Document:

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                                                                   Exhibit 10.32
                    Confidential Materials omitted and filed
            separately with the Securities and Exchange Commission
               pursuant to a request for confidential treatment.
                          Asterisks denote omissions.

                    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")

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                                      -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.

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                                      -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.

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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

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          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.

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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.

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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").

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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

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                                      -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

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                                      -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.

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     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 [**], and (ii)
          consisting in case of the Additional Eligible Derivatives of [**].

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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 [**]. The payment of the
     Variable Fees shall start as of [**]. All Variable Fees accrued in a [**]
     shall be paid within ten (10) business days of the end of such [**]. 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 [**] and the
     amount actually received by Licensors for such [**]. 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.

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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

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                                      -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

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     (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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<PAGE>

                                      -25-

                                                                       Exhibit B

                             Third Party Software

               Non-exclusive Software License Agreement - Final
<PAGE>

                                      -26-

                                                                       Exhibit C

                           First Subsequent Release

               Non-exclusive Software License Agreement - Final
<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

<PAGE>

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

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

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

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

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

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

================================================================================
<PAGE>

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

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

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>

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

<PAGE>

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

 1 Management Summary

 1.1 Absract

 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

                          Fuctional 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  [**]
------------------------------------------------------------------------------

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

<PAGE>

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

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

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

==============================================================================
<PAGE>

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Eurex
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================================================================================

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

================================================================================
<PAGE>

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

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:
<PAGE>

=============================================       ===========================
 Eurex
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===============================================================================

          ?  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.

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

<PAGE>

=============================================       ===========================
 Eurex
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===============================================================================

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.    [**]

===============================================================================
<PAGE>

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

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.
<PAGE>

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

4 Proposed Time-line and Schedule

  [**]

================================================================================
<PAGE>

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

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

================================================================================<PAGE>

                                                                   Exhibit 10.33

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

                           Reorganization Agreement

This Reorganization Agreement (the "Agreement") is entered into

between the following (each a "Party", and collectively, the "Parties"):

Deutsche Borse Aktiengesellschaft, Neue Borsenstrasse 1, 60487 Frankfurt am
Main, Germany
                                                           (hereinafter, "DBAG")

SWX Swiss Exchange, Selnaustrasse 30, 8021 Zurich, Switzerland
                                                            (hereinafter, "SWX")

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")

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")

Electronic Chicago Board of Trade, Inc., 141 West Jackson Blvd., Suite 600-A,
Chicago, Illinois 60604, United States of America
                                                          (hereinafter, "eCBOT")

Ceres Alliance L.L.C., 141 West Jackson Blvd., Suite 600-A, Chicago, Illinois
60604, United States of America
                                                 (hereinafter, "Ceres Alliance")

CBOT/Eurex Alliance, L.L.C., 141 West Jackson Blvd., Chicago, Illinois, 60604,
United States of America
                                                            (hereinafter, "LLC")

Eurex Beteiligungen AG, c/o Eurex Zurich AG, Selnaustrasse 30, 8021 Zurich,
Switzerland

                       Reorganization Agreement - Final
<PAGE>

                                      -2-

                                            (hereinafter, "Eurex Beteiligungen")

Eurex Frankfurt AG, Neue Borsenstrasse 1, 60487 Frankfurt am Main, Germany
                                                (hereinafter, "Eurex Frankfurt")

Eurex Zurich AG, Selnaustrasse 30, 8021 Zurich, Switzerland
                                                   (hereinafter, "Eurex Zurich")

Eurex Deutschland, Neue Borsenstrasse 1, 60487 Frankfurt am Main, Germany
                                              (hereinafter, "Eurex Deutschland")

Eurex Clearing AG, Neue Borsenstrasse 1, 60487 Frankfurt am Main, Germany

                                                 (hereinafter, "Eurex Clearing")

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

                                                            (hereinafter, "DBS")

                       Reorganization Agreement - Final
<PAGE>

                                      -3-

                                   PREAMBLE

A.   The following agreements (collectively the "Preexisting Agreements") have
     been entered into by and between two or more of the Parties:

     (1)  Alliance Agreement dated October 1, 1999 (the "Alliance Agreement" or
          "AA");

     (2)  Software License Agreement dated October 1, 1999 (the "Software
          License Agreement" or "SLA");

     (3)  Interim Agreement dated January 20, 2000 (together with all addenda,
          the "Interim Agreement");

     (4)  Market Supervision Services Agreement dated July 19, 2000 (the
          "MSSA");

     (5)  Master Software Development Agreement dated July 20, 2000 (the "Master
          Software Development Agreement" or "MSDA");

     (6)  Systems Operations Agreement dated July 20, 2000 (the "Systems
          Operations Agreement" or "SOA");

     (7)  Confirmation of Rights Agreement dated July 27, 2000 (the
          "Confirmation of Rights Agreement" or "CRA");

     (8)  Consent and Amendment Agreement dated February 21, 2001 (the "Consent
          and Amendment Agreement"); and

     (9)  No Prejudice and Confidentiality Agreement dated July 17, 2001 (the
          "No Prejudice Agreement").

B.   DBAG, SWX, CBOT, Ceres, Ceres Alliance, Eurex Frankfurt, Eurex Zurich and
     Eurex Deutschland entered into the Alliance Agreement for the purposes
     described therein. LLC was organized as a company jointly owned by Ceres
     Alliance and Eurex Zurich in order to co-ordinate the initiatives of the
     parties to the Alliance

                       Reorganization Agreement - Final
<PAGE>

                                      -4-

     Agreement as contemplated thereunder. Effective as of September 7, 2000,
     Eurex Zurich assigned its membership interests in LLC to Eurex
     Beteiligungen.

C.   DBAG and SWX originally developed and hold proprietary rights in the Eurex
     Software. On October 1, 1999, DBAG, SWX, CBOT and Ceres entered into the
     Software License Agreement, under which DBAG and SWX granted a license in
     Eurex Release 2.0 (as defined in Section 1 below) to CBOT and Ceres, and
     which set the terms for joint and several ownership of Modifications (as
     defined in Section 1 below) by DBAG, SWX and Ceres.

D.   All Modifications following Eurex Release 2.0 other than a/c/e Release 1.0
     have been developed by DBAG and SWX without participation of CBOT and
     Ceres. Pursuant to Section 7.1(b)(1) and Paragraphs (1) and (3) of Exhibit
     E of the Software License Agreement, Ceres has paid [**] Euros to cover its
     share of the expenses for the 3.0 Modifications (as defined in the SLA).
     Pursuant to the Master Software Development Agreement, Ceres paid for the
     development of a/c/e Release 1.0, without any contribution from DBAG or
     SWX. In addition, Ceres has fulfilled all of its obligations under the
     Confirmation of Rights Agreement in connection with the 4.0 Modifications
     and the Current 4.1 Modifications (each as defined in the CRA).

E.   On January 20, 2000, DBS, LLC and Ceres entered into the Interim Agreement
     covering development work on the Eurex Software and the implementation,
     operation and maintenance of the technical infrastructure for CBOT's
     electronic market before the execution of the Master Software Development
     Agreement and the Systems Operations Agreement. The Interim Agreement was
     extended on several occasions and was superseded by the Master Software
     Development Agreement and the Systems Operations Agreement referred to
     below.

F.   On July 17, 2000, CBOT and Eurex Frankfurt entered into the Market
     Supervision Services Agreement ("MSSA"). On November 3, 2000, CBOT assigned
     the MSSA to Ceres as of July 20, 2000.

                       Reorganization Agreement - Final
<PAGE>

                                      -5-

G.   On July 20, 2000, DBS, LLC, DBAG, SWX, CBOT, Ceres, Ceres Alliance, Eurex
     Frankfurt, Eurex Zurich and Eurex Clearing entered into the Master Software
     Development Agreement, under which DBS was appointed as service provider
     for developing and maintaining the Eurex Software for LLC for the benefit
     of DBAG, SWX, CBOT and Ceres.

H.   On July 20, 2000, DBS, LLC, DBAG, SWX, CBOT, Ceres, Ceres Alliance, Eurex
     Frankfurt, Eurex Zurich and Eurex Clearing also entered into the Systems
     Operations Agreement under which DBS was appointed as service provider for
     the implementation, operation and maintenance of certain Eurex Software-
     based computer and communication resources required to provide electronic
     trading services.

I.   With the Consent and Amendment Agreement, eCBOT, effective as of September
     30, 2000, and Eurex Beteiligungen, effective as of September 7, 2000, have
     become parties to the Alliance Agreement, the Master Software Development
     Agreement and the Systems Operations Agreement.

J.   On April 9, 2001, the Eurex Group gave the CBOT Group (each as defined in
     the AA) formal notice that it was invoking the dispute resolution procedure
     set forth in Section 12.1 of the Alliance Agreement with regard to (i)
     CBOT's termination of its participation in the development of release a/c/e
     2.0 of the Eurex Software, (ii) CBOT's failure to support the addition of
     U.S. Equity Options for trading on the System, and (iii) CBOT's
     understanding of the scope of the Alliance. On July 27, 2001, the Parties
     involved unanimously agreed, in accordance with Section 12.1, that the
     dispute resolution procedure had failed to resolve these issues.

K.   In a letter dated April 16, 2001, Ceres requested, pursuant to clauses 9.2
     (iv) and 9.3 of the MSSA, that Eurex Frankfurt indemnify Ceres and its
     affiliates, including CBOT, for claims, losses, damages or liabilities, as
     well as the costs of defense, based on a claim of patent infringement
     asserted against CBOT in the case now known as eSpeed, Inc. and Electronic
     Trading Systems, Inc. v. Board of Trade of

                       Reorganization Agreement - Final
<PAGE>

                                      -6-

     the City of Chicago, et al., Civil Action No. 3-99CV1016-M, pending in the
     United States District Court for the Northern District of Texas (the "Texas
     Case"). Eurex Frankfurt has consistently rejected Ceres' request for
     indemnification as baseless.

L.   On April 18, 2001, Ceres terminated the MSSA, effective May 31, 2001.

M.   On July 17, 2001, the Parties which are a party to the Alliance Agreement
     have entered into the No Prejudice Agreement intended to govern settlement
     discussions pertaining to the Alliance Agreement.

N.   The Parties have decided to revise the scope of their contractual
     relationship. Prior to entering into agreements reflecting such revised
     scope, the Parties desire, in a first step, to amend the Alliance Agreement
     and the Software License Agreement with regard to certain provisions that
     would otherwise have effect following termination of these agreements, and,
     in a second step, to terminate the Preexisting Agreements to the extent
     still in force and to agree on certain terms governing the future
     relationship among the Parties.

O.   Effective upon termination of the Preexisting Agreements, the Parties
     desire to enter into such agreements as are necessary in order to enable
     (i) CBOT to continue to offer the electronic trading of certain CBOT
     products on the electronic market operated on the basis of release a/c/e
     1.0 of the Eurex Software and known as "a/c/e" (the "CBOT Electronic
     Market"), and (ii) the users of the CBOT Electronic Market to access the
     CBOT Electronic Market through a dedicated wide-area communications network
     provided by DBS (the "Network"). To this end, the Parties desire to enter
     into the following agreements (the "Follow-up Agreements"):

     (1)  Non-Exclusive Software License Agreement between DBAG, SWX, CBOT and
          Ceres (Exhibit A, the "Non-Exclusive Software License Agreement" or
          "NSLA");

                       Reorganization Agreement - Final
<PAGE>

                                      -7-

     (2)  Software Maintenance Agreement between DBAG, SWX, CBOT, Ceres, Eurex
          Frankfurt and Eurex Zurich (Exhibit B, the "Software Maintenance
          Agreement" or "SMA");

     (3)  New Systems Operations Agreement between DBS, CBOT, Ceres, Eurex
          Frankfurt and Eurex Zurich (Exhibit C, the "New Systems Operations
          Agreement" or "NSOA").

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  "Affiliate" shall mean, with respect to any person, any person that
     directly, or indirectly through one or more intermediaries, controls, is
     controlled by or is under common control with the person in question. For
     purposes of this definition, "control" means the possession, directly or
     indirectly, of more than 50 % of the equity interests of a person or the
     power to direct or cause the direction of the management and policies of a
     person, whether through ownership of voting securities, by contract or
     otherwise.

1.2  "CBOT Group" shall mean CBOT, Ceres, eCBOT, Ceres Alliance and all of their
     Affiliates. For the avoidance of doubt, OneChicago, L.L.C. is, as of the
     Effective Date, not an Affiliate of CBOT or a member of the CBOT Group.

1.3  "Change of Control" shall mean, with respect to any person (or a successor
     of that person), (i) a merger or legal combination between that person and
     another exchange or entity that provides systems for electronic trading
     (excluding for the avoidance of doubt compliance or clearing) that is not
     an Affiliate of that person on the date of this Agreement if such merger or
     legal combination would result in that person and the other exchange or
     entity that provides systems for electronic

                       Reorganization Agreement - Final
<PAGE>

                                      -8-

     trading (excluding for the avoidance of doubt compliance or clearing)
     becoming a single legal entity or Affiliates, (ii) the sale of all or
     substantially all of the assets of that person to a person that is not an
     Affiliate of that person on the date of this Agreement, (iii) a liquidation
     or dissolution of that person, or (iv) any transfer, sale, or issuance of
     any equity interest or series thereof in that person, that results in
     another person or group (other than a person or group that is an Affiliate
     of such person before such transfer, sale, issuance or other event, and
     other than the general public taken as a whole in the specific case of a
     public offering) owning or controlling a 50 % or more than a 50 % equity
     interest (or other comparable interest) in such person, or 50 % or more
     than 50 % of the combined voting rights in or management power over such
     person, or possessing, directly or indirectly, the power to direct or cause
     the direction of the management and policies of such person whether through
     ownership of voting securities, by contract or otherwise. For purposes of
     this Agreement and the Follow-up Agreements, the following events will be
     deemed not to be a "Change of Control" (a) in the case of CBOT and Ceres,
     if it restructures or otherwise reorganizes into a for-profit corporation
     or holding corporation, whether stock or nonstock, by merger,
     recapitalization, reorganization, charter amendment or otherwise, such that
     the members and membership interest holders of the CBOT or the holders of
     the partnership interest in Ceres, as the case may be, immediately prior to
     the consummation of such restructuring continue to (i) own more than 50 %
     of the equity interest in, (ii) hold more than 50 % of the combined voting
     rights in or management power over, and (iii) possess the power to direct
     or cause the direction of management and policies of the resulting entity
     immediately following such restructuring; provided, however, that any
     restructuring or reorganization that would involve, or result in, a merger
     or legal combination as described in (i) of the first sentence of this
     Section 1.3 is in any event deemed a "Change of Control"; and (b) in the
     case of SWX or its Affiliates, where the party to this Agreement remains an
     exchange subject to regulation by the Swiss Federal Banking Commission
     (whether it be SWX, a newly formed entity or otherwise) or an entity whose
     obligations are jointly and severally guaranteed by such exchange
     (selbstschuldnerische Burgschaft).

                       Reorganization Agreement - Final
<PAGE>

                                      -9-

1.4  "Documentation" shall mean all documentation, technical specifications and
     user manuals, in both human readable and machine readable form, flow charts
     and narratives, as well as all other materials used in providing and
     supporting electronic trading facilities and services and all other
     tangible materials which represent, describe or specify the Eurex Software
     and/or the 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).

1.5  "Effective Date" shall have the meaning as defined in Section 5.

1.6  "Eurex Group" shall mean DBAG, SWX, Eurex Frankfurt, Eurex Zurich, Eurex
     Deutschland, Eurex Clearing, Eurex Beteiligungen, DBS and all of their
     Affiliates.

1.7  "Eurex Release 2.0" shall mean the release of the Eurex Software put into
     production on September 28, 1998 by Eurex Frankfurt for Eurex Deutschland
     and Eurex Zurich.

1.8  "Exchanges" shall mean Eurex Zurich, Eurex Deutschland and the CBOT.

1.9  "Eurex Software" shall mean the entirety of the software used or developed
     for the purpose of electronic trading or clearing of derivative products on
     the electronic markets operated by or for Eurex Deutschland, Eurex Zurich
     or the CBOT, provided that, for the avoidance of doubt, any software used
     for production prior to August 27, 2000 for the purpose of electronic
     trading of futures and futures options on an electronic market operated by
     or for the CBOT (and not Eurex Deutschland or Eurex Zurich) is not included
     in the Eurex Software. The Eurex Software includes the Programs (as defined
     in the SLA) and the Modifications, but does not include any software that
     has not been (i) developed by or on behalf of a member of the Eurex Group,
     or (ii) co-owned at any time by Ceres, DBAG and SWX according to the AA and
     the SLA. Subject to the preceding sentence, the Eurex Software does not
     include software that is, has been or may be used for market surveillance
     or clearing activities in connection with the CBOT Electronic Market.

                       Reorganization Agreement - Final
<PAGE>

                                     -10-

1.10  "Group" shall mean either the Eurex Group or the CBOT Group, as the case
      may be.

1.11  "Licensors Confidential Information" shall have the meaning as defined in
      Section 7.3 of the SLA.

1.12  "Modifications" shall mean all of the alterations, adaptions, amendments,
      enhancements, extensions, modifications, developments, bug-fixes and
      improvements to the Eurex Software and combinations of the Eurex Software
      with other software to the extent (i) created by any member of a Group,
      (ii) or jointly created by two or more members of one or both Groups, or
      (iii) caused to be created by one or more members of one or both Groups.
      For the avoidance of doubt, "Modifications" shall include, without
      limitation, any "Modifications" as defined in Section 7.1 (b) of the SLA,
      in particular, without limitation, the Release 3.0 Modifications (as
      defined in the SLA), the 4.0 Modifications, the Current 4.1 Modifications
      and the Future 4.1 Modifications (each as defined in the CRA), but shall
      not include any software that has not been (i) developed by or on behalf
      of a member of the Eurex Group, or (ii) co-owned at any time by Ceres,
      DBAG and SWX according to the AA and the SLA. Subject to the preceding
      sentence, the Modifications do not include software that is, has been or
      may be used for market surveillance or clearing activities in connection
      with the CBOT Electronic Market. Also, the Modifications do not include
      any software used for production prior to August 27, 2000 for the purpose
      of electronic trading of futures and futures options on an electronic
      market operated by or for the CBOT (and not Eurex Deutschland or Eurex
      Zurich).

1.13  "System" shall mean (i) until the Effective Date all computer and
      communication resources intended to be used or actually used, by any of
      the Parties or its Affiliates, to provide electronic trading services to
      users of the Exchanges, including, without limitation, the Eurex Software,
      and (ii) as of and from the Effective Date all computer and communication
      resources provided by any member of the Eurex Group to a member of the
      CBOT Group and actually used or intended to be used under any of the
      Follow-Up Agreements.

                       Reorganization Agreement - Final
<PAGE>

                                     -11-

2.    Amendment of Alliance Agreement and Software License Agreement

2.1   The Parties that are a party to the Alliance Agreement agree and
      acknowledge that the Alliance Agreement is hereby amended as follows:

      (i)   Sections 3.6(d) and 3.6(e) are hereby deleted in their entirety;

      (ii)  Sections 7.2(a) and 7.2(b) are each hereby amended by striking the
            words "and for a period of four (4) years thereafter" from the
            second line of each section;

      (iii) Section 7.2(c) is hereby deleted in its entirety and replaced by the
            following:

               "If any Party terminates this Agreement because of another
               Party's violation of this Section 7.2, the rights of the
               Breaching Party's Group to enforce any of the provisions of
               Section 7.2(a) or 7.2(b) related to Restricted Products and
               similar business ventures or arrangements shall cease."

      (iv)  Section 7.3(d)(iii) is hereby deleted in its entirety; and

      (v)   Section 13.11 is hereby deleted and replaced by the following:

               "Sections 3.10, 10.3, 10.4, 12.2, 12.3 and 13.1 and Articles IX,
               XI, XIII and all other provisions of this Agreement that can
               reasonably be interpreted or construed as being intended to
               survive the termination of this Agreement, shall survive the
               termination of this Agreement."

2.2   The Parties that are a party to the Software License Agreement agree and
      acknowledge that the Software License Agreement is hereby amended as
      follows:

                       Reorganization Agreement - Final
<PAGE>

                                     -12-

      (i)   Section 2.3 is hereby amended by striking the words "the fourth
            anniversary of" in the second line and in the eighth/ninth line;

      (ii)  Section 2.5 of the Software License Agreement is hereby amended by
            adding the following sentence:

               "The provisions of this Section 2.5 shall have no effect
               following the termination of this Agreement if none of the events
               described under (i) and (ii) of the preceding sentence has
               occurred by the time of termination of this Agreement."

            and

      (iii) Section 8.2 of the Software License Agreement is hereby deleted and
            replaced by the following:

               "Notwithstanding anything to the contrary contained elsewhere in
               this Agreement, the following Sections of this Agreement shall
               survive any termination hereof: Sections 2.4, 5.1.2, 5.2, 5.3,
               5.4, 5.6, 5.7, 5.8, 7.3, 8 and 9. Sections 9.6 (only last
               sentence) and Section 9.7 shall survive the liquidation,
               dissolution, bankruptcy or reorganization of Ceres."

3.    Termination of Preexisting Agreements

3.1   The Parties that are parties to the Alliance Agreement hereby acknowledge
      and agree that the Alliance Agreement is terminated as of the Effective
      Date, provided that the amendment thereof pursuant to Section 2.1 of this
      Agreement is effective immediately prior to such termination.

3.2   Ceres hereby gives notice under Section 8.1 of the Software License
      Agreement of termination of the Software License Agreement as of the
      Effective Date, and

                       Reorganization Agreement - Final
<PAGE>

                                     -13-

      DBAG, SWX, CBOT and Ceres acknowledge and agree to terminate the Software
      License Agreement as of the Effective Date, provided that the amendment
      thereof pursuant to Section 2.2 of this Agreement is effective immediately
      prior to such termination.

3.3   The Parties that are parties to the Master Software Development Agreement
      and the Systems Operations Agreement hereby acknowledge and agree that the
      Master Software Development Agreement and the Systems Operations Agreement
      are terminated as of the Effective Date; provided, however, that
      termination of the MSDA and the SOA shall not affect any obligation of any
      Party thereto to make payments for services performed by DBS prior to the
      Effective Date.

3.4   The Parties that are parties to the Confirmation of Rights Agreement
      hereby acknowledge and agree that the CRA is terminated as of the
      Effective Date.

3.5   In the event of a conflict between a provision surviving the termination
      of any of the Preexisting Agreements and a provision of this Agreement,
      the provision of this Agreement shall prevail.

4.    Effect of Termination

4.1   Subject to Ceres' right to continue to use any rights granted to it under
      and in accordance with the terms of the Non-Exclusive Software License
      Agreement, as of the Effective Date,

      (i)   the licenses granted under the Software License Agreement, all
            sublicenses granted by CBOT and/or Ceres to other parties and all
            rights pursuant to the Alliance Agreement and the Software License
            Agreement to use the Eurex Software, the Documentation and any
            Licensors Confidential Information are terminated; and

      (ii)  Ceres, and CBOT as sublicensee of Ceres, hereby expressly waive, as
            of the Effective Date, all right, title and interest to
            Modifications it still has as of the Effective Date, and hereby
            assign any such right, title and interest to DBAG and SWX. Ceres
            does not make and hereby disclaims all

                       Reorganization Agreement - Final
<PAGE>

                                     -14-

            warranties of any kind 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 the failure of the Modifications (1) to meet
            the requirements of DBAG or SWX or to operate in configurations
            selected by DBAG or SWX, (2) to operate in an environment selected
            by DBAG, SWX or their assignees or sublicensees in an uninterrupted
            or error-free manner, or (3) to conform to any performance
            specifications, or in connection with or arising out of any ability
            or inability to use the Modifications in connection with any of the
            products or contracts traded (or failed to be traded) on any
            exchange or by any users thereof. Ceres hereby warrants and
            represents that other than itself, and CBOT as its sublicensee, no
            member of the CBOT Group has any right, title and interest in the
            Modifications.

       The Parties acknowledge and agree that (i) there shall be no obligation
       of any Party to make any payment under Section 3.4 of the AA for the use
       of Modifications made at the sole expense of a Party belonging to the
       other Group; for the avoidance of doubt this sentence is not intended to
       confer any rights to any Party within the CBOT Group to use
       Modifications, and that (ii) none of the events described in Section 2.5
       of the SLA has occurred as of the Effective Date.

4.2    The Parties agree that, as of the Effective Date, CBOT, Ceres and all
       other members of the CBOT Group shall have no right, title and interest
       in the Common Source Code (as defined in the AA) and that neither CBOT,
       nor Ceres nor any other member of the CBOT Group shall participate in any
       revenues from the marketing and/or sub-licensing of Common Source Code by
       DBAG and SWX. Section 7.5 of the AA shall have no effect following the
       Effective Date.

4.3    Ceres shall, and shall ensure that all sub-licensees and any other
       parties to which it has provided any portion of the Eurex Software, the
       Documentation or Licensors Confidential Information (other than users of
       the CBOT Electronic Market and their vendors, to the extent they are
       using any such portion for the purposes of allowing the users of CBOT to
       trade on the CBOT Electronic Market) shall, promptly return or destroy
       all copies of the Eurex Software (including derivative

                       Reorganization Agreement - Final
<PAGE>

                                     -15-

       work thereof), in all forms, including, without limitation, the Common
       Source Code and any other source code, partial and complete, whether or
       not modified or merged into other programs, other than and for so long as
       required (i) for archival purposes pursuant to applicable regulatory
       requirements, (ii) by law, or (iii) for the operation of the CBOT
       Electronic Market under the Follow-up Agreements (excluding in this case
       any source code). Ceres shall thereafter promptly deliver to DBAG and SWX
       a written statement certifying its compliance with this requirement.

4.4    The rights granted to CBOT and Ceres under Section 5.2 of the MSDA and
       Section 5.2 of the SOA to use the Tools (as defined in the MSDA and the
       SOA) are terminated as of the Effective Date and CBOT's and Ceres' right
       to use such Tools shall thereafter be governed by the NSLA.

4.5    To the extent DBS has granted to any other Party that is a party to the
       SOA any security interest in the Hosts (as defined in the SOA) and the
       equipment installed in the Access Points (as defined in the SOA) pursuant
       to Section 5.4 of the SOA, such security interest is hereby released. For
       the avoidance of doubt, this Agreement shall not affect DBS' ownership of
       equipment used in connection with the provision of services under the
       MSDA and the SOA.

4.6    As of the Effective Date, any obligation of DBS under Section 13 of each
       of the MSDA and the SOA to an Ownership Party (as defined in the MSDA and
       the SOA) shall be deemed exclusively an obligation to DBAG and SWX, and
       not to Ceres, any other member of the CBOT Group or LLC. Section 4.1
       shall apply with regard to (i) any Client Proprietary Rights (as defined
       in the MSDA and the SOA) acquired by CBOT or Ceres pursuant to Section 13
       of each of the MSDA and the SOA, (ii) any right, title and interest in
       any source code provided by DBS to CBOT and/or Ceres in accordance with
       Sections 13.4 MSDA and 13.3 SOA, (iii) any right, title and interest in
       the Modifications acquired by CBOT or Ceres under the CRA, and (iv) any
       right, title and interest in any work products or other items referred to
       in Section 5 of the Interim Agreement.

                       Reorganization Agreement - Final
<PAGE>

                                     -16-

4.7    In view of the Follow-up Agreements, the Parties hereby agree that
       Sections 18.2,18.3 and 18.5 of each of the MSDA and the SOA shall not
       apply following termination of the MSDA and the SOA.

4.8    The execution of this Agreement and the Follow-Up Agreements and the
       termination of the Preexisting Agreements are not intended to impair the
       day-to-day operation of the CBOT Electronic Market in any way.

4.9    Subject to the provisions contained elsewhere in this Agreement or any of
       the Follow-up Agreements, but without limiting the effect of Section
       4.9.7, the Parties agree on the following with regard to intellectual
       property rights:

       4.9.1  To the extent a Party in the Eurex Group holds or acquires an
              interest in a patent, if any, related to the System, the Eurex
              Software or any portion thereof, during the term of the Follow-up
              Agreements, it hereby grants to Ceres and CBOT throughout the term
              of the Follow-up Agreements a non-exclusive, non-transferable,
              non-sublicensable right to use such patent only to provide and
              support electronic trading facilities and services for the trading
              of Eligible Derivatives (as defined in the NSLA) on the CBOT
              Electronic Market, provided that the license fee for such patent
              is included in the license fee specified in the Non-Exclusive
              Software License Agreement.

       4.9.2  Each member of the Eurex Group (i) warrants that, as of the
              Effective Date, it has no direct, indirect, legal or beneficial
              interest in any U.S. patent or U.S. patent application covering
              the System, the Eurex Software or any portion thereof, and (ii)
              agrees to notify CBOT promptly if it acquires any such interest
              during the term of the Follow-Up Agreements.

       4.9.3  The CBOT Group acknowledges the copyright of DBAG and SWX in the
              Eurex Software.

       4.9.4  The CBOT Group agrees not to use any of the trademarks or service
              marks of the Eurex Group.

                       Reorganization Agreement - Final
<PAGE>

                                     -17-

      4.9.5  Each member of the Eurex Group acknowledges that, as of the
             Effective Date, it has not sent out any warning letters to any
             third parties claiming an infringement or misappropriation of its
             intellectual property rights (including but not limited to rights
             in patent, copyright, trademark, trade secrets or confidential
             information) in connection with any electronic trading system for
             derivatives and agrees to notify CBOT promptly if it does so during
             the term of the Follow-up Agreements.

      4.9.6  Each member of a Group acknowledges that during the course of the
             Pre-Existing Agreements and the Follow-Up Agreements, the members
             of the other Group have acquired or may acquire certain know-how
             which is not Confidential Information of a member of the first
             Group under the Pre-Existing Agreements or a Follow-Up Agreement.
             Nothing in this Agreement, the Pre-Existing Agreements or the
             Follow-Up Agreements shall be construed to prevent the use of such
             know-how by the other Group during or after the term of the Follow-
             Up Agreements.

      4.9.7  Each member of the Eurex Group acknowledges that each member of the
             CBOT Group is free to make use, after the end of the Follow-up
             Agreements, to the extent that such use does not include the use of
             the source code of the Eurex Software or any part thereof, of the
             functional concepts underlying those Modifications paid for in
             whole or in part by or on behalf of one or more members of the CBOT
             Group.

      4.9.8  To the extent that any member of the CBOT Group has any concern as
             to whether any component of the electronic trading facilities which
             are intended to replace the System after the end of the Follow-up
             Agreements would result in a violation of any intellectual property
             rights of any member of the Eurex Group, such member of the CBOT
             Group may ask the DBAG Program Manager (as defined in the Software
             Maintenance Agreement) to confirm whether or not such component
             does in the view of the applicable member of the Eurex Group
             violate such intellectual property. In the event any member of the
             Eurex Group would, after the end of the Follow-up Agreements,
             estimate that any component of the

                       Reorganization Agreement - Final
<PAGE>

                                     -18-

              electronic trading facilities which are intended by a member of
              the CBOT Group to replace the system violate any intellectual
              property rights of such member of the Eurex Group, such member of
              the Eurex Group will, prior to initiating any legal action, give
              the applicable members of the CBOT Group the opportunity to
              comment on the alleged infringement.

5.     Effective Date

       This Agreement shall enter into effect upon the date of execution of the
       last of this Agreement and all of the Follow-up Agreements by all of the
       respective parties to such agreements (the "Effective Date").

6.     Certain Restrictions

6.1    The Preexisting Agreements contain certain restrictions, covenants to
       non-compete or clauses with similar aim or effect. The Parties agree that
       none of these provisions shall survive or have any effect after the
       termination of the Preexisting Agreements, unless expressly indicated in
       this Agreement or any of the Follow-up Agreements as surviving such
       termination of the respective Preexisting Agreement.

6.2    The Parties agree that for the time periods set forth in Section 6.2.3,
       the following product restrictions (the "Product Restrictions") shall
       apply:

       6.2.1  Each Party within the Eurex Group agrees that neither it nor any
              of its Affiliates will, without the prior written consent of the
              CBOT, (i) trade or support a third party to trade CBOT Restricted
              Products (as defined below) using the Eurex Software and/or the
              Network (including for purposes of this Section 6.2.1, for the
              avoidance of doubt, the iAccess connection alternative), or to
              provide services to any third party trading CBOT Restricted
              Products using the Eurex Software and/or the Network, (ii) enter
              into or perform any significant business venture or arrangement
              with any person if the purpose or effect of such business venture
              or arrangement is to offer CBOT Restricted Products for trading or
              to otherwise support such person in the offering of such products
              for trading (including profit sharing

                       Reorganization Agreement - Final
<PAGE>

                                     -19-

              or cost sharing related to the trading, or facilities for trading,
              of CBOT Restricted products), including through participation with
              such person as an Affiliate of or joint venturer with such person
              that will engage in such activities, and (iii) offer trading of
              any of the following CBOT products or the economic equivalent
              ("synthetic") thereof, to the extent such products have a notional
              value denominated in, or settled in, the official currency of the
              United States (the "CBOT Restricted Products"):

              (a)  30 Year T-Bond Futures and Options on such Futures, 10 Year
                   Treasury Note Futures and Options on such Futures, 5 Year
                   Treasury Note Futures and Options on such Futures, 2 Year
                   Treasury Note Futures and Options on such Futures, 10 Year
                   Agency Futures and Options on such Futures, 5 Year Agency
                   Futures and Options on such Futures;

              (b)  Soybean Futures and Options on such Futures, Soybean Oil
                   Futures and Options on such Futures, Soybean Meal Futures and
                   Options on such Futures, Wheat Futures and Options on such
                   Futures, Corn Futures and Options on such Futures, Rough Rice
                   Futures and Options on such Futures, Oat Futures and Options
                   on such Futures, Cotton Futures and Options on such Futures,
                   Coffee Futures and Options on such Futures, Sugar Futures and
                   Options on such Futures, Cocoa Futures and Options on such
                   Futures, Orange Juice Futures and Options on such Futures,
                   Corn Yield Insurance Futures and Options on such Futures,
                   Wheat Yield Insurance Futures and Options on such Futures,
                   Soybean Yield Insurance Futures and Options on such Futures.

      6.2.2   Each Party within the CBOT Group agrees that, neither it nor any
              of its Affiliates will, without the prior written consent of Eurex
              Zurich and Eurex Frankfurt, (i) trade or support a third party to
              trade Eurex Restricted Products (as defined below) using another
              software than the Eurex Software or another network than the
              Network, or to provide services to any third party trading Eurex
              Restricted Products using another software

                       Reorganization Agreement - Final
<PAGE>

                                     -20-

              than the Eurex Software and for another network than the Network,
              (ii) enter into or perform any significant business venture or
              arrangement with any person if the purpose or effect of such
              business venture or arrangement is to offer Eurex Restricted
              Products for trading or to otherwise support such person in the
              offering of such products for trading (including profit sharing or
              cost sharing related to the trading, or facilities for trading, of
              Eurex Restricted Products), including through participation with
              such person as an Affiliate of or joint venturer with such person
              that will engage in such activities, and (iii) offer trading of
              any of the following products offered by Eurex Zurich or Eurex
              Deutschland or the economic equivalent ("synthetic") thereof, to
              the extent such products have a notional value denominated in, or
              settled in, an official currency of either Germany or Switzerland
              (the "Eurex Restricted Products"):

                  Bund Futures and Options, Bobl Futures and Options, Schatz
                  Futures and Options.

       6.2.3  The Product Restrictions shall end on the earliest of:

              (a)  December 31, 2003;

              (b)  the date of termination of the  Follow-up Agreements;

              (c)  the date on which a Party belonging to the CBOT Group has
                   failed to comply with the Network Restriction (as defined
                   below); provided, however, that in such case only the Product
                   Restrictions on CBOT Restricted Products under Section 6.2.1
                   shall cease and both the Product Restrictions on Eurex
                   Restricted Products under Section 6.2.2 and the Network
                   Restriction (as defined below) shall continue to be binding;

           provided that upon the occurrence of (a) or (b) above, the Product
           Restrictions on CBOT Restricted Products shall continue to remain in
           force for 30 days after the date on which the termination of the
           Follow-up Agreements becomes effective. However, this 30 days
           extension of the

                       Reorganization Agreement - Final
<PAGE>

                                      -21-

           Product Restrictions on CBOT Restricted Products shall continue to
           remain in force for 30 days after the date on which the termination
           of the Follow-up Agreements becomes effective. However, this 30 days
           extension of the Product Restrictions shall not apply if the Follow-
           up Agreements have been terminated by the applicable member of the
           Eurex Group due to (i) a Change of Control, (ii) the non-payment of
           any fees due by a member of the CBOT Group to any member of the Eurex
           Group under any of the Follow-up Agreements, or (iii) the violation
           of any obligation of a member of the CBOT Group, under this Agreement
           or any of the Follow-up Agreements, relating to the intellectual
           property or confidential information of a member of the Eurex Group.

6.3    Each Party within the CBOT Group agrees that it will (i) offer CBOT
       Restricted Products for electronic trading only through the Network
       provided to CBOT and Ceres by DBS under the New Systems Operations
       Agreement, and (ii) not support, directly or indirectly, the offering of
       electronic trading of CBOT Restricted Products by any third party other
       than through the Network (the "Network Restriction"). The Network
       Restriction shall end on the earliest of:

           (a)  December 31, 2003;

           (b)  the date of termination of the Follow-up Agreements; and

           (c)  the date on which a Party belonging to the Eurex Group has
                failed to comply with the Product Restrictions on CBOT
                Restricted Products; provided however, that the termination of
                the Network Restriction under this subsection (c) would have no
                effect on the Eurex Group's Product Restrictions on CBOT
                Restricted Products, which would continue to be binding in
                accordance with Section 6.2.3.

6.4    Each Party agrees to use its best efforts to cause the members of its
       Group and its Affiliates to comply with the Product Restrictions and, in
       case of the CBOT Group, the Network Restriction, it being understood that
       a failure to comply with the Product Restrictions and the Network
       Restriction by a member or an Affiliate of a Party within the CBOT Group
       or the Eurex Group, as the case may be, shall be deemed a violation by
       the Parties within the respective Group.

                       Reorganization Agreement - Final
<PAGE>

                                      -22-

6.5    In the event a Party, or an Affiliate of a Party, breaches its
       obligations under the Product Restrictions or the Network Restriction,
       such Party shall pay to the Parties within the other Group an amount of
       (Euro) [**] per each trading day on which a breach occurs up to a maximum
       amount (i) of (Euro) [**] per Group and trading day, and (ii) of (Euro)
       [**] per Group and month. The payments provided for in this Section 6.5
       shall in no way restrict the rights of a Party to enforce the Product
       Restrictions and the Network Restriction or to claim damages in a higher
       amount.

6.6    Each Party hereby acknowledges, on behalf of itself and its Affiliates,
       that a material breach of the provisions of this Section 6 would cause
       irreparable harm for which money damages could not make the injured Party
       whole, and hereby consents, on behalf of itself and its Affiliates, to
       any order entered by any arbitral tribunal or court of competent
       jurisdiction prohibiting it from such violation or to any other available
       equitable or injunctive relief. This paragraph is not intended to limit
       in any way the availability of or the use of other legal or equitable
       remedies by the Parties.

6.7    Notwithstanding Section 8.3 of the Non-Exclusive Software License
       Agreement and Section 17.2.4 of each of the New Systems Operations
       Agreement and the Software Maintenance Agreement, the members of each
       Group acknowledge that, subject to the Network Restriction and the
       Product Restrictions, the members of the other Group may negotiate,
       execute and perform agreements with third parties, and may engage in the
       development, testing, implementation and use of software, computer,
       network, communications and other equipment, systems and procedures
       during and after the term of this Agreement, including, but not limited
       to, for the purpose of developing electronic trading systems to be used
       by a Party after the termination of the Follow-Up Agreements or for the
       offering of products not subject to the Network Restriction or the
       Product Restrictions.

7.     Joint Venture Entity

The shareholders of LLC will review and agree as appropriate by way of a
separate agreement on the future role of LLC and the further use of LLC's
trademark by the end of the second quarter of 2003.  Until such separate
agreement is made, Ceres and CBOT shall

                       Reorganization Agreement - Final
<PAGE>

                                      -23-

continue to use the trademark "a/c/e" for the CBOT Electronic Market as is
presently the case.

8.     Outstanding Payments

8.1    As of the Effective Date, Ceres and CBOT shall promptly pay to DBS any
       payments outstanding for services rendered by DBS to Ceres or CBOT under
       the SOA or the MSDA; provided, however, that any amount shall become due
       and payable only upon receipt of a corresponding invoice from DBS.

8.2    Without admitting any liability, CBOT and Ceres shall, as of the
       Effective Date, pay to DBS within 10 days from the Effective Date the
       amount of (Euro) [**] in full satisfaction of all claims of members of
       the Eurex Group relating to Change Request 044 under the MSDA.

9.     User Claims

9.1    The parties belonging to each Group (the "Indemnifying Group") will
       indemnify and hold harmless each Entity (as defined in the AA) in the
       other Group and/or their respective officers and directors (the
       "Indemnified Persons") from and against any and all losses, claims,
       damages, costs, expenses, liabilities and reasonable attorneys' fees
       (collectively "Damages") awarded against any of the Indemnified Persons
       as the result of, in connection with or relating to a Covered Claim (as
       hereinafter defined) or incurred by any of them in connection with the
       defense thereof, upon the terms set forth in this Section 9.

9.2    Promptly after receipt by any of the Indemnified Persons of notice of the
       commencement of any Covered Claim, such Indemnified Person shall, if a
       claim in respect thereof is to be made against the Indemnifying Group,
       notify the Indemnifying Group in writing of the commencement thereof, but
       the omission to notify the Indemnifying Group shall not relieve any
       member of the Indemnifying Group from any liability which it may have to
       any Indemnified Person otherwise than under this Section 9. If any action
       is brought against any Indemnified Person and it has notified the
       Indemnifying Group of the commencement thereof, the Indemnifying Group
       shall be entitled to assume the defense thereof, with counsel

                       Reorganization Agreement - Final
<PAGE>

                                      -24-

       reasonably satisfactory to such Indemnified Person (which counsel shall
       not, except with the consent of such Indemnified Person, which consent
       shall not be unreasonably withheld, be counsel to any party in the
       Indemnifying Group). An Indemnified Person shall cooperate fully in its
       defense and shall execute such retention, joint defense (in the case of
       multiple defendants) and standstill agreements as such counsel deems
       reasonably appropriate for purposes of the Indemnified Person's defense.
       An Indemnified Person shall have the right at its own expense, to
       participate in its defense, provided, however, that, after notice from
       the Indemnifying Group to such Indemnified Person of the Indemnifying
       Group's election so to assume the defense of the action, the Indemnifying
       Group shall not be liable to such Indemnified Person under this Section
       9.2 for any legal expenses of other counsel. The Indemnified Person shall
       have no right to consent to judgment or agree to a settlement of a
       Covered Claim without the written consent of the Indemnifying Group,
       which shall not be unreasonably withheld, unless the Indemnified Person
       waives its right to defense and the indemnification hereunder. If the
       Indemnifying Group or the Indemnified Person reasonably determines that a
       conflict of interest has arisen in the representation by the attorneys
       appointed by the Indemnifying Group, new counsel (reasonably satisfactory
       to the Indemnified Person as aforesaid) shall be appointed by the
       Indemnifying Group for the Indemnified Person at the Indemnifying Group's
       expense. The Indemnifying Group shall not, without the prior written
       consent of the Indemnified Persons, effect any settlement of any pending
       or threatened proceeding in respect of which any Indemnified Person is or
       could have been a party and indemnity could have been sought hereunder by
       such Indemnified Persons, unless such settlement includes an
       unconditional release of such Indemnified Person from all liability on
       the Covered Claim(s) that is the subject matter of such proceeding. Upon
       satisfaction by the Indemnifying Group of its obligations to the
       Indemnified Persons with respect to a Covered Claim, the Indemnified
       Persons will assign to the Indemnifying Group any rights or causes of
       action against any third parties available in connection with the Covered
       Claim.

9.3    For purposes of the foregoing, a "Covered Claim" shall mean, as to the
       Indemnifying Group, a claim brought by a user, member, lessee or equity
       holder of

                       Reorganization Agreement - Final
<PAGE>

                                      -25-

       an Exchange within the Indemnifying Group, a client or customer of a
       user, member, lessee or equity holder of such Exchange, or any other
       person involved in or connected with the trading community of such
       Exchange, in that person's capacity as such, and relating to or arising
       out of the use of the System by any such person, on its own behalf or on
       behalf or any other person, but shall not include any claim to the extent
       that such claim:

       (i)   Is covered by insurance maintained by any of the Indemnified
             Persons (but without obligation to maintain any such insurance); or

       (ii)  Arises out of or is attributable to:

             (A)  The gross negligence or willful misconduct of any of the
                  Indemnified Persons; or

             (B)  the violation by any Indemnified Person of regulatory
                  requirements (including antitrust, competition, U.S. Commodity
                  Exchange Act, telecommunications, international trade,
                  banking, tax, patent, etc.).

9.4    The Parties agree to include in the rules of their respective Exchanges
       as appropriate, with respect to its users which are also users of the
       other Group's Exchanges, commercially reasonable provisions which are
       intended to minimize the liability of the members of the other Group to
       the extent permitted by applicable law without resulting in an undue
       burden on the Exchange or the users of the Exchanges within their
       respective Groups.

9.5    For the avoidance of doubt, the provisions of this Section 9 shall also
       apply with regard to, and during the term of, the Follow-up Agreements
       and shall be deemed a provision surviving each of the Follow-Up
       Agreements.

10.    Warranties, Texas Case

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

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

                       Reorganization Agreement - Final
<PAGE>

                                      -26-

       10.1.2  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.

10.2   The Parties confirm their understanding that no Party belonging to one
       Group and no Affiliates of such Party, shall have any liability to a
       Party belonging to another Group, or an Affiliate of such Party,
       including, without limitation, under this Agreement and any of the
       Follow-up Agreements, arising out of or in connection with the U.S.
       Patent No. 4,903,201 (the "Patent") or any claims asserted with respect
       thereto, in the Texas Case or otherwise based upon the Patent. For
       purposes of this Section 10.2, a Group is either the Eurex Group, the
       CBOT Group, or LLC. Any provisions contained in any of the Preexisting
       Agreements that expressly relate to the Patent and/or the Texas Case
       shall survive the termination of such Preexisting Agreement.

10.3   Unless otherwise set forth elsewhere in this Agreement or any of the
       Follow-up Agreements, each Party hereby releases each member of the other
       Group from, and hereby expressly waives all claims asserted in writing by
       the Effective Date, if existing at all, for losses, damages, liabilities
       and costs of defense based on any claim arising under or in connection
       with a Preexisting Agreement, including without limitation, a claim for
       indemnification under the MSSA. For the avoidance of doubt, on the
       Effective Date, the dispute resolution procedure invoked by the Eurex
       Group on April 9, 2001 under Section 12.1 of the AA shall be deemed
       resolved and all claims thereunder shall hereby be released.

11.    General Provisions

11.1   The Parties shall, on the Effective Date, issue the press release
       attached hereto as Exhibit D. No Party shall issue or approve the
       issuance of any other press release, or other public communication,
       relating to this Agreement, the Preexisting Agreements or the Follow-up
       Agreements, and in particular the revised scope of the relationship
       between the Parties unless required by law, including applicable law
       regarding securities disclosure.

                       Reorganization Agreement - Final

<PAGE>

                                      -27-

11.2   The entire agreement and understanding between and among the Groups
       consists of (a) this Agreement; (b) the Follow-Up Agreements (including
       all schedules and exhibits thereto) and (c) those provisions of the
       Preexisting Agreements that survive their termination and do not conflict
       with this Agreement. There are no written or oral side agreements. In the
       event of a conflict between a provision of this Agreement and a provision
       of a Follow-Up Agreement, this Agreement shall control. No change,
       modification or amendment to this Agreement shall be of any force or
       effect unless it is approved in writing by all of the Parties and dated
       subsequent to the date hereof. The preceding sentence also applies with
       regard to a change, modification or amendment to the preceding sentence.

11.3   The provisions of this Agreement are severable and the unenforceability
       of any provision of this Agreement shall not affect the enforceability of
       any other provision 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
       11.7 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 reasonably possible, to
       modify such provision in order to implement the purposes of such
       provision as fully as possible.

11.4   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 Non-exclusive
       Software License Agreement, the Software Maintenance Agreement and the
       New Systems Operations Agreement to the assignee, or (iii) in the case of
       Ceres being the assigning Party, CBOT assumes

                       Reorganization Agreement - Final
<PAGE>

                                      -28-

       a performance guarantee as set forth in Section 11.5 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 11.4. For the avoidance of any doubt, the above shall not entitle
       a Party to invoke a preliminary injunction or to seek any other remedy in
       order to prevent the occurrence of a Change of Control.

11.5   CBOT hereby unconditionally and irrevocably guarantees to each Party
       belonging to the Eurex Group the full and timely performance by Ceres,
       and all of Ceres' permitted assigns or legal successors (individually and
       collectively referred to as "Ceres"), of all of Ceres' obligations under
       or pursuant to this Agreement to a member of the Eurex Group 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 of failure of performance by an
       obligor with respect to whose obligations the guarantee or surety is
       provided. The Parties belonging to the Eurex Group may proceed to protect
       and enforce any or all of their rights under this Section 11.5 pursuant
       to Section 11.7, 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. 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 defense Ceres may have against the
       Parties belonging to the Eurex Group that are available to CBOT. The
       Parties belonging to the Eurex Group shall be entitled to proceed on
       first demand directly against CBOT in respect of any performance
       obligations 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.

11.6   This Agreement shall be governed by and subject to the laws of the
       Federal Republic of Germany, to the exclusion of the conflicts of law
       rules. This choice of

                       Reorganization Agreement - Final
<PAGE>

                                      -29-

       law clause does not intend to modify the governing law of any of the
       Preexisting Agreements or amendments thereunder.

11.7   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").

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

       11.7.2  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.

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

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

11.8   The Parties agree that Sections 15.1, 15.2 and 15.3 of each of the New
       Systems Operations Agreement and the Software Maintenance Agreement apply
       mutatis mutandis.

11.9   This Agreement may be executed in any number of counterparts, each of
       which shall be deemed an original of this Agreement and all of which
       taken together shall constitute one and the same agreement.

                       Reorganization Agreement - Final
<PAGE>

                                      -30-

<TABLE>
<CAPTION>
<S>                                               <C>
Deutsche Borse AG                                  SWX Swiss Exchange

By:    /s/ Rudolf Ferscha                          By:    /s/ Rudolf Ferscha
       ------------------------------                     -----------------------------

Date:  7/11/02                                     Date:  7/11/02
       ------------------------------                     -----------------------------

Board of Trade of the City of Chicago, Inc.        Ceres Trading Limited Partnership, by
                                                   Electronic Chicago Board of Trade, Inc., its
                                                   managing general partner

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

Date:  7/10/02                                     Date:  7/10/02
       ------------------------------                     -----------------------------

Electronic Chicago Board of Trade, Inc.            Ceres Alliance, L.L.C.

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

Date:  7/10/02                                     Date:
       ------------------------------                     -----------------------------

CBOT/Eurex Alliance, L.L.C.                        Eurex Beteiligungen AG

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

Date:  7/10/02                                     Date:  7/11/02
       ------------------------------                     -----------------------------

Eurex Frankfurt AG                                 Eurex Zurich AG

By:    /s/ Rudolf Ferscha                          By:    /s/ Rudolf Ferscha
       ------------------------------                     -----------------------------

Date:  7/11/02                                     Date:  7/11/02
       ------------------------------                     -----------------------------
</TABLE>

                       Reorganization Agreement - Final
<PAGE>

                                      -31-

<TABLE>
<CAPTION>
<S>                                               <C>
Eurex Deutschland                                  Eurex Clearing AG

By:    /s/ Rudolf Ferscha                          By:    /s/ Rudolf Ferscha
       ------------------------------                     ------------------------------

Date:  7/11/02                                     Date:  7/11/02
       ------------------------------                     ------------------------------

Deutsche Borse Systems AG

By:    /s/ Rudolf Ferscha
       ------------------------------

Date:  7/11/02
       ------------------------------
</TABLE>

                       Reorganization Agreement - Final

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