3 or
     expressly acknowledged by the affected other Party or Parties, as the case
     may be, in writing. In no event shall Licensee be entitled to set-off
     against the invoice of a Licensor where Licensee's corresponding claim is
     directed against the other Licensor.

7.   Ownership, Confidentiality

7.1  Licensors and their licensors are the sole and exclusive owners of, and
     have the sole and exclusive title in and to, the Eurex Software and the
     Documentation, all Proprietary Rights relating to the Eurex Software and
     the Documentation, and any causes of action arising out of or related to
     any infringement or misappropriation of any of the foregoing. However,
     Licensors agree to (i) assert and prosecute such claims at their own
     expense, or (ii) to assign them to Licensee or CBOT when reasonably
     necessary to protect the rights of Licensee or CBOT hereunder, in which
     case Licensee or CBOT may prosecute such claims, but at their own expense.

7.2  The receiving party of any Confidential Information (as defined below)
     agrees to use reasonable efforts to protect such Confidential Information
     from unauthorized use or disclosure (intentional, inadvertent or otherwise)
     and in any event shall take such steps to protect the proprietary interest
     therein of the disclosing party as it takes to protect the confidentiality
     and ownership of its own information and materials of a

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -14-

     like nature. Notwithstanding the foregoing, the receiving party's
     obligation to protect the confidentiality of any Confidential Information
     shall terminate if the same becomes part of the public domain without
     breach by the receiving party of its obligations hereunder. Further, the
     foregoing obligations shall not apply to information that is disclosed to
     the receiving party without obligation of confidentiality by a third party
     with the right to do so. For the purposes of this Agreement, "Confidential
     Information" means confidential information the receiving party, or any of
     its related parties or their respective directors, officers, employees or
     agents, receives in connection with the transactions contemplated herein
     relating to the software, products, business and financial plans and
     information and trade secrets and other information relating to the
     business of the disclosing party and/or its related parties (including, in
     the case of either Licensor, the Eurex Exchanges) and their respective
     related parties, and information subject to an obligation of confidence to
     a third party, and "Licensors Confidential Information" means Confidential
     Information with respect to which either Licensor is a disclosing party.

8.   Termination

8.1  Either Party (whereby for the purposes hereof CBOT and Licensee, on the one
     hand, and DBAG and SWX, on the other hand, shall be regarded as one party)
     may terminate this Agreement prior to December 31, 2003 only upon the
     occurrence of any of the following:

     (a)  Upon termination of any of the Software Maintenance Agreement or the
          New Systems Operations Agreement, provided that, for the avoidance of
          doubt, this Agreement is deemed to be terminated pursuant to Section
          8.2 or Section 8.3, as the case may be, of this Agreement in the event
          that either of the Software Maintenance Agreement or the New Systems
          Operations Agreement is terminated under its respective Section 17.2.3
          or 17.2.4;

     (b)  upon or after the bankruptcy, insolvency, dissolution or winding up of
          the other Party; or

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -15-

     (c)  upon or after the breach of any material provision of this Agreement
          by the other Party if the breaching party has not cured such breach or
          the Parties have not agreed on a plan to remedy such breach within
          fifteen (15) business days after written notice thereof by the non-
          breaching party; or

8.2  Licensors may terminate this Agreement prior to December 31, 2003 upon the
     public announcement of, or the filing of a notice with the SEC relating to,
     a Change of Control of any member of the CBOT Group other than C-B-T
     Corporation and its legal successors and assigns (to the extent it remains
     in its present lines of business), provided that (i) all Annual Fees and
     the estimated Variable Fees that would have to be paid by Licensee (to be
     calculated on the basis of the average payment of Variable Fees until
     declaration of termination) throughout the entire regular term of the
     Agreement (i.e. through December 31, 2003) are immediately due and payable,
     and (ii) Licensors will ensure termination assistance for a period no
     longer than two months from the declaration of termination by Licensors,
     and (iii) in the event a public announcement or SEC filing takes place
     after December 31, 2002, only the closing of the so announced or notified
     transaction shall trigger the termination right and termination assistance
     shall in such case be made available for a period of four months from the
     declaration of termination, but in no event beyond December 31, 2003.
     Termination assistance shall mean that Licensee shall have the right to
     continue to use the Licensed Programs, and the obligation to pay for such
     use, each as set forth in this Agreement, through the end of the
     termination assistance. To the extent required by a corresponding written
     notice of Licensee, Licensors must decide within 30 days of receipt of such
     notice whether or not to exercise the right to terminate pursuant to this
     section.

8.3  Licensors may terminate this Agreement prior to December 31, 2003 upon the
     public announcement of, or the filing of a notice with the SEC relating to,
     the introduction of a system succeeding the System after the end of the
     Follow-up Agreements (as defined in the Reorganization Agreement), provided
     that (i) all Annual Fees and the estimated Variable Fees that would have to
     be paid by Licensee (to be calculated on the basis of the average payment
     of Variable Fees until declaration of termination) throughout the entire
     regular term of the Agreement (i.e. through December 31, 2003) are
     immediately due and payable, and (ii) Licensors will ensure termination
     assistance

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -16-

     (as described in Section 8.2) for a period no longer than two months from
     the declaration of termination by Licensors and (iii) this Section 8.3
     applies only in the event such public announcement or SEC filing takes
     place before December 31, 2002 and if another exchange or contract market,
     or any of its respective Affiliates, is directly or indirectly involved in
     providing the succeeding system or services related thereto. This Section
     8.3 does not apply with regard to the introduction of any system which
     solely relates to open outcry trading, clearing or market surveillance. To
     the extent required by a corresponding written notice of Licensee,
     Licensors must decide within 30 days of receipt of such notice whether or
     not to exercise the right to terminate pursuant to this section.

8.4  For the avoidance of doubt, no Party shall be entitled to terminate this
     Agreement for convenience prior to the end of the term set forth in Section
     3.

8.5  On the Termination Date, and to the extent not required to receive
     termination assistance pursuant to Section 8.2 or 8.3, the license, all
     sublicenses and all rights pursuant to this Agreement to use the Licensed
     Programs, the New Modifications, the Documentation and any Licensors
     Confidential Information shall immediately terminate. Licensee shall, and
     shall ensure that all sublicensees and any other parties to which it has
     provided any portion of the Licensed Programs, the Documentation or the New
     Modifications or Licensors' Confidential Information shall, promptly return
     or destroy all copies of the Licensed Programs, New Modifications,
     Documentation or Licensors' Confidential Information (including derivative
     works based thereupon) in all forms, partial and complete, whether or not
     modified or merged into other programs, other than and for so long as
     required for archival purposes pursuant to applicable regulatory
     requirements. Licensee shall then promptly deliver to Licensors a written
     statement certifying its compliance with this requirement. For each
     business day which is a business day in Chicago following the Termination
     Date on which Licensee is not in compliance with the provisions contained
     in this Section 8.5 (except for termination assistance pursuant to Section
     8.2 or 8.3), Licensee shall pay an amount of (Euro) [**] to Licensor.

8.6  Notwithstanding anything to the contrary contained elsewhere in this
     Agreement, the following sections of this Agreement shall survive any
     termination hereof: Sections

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -17-

     5.1.2, 5.2, 5.3, 5.4, 5.6, 5.7, 5.8, 6, 7, 8 and 9. Section 9.6 (only last
     sentence) and 9.7 shall survive the liquidation, dissolution, bankruptcy or
     reorganization of Ceres.

9.   General Provisions

9.1  All notices given under this Agreement shall become effective only when
     actually received at the following addresses:

          CBOT/Ceres:   Board of Trade of the City of Chicago, Inc./Ceres
                        Trading L.P.
                        141 West Jackson Blvd., Suite 600
                        Chicago, Illinois 60604
                        United States of America
                        Attention:  Ms. Carol A. Burke
                        Telephone:  +1-312-435-3726
                        Facsimile:  +1-312-341-3392

          DBAG:         Deutsche Borse AG
                        Neue Borsenstrasse 1
                        60487 Frankfurt am Main
                        Federal Republic of Germany
                        Attention:  Dr. Heiko Beck
                        Telephone:  +49-69-2101-5073
                        Facsimile:  +49-69-2101-3801

          SWX:          SWX Swiss Exchange
                        Selnaustrasse 30
                        8021 Zurich
                        Switzerland
                        Attention:  Ms. Petra Bysaeth
                        Telephone:  +41-1-229-2359
                        Facsimile:  +41-1-229-2444

     Any Party may change its address for the purpose of notices by giving
     notice thereof to each Party in accordance with the provisions of this
     Section 9.1.

9.2  This Agreement shall be governed by and subject to the substantive laws of
     the Federal Republic of Germany, to the exclusion of its conflicts of law
     rules; the United Nations Conventions on the International Sale of Goods
     shall not apply.

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -18-

9.3  Except with regard to actions seeking temporary or permanent injunctive
     relief, any dispute arising under or in connection with this Agreement
     between or among any parties to this Agreement will be finally settled by
     arbitration in accordance with the arbitration rules of the United Nations
     Convention on International Trade Law (the "UNCITRAL Rules").

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

     9.3.2  Where there are multiple parties, whether as Claimant or as
            Respondent the multiple Claimants, jointly, and the multiple
            Respondents, jointly, shall nominate an arbitrator pursuant to
            Article 7 of the UNCITRAL Rules. In the absence of such a joint
            nomination and where all parties are unable to agree to a method for
            the constitution of the Arbitral Tribunal, the London Court of
            International Arbitration (the "Appointing Authority" for the
            purposes of the application of the UNCITRAL Rules) may appoint each
            member of the Arbitral Tribunal and shall designate one of them to
            act as chairman. In such case the Appointing Authority shall be at
            liberty to choose any person it regards as suitable to act as
            arbitrator.

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

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

9.4  The provisions of this Agreement are severable and the unenforceability of
     any provision of this Agreement shall not affect the enforceability of any
     other provisions hereof. In addition, in the event that any provision of
     this Agreement (or portion thereof) is determined by a court of competent
     jurisdiction, an arbitral award obtained pursuant to Section 9.3 or any
     regulatory authority having jurisdiction to be unenforceable as drafted by
     virtue of the scope, duration, extent or character of any obligation
     contained therein, it is the mutual agreement of the Parties that such
     provision (or portion thereof) shall be construed in a manner designed to
     effectuate the purpose of such provision to the maximum extent enforceable
     under applicable law. If such construction is not possible, the Parties
     undertake, to the extent

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -19-

     reasonably possible, to modify such provision in order to implement the
     purposes of such provision as fully as possible.

9.5  While there are related agreements to which some or all of the parties
     hereto are parties (the Reorganization Agreement, the Software Maintenance
     Agreement, the New Systems Operations Agreement and the surviving
     provisions of the Preexisting Agreements (as defined in the Reorganization
     Agreement)), this Agreement constitutes the complete agreement of the
     parties with respect to the matters set forth herein, and there are no
     written or oral side agreements to this Agreement. This Agreement and the
     Exhibits attached hereto may only be modified by a written instrument
     signed by all Parties hereto. This Section 9.5 may also be modified only by
     a written instrument signed by all Parties hereto. This provision shall not
     be deemed to affect any rights any Party may have against any third party.

9.6  This Agreement shall be binding upon and inure to the benefit of the
     Parties and their respective successors and permitted assigns. No Party may
     assign this Agreement or any portion hereof, by Change of Control,
     operation of law or otherwise, without obtaining the prior written consent
     of the other Parties. The Parties will grant their consent to the
     assignment of rights or obligations by a party to an Affiliate of such
     Party if (i) the assigning Party remains liable for any assigned
     obligations as a jointly and severally liable guarantor
     (selbstschuldnerische Burgschaft) with the assignee, (ii) the assigning
     Party, together with its rights and obligations under this Agreement,
     assigns its rights and obligations, if any, under the Reorganization
     Agreement, the Software Maintenance Agreement and the New Systems
     Operations Agreement to the assignee, or (iii) in case of Ceres being the
     assigning Party, CBOT assumes a performance guarantee as set forth in
     Section 9.7 with regard to the assignee. The exceptions to the definition
     of "Change of Control" for CBOT and SWX do not require the consent of the
     other Parties under this Section 9.6. For the avoidance of any doubt, the
     above shall not entitle a Party to invoke a preliminary injunction or to
     seek any other remedy in order to prevent the occurrence of a Change of
     Control.

9.7  (a)  CBOT hereby unconditionally and irrevocably guarantees to Licensors
          the full and timely performance by Ceres and any of its permitted
          assigns or legal successors (individually and collectively referred to
          as "Ceres") of all of Ceres' obligations (the "Performance
          Obligations") under or pursuant to this

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -20-

          Agreement, including, without limitation, the indemnity obligations
          hereunder, as and when the same shall be due to be performed under
          this Agreement, and all liabilities of Ceres under this Agreement in
          the event of any breach by Ceres of any term hereof. CBOT hereby
          waives any provision of any statute, regulation or judicial decision
          otherwise applicable hereto which restricts or in any way limits the
          rights of an obligee against a guarantor or surety following a default
          or failure of performance by an obligator with respect to whose
          obligations the guarantee or surety is provided.

     (b)  Licensors may proceed to protect and enforce any or all of their
          rights under this Section 9.7 pursuant to Section 9.3, whether for the
          specific performance of any covenants or agreements of Ceres under or
          pursuant to this Agreement, and shall be entitled to require and
          enforce the performance by CBOT of all acts and things required to be
          performed hereunder by Ceres.

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

     (d)  Licensors shall be entitled to proceed on first demand directly
          against CBOT in respect of any Performance Obligation hereunder
          without any requirement that it first make any demand against or
          exhaust any remedies available to it from Ceres or to take any other
          steps.

9.8  This Agreement may be executed in counterparts, each of which shall be
     deemed an original, but all of which, taken together, shall constitute one
     and the same instrument.

Deutsche Borse AG                   Board of Trade of the City of Chicago, Inc.

By:   /s/ Rudolf Ferscha            By: /s/ David J. Vitale
      -----------------------           --------------------------------------

Date:  07/11/02                     By:  07/10/02

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -21-

SWX Swiss Exchange                     Ceres Trading Limited Partnership,
                                       by Electronic Chicago Board of Trade,
                                       Inc., its managing general partner

By:    /s/ Rudolf Ferscha              By:   /s/ David J. Vitale
       ----------------------                --------------------------------

Date:   07/11/02                       Date:  07/10/02

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -22-

                                                                       Exhibit A
                             Eligible Derivatives

A.  Initial Eligible Derivatives

    1.   Corn Futures

    2.   Options on Corn Futures

    3.   Oat Futures

    4.   Options on Oat Futures

    5.   Rough Rice Futures

    6.   Options on Rough Rice Futures

    7.   Soybean Futures

    8.   Options on Soybean Futures

    9.   Soybean Oil Futures

    10.  Options on Soybeans Oil Futures

    11.  Soybean Meal Futures

    12.  Options on Soybean Meal Futures

    13.  Wheat Futures

    14.  Options on Wheat Futures

    15.  Kilo Gold Futures

    16.  Silver 1000 Ounce Futures

    17.  Silver 1000 Ounce Options

    18.  CBOT(R) Dow Jones(SM) Industrial Average Futures ($10 Multiplier)

    19.  Options on CBOT(R) Dow Jones(SM) Industrial Average Futures ($10
         Multiplier)

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                     -23-

                                                                       Exhibit A

     20.  CBOT(R) Dow Jones(SM) Composite Average Futures

     21.  CBOT(R) Dow Jones(SM) Transportation Average Futures

     22.  CBOT(R) Dow Jones(SM) Utility Average Futures

     23.  United States Treasury Bond Futures

     24.  United States Treasury Bond Futures Reduced Tick Spread

     25.  Options on United States Treasury Bond Futures

     26.  10- Year United States Treasury Note Futures

     27.  10- Year United States Treasury Note Futures Reduced Tick Spread

     28.  Options on 10- Year United States Treasury Note Futures

     29.  5- Year United States Treasury Note Futures

     30.  5- Year United States Treasury Note Futures Reduced Tick Spread

     31.  Options on 5- Year United States Treasury Note Futures

     32.  2- Year United States Treasury Note Futures

     33.  Options on 2- Year United States Treasury Note Futures

     34.  10- Year Agency Note Futures

     35.  10- Year Agency Note Futures Reduced Tick Spread

     36.  Options on 10- Year Agency Note Futures

     37.  5- Year Agency Note Futures

     38.  5- Year Agency Note Futures Reduced Tick Spread

     39.  Options on 5- Year Agency Note Futures

     40.  30- Day Fed Funds Futures

     41.  Long-Term Municipal Bond Index Futures

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -24-

                                                                       Exhibit A

     42.  Options on Long-Term Municipal Bond Index Futures

     43.  Mini United States Treasury Bond Futures

     44.  Mini 10- Year United States Treasury Note Futures

     45.  Mini CBOT(R) Dow Jones(SM) Industrial Average Futures ($2 multiplier)

     46.  Mini CBOT(R) Dow Jones(SM) Industrial Average Futures ($5 multiplier)

     47.  Mini New York Gold Futures

     48.  Mini New York Silver Futures

B.   Additional Eligible Derivatives

     1.   10-Year Interest Rate Swap Futures

     2.   Mini Eurodollar Futures

     3.   DJ - AIGCI(SM) Futures

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -25-

                                                                       Exhibit B

                             Third Party Software

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                                      -26-

                                                                       Exhibit C

                           First Subsequent Release

               Non-exclusive Software License Agreement - Final

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

<PAGE>

                   NON-EXCLUSIVE SOFTWARE LICENSE AGREEMENT

                                   EXHIBIT C

Eurex(R)

Change Request

a/c/e 1.1
CR000-2002 Implementation of a/c/e 1.1 Basic Release

- Confidential -

Documentation ID  CR000-2002 Implementation of ace 1.1 basic release v1.doc
Version           1.0
Status            Final

Printed           7-May-02 12:11

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

<PAGE>

=============================================                   ================
Eurex
                                                                ----------------
                                                                     Version 1.0
---------------------------------------------                   ----------------
Change Request
                                                                ----------------
CR000-2002 Implementation of a/c/e 1.1 Basic                            7-May-02
                                                                ----------------
                                                                    Page 2 of 12
---------------------------------------------                   ----------------

================================================================================

History

================================================================================
 Date           By                    Reason
--------------------------------------------------------------------------------
 2002-03-13     Steffen Hermanns      First Draft
--------------------------------------------------------------------------------
 2002-05-06     Steffen Hermanns      Split basic release and new functionality
--------------------------------------------------------------------------------
 2002-05-07     Tomas Kindler         Finalized
--------------------------------------------------------------------------------

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

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

================================================================================

================================================================================

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

<PAGE>

=============================================               ================
Eurex
                                                            ----------------
                                                                 Version 1.0
---------------------------------------------               ----------------
Change Request
                                                            ----------------
CR000-2002 Implementation of a/c/e 1.1 Basic                        7-May-02
                                                            ----------------
                                                                Page 3 of 12
---------------------------------------------               ----------------

============================================================================

Table of Contents

<TABLE>
<S>                                                                      <C>
1        Management Summary                                                4

1.1      Abstract                                                          4
1.2      Impact Overview                                                   4
1.3      Status Overview                                                   5

2        Description of Change                                             6

2.1      Current Situation                                                 6
2.2      Recommended Change                                                6
2.3      Services Provided by Deutsche Borse Systems                       6
2.4      Out of Scope                                                      7
2.5      Assumptions                                                       7
2.6      Cooperation Duties of Eurex and a/c/e                             8
2.7      Acceptance                                                        9

3        Estimation of Effort and Costs                                   10

4        Proposed Time-line and Schedule                                  11

5        Decision                                                         12
</TABLE>

============================================================================

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

<PAGE>

================================================              ================
Eurex
                                                              ----------------
                                                                   Version 1.0
------------------------------------------------              ----------------
Change Request
                                                              ----------------
CR000-2002 Implementation of a/c/e 1.1 Basic                          7-May-02
                                                              ----------------
                                                                  Page 4 of 12
------------------------------------------------              ----------------

==============================================================================

 1 Management Summary

 1.1 Abstract

 Eurex has asked Deutsche Borse Systems to submit a proposal covering the
 introduction of a/c/e Release 1.1 on the a/c/e hosts and front-ends in early
 2003. a/c/e Release 1.1 comprises the Eurex Release 4.1-1 software plus
 additional functional amendments as listed in Section 2.3.

 In order to respond to this request from Eurex, Deutsche Borse Systems proposed
 to render services as defined in section 2.3 on a time and materials basis.
 Warranty effort is not included.

 This proposal needs to be signed until   [**]   to achieve a hand-over to
 acceptance on   [**]   . The release introduction date is to be determined by
 Eurex, a/c/e and DBS.

 1.2 Impact Overview

------------------------------------------------------------------------------
                 Impact   Comment
------------------------------------------------------------------------------
 Classification           [_] simple modification (Type A)/1/
                          [X] complex modification (Type B)
------------------------------------------------------------------------------
 Release                  [X] Front End Release
                          [X] Host Release
                          [_] Express Release
------------------------------------------------------------------------------
 Estimated Costs          (Euro) x on a time and material basis

------------------------------------------------------------------------------
 Schedule                 Preparation of a development   [**]
                          environment; Build, Reconciliation,
                          and Regression Test incl. Compatibility
                          Test

                          Functional Acceptance Test    Not before [**]

                          Acceptance                    To be defined

                          Simulation                    To be defined

                          Production Launch             To be defined

------------------------------------------------------------------------------
 Scope                    This change request covers DBS's a/c/e Release 1.1
                          related effort (See chapter 2.3).

------------------------------------------------------------------------------
 /1/  Type A: costs below [**]
      Type B: costs over  [**]
------------------------------------------------------------------------------

==============================================================================

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

<PAGE>

================================================              ================
Eurex
                                                              ----------------
                                                                   Version 1.0
------------------------------------------------              ----------------
Change Request
                                                              ----------------
CR000-2002 Implementation of a/c/e 1.1 Basic                          7-May-02
                                                              ----------------
                                                                  Page 5 of 12
------------------------------------------------              ----------------

==============================================================================

1.3 Status Overview

------------------------------------------------------------------------------
Action                                         Date    Responsible    Comment

------------------------------------------------------------------------------
Identify change request

------------------------------------------------------------------------------
Responsibility client (requestor/owner)

------------------------------------------------------------------------------
Responsibility DBS (Project/Release
Manager
------------------------------------------------------------------------------
Analysis performed

------------------------------------------------------------------------------
Analysis approved (Architect's Office)

------------------------------------------------------------------------------
CR delivered to Controlling

------------------------------------------------------------------------------
Controlling approved

------------------------------------------------------------------------------
Decision taken

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

==============================================================================

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

<PAGE>

==============================================                   ===============
Eurex
                                                                 ---------------
                                                                     Version 1.0
----------------------------------------------                   ---------------
Change Request
                                                                 ---------------
CR000-2002 Implementation of a/c/e 1.1 Basic                            7-May-02
                                                                 ---------------
                                                                    Page 6 of 12
----------------------------------------------                   ---------------

================================================================================

2 Description of Change

2.1 Current Situation

Currently, a/c/e is running Eurex 4.0 software; the Eurex 4.1-1 software has not
been introduced on the a/c/e hosts and front-ends.

2.2 Recommended Change

Deutsche Borse Systems recommends to introduce a/c/e Release 1.1 on the a/c/e
hosts and front-ends in 2003. a/c/e Release 1.1 comprises the Eurex Release
4.1-1 software as described in the assumptions in section 2.5 plus additional
functional amendments as listed in section 2.3.

2.3 Services Provided by Deutsche Borse Systems

This change request covers the following a/c/e Release 1.1 related efforts and
services as provided by Deutsche Borse Systems:

1.  Reconciliation of all Eurex 4.1-1 SIRs delivered into Eurex production until
    [**]

2.  Reconciliation of all a/c/e 1.0 SIRs delivered into a/c/e production until
    [**]

3.  Build, Regression Test, and Front-End compatibility Test with Eurex Release
    6.0. No end-to-end tests to BOTCC, PRICES, and OIA are included; DBS
    recommends that Eurex performs tests for these interfaces during a/c/e 1.1
    simulation.

4.  Build and Test of Conversion a/c/e 1.0 to Eurex 4.1-1

5.  Hotfire Adaptations to ensure compatibility of Hotfire as of release a/c/e
    1.0 with a/c/e 1.1 software

6.  Removal of Galaxy code from the BESS

7.  Java Trading GUI on basis of Eurex 6.0 technology

8.  Windows 2000 compatibility testing and required software modifications.

9.  Roll-out activities of Operational Readiness, Customer Technical Service
    and Xetra/Eurex Operations teams;

    ?   Build, Test and Distribution of one a/c/e 1.1 Simulation Kit per
        platform (Windows 2000 and Sun Solaris 2.8)

10. Simulation Databases Conversion

11. Update of the External Documentation

12. Program Management and Program Office activities

================================================================================

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

<PAGE>

==============================================                  ================
Eurex
                                                                ----------------
                                                                     Version 1.0
----------------------------------------------                  ----------------
Change Request
                                                                ----------------
CR000-2002 Implementation of a/c/e 1.1 Basic                            7-May-02
                                                                ----------------
                                                                    Page 7 of 12
----------------------------------------------                  ----------------

================================================================================

2.4 Out of Scope

The following services are not included in this proposal. A separate change
request should Eurex wish that Deutsche Borse Systems provides these services.

1.   Due to unknown timelines for acceptance and simulation, this offer does
     not include efforts for support of these project phases. This support will
     be estimated after finalisation of the rollout plan by Eurex and charged
     respectively.

2.   Planning and execution of Simulation are not within the scope of this
     change request. Efforts of DBS as proposed by this change request end with
     the delivery of software into acceptance.

3.   Planning, support, and execution of all rollout activities of software to
     front-end and back-end systems during production launch other than those
     defined in section 2.3 are not part of this change request.

4.   There will be no explicit End-to-end Tests to BOTCC, PRICES and OIA. These
     interfaces will have to be tested by Eurex and a/c/e during the a/c/e
     Release 1.1 simulation phase.

5.   No warranty activities are covered by this change request.

6.   Changes to systems not maintained by DBS are not included in this change
     request.

7.   Windows NT will not be supported any longer. Windows XP is not within the
     scope of this proposal.

8.   The following functions are explicitly excluded from this proposal.

     a)   Single Stock Futures

     b)   Additional Order Validations

     c)   Volatility Interrupt

     d)   FDD via IP

     e)   Trade Reversal

     f)   Volatility Trading

     g)   Basis Trading

2.5  Assumptions

This proposal is based on the following assumptions:

1.   This change request will be signed latest on [**]      to achieve the
     software delivery for acceptance on [**]    .

2.   a/c/e Release 1.1 is a mandatory release.

3.   a/c/e Release 1.1 implementation effort and Release Acceptance are based
     on:

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

<PAGE>

=============================================       ===========================
 Eurex
                                                    ---------------------------
                                                                    Version 1.0
---------------------------------------------       ---------------------------
 Change Request
                                                    ---------------------------
 CR000-2002 Implementation of a/c/e 1.1 Basic                          7-May-02
                                                    ---------------------------
                                                                   Page 8 of 12
---------------------------------------------       ---------------------------

===============================================================================

          ?  Eurex Release 4.1 Fine Specifications

          ?  all Eurex Release 4.1 and 4.1-1 accepted & delivered change request
             as of [**]

          ?  all Eurex Release 4.1 and 4.1-1 SIRs fixed in production as of [**]

          ?  Eurex Fine Specifications for

                ?   Removal of Galaxy code from the BESS

                ?   Java Trading GUI

                Note that the Fine Specifications for the requirements "Removal
                of Galaxy code from the BESS" and "Java Trading GUI" are not
                existent for a/c/e Release 1.1 and the estimates will have to be
                reviewed after the completion of these Fine specifications.

          ?  all a/c/e Release 1.0 accepted & delivered change requests as of
             [**]

          ?  all a/c/e Release 1.0 SIRs fixed in production as of [**]

          A CD-ROM containing the above documents will be delivered to Eurex.

     4.   The a/c/e Release 1.1 software is based on

          ?  Eurex Release 4.1-1 software as of production date [**]

          ?  a/c/e Release 1.0 software and all delivered and accepted change
             requests as of [**]

          ?  all SIRs implemented in a/c/e 1.0 production until [**]

          ?  Java GUI based on Eurex 6.0

     5.   The a/c/e front-end operating systems supported are Sun Solaris 8
          Hardware revision 02/02 or higher and Windows 2000 with Service Pack
          2. Windows NT will not be supported any longer. Windows XP is not
          within the scope of this proposal.

     6.   Hand-over to acceptance test for a/c/e Release 1.1 will not be prior
          to [**]   . The date of launch will be agreed between Deutsche Borse
          Systems and Eurex.

     2.6 Co-operation Duties of Eurex

     1.   Eurex distributes documentation to members and other third parties.

     2.   Member and Staff Training (preparation and conduct) is under the sole
          responsibility of Eurex.

     3.   Eurex will perform a thorough acceptance test.

     4.   The a/c/e 1.1 Release Simulation start has to be agreed upon. The
          simulation will last at least [**] weeks.

===============================================================================

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

<PAGE>

=============================================       ===========================
 Eurex
                                                    ---------------------------
                                                                    Version 1.0
---------------------------------------------       ---------------------------
 Change Request
                                                    ---------------------------
 CR000-2002 Implementation of a/c/e 1.1 Basic                          7-May-02
                                                    ---------------------------
                                                                   Page 9 of 12
---------------------------------------------       ---------------------------

===============================================================================

5.   The a/c/e 1.1 Release Simulation is provided by Eurex:

     ?   Eurex is responsible for all simulation related planning and member
         information (Simulation Plan, Simulation Guide etc.).

     ?   Simulation is performed using the a/c/e permanent simulation
         environment.

     ?   The a/c/e permanent simulation environment will be closed for two
         weeks during the simulation preparation phase.

2.7   Acceptance

1.    [**]

2.    [**]

3.    [**]

4.    [**]

===============================================================================

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

<PAGE>

=============================================       =======================
Eurex
                                                    -----------------------
                                                                Version 1.0
---------------------------------------------       -----------------------
Change Request
                                                    -----------------------
CR000-2002 Implementation of a/c/e 1.1 Basic                       7-May-02
---------------------------------------------       -----------------------
                                                              Page 10 of 12
---------------------------------------------       -----------------------

===========================================================================

3  Estimation of Effort and Costs

Under the assumptions mentioned above, the estimated effort in workdays for
this change request on a time and material basis is as follows:

?  Build
   ?   Hotfire Adaptations                                          x WD
   ?   Removal of Galaxy from BESS                                  x WD
   ?   Java Trading GUI                                             x WD
?  Regression test                                                  x WD
?  Conversion test a/c/e 1.0 to Eurex 4.1-1                         x WD
?  Kit Build                                                        x WD
?  Implementation of a/c/e 1.0 SIRs between Feb 1 and May 1, 2002   x WD
?  Contingency 10%                                                  x WD
--------------------------------------------------------------------------------
?  Total                                                            x WD
--------------------------------------------------------------------------------

At an average hourly rate of [**] (Euro), the total estimated effort of xWD
translate to total estimated costs of (Euro) x.

Travel expenses are not included in the above estimation and will be charged
separately according to the travel policy of Group Deutsche Borse.

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

<PAGE>

=============================================              =====================
Eurex
                                                           ---------------------
                                                                     Version 1.0
---------------------------------------------              ---------------------
Change Request
                                                           ---------------------
CR000-2002 Implementation of a/c/e 1.1 Basic                            7-May-02
---------------------------------------------              ---------------------
                                                                   Page 11 of 12
---------------------------------------------              ---------------------

================================================================================

4 Proposed Time-line and Schedule

  [**]

================================================================================

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

<PAGE>

=============================================                 ==================
Eurex
                                                              ------------------
                                                                     Version 1.0
---------------------------------------------                 ------------------
Change Request
                                                              ------------------
CR000-2002 Implementation of a/c/e 1.1 Basic                            7-May-02
---------------------------------------------                 ------------------
                                                                   Page 12 of 12
---------------------------------------------                 ------------------

================================================================================

5 Decision

Zurich, __________                         Zurich, _________

___________________________                ________________________
Schweizer Borse                            Schweizer Borse

Frankfurt, _________                       Frankfurt, _________

____________________________               _________________________
Deutsche Borse AG                          Deutsche Borse AG

Frankfurt, __________                     Frankfurt, __________

____________________________              _________________________
Eurex                                     Eurex

Frankfurt, __________                     Frankfurt, __________

____________________________             __________________________
Deutsche Borse Systems AG                Deutsche Borse Systems AG

================================================================================

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

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