Document:

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                                                                   Exhibit 10.43

            Confidential Treatment Requested by CBOT Holdings, Inc.

EXECUTION COPY

                           CLEARING SERVICES AGREEMENT

                      EFFECTIVE THE 16th DAY OF APRIL 2003

BETWEEN

CHICAGO MERCANTILE EXCHANGE INC., a business corporation organized under the
laws of the State of Delaware and having its principal office situated at 30
South Wacker Drive, Chicago, Illinois 60606 U.S.A., duly represented by its
Chairman of the Board, Terrence Duffy, and by its President and Chief Executive
Officer, James J. McNulty, (hereinafter referred to at times as "CME"),

AND

THE BOARD OF TRADE OF THE CITY OF CHICAGO, INC., a non share corporation
organized under the laws of the State of Delaware and having its principal
office situated at 141 W. Jackson Blvd., Chicago, Illinois 60604 U.S.A., duly
represented by its Chairman, Charles P. Carey, and by its President and Chief
Executive Officer, Bernard W. Dan, (hereinafter referred to at times as "CBOT").

Each of CBOT and CME is referred to herein as a "Party", and collectively they
are referred to as the "Parties."

                                    RECITALS:

     WHEREAS, CME is registered with the Commodity Futures Trading Commission
(the "CFTC") as a designated contract market ("DCM") and a "derivative clearing
organization " ("DCO") within the meaning of the Commodity Exchange Act, as
amended (the "CEA"), and seeks to provide clearing services, as defined herein,
for CBOT futures and options contracts;

     WHEREAS, CBOT is registered with the CFTC as a DCM and intends to register
as a DCO within the meaning of the CEA, as amended, and seeks to have CME
provide clearing services, as defined herein, for CBOT futures and options
contracts;

     WHEREAS, the Parties intend to provide substantial benefits to their
customers by clearing their listed contracts through the same clearing house;

     WHEREAS, the Parties intend to enhance the efficient use of capital by
their members by employing CME's system of financial guarantees and providing
for more efficient portfolio risk margining of certain positions held at CME's
clearing house; and

     WHEREAS, the Parties intend to cooperatively promote the advantages of
clearing certain CBOT products by means of CME systems, all on the terms and
subject to the conditions set forth in this Agreement.

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            Confidential Treatment Requested by CBOT Holdings, Inc.

     NOW, THEREFORE, in consideration of the mutual covenants contained herein,
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, and with the intent to be legally bound, the
Parties hereby agree as follows:

1. INTERPRETATION

   1.1. Definitions.

In this Agreement, unless the context otherwise requires:

        1.1.1.  Agreement means the Clearing Services Agreement, effective as of
                April 16, 2003, by and between CME and CBOT.

        1.1.2.  BOTCC shall have the meaning set forth in Section 7.3.

        1.1.3.  CBOT Clearing Member means an individual or firm that meets
                CBOT's requirements to clear CBOT Products on or after the
                Effective Date.

        1.1.4.  CBOT Core Products means CBOT's U.S. Treasury, agricultural and
                federal funds based products as of the Effective Date.

        1.1.5.  CBOT Data shall have the meaning set forth in Section 5.1.

        1.1.6.  CBOT Products means all futures and futures options listed for
                trading on CBOT on the Launch Date or thereafter.

        1.1.7.  CBOT Sole Proprietorship Clearing Member shall have the meaning
                set forth in Section 7.4.

        1.1.8.  CEA shall have the meaning set forth in the first Recital.

        1.1.9.  CFTC shall have the meaning set forth in the first Recital.

        1.1.10. Clearing Members means CBOT Clearing Members and/or CME Clearing
                Members, as the context requires.

        1.1.11. Clearing Services means the clearing, settlement and related
                services to be provided by CME under this Agreement, as further
                described in Schedule A.

        1.1.12. Clearing Systems shall have the meaning set forth in Section
                3.4.

        1.1.13. CME Clearing Member means an individual or firm that meets CME's
                requirements for clearing membership.

        1.1.14. CME Rules means CME's rules and clearing procedures, including
                interpretations and explanations.

        1.1.15. DCM shall have the meaning set forth in the first Recital.

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        1.1.16. DCO shall have the meaning set forth in the first Recital.

        1.1.17. Dispute Notice shall have the meaning set forth in Section 19.4.

        1.1.18. Effective Date means April 16, 2003.

        1.1.19. EFS shall have the meaning set forth in Section 3.1.

        1.1.20. FCMs shall have the meaning set forth in Section 7.6.

        1.1.21. Indemnified Party shall have the meaning set forth in Section
                16.1.

        1.1.22. Indemnifying Party shall have the meaning set forth in Section
                16.1.

        1.1.23. Initial Term shall have the meaning set forth in Section 2.

        1.1.24. Launch Date means the first trading day for CBOT Products as to
                which transactions are required to be cleared through CME. The
                Launch Date is the trading date of January 2, 2004.

        1.1.25. Market Participant means an individual or firm that engages in
                trading futures and options contracts.

        1.1.26. Material Breach means a breach of a provision of this Agreement
                that is material to a Party's obligations under the Agreement.

        1.1.27. Operational Policies and Procedures shall have the meaning set
                forth in Section 3.2.

        1.1.28. Party and Parties shall have the meaning set forth in the
                Preamble.

        1.1.29. Proprietary Business Information shall have the meaning set
                forth in Section 13.1.

        1.1.30. Renewal Term shall have the meaning set forth in Section 2.

        1.1.31. Replica CBOT Products shall have the meaning set forth in
                Section 6.4.

        1.1.32. Special CME Clearing Member means a CBOT Clearing Member that
                qualifies as a CME Clearing Member for purposes of clearing CBOT
                Products pursuant to this Agreement, as set forth more fully in
                Section 7.

        1.1.33. Transition Clearing Services shall have the meaning set forth in
                Section 12.

        1.1.34. Transition Costs shall have the meaning set forth in Section
                12.4.

        1.1.35. Term shall have the meaning set forth in Section 2.

        1.1.36. Unexcused Breach shall have the meaning set forth in Section
                10.1.

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

     1.3. Schedules. The Schedules forming part of this Agreement are as
          follows:

          Schedule A  Clearing Services
          Schedule B  Fees
          Schedule C  Project Development Plan

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

2.   Initial Term; Renewal Term. This Agreement shall commence on the Effective
     Date and, unless terminated earlier in accordance with its terms, shall
     terminate on January 10, 2008 (the "Initial Term"). Upon expiration of the
     Initial Term, this Agreement shall automatically renew for successive
     three-year renewal terms (each a "Renewal Term") unless either Party
     notifies the other Party in writing at least six (6) months prior to the
     beginning of the applicable Renewal Term of its decision not to renew. The
     Initial Term and the Renewal Terms, if any, are collectively referred to in
     this Agreement as the "Term".

3.   Clearing Services.

     3.1. Services Provided. Commencing with the Launch Date until the
          termination of this Agreement, whether at the end of the Initial Term
          or any Renewal Term, each as specified in Section 2 above, and until
          expiration of any post-termination obligations, CME shall provide to
          CBOT the Clearing Services described in Schedule A hereto. The
          Clearing Services shall be provided by CME with proper and reasonable
          care in conformance with the standards and procedures by which CME
          performs such services for its listed contracts, except that trades
          matched by CBOT shall not be guaranteed until the matched trade record
          is received by CME. CBOT reserves the right to charge fees for
          post-trade transactions and related services for CBOT Products even if
          CME does not now charge a fee for such transactions. Subject to the
          provisions of Section 3.10 respecting change request procedures and
          payment of development cost, if applicable, CME agrees to facilitate
          the implementation of such charges, including providing CBOT access to
          CME's Exchange Fee System ("EFS"), and to provide CBOT with any
          necessary data related to such policies and fees. CBOT shall pay CME
          for any reasonable additional costs it may incur in providing data and
          other support to CBOT in response to a request authorized by this
          Section 3.1.

     3.2. Operational Policies and Procedures. CME's operational practices,
          policies and procedures related to implementing and performing
          Clearing Services, including, without limitation, establishing marking
          prices that vary from settlement prices submitted by CBOT, where such
          settlement prices materially deviate from appropriate market prices;
          the timeline for CME's receipt of information and data necessary to

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          perform the Clearing Services and CME's delivery of information and
          data to CBOT, Clearing Members and other third parties; data file
          formats; the manner in which CME makes information available to
          Clearing Members; and the mechanics of CME's automated delivery
          processes shall be the same as CME's existing practices, policies and
          procedures, including the automated delivery system to be developed by
          CME as provided by Schedule A (collectively, the "Operational Policies
          and Procedures"), provided that nothing in the Operational Policies
          and Procedures shall contravene any provision set forth in this
          Agreement.

     3.3. Fungibility and Cross-Margining of CBOT Products. CBOT shall have sole
          authority to determine (i) whether CBOT Products shall be risk offset
          against other products pursuant to CME's portfolio margining policies
          or any cross-margining agreement and (ii) whether CBOT Products shall
          be made fungible, at the clearing level, against products that are
          cleared by CME and listed for trading by CME, by another contract
          market, or by any other entity. CME may accept or reject any risk
          offset or fungibility arrangement against products traded at CME that
          may be proposed by CBOT. CME shall support cross-margining of CBOT
          Products as set forth in Schedule A. CME support for cross-margining
          arrangements or fungibility of CBOT Products other than as set forth
          above or in Schedule A shall be subject to the change request
          procedures set forth in Section 3.10, below.

     3.4. Clearing Systems. The systems owned by or licensed to CME that are
          utilized by CME in connection with providing Clearing Services are
          referred to herein as the "Clearing Systems." CME shall pay to the
          appropriate software manufacturers, suppliers and distributors all
          license fees, royalties, use charges, taxes or other payments
          associated with the Clearing Systems' intellectual property and
          technology utilized by CME in providing Clearing Services.

     3.5. CME Personnel. CME shall make available, at all times, a sufficient
          number of individuals who are properly qualified to perform and who
          will perform the Clearing Services in accordance with this Agreement.

     3.6. Cooperation as to Development Work. The Parties acknowledge and agree
          that, after the Effective Date, they will be engaged in development
          work as described in Schedule C hereto. The Parties agree to cooperate
          and use all reasonable efforts to perform the tasks necessary to
          complete such development work in accordance with the time table set
          forth in Schedule C. CME shall be primarily responsible for such
          development work.

     3.7. Technical Cooperation. The Parties acknowledge that CME may have to
          incorporate new equipment into or modify its Clearing Systems in ways
          that will require testing from time to time. Each Party acknowledges
          that, in implementing and testing such new equipment or modifications,
          it may require the technical assistance and cooperation of the other,
          and both Parties agree to provide such assistance and cooperation.
          CBOT shall have the obligation of securing any necessary assistance of
          its third party providers.

     3.8. Backup and Disaster Recovery. CME will provide, as a part of the
          Clearing Services, backup and disaster recovery services and
          procedures and functions for the Clearing

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          Systems and the Clearing Services using the backup and disaster
          recovery systems that CME employs for its own contracts.

     3.9. CME Modifications. CME may make modifications to the Clearing Systems
          and Clearing Services on its own initiative and at its own expense as
          it may reasonably deem necessary or desirable, provided that any such
          modifications do not (i) materially increase CBOT's total costs of
          receiving the Clearing Services, (ii) require CBOT to make material
          changes to its systems, software, or equipment other than with respect
          to changes made in the ordinary course of business, or (iii) violate
          the CEA, applicable rules and regulations thereunder, or other
          applicable CFTC requirements. If any changes desired by CME would
          violate the conditions described in clauses (i) or (ii) above, CME
          will obtain CBOT's written consent, which shall not be unreasonably
          withheld, prior to making any such change.

    3.10. Change Requests. CME will make modifications and enhancements to its
          Clearing Systems at the request and expense of CBOT, where such
          changes are necessary to provide Clearing Services for a CBOT Product
          with characteristics significantly different from futures and futures
          options products traded as of the Effective Date or additional cross
          margining arrangements, if in CME's sole judgment such changes will
          not impair functionality or materially increase operational costs.
          CBOT shall pay a commercially reasonable fee, to be agreed in advance,
          to cover the cost of all such changes. All such requests will be
          addressed to a designated representative of CME's clearing house.

          3.10.1. CME response to requests. CME shall respond to requests from
                  CBOT concerning modifications or enhancements to the Clearing
                  Services by evaluating the request, including the cost of the
                  requested change and the impact of the requested change upon
                  clearing services provided by CME as to other products and
                  upon CME's technical systems, and providing a response in
                  accordance with this Section to CBOT concerning such request
                  within thirty (30) days of CME's receipt of the request
                  (unless the complexity of the request reasonably requires a
                  longer period, in which case CME shall provide an initial
                  response).

          3.10.2. No material concerns. If CME reasonably determines in its sole
                  judgment that the requested change will not materially impair
                  clearing services or materially increase operational costs to
                  CME or CME Clearing Members, CME shall submit to CBOT a
                  reasonably detailed proposal for implementing the change,
                  which need not be binding, and which shall include an estimate
                  of the amount to be paid to CME for the requested change.

          3.10.3. Material concerns. If CME reasonably determines in its sole
                  judgment that the requested change will materially impair
                  functionality or materially increase operational costs to CME
                  or CME Clearing Members, CME may, but shall not be required
                  to, submit to CBOT a reasonably detailed proposal for
                  implementing the change, including cost estimates, which need
                  not be binding.

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          3.10.4. Negotiations in good faith. In any case, the Parties shall
                  negotiate in good faith as to any requested change and the
                  terms of CME's proposal, if any. Any change implemented by
                  CME pursuant to this Section shall be made at the sole
                  expense of CBOT at a commercially reasonable fee or upon any
                  other financial basis to be agreed upon between the Parties.
                  Such financial arrangement may include upfront fees and/or
                  modifications to the fee structure set forth in Schedule B.
                  Except as otherwise agreed between CME and CBOT in a writing
                  that specifically purports to amend this Agreement and is
                  executed by individuals with authority to do so, CME and/or
                  its licensors, as applicable, shall own all right, title and
                  interest in any intellectual property created by the Parties
                  in connection with any such implemented change that is used
                  by CME in connection with providing Clearing Services. CME
                  will grant CBOT a license covering its free use of its
                  contribution to any intellectual property developed by CME.

    3.11. Assistance with Regulatory Matters. CME agrees to actively
          participate in, and make available sufficient human and technical
          resources for, any submissions or presentations to, or meetings or
          discussions with, the staff of the CFTC respecting CME's provision of
          Clearing Services for CBOT Products. If CME reasonably determines
          that CME's active participation in such submissions, presentations,
          meetings or discussions with the CFTC may result in the disclosure of
          CME's confidential or proprietary information, CBOT will cooperate
          with CME to secure appropriate nondisclosure and confidentiality
          commitments from the CFTC prior to requiring CME's active
          participation in any such submissions, presentations, meetings or
          discussions.

4. CBOT Payment of Fees and Expenses.

     4.1. Generally. CBOT will pay fees for the Clearing Services provided by
          CME in accordance with this Agreement as set forth in Schedule B
          hereto.

     4.2. Invoicing. CME shall invoice CBOT and CBOT shall pay such invoices as
          provided in Schedule B. If CME does not receive any payment from CBOT
          in time required by schedule B, CME shall notify CBOT thereof and, if
          CBOT fails to pay such amount within fifteen (15) days of CBOT's
          receipt of such notice, CME may declare CBOT in Material Breach of
          this Agreement and may thereafter exercise its rights set forth in
          Section 10.1 below.

     4.3. Initial Development Fee. CBOT shall reimburse CME for start-up costs
          incurred by CME in connection with preparations to perform its
          obligations under this Agreement up to a maximum amount of [**]. CME's
          start-up costs may include, without limitation, costs associated with
          hardware purchased; software purchased, licensed, or developed
          internally; additional office space and other equipment required to
          support CME's operations on behalf of CBOT; and CME employee,
          consultant and independent contractor time billed either at an actual
          rate per hour or reasonable average rate per hour (including
          reasonable benefits costs and allocation of overhead). Such start-up
          costs incurred by CME shall be reimbursed by CBOT and such payments
          shall be non-

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          refundable, without regard to termination of this Agreement for any
          reason. Such costs shall be billed monthly and promptly paid.

     4.4. CBOT Costs of Formatting Data. CBOT shall be responsible for and bear
          any costs of formatting trading data for use by its compliance and
          surveillance systems.

5. CME Intellectual Property.

     5.1. CME Ownership. Subject to any different agreement between the Parties
          pursuant to Section 3.10.4, CME and its licensors, as applicable,
          shall have sole and exclusive ownership of all right, title and
          interest in and to the intellectual property and technology developed
          or used by CME in connection with providing Clearing Services. No
          provision of this Agreement shall be construed to bind or obligate CME
          in any way to develop, make further enhancements to or maintain any
          current or future version of the Clearing 21(R) system software or any
          of the Clearing Systems, provided that CME agrees that it will provide
          to CBOT the same Clearing Services utilizing the same systems CME
          applies to clearing the futures and options contracts traded on CME.

     5.2. CBOT Ownership of Data. As between CBOT and CME, any and all trading
          data, surveillance records, investigation reports and other similar
          data or information created, generated, collected, or processed by CME
          in the performance of the Clearing Services ("CBOT Data") is and will
          remain the sole property of CBOT, and CME will and hereby does,
          without additional consideration, assign to CBOT any and all right,
          title and interest that CME may now or hereafter possess in and to the
          CBOT Data. Except as provided below, CBOT Data will not be utilized by
          CME for any purpose other than the performance of Clearing Services
          under this Agreement and will not be sold, assigned, leased or
          otherwise transferred, disposed of or provided to third parties by CME
          or commercially exploited by or on behalf of CME.

     5.3. CME Delivery of CBOT Data. CME will promptly retrieve and deliver to
          CBOT a copy of all CBOT Data (or such portions as will be specified by
          CBOT), in the format and on the media reasonably prescribed by CBOT,
          at CBOT's reasonable request from time to time. Upon termination of
          this Agreement or at the completion of any requested Transition
          Clearing Services (whichever is later), if requested by CBOT, CME will
          destroy or securely erase all copies of the CBOT Data in CME's
          possession or under CME's control, except that CME may retain copies
          of such CBOT Data for its appropriate regulatory and surveillance
          purposes.

     5.4. Protection of CBOT Data. CME will take those measures that CME takes
          to protect its own most confidential data of like kind, but not less
          than reasonable measures: (i) to preserve the security of the CBOT
          Data; (ii) to prevent unauthorized access to or modification of any
          CBOT Data; and (iii) to establish and maintain environmental, safety,
          facility and data security procedures and other safeguards against
          destruction, loss, alteration or theft of, or unauthorized access to,
          any CBOT Data.

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     5.5. CME Use of CBOT Data. Notwithstanding CBOT's ownership of CBOT Data as
          described above, CME shall be free to use CBOT Data with respect to
          the performance of the Clearing Services.

6. CBOT Contracts Subject to Clearing Services.

     6.1. Launch Date. On the Launch Date, CME shall commence clearing of all
          CBOT Products.

     6.2. CBOT Products. Except as otherwise specified in this Agreement, all
          CBOT Products shall be subject to this Agreement and shall be cleared
          by CME, including any futures and options contracts traded at CME that
          CBOT also determines to list for trading. However, if a new CBOT
          Product requires changes to the Clearing Systems, Section 3.10 shall
          govern the timing of CME's response to a notification by CBOT of such
          requested change. Products other than futures and futures options
          products may be cleared by CME as CBOT Products under this Agreement
          only by mutual written agreement of the Parties.

     6.3. Notification to CME. CBOT shall notify CME of the classes and maturity
          dates of the CBOT Products that it intends to list for trading in
          accordance with the Operational Policies and Procedures. CBOT shall
          also submit to CME in advance of listing any CBOT Product a copy of
          the contract specifications for the product, and shall provide CME
          advance notice thereafter of any changes in contract specifications
          for the product.

     6.4. Replica CBOT Products. CME may offer and provide its clearing services
          to any exchange that lists for trading any product, including CBOT
          Core Products where the underlying deliverable commodity is the same
          or substantially the same as in a CBOT Core Product ("Replica CBOT
          Products"). If CME determines to provide clearing services for Replica
          CBOT Products traded or executed on any exchange other than CBOT, CME
          will notify CBOT at the time CME agrees to provide clearing services
          for, or thirty (30) days before CME begins clearing, such Replica CBOT
          Products, whichever is sooner. CBOT thereafter shall have ninety (90)
          days following receipt of such notice to determine whether to
          terminate this Agreement without penalty in light of such CME
          decision.

     6.5. Notices. Notwithstanding Section 19.5, notices required under this
          Section 6 may be delivered by e-mail or through any other electronic
          method to which the Parties agree as a part of their operational
          discussions.

7. Admission of CBOT Clearing Members.

     7.1. Generally. CME shall admit as Special CME Clearing Members all firms,
          including sole proprietorships, that were CBOT Clearing Members as of
          the Effective Date. CME shall also admit as Special CME Clearing
          Members any firms that become CBOT Clearing Members after the
          Effective Date if such firms meet CME's requirements for clearing
          members other than requirements respecting ownership of CME
          memberships or CME common stock. CBOT Clearing Members admitted as
          Special CME Clearing

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          Members pursuant to this Agreement shall be authorized to clear CBOT
          Products, to the extent permitted by CBOT as of the Effective Date.
          The rights of such individuals or firms as Special CME Clearing
          Members may not be assigned or transferred voluntarily or by operation
          of law. For the avoidance of doubt, Special CME Clearing Members shall
          be permitted to clear other products cleared by CME only to the extent
          permitted by CME.

     7.2. Process for Admission. Following the Effective Date, CME shall,
          in consultation with CBOT, adopt rules for the admission of CBOT
          Clearing Members as Special CME Clearing Members. Any CBOT Clearing
          Member admitted as a Special CME Clearing Member pursuant to Section
          7.1 of this Agreement or under the rules adopted pursuant to this
          Section 7.2 shall be considered to be admitted pursuant to this
          Agreement and shall be subject to all of the rules, requirements and
          obligations of CME's clearing house, other than admission
          requirements, including ownership of CME memberships or CME common
          stock, and capital rules, except as hereinafter provided in this
          Section 7.

     7.3. Minimum Capital Rules. Any CBOT Clearing Member that is operating
          in compliance as of the Effective Date, and that continues to remain
          in compliance through the Launch Date, with the Board of Trade
          Clearing Corporation ("BOTCC") rules respecting initial or admission
          capital requirements that are in effect on the Effective Date shall be
          deemed to be in compliance with CME minimum capital rules on the
          Launch Date. After that date, CME may increase or decrease the capital
          requirements for any Special CME Clearing Member on an individualized
          basis if the Special CME Clearing Member's risk profile changes
          materially, provided that CME may not, in any event, treat Special CME
          Clearing Members as a class or group for these purposes. To the extent
          any Special CME Clearing Member that is not also a CME Clearing Member
          is required by CME to increase its minimum capital, such increase may
          be achieved through the acquisition of additional CBOT memberships.

     7.4. Provisions for CBOT Clearing Members Joining After the Effective Date.
          Any CBOT Clearing Member that was not a CBOT Clearing Member as of the
          Effective Date, but that becomes a Special CME Clearing Member
          thereafter, shall be subject to the following provisions with respect
          to capital requirements: (i) the CME capital requirement for such
          Special CME Clearing Member will be equivalent to the BOTCC
          requirement that would have applied to such CBOT Clearing Member if it
          had been a CBOT Clearing Member on the Effective Date, but (ii) CME
          may in its discretion require such Special CME Clearing Member to hold
          additional assets in an aggregate value equal to the difference
          between the CME minimum capital requirement and the BOTCC capital
          requirement described in clause (i) above. If CME requires a Special
          CME Clearing Member to hold additional assets as set forth in clause
          (ii) above, the assets allowed to be held in satisfaction of such
          requirement shall include CBOT memberships.

     7.5. Special Rules for CBOT Sole Proprietorship Clearing Members. Any CBOT
          Clearing Member that is a sole proprietorship ("CBOT Sole
          Proprietorship Clearing Member") as of the Effective Date, admitted as
          a Special CME Clearing Member

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          pursuant to this Section 7, shall be excused from compliance with the
          CME minimum capital rules for the Initial Term of this Agreement, and
          shall be subject to no other minimum capital requirements imposed by
          CME provided that such CBOT Sole Proprietorship Clearing Member (i)
          was in compliance with the BOTCC rules respecting initial or admission
          capital requirements that are in effect on the Effective Date, (ii)
          continues to operate in compliance with such BOTCC rules that were in
          effect on the Effective Date, and (iii) does not materially change its
          risk profile (in which case a change in minimum capital requirements
          by CME shall be subject to the provisions of Section 7.3). Any other
          CBOT Sole Proprietorship Clearing Member admitted as a Special CME
          Clearing Member shall be subject to special CME minimum capital rules
          that shall be agreed to by CME and CBOT. After the Initial Term of
          this Agreement has expired, all CBOT Sole Proprietorship Clearing
          Members shall be subject to those special capital rules.

     7.6. Lien on CBOT Memberships. Each CBOT Clearing Member admitted hereunder
          as a Special CME Clearing Member shall execute in favor of CME a lien
          against the CBOT membership interests required to be held by CBOT for
          clearing status, as of the Effective Date, to qualify as a CBOT
          Clearing Member or otherwise required to be held under Section 7.4.
          The lien shall be the first lien against such membership interests
          following release of any prior lien held by BOTCC, which release shall
          be requested by the CBOT Clearing Member promptly following the Launch
          Date. Each Special CME Clearing Member will be subject to a
          requirement to continue to hold at least the same number of CBOT
          memberships that CBOT required such Special CME Clearing Member to
          hold for clearing member status as of the Effective Date.

     7.7. Audit of Non-FCM CBOT Clearing Members. CBOT shall periodically audit
          its Clearing Members that are not futures commission merchants
          ("FCMs") and shall promptly share the results with CME's clearing
          house.

8. Transfer of CBOT Open Interest.

     8.1. CBOT Rules. Promptly following the execution of this Agreement, CBOT
          shall draft and submit to the CFTC for approval rules that provide for
          the clearing of CBOT Products at the CME clearing house, to the extent
          provided herein, and rules that will facilitate the transfer of open
          interest in CBOT Products from BOTCC to CME. CBOT shall use its best
          efforts to ensure that such rules are approved by the CFTC reasonably
          in advance of the Launch Date, and CME shall use its best efforts to
          provide such assistance as CBOT may request in securing such approval.

     8.2. CME Rules. Promptly following the execution of this Agreement, CME
          shall draft and submit to the CFTC for approval rules that provide for
          the clearing of CBOT Products at the CME clearing house, to the extent
          provided herein, and that will facilitate the transfer of open
          interest in CBOT Products from BOTCC to CME. CME shall use its best
          efforts to ensure that such rules are approved by the CFTC reasonably
          in advance of the Launch Date, and CBOT shall use its best efforts to
          provide such assistance as CME may request in securing such approval.

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     8.3. CME Margining of Positions. CME shall margin the positions so
          transferred prior to the opening of trading in CBOT Products on the
          Launch Date, and the relevant Special CME Clearing Members shall be
          required to post the necessary performance bonds.

     8.4. CBOT Clearing Members. CME may require that, in order to participate
          in the transfer of open interest described in this Section, CBOT
          Clearing Members that intend to become Special CME Clearing Members
          have completed CME's application process for Special CME Clearing
          Member status, have contributed to CME's security deposit pool, and
          have established appropriate banking relationships by a date certain
          prior to the Launch Date.

9. Network Interconnections Between CBOT and CME

     9.1. Facilities. CME shall establish and maintain an appropriate router or
          routers at CBOT for the purposes of (i) delivering data to CME for
          clearing purposes, (ii) delivering data to CBOT for regulatory
          purposes, and (iii) exchanging data between the Parties for all other
          purposes required by this Agreement and the Schedules hereto. CME
          shall establish and maintain appropriate telecommunications circuits
          between CBOT and CME as necessary to handle message flow and data
          delivery as set forth above. CBOT shall provide computer room floor
          space and inside wiring for such routers and shall provide CME or any
          telecommunications provider with which it contracts for such services
          reasonable access for maintenance and testing purposes.

     9.2. Outsourcing Permitted. CME may fulfill its obligation to establish and
          maintain the routers and telecommunications circuits described in
          Section 9.1 through appropriate contractual arrangements with
          telecommunications service providers and/or other technology service
          providers.

     9.3. Financial Terms. CBOT shall be responsible for paying, via
          reimbursement to CME or direct billing, all third party or other
          direct costs (not to include CME employee or CME independent
          contractor time) associated with the establishment and maintenance of
          the telecommunications circuits and routers described in Section 9.1,
          provided that (i) where CME has a negotiated rate with an applicable
          telecommunications provider, CME shall attempt to secure for CBOT any
          preferential rate available under such contract, and (ii) in no event
          shall the amounts paid by CBOT under this Section exceed the published
          tariff rate of the applicable telecommunications provider. Unless CME
          arranges for CBOT to be billed directly by the applicable
          telecommunications provider, CME shall submit to CBOT an invoice for
          reimbursement of fees or other third-party costs actually paid by CME,
          and CBOT shall pay CME such amounts no later than the final business
          day of the calendar month following the month in which CME invoices
          CBOT.

10. Breach of Agreement; Termination.

    10.1. Breach of Agreement; Termination for Unexcused Breach. If either
          Party is in breach of this Agreement, the non-breaching Party shall be
          required to provide written notice specifying such breach to the other
          Party, within five (5) business days of becoming aware of such breach,
          prior to submitting any Dispute Notice under Section

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           19.4 or exercising any right to terminate as set forth in this
           Section 10.1. The breaching Party shall have thirty (30) days from
           receipt of such notice to cure such breach. If the breaching Party
           cures such breach within such 30-day period, the right of termination
           or to submit a Dispute Notice shall expire and the breaching Party
           shall not be subject to any further remedy or liability in respect of
           such breach. If the breaching Party does not cure such breach within
           such 30-day period, [**]

     10.2. Bankruptcy. Either Party may terminate this Agreement immediately
           upon the occurrence of any of the following events affecting the
           other Party:

          10.2.1. Insolvency. The other Party admits its inability to pay its
                  debts generally as they become due, or makes an assignment of
                  substantially all of its assets for the benefit of its
                  creditors;

          10.2.2. Bankruptcy Filed. A proceeding in bankruptcy or for the
                  reorganization of the other Party or for the readjustment of
                  its debts, under the United States Bankruptcy Code or any
                  other State or Federal law for the relief of debtors now or
                  hereafter existing, is commenced by or against the other
                  Party and is not discharged within sixty (60) days of
                  commencement; or

          10.2.3. Receiver Appointed. A receiver or trustee is appointed in a
                  bankruptcy proceeding for the other Party or for any
                  substantial part of its assets, or any proceedings are
                  instituted for the dissolution or the full or partial
                  liquidation of such Party, and such receiver or trustee is
                  not discharged within sixty (60) days of his or her
                  appointment or such proceedings are not discharged within
                  sixty (60) days of their commencement, as the case may be.

     10.3. [**]

     10.4. [**]

     10.5. [**]

     10.6. Legal Or Regulatory Matters. If either Party is precluded from
           performing its obligations under the Agreement by statute, regulation
           or legal action of any governmental agency, including failure of the
           CFTC to approve necessary rules (including rules necessary to
           transfer the open interest) by the Launch Date, [**]

     10.7. [**]

     10.8. CME Provision of Clearing Services for Replica CBOT Products. Section
           6.4 shall govern the respective rights of the parties if CME notifies
           CBOT that CME will offer clearing services for Replica CBOT Products.

     10.9. Inability to Meet Launch Date. If CME's provision of services under
           this Agreement on the Launch Date is deficient to an extent that
           prevents CBOT from operating its exchange for a substantial portion
           of the trading day on the Launch Date

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            due solely or primarily to failures or problems that were within
            CME's ability to prevent or mitigate, failure to perform shall be
            CME's responsibility and shall constitute a Material Breach by
            CME. In such case, within five (5) business days thereafter CBOT
            may either (i) seek to terminate this Agreement by exercising its
            rights as set forth in Section 10.1, or (ii) without application
            of any provision of Section 10.1, including any cure period, file
            a Dispute Notice and pursue a claim for damages, [**]If CME's
            provision of services under this Agreement on the Launch Date is
            deficient to an extent that prevents CBOT from operating its
            exchange for a substantial portion of the trading day on the
            Launch Date due solely or primarily to failures or problems that
            were within CBOT's ability to prevent or mitigate, and CBOT
            failed to prevent or mitigate such failures or problems despite
            receiving notice from CME concerning the risk of failing to meet
            the Launch Date, then the failure to perform shall be the
            responsibility of CBOT and shall constitute a Material Breach by
            CBOT, which shall trigger CME's rights under Section 10.1. For
            purposes of this Section 10.9, a failure by CBOT's electronic
            trade matching facility service provider that was within such
            service provider's ability to prevent or mitigate shall be deemed
            a failure by CBOT. In any situation described in this Section
            10.9 and throughout any applicable cure period, the Parties shall
            remain in regular communication concerning the failure at issue,
            and the breaching Party shall give prompt notice to the other
            Party if it determines that it will not cure the breach within
            the cure period.

     10.10. Joint Press Release. If either Party terminates this Agreement prior
            to or immediately following the Launch Date, the Parties shall work
            together to issue a joint press release and, if appropriate, hold a
            joint press conference, concerning the termination of the Agreement.

     10.11. [**]

     10.12. Action for Damages. For the avoidance of doubt, either Party may
            bring an action for damages against the other Party alleging any
            breach of this Agreement (except where an alleged breach has been
            cured, as described in Section 10.1) in lieu of invoking any right
            to terminate[**]. Any such action for damages shall be subject to
            the applicable limitation of liability set forth in Section 15.1 or
            Section 15.2.

11.  Limited Right to Continuance of Clearing Services. Notwithstanding any
     other provision of this Agreement, upon termination of this Agreement for
     any reason, if CBOT is unable to engage another entity prepared and able to
     provide services comparable to the Clearing Services on commercially
     reasonable terms, CBOT shall have the right to require that CME continue
     providing any or all of the Clearing Services, as set forth below. For the
     avoidance of doubt, pricing terms generally shall be deemed commercially
     reasonable, and alternate services generally shall be deemed comparable, if
     such terms and services are reasonably similar to those accepted by other
     parties receiving services from other clearing services providers.

     11.1. Six-Month Continuation Period. In the event that (i) this Agreement
           is terminated by CME as a result of an Unexcused Breach by CBOT, (ii)
           CBOT elects not to renew this Agreement pursuant to Section 2 above,
           or (iii) this Agreement is

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           terminated for any other reason except those described in Section
           11.2, CBOT may require that CME continue to provide Clearing Services
           after the termination of this Agreement or expiration of the Initial
           Term or Renewal Term of this Agreement, as the case may be, for 180
           days.

     11.2. One-Year Continuation Period. In the event that (i) this Agreement is
           terminated by CBOT as a result of an Unexcused Breach by CME, (ii)
           this Agreement is terminated by CBOT pursuant to Section 6.4, or
           (iii) CME elects not to renew this Agreement pursuant to Section 2
           above, CBOT may require that CME continue providing Clearing Services
           after the termination or expiration date, as the case may be, for up
           to one (1) year.

     11.3. Payment of Fees. In the event that CBOT requires CME to continue to
           provide all or substantially all of the Clearing Services pursuant to
           this Section 11, CBOT shall pay CME for these Clearing Services at
           the fees set forth in Schedule B. In the event that this Agreement is
           terminated by CME for nonpayment of fees, bankruptcy or insolvency,
           or if CBOT fails to timely pay fees during the continuation period,
           CME shall not be required to continue to provide Clearing Services
           unless CBOT pays CME monthly in advance for the continued provision
           of such Clearing Services based upon a reasonable estimate of the
           amounts likely to be due in respect of each month. CME agrees to
           credit back to CBOT any estimated amounts paid by CBOT that are later
           determined to be over-payments by CBOT.

     11.4. Notice to CME. If CBOT elects to require the continuation of any
           Clearing Services under this Section 11, then CBOT shall give at
           least ninety (90) days prior written notice to CME of the date for
           cessation of such continuation of Clearing Services.

     11.5. Hold Over by CBOT. If CBOT is unable to transfer to another provider
           of clearing services at the conclusion of any of the periods provided
           above for the limited continuation of Clearing Services, CME shall
           continue to provide the Clearing Services. During the period that CME
           provides clearing services under this Section 11.5, CBOT shall pay a
           fee of [**] plus all additional costs incurred by reason of CBOT's
           failure to transfer to another DCO, including without limitation any
           necessary retention bonuses or employment benefits or fees, in
           addition to the fees set forth in Schedule B, for each month that it
           holds over.

     11.6. Continuation is Not Renewal. Continuation of Clearing Services under
           this Section 11 shall not be deemed a renewal of this Agreement under
           Section 2 beyond the termination date.

12.  Transition Clearing Services. In connection with the termination of this
     Agreement for any reason or expiration of the Initial Term or Renewal Term
     of this Agreement, as the case may be, and in order to assist CBOT in
     terminating the Clearing Services and transitioning such services to
     another entity in an orderly manner, CME shall, if and as requested by
     CBOT, provide the following services (the "Transition Clearing Services"):

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     12.1. Transition Plan. CME and CBOT shall cooperate to prepare a transition
           plan setting forth the respective tasks to be accomplished by each
           Party in connection with the transition and a schedule pursuant to
           which such tasks are to be completed;

     12.2. Necessary Date. CME shall provide CBOT with all data and other
           information maintained by CME necessary to transfer responsibility
           for providing the Clearing Services to another entity as of the date
           services are no longer rendered by CME and all hardcopy records
           relating to other CBOT Data maintained by CME, except that CME may
           retain copies of such data and other information for its appropriate
           regulatory and surveillance purposes; Such data and other information
           shall be provided to CBOT on magnetic tape or such other storage
           medium, and in such format, reasonably acceptable to CBOT;

     12.3. Transfer of Positions. CME shall transfer any open positions in CBOT
           Products from CME to the new DCO selected by CBOT in accordance with
           directions CME shall receive from CBOT for such transfer; and

     12.4. Reimbursement of Costs. CBOT shall pay or reimburse CME for any and
           all costs ("Transition Costs") reasonably and actually incurred by
           CME that are directly attributable to providing Transition Clearing
           Services in accordance with this Section 12 (with the rates for any
           CME employees used to perform such Clearing Services reasonably
           reflecting CME's fully loaded costs with respect to such employees,
           plus a commercially reasonable profit margin); provided that CME
           shall act in good faith and use commercially reasonable efforts to
           minimize and mitigate any Transition Costs.

13.  Confidentiality.

     13.1. Generally. CBOT and CME each acknowledges that it will receive during
           the term of this Agreement confidential or proprietary information of
           the other Party relating to the Clearing Services and Clearing
           Systems. (All such information is collectively referred to in this
           Agreement as "Proprietary Business Information.") Materials embodying
           such information and within the scope of this Section 13.1 shall bear
           reasonable legends to such effect to the extent appropriate. Each
           Party agrees to take reasonable steps to maintain the confidentiality
           of the Proprietary Business Information of the other Party, and each
           Party agrees to use such information only in connection with the
           performance of its obligations and the exercise of its rights under
           this Agreement and for appropriate regulatory and surveillance
           purposes. In the event that this Agreement is terminated for any
           reason, each Party agrees that it shall use reasonable efforts to
           return to the other Party or destroy all Proprietary Business
           Information of the other Party in its possession in tangible form and
           that it shall not knowingly retain any copies thereof, except that
           each Party may retain copies of the other Party's Proprietary
           Business Information for its appropriate regulatory and surveillance
           purposes.

     13.2. Exclusions. In no event shall the provisions of this Section 13 apply
           to any information that: (i) was rightfully known to the receiving
           Party prior to its receipt from the disclosing Party, or becomes
           rightfully known to the receiving Party other than as a result of the
           relationship between the Parties pursuant to this Agreement; (ii) is
           or

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         becomes public knowledge through no fault of the receiving Party; (iii)
         is disclosed to the receiving Party by a third Party with the right to
         disclose the information without restriction or subject to restrictions
         to which the receiving Party has conformed; or (iv) is independently
         developed by the receiving Party without use of any confidential or
         proprietary information of the disclosing Party. Notwithstanding
         anything in Section 13.1 above to the contrary, each Party may disclose
         any Proprietary Business Information received by it to the extent that
         it is required by subpoena or other order of court, law or other
         regulation, or required or requested by any governmental or regulatory
         authority having jurisdiction or required pursuant to an information
         sharing agreement, rule, or policy with another self-regulatory body,
         to furnish such Proprietary Business Information to any third Party, or
         as otherwise permitted in this Agreement; provided that, in any such
         case, the receiving Party shall provide the disclosing Party with
         prompt notice thereof so that the disclosing Party may seek an
         appropriate protective order. In the absence of a protective order, if
         the receiving Party is nonetheless, in the opinion of its counsel,
         compelled to furnish Proprietary Business Information to any third
         Party or else stand liable for contempt or suffer other censure or
         penalty, such Party may furnish such information without liability
         under this Section 13 or otherwise.

14.  Force Majeure. Each Party shall be excused from performance under this
     Agreement and shall have no liability to the other Party to the extent
     that, and for any period during which, it is prevented from performing any
     of its obligations hereunder as a result of any act, or failure to act, of
     the other Party or by an act of God, war, civil disturbance, act of
     terrorism, court order[**], or other cause beyond its reasonable control
     (including, without limitation, failures or fluctuations in the electrical
     or mechanical equipment, communication lines, heat, light or
     telecommunications, in each case to the extent beyond its reasonable
     control), provided that each party agrees to apply fully its disaster
     recovery system to minimize any reduction in service it has agreed to
     provide under this Agreement.

15.  Liability Limits; Indemnification.

     15.1. CME. [**] Notwithstanding the foregoing, but subject to the
           provisions of Section 16 below, CME shall indemnify, defend and hold
           harmless CBOT and its directors, officers, employees and agents, in
           accordance with the procedures described in Section 16.1 below, from
           and against any and all losses, liabilities, damages and claims, and
           all related costs and expenses (including without limitation
           reasonable attorneys' fees), arising from the willful misconduct on
           the part of CME, its directors, officers, employees or agents.

     15.2. CBOT. [**] Notwithstanding the foregoing, but subject to the
           provisions of Section 16 below, CBOT shall indemnify, defend and hold
           harmless CME and its directors, officers, employees and agents, in
           accordance with the procedures described in Section 16.1 below, from
           and against any and all losses, liabilities, damages and claims, and
           all related costs and expenses (including without limitation
           reasonable attorneys' fees), arising from the willful misconduct on
           the part of CBOT, its directors, officers, employees or agents.

16.  Indemnity

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     16.1. Procedure. If any third Party notifies either Party (the "Indemnified
           Party") with respect to any matter which may give rise to a claim for
           indemnification against the other Party (the "Indemnifying Party"),
           then the Indemnified Party shall promptly notify the Indemnifying
           Party thereof; provided, however, that no delay on the part of the
           Indemnified Party in notifying the Indemnifying Party shall relieve
           the Indemnifying Party from any liability or obligation hereunder,
           except to the extent (if any) that the Indemnifying Party is damaged
           by such delay. If the Indemnifying Party notifies the Indemnified
           Party that it is assuming the defense of any claim:

           16.1.1. Defense of Claim. The Indemnifying Party shall defend the
                   Indemnified Party against such claim with counsel of its
                   choice reasonably satisfactory to the Indemnified Party;

           16.1.2. Separate Co-counsel Permitted. The Indemnified Party may
                   retain separate co-counsel at its sole cost and expense
                   (except that the Indemnifying Party shall be responsible for
                   the fees and expenses of the separate co-counsel to the
                   extent that the Indemnified Party concludes reasonably that
                   the counsel the Indemnifying Party has selected has a
                   conflict of interest);

           16.1.3. Consent Decree or Settlement. The Indemnified Party shall
                   not, without foregoing the benefits of this Section 16.1,
                   consent to the entry of any judgment or enter into any
                   settlement with respect to such claim without the prior
                   written consent of the Indemnifying Party, which consent
                   shall not be unreasonably withheld or delayed; and

           16.1.4. Full Release. The Indemnifying Party shall not consent to the
                   entry of any judgment with respect to the matter or enter
                   into any settlement which does not include a provision
                   whereby the plaintiff or claimant releases the Indemnified
                   Party from any and all responsibility and liability with
                   respect to such claim, without the prior written consent of
                   the Indemnified Party.

17.  Consequential and Punitive Damages.

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18.  Public Announcements.

     18.1. Requirements Generally. CME and CBOT each agree that it will not
           issue any public announcement concerning CME's provision of Clearing
           Services, the terms of this Agreement, the negotiations between CME
           and CBOT leading up to and following the execution of this Agreement,
           or any other matter related in any way to this Agreement that, for
           each Party, involves the other Party, without (i) consulting with the
           other Party prior to issuing the announcement so that such
           announcements may be issued jointly, if appropriate; (ii) providing
           the other Party an advance copy of the proposed press release or
           other announcement not later than three (3) business days prior to
           its release; and (iii) in the case of public appearances by
           directors, officers or other officials associated with a Party at
           which any of the foregoing matters are likely to be discussed,
           providing advance notice to the other Party of such appearance and,
           if possible, extending an invitation to the other Party for a
           representative of its own to be included in such appearance.

     18.2. Definition. For purposes of this Section, a "public announcement"
           shall include, without limitation, (i) any press release, press
           statement or press conference, (ii) any brochures or notices to be
           delivered or made available to the public generally (including
           marketing materials), and (iii) any notice to be circulated to
           Clearing Members or Market Participants, that, in each case, includes
           or may include material information that has not previously been
           released about the terms of or negotiations surrounding this
           Agreement or the relationship between CME and CBOT that is
           established through this Agreement.

     18.3. Joint Press Releases, Statements and Conferences. Notwithstanding the
           foregoing, the Parties shall use their best efforts to ensure that
           any press release, press statement or press conference the primary
           topic of which concerns this Agreement or the relationship between
           CME and CBOT shall be a joint press release, press statement or press
           conference.

19.  Miscellaneous.

     19.1. Benefits of Agreement. This Agreement shall be binding upon, and
           inure to the benefit of, the Parties hereto and their respective
           successors. Except to the extent provided in Sections 15.1 and 15.2
           above with respect to the directors, officers, employees and agents
           of CBOT and CME, respectively, nothing in this Agreement, express or
           implied, shall give to any other person or entity any benefit or any
           legal or equitable right or remedy.

     19.2. Waiver. Except as expressly provided herein, neither Party shall, by
           mere lapse of time, without giving notice or taking any other action,
           be deemed to have waived any breach by the other Party of any of the
           provisions of this Agreement.

     19.3. Governing Law. This Agreement shall be construed and enforced in
           accordance with the laws of the State of Illinois (other than the
           laws thereof that would require reference to the laws of any other
           jurisdiction).

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19.4. Dispute Resolution. A Party shall not commence a litigation proceeding
      against the other Party unless that Party first gives written notice to
      the other Party setting forth the nature of the dispute ("Dispute
      Notice"). The Parties shall attempt in good faith to resolve the dispute
      by mediation with a mediator selected by mutual agreement of the Parties.
      If the Parties cannot agree on the selection of a mediator within twenty
      (20) days after delivery of the Dispute Notice, or if the dispute has not
      been resolved by mediation as provided by this Section 19.4 within sixty
      (60) days after the delivery of the Dispute Notice, then either Party may
      commence litigation. The state courts of the County of Cook, Illinois and
      the United States District Court for the Northern District of Illinois
      shall have the exclusive jurisdiction over any and all litigated claims
      arising out of or relating to this Agreement or the subject matter hereof.
      Each of the Parties hereby irrevocably (i) submits to the personal
      jurisdiction of such courts over such Party in connection with any
      litigation, proceeding or other legal action arising out of or in
      connection with this Agreement or the subject matter hereof, (ii) waives
      to the fullest extent permitted by law any objection to the venue of any
      such litigation, proceeding or action which is brought in any such court,
      and (iii) agrees to the mailing of service of process to the address
      specified below for such Party as an alternative method of service of
      process in any legal proceeding brought in any such court.

19.5. Notices. All communications or notices required or permitted to be given
      under this Agreement shall be sufficiently given for all purposes
      hereunder if given in writing and (i) delivered personally, (ii) deposited
      in the United States mail, postage prepaid and return receipt requested,
      (iii) delivered by a recognized document overnight delivery service or
      (iv) sent by telecopy, facsimile or other electronic transmission service
      (provided a confirmation of delivery is received). All notices delivered
      in accordance with this Section 19.5 shall be sent to the appropriate
      address or facsimile number set forth below, or to such other address or
      facsimile number or to the attention of such other person as the recipient
      Party may have specified by prior written notice to the sending Party.

<TABLE>
        <S>                                  <C>
        CME Contact                          CBOT Contact
        Mr. Craig Donohue                    Ms. Carole Burke
        Executive Vice President and         Executive  Vice  President, Chief
        Chief Administrative Officer         of Staff and General Counsel
        Chicago Mercantile Exchange Inc.     CBOT
        30 South Wacker Drive                141 W. Jackson Blvd
        Chicago, Illinois  60606             Chicago, Illinois 60604
        Facsimile No.:  312-930-3323         Facsimile No.: 312-341-3392
</TABLE>

19.6. Severability. If any provision of this Agreement is deemed to be illegal
      or unenforceable by any court of competent jurisdiction, (i) such
      provision shall be deemed to be severable from the remainder of this
      Agreement, (ii) the effect of such determination shall be limited to such
      provision to the extent reasonably practicable, and

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            Confidential Treatment Requested by CBOT Holdings, Inc.

       (iii) the validity, legality and enforceability of such provision in any
       other jurisdiction shall not in any way be affected or impaired thereby.

19.7.  Amendments. No provision of this Agreement may be amended, modified,
       supplemented or waived, except by an agreement in writing executed and
       delivered by authorized representatives of both Parties.

19.8.  Entire Agreement. This Agreement, including the Schedules hereto,
       constitutes the entire agreement and understanding, and supersedes any
       and all prior agreements and understandings, whether written or oral,
       between the Parties with respect to the subject matter hereof.

19.9.  Relationship of Parties. CME, in providing the Clearing Services, is
       acting only as an independent contractor. Except as expressly provided in
       this Agreement or any other agreement to which CME and CBOT are parties,
       CME does not undertake to perform any obligations of CBOT, whether
       regulatory or contractual, or to assume any responsibility for the
       business or operations of CBOT.

19.10. Counterparts. This Agreement may be executed in one or more counterparts,
       each of which when so executed shall be an original, but all of which
       together shall constitute but one and the same instrument.

19.11. Assignment. This Agreement may not be assigned in whole or in part by
       either Party hereto without the prior written consent of the other Party
       hereto. CBOT may assign this Agreement and its rights and obligations
       hereunder to an entity to which CBOT is selling all or substantially all
       of its assets without the prior written consent of CME. The consummation
       of the transactions contemplated by CBOT's proposed restructuring shall
       not be deemed to be such an assignment or sale for purposes of this
       Agreement. CME may assign this Agreement and its rights and obligations
       hereunder, in their entirety, to an entity to which CME is selling all or
       substantially all of its clearing assets without the prior written
       consent of CBOT.

19.12. Survival. Following any termination of this Agreement in accordance with
       its terms and the expiration of the post-termination obligations of CME
       pursuant to Sections 11 and 12 hereof, all obligations hereunder of each
       Party to the other shall terminate and (without limiting the generality
       of the foregoing) CME shall have no further obligation to provide
       Clearing Services to CBOT. Notwithstanding the foregoing, however, the
       provisions of Sections 13, 15, 16 and 17 of this Agreement (including
       this Section 19.12) shall survive and remain in effect following any
       termination of this Agreement in accordance with its terms and the
       expiration of the post-termination obligations of CME.

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                                      -21-

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            Confidential Treatment Requested by CBOT Holdings, Inc.

     IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
by their duly authorized representatives as of the date first above written.

<TABLE>
<CAPTION>
CHICAGO MERCANTILE EXCHANGE                              THE BOARD OF TRADE OF THE CITY
INC.                                                     OF CHICAGO, INC.

<S>   <C>                                                <C>   <C>
By:                                                      By:
      ----------------------------------                       ----------------------------------
      Terrence A. Duffy,                                       Charles P. Carey
      Chairman of the Board, CME                               Chairman of the Board, CBOT
      Date:                                                    Date:
            ----------------------------                             ----------------------------

By:                                                      By:
      ----------------------------------                       ----------------------------------
      James J. McNulty                                         Bernard W. Dan
      President and Chief Executive Officer                    President and Chief Executive Officer
      Date:                                                    Date:
            ----------------------------                             ----------------------------
</TABLE>

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                                   SCHEDULE A
                 DESCRIPTION OF CLEARING AND SETTLEMENT SERVICES

In accordance with the terms of this Agreement, CME shall provide clearing
services as follows with respect to transactions in CBOT Products:

Electronic Trade Acceptance. CME shall accept for clearing and guarantee matched
trades submitted to CME by CBOT (or CBOT's electronic trade matching facility
service provider) in accordance with the CME Rules and the Operational Policies
and Procedures in effect from time to time.

Pit Trade Acceptance - Electronic Devices. CME shall receive unmatched trade
records submitted to CME by CBOT from electronic pit trading technology devices,
and CME shall accept for clearing and guarantee such trades upon matching by CME
in accordance with the CME Rules and the Operational Policies and Procedures in
effect from time to time.

Pit Trade Acceptance - Open Outcry. CME shall receive unmatched trade records
submitted to CME by Special CME Clearing Members for trades executed without
benefit of electronic pit trading technology devices, and CME shall accept for
clearing and guarantee such trades upon matching by CME in accordance with the
CME Rules and the Operational Policies and Procedures in effect from time to
time.

Ex-Pit Trade Acceptance. CME shall receive unmatched trade records submitted to
CME by Special CME Clearing Members for ex-pit trades (blocks and EFPs) that are
executed in accordance with CBOT rules, and CME shall accept for clearing and
guarantee such trades upon payment of initial settlement variation and
performance bond by the applicable settlement bank for each party to the
transaction, as set forth in the CME Rules and the Operational Policies and
Procedures in effect from time to time.

Requirements for CME Trade Acceptance. In addition to the other requirements
that may be set forth in this Agreement, the CME Rules and the Operational
Policies and Procedures, the following requirements apply to CME's receipt and
acceptance for clearing of trades as set forth in this Schedule A:

     Origins for Matched and Unmatched Trade Records. CME will support up to
     four origins for transactions in CBOT Products - house, house market-maker,
     customer, and customer market-maker - subject to final confirmation by CBOT
     promptly following the effective date.

     Report Formats. Message formats for trade records, including but not
     limited to, trade registers, out-trade and EQC reports, and brokers'
     matched and unmatched trade reports shall conform to CME specifications.

     Opposite House Switches. CME will not support the current modified contra
     matching practice currently employed by BOTCC with respect to unmatched
     trades in CBOT

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                         Confidential Treatment Requested by CBOT Holdings, Inc.

     products. However, CME will facilitate matching of unmatched trades by
     performing automatic opposite house switches for unmatched trades in CBOT
     products, as CME does for unmatched trades in its own products, in
     accordance with the CME Rules and the Operational Policies and Procedures.
     CME will explore the functional requirements for integrating modified
     contra-matching processes as a possible enhancement after the Launch Date.

     SLEDs. CME will not support single-line spread entry functionality
     ("SLEDs") as of the Launch Date. CME will use reasonable efforts, in
     consultation with CBOT, to implement SLEDs for transactions in CBOT
     products by February 20, 2004.

Position Maintenance and Settlement. On a daily basis CME shall calculate and
collect original margin, premium and variation margin on futures and options
trades and positions in the accounts of Special CME Clearing Members. CME shall
settle the gains and losses associated with futures and options trades and
positions in the accounts of clearing members at least once each business day,
typically twice each business day, and more frequently as CME determines is
warranted by market volatility.

     CME PCS Process. CME's position change submission (PCS) process will be
     used for reporting final positions and spreadable positions and to
     determine each clearing member's final position for margining purposes and
     for exercise and assignment of options, as well as for determining the
     exchange open interest to be reported for each business day.

     Net Margining of CBOT Products. CME will support net margining of positions
     in CBOT Products in substantially the same manner as the current procedures
     employed by BOTCC with respect to performance bond requirements.
     Notwithstanding the foregoing, CME may adjust formulas for calculating
     security deposit requirements or assessment of security deposit
     contributions with respect to net-margined products, as CME in its
     reasonable discretion deems appropriate in order to fairly and equitably
     calculate security deposit requirements, given differences between
     positions subject to gross margining and positions subject to net
     margining.

     SPAN Files. CME will generate and distribute to Special CME Clearing
     Members' and customers' SPAN files reflecting SPAN margining of positions
     in CBOT Products. SPAN files will be distributed over the internet and
     through any other means specified in the CME Rules and the Operational
     Policies and Procedures. CME may generate and distribute joint SPAN files
     for positions in CBOT Products, CME products and products of any other
     exchange for which CME provides clearing services or linked clearing.

     Authority Over Clearing Firm Margin Requirements. CME will work with CBOT
     to develop a coordinated performance bond / margin review process such that
     CME can receive input from CBOT as to performance bond / margin
     requirements. Such process shall involve monthly meetings with
     representatives designated by CBOT and will involve data analysis and
     discussions with respect to how and when to implement

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                         Confidential Treatment Requested by CBOT Holdings, Inc.

     changes to clearing firm level performance bond / margin requirements;
     provided however, that ultimate control over performance bond / margin
     requirements at the clearing member level shall reside with CME.
     Notwithstanding the foregoing, CME agrees that determinations by CME with
     respect to performance bond / margin requirements for CBOT Core Products
     shall be made strictly on the basis of risk management principles and shall
     not involve competitive considerations associated with CME products and
     competing CBOT Products. Additionally, CME shall not recognize clearing
     member level spreads between CBOT Products and products of any other
     exchange without the prior written approval of CBOT.

     Authority Over Customer Level Requirements. CBOT shall have ultimate
     control over customer level exchange minimum performance bond / margin and
     spread requirements, provided that CBOT shall consult with CME as to such
     requirements as a part of the coordinated review process to be developed
     between CME and CBOT.

     Acceptable Collateral. CME will review the forms of collateral currently
     accepted by BOTCC that are not currently accepted by CME and, where in
     CME's judgment such additional forms of collateral are frequently used and
     not unduly costly or risky to accept, CME will amend the CME Rules to
     accept such forms of collateral with respect to CBOT Products.
     Notwithstanding the foregoing, CME will conduct this review process prior
     to the Launch Date only if time permits.

Transfers. CME shall effect the transfer of positions in CBOT Products between
Special CME Clearing Members, where applicable, in accordance with the CME Rules
and Operational Policies and Procedures in effect from time to time. Transferred
positions will be guaranteed by CME to the transferee only upon payment of
initial settlement variation and performance bond by the transferor or the
transferee, as applicable.

Give-Up Transactions. CME will make the allocate claim system ("ACS") available
to Special CME Clearing Members for processing give-up transactions.

Exercise and Assignment. CME will provide exercise and assignment functionality
to Special CME Clearing Members with respect to positions in options products,
including at option expiration, as set forth in the CME Rules and the
Operational Policies and Procedures. CME will not support option expiration
processing on Saturdays, and option expiration processing for CBOT Products as
of the Launch Date will be completed on Fridays (or another business day, with
respect to Friday holidays) in accordance with the CME Rules and the Operational
Policies and Procedures.

Deliveries. CME will provide automated support to CBOT in connection with
deliveries management of CBOT Products, including inventory of deliverable
positions, inventory of deliverable supply, delivery intent processing, delivery
assignment, and delivery invoicing, except that CBOT shall maintain
responsibility for management and operation of the registration and delivery
process. CME will provide automated deliveries support as of the Launch Date of
financial and equity CBOT Products that are listed for trading by CBOT as of the
Effective Date. CME will use its best efforts to implement automated deliveries
support of other CBOT Products

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                         Confidential Treatment Requested by CBOT Holdings, Inc.

that are listed for trading by CBOT as of the Effective Date, including
agricultural products, as of the Launch Date or as soon thereafter as is
practicable. CME shall provide automated deliveries support for new CBOT
Products (or for changed features of existing CBOT Products) listed for trading
by CBOT after the Effective Date, provided that the product characteristics
permit automation of deliveries management through means substantially similar
to those that CME then employs with respect to other products cleared by CME. If
significant development work will be required by CME to provide automated
deliveries support for such products listed for trading by CBOT after the
Effective Date, the work will be subject to the change request procedures set
forth in Section 3.10.

Settlement Banks. CME will interface with all banks that serve as settlement
banks for transactions in CME products to provide settlement services for
transactions in CBOT Products also, provided that such banks agree to serve as
settlement banks for transactions in CBOT Products. Additionally, CME will use
best efforts to establish a settlement bank relationship with Lakeside Bank and,
as appropriate, Burling Bank, prior to the Launch Date.

Large Trader Reports. CME will collect on CBOT's behalf the large trader
submissions from Special CME Clearing Members or their clients and forward such
submissions to the CFTC and to CBOT for regulatory purposes. The CME clearing
house shall be authorized to use this data to perform the type of account level
stress testing it performs on its own products to identify concentration of
client exposure at a clearing member. CME shall facilitate reporting of large
trader data for CBOT products by accepting transmissions of such data in
standard formats. CME shall construct an application that maintains a database
of firms, customer accounts, and EINs (the term CBOT uses for the number used to
aggregate customer accounts by beneficial owner). For each reported position,
the application shall search in the database by the firm and customer account:
a) if the firm and customer account is found, the application shall tag the
position with the EIN for it; and b) if the firm and customer account is not
found, the application shall assign the EIN, using CBOT's standard convention,
and tag the position with the newly-assigned EIN. The application shall then
prepare a datafile of reported positions for transmission to CBOT, with each
position tagged with its EIN. The application shall further provide CBOT staff
with an interface for viewing and modifying the EIN assigned to a particular
firm and customer account. CBOT shall provide an initial datafile or files for
loading this application with its existing EINs and their associated firm and
customer accounts. CME shall prepare position limit reports against the large
trader data for provision to CBOT. Other than these enumerated processes, all
responsibility for large trader reporting analysis and other larger
trader-related functions remains with CBOT.

Calculation and Collection of Fees. CME will calculate, bill and collect
clearing fees from Special CME Clearing Members for transactions in CBOT
Products, using the transaction types for which CME currently bills clearing
members with respect to transactions in its own products. The rate billed will
be determined by CBOT for the fee for initial cleared transactions, including
block trades, EFPs and other alternative execution procedures, and by CME for
post-trade transaction types (including, without limitation, give-ups,
transfers, option exercise and assignment, and deliveries).

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                         Confidential Treatment Requested by CBOT Holdings, Inc.

Operational Timeline. Except as otherwise set forth in the CME Rules or the
Operational Policies and Procedures, the operational timeline for clearing
services and submission of reports for transactions and positions in CBOT
Products shall be the same as it is with respect to transactions and positions
for CME products. CME anticipates using single, combined clearing process cycles
for both CME products and CBOT Products. Consequently, CME's deadlines and
requirements shall apply with respect to processes including, but not limited
to, trade report submission deadlines, out-trade report production, final
reconciliation and option exercise deadlines, mark-to-market and settlement
cycles (including intra-day cycles), collateral substitution and withdrawal
deadlines, and pay/collect procedures.

Support for Existing and Future CBOT Product Characteristics. Subject to any
specific limitations set forth in this Schedule A or elsewhere in this
Agreement, in providing the Clearing Services CME will develop systems and adopt
practices as necessary to support the product features and characteristics of
CBOT products as they are listed for trading as of the Effective Date,
including, without limitation, fractional price formats and variable cabinet
pricing. CME shall similarly support new product features and characteristics of
existing CBOT Products or those that CBOT may list for trading in the future,
provided, however, that if the features and characteristics of such products
differ materially from those of products then cleared by CME, CME's support of
such new product features or characteristics shall be subject to the change
request procedures set forth in Section 3.10.

Security Deposit Management and Assessment. CME will calculate and collect from
Special CME Clearing Members security deposit contributions in accordance with
the CME Rules and the Operational Policies and Procedures in effect from time to
time. CME shall have the authority, as set forth in the CME Rules and the
Operational Policies and Procedures in effect from time to time, to seize the
security deposits of Special CME Clearing Members and to further exercise
certain limited assessment powers in the event of a default by either a Special
CME Clearing Member or a CME clearing member. For the avoidance of doubt, CME
shall manage a joint security deposit pool for the benefit of Special CME
Clearing Members and CME clearing members with respect to transactions in CME
products, transactions in CBOT Products, and transactions in the products of any
other exchange for which CME provides clearing services or linked clearing,
unless CME's agreement with such other exchange prohibits a joint guarantee
fund. Consequently, the security deposit contributions of CME-only clearing
members may be assessed as a result of defaults as to transactions in CBOT
Products, and the contributions of CBOT-only clearing members who are Special
CME Clearing Members may be assessed as a result of defaults as to transactions
in CME products.

Support for Cross-Margining of CBOT Products. CME will provide support for and
will participate in cross-margining of positions in CBOT Products held by
Special CME Clearing Members pursuant to CBOT's existing cross-margining
arrangements with GSCC and OCC, provided that CBOT shall secure any necessary
amendments to substitute CME for BOTCC in its current cross-margining agreements
with GSCC and OCC. CME will provide support for and will participate in
cross-margining of positions in CBOT Products held by Special CME Clearing
Members under any other cross-margining agreements (or amendments to existing
agreements) into which CBOT may enter in the future, provided that (i) such
support, including without

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                         Confidential Treatment Requested by CBOT Holdings, Inc.

limitation the development of necessary interfaces, shall be subject to the
change request procedures set forth in Section 3.10, and (ii) CME may decline to
support such cross-margining agreement if CME concludes, in its sole reasonable
judgment after consultation and negotiation with CBOT and the other party, that
such proposed cross-margining arrangement presents an unacceptable credit risk
to CME.

Information and Reports for CBOT. With respect to each trading day, CME will
deliver to CBOT the following reports in accordance with the Operational
Policies and Procedures:

     a. End-of-day volume and open interest file;

     b. End-of-day transaction listing file; and

     c. Large trader data file as submitted by Clearing Members

Information and Reports From CBOT. CBOT (or a third-party service provider to
CBOT, if CBOT delegates such obligation) shall provide the following reports and
information to CME in accordance with the Operations Policies and Procedures:

     a.   A daily data file of the CBOT Products eligible for trading on the
          next business day;

     b.   Information on the performance bond requirements CBOT sets for the
          customer level exchange minimum requirements, which must be provided
          at least three to five business days prior to their effective date
          except in situations where changes are driven by unusual market
          volatility. Such data is required in order for CME to produce the
          appropriate customer level SPAN files;

     c.   A daily data file of eligible CBOT traders for the next trading day,
          together with identification of each trader's guarantor Special CME
          Clearing Member;

     d.   Two-sided matched trade record messages, in near real time, for trades
          executed electronically on LIFFE Connect;

     e.   One-sided (unmatched) trade record messages, in near real time, from
          any electronic trading floor technology devices where CBOT rather than
          the Special CME Clearing Members will be the source of the trade data;

     f.   Two-sided matched trade messages in near real time for any pit trades
          matched by any trade matching system for such trades as CBOT may
          implement;

     g.   Real time quote stream of CBOT prices for real-time clearing house and
          Special CME Clearing Member risk management; and

     h.   End of day settlement prices received both via a datafile and via the
          real time quote stream to be received by approximately 2:30-2:45 p.m.
          for products that settle by 2:00 p.m. and by approximately 3:45-4:00
          p.m. for products that settle later than 2:00 p.m. The purpose of
          receiving such end-of-day settlement prices in a timely manner is to

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                         Confidential Treatment Requested by CBOT Holdings, Inc.

          facilitate the timely publication of daily SPAN files for CBOT
          Products and to allow Clearing Members to begin bookkeeping processing
          in a timely manner.

Information and Reports for Clearing Members. CME will make available to each
Special CME Clearing Member on every business day the following information, in
machine readable format in accordance with the CME Rules and the Operational
Policies and Procedures:

     a.   futures and options transactions accepted by CME for each account of
          the Special CME Clearing Member;

     b.   obligations to receive or deliver products or instruments underlying
          matured physically settled futures contracts in the Special CME
          Clearing Member's accounts;

     c.   give-up trades, position transfers and other transactions in the
          Special CME Clearing Member's accounts involving CBOT Products;

     d.   EFP transactions, which will be identified as such by CME using an
          available "data field" when such transactions are identified as such
          to CME by CBOT or Special CME Clearing Members ;

     e.   block trades, which will be identified as such by CME using an
          available "data field" when such transactions are identified as such
          to CME by CBOT or Special CME Clearing Members;

     f.   the daily mark-to-market of each open position in futures held by each
          Special CME Clearing Member; and

     g.   amounts of money due to and from CME from and to each Special CME
          Clearing Member for each account held by the Special CME Clearing
          Member with CME.

File Formats Generally. The formats for data files and/or messages to be
exchanged among CME, CBOT, any third-party service provider to CBOT or any other
entity with which CME must exchange data in connection with providing Clearing
Services, shall be as mutually agreed by CME and CBOT promptly after the
execution of this Agreement. If any disagreement arises, generally the principle
that the receiving party specifies the format shall control.

Special CME Clearing Member Access to CME Clearing Systems. CME will permit
Special CME Clearing Members to access CME's automated and online systems for
all clearing and position management functionality for use in connection with
positions in CBOT Products on substantially the same basis as CME permits such
access with respect to positions in its own products (unless unique
characteristics of a particular CBOT Product preclude use of such
functionality).

Services Complete. Except as otherwise specified in this Agreement, in the CME
Rules or the Operational Policies and Procedures, the services set forth above
are the complete clearing services that CME will provide to CBOT pursuant to
this Agreement. Without limiting the generality of the foregoing, CBOT
understands that CME will not provide additional services

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                         Confidential Treatment Requested by CBOT Holdings, Inc.

relating to market regulation, generating statistical information, managing time
and sales information, managing membership requirements, or daily bulletin
processing.

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            Confidential Treatment Requested by CBOT Holdings, Inc.

                                   Schedule B

[**]

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                         Confidential Treatment Requested by CBOT Holdings, Inc.

[**]

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                         Confidential Treatment Requested by CBOT Holdings, Inc.

[**]

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[**]

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                         Confidential Treatment Requested by CBOT Holdings, Inc.

                                   Schedule C
                            Project Development Plan

     Outlined below are the terms to which the Parties have agreed concerning
the development of and compliance with a detailed project plan for implementing
the arrangements described in this Agreement.

                             Terms Relating to Plan

     A. Development of the Plan. Immediately following the Effective Date of
this Agreement and on an ongoing basis throughout the development period prior
to the Launch Date, the Parties will use their best efforts to update the
project development plan (the "Plan", as updated from time to time during the
development period). The Plan shall identify, with reasonable detail, (i) all
material information that must be exchanged between the Parties, (ii) any
outstanding matters that must be agreed to between the Parties or decisions that
must be reached by one Party, (iii) all material tasks that must be completed by
either Party, and (iv) the timeline upon which such tasks must be completed in
order to meet the Launch Date. The Parties shall also use their best efforts to
jointly develop and incorporate within the Plan an (i) outline and timeline for
completing legal documentation, including necessary regulatory filings and any
documentation that must be executed by Special CME Clearing Members or other
entities, and (ii) and outline and timeline for other communications with
Special CME Clearing Members, ISVs, market data vendors, back-office service
bureaus and any other entity with which information must be shared in order to
effectuate a successful launch of Clearing Services.

     B. Mutual Best Efforts to Participate and Adhere to Plan. Each of the
Parties shall use its best efforts to participate fully in the planning process
and to complete its required tasks in accordance with the timeline identified in
the Plan. CME understands and agrees that it has primary responsibility for
completing the development work necessary to implement Clearing Services as
described in Schedule A. CBOT understands and agrees that it also will have
development work to complete in order to effectively implement Clearing
Services, including without limitation any development work necessary to provide
to CME the information and reports specified to be provided by CBOT in Schedule
A. Both Parties understand and agree that their full participation will be
required for multiple phases of systems testing, including a comprehensive
end-to-end testing phase of the fully integrated systems, which testing may
require overtime, weekend and holiday work.

     C. Failure to Adhere to Plan. A failure to meet a particular internal
deadline set forth in the Plan by either Party shall not be deemed a Material
Breach of this Agreement. However, if either Party concludes that a serious
failure or multiple failures to conform to the tasks and timelines set forth in
the Plan jeopardizes the Parties' ability to meet the Launch Date, the concerned
Party shall so notify the relevant management personnel of the other Party
(including the individuals identified in Section 19.5) in writing, which may be
by e-mail, and the Parties shall use reasonable efforts to resolve the matter
and adjust the Plan to the concerned Party's satisfaction. If such efforts are
not successful, the concerned Party may, not sooner than ten (10) business days
after delivering the notice, submit the matter to arbitration. If the arbitrator
concludes that one of the Parties is primarily and substantially at fault for
the failure and that the failure does jeopardize the Launch Date, the other
Party shall have the option to terminate this

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Agreement for an Unexcused Breach under Section 10.1, without application of any
notice and cure period.

                              Project Review Teams
                              --------------------

     Immediately following the Effective Date, each Party will identify
individuals to participate in the following review teams, each of which will
review matters assigned to it and develop any related elements of the Plan.
Where a team is assigned to identify interface requirements or other technical
requirements, the team shall produce at least a high-level functional
specifications document. The Parties agree that the project review teams shall
complete the process of fully defining requirements for each aspect of the
project described below by May 16, 2003, meaning that the teams will have
decided how to resolve any open issues and have documented and circulated their
assigned elements of the Plan, including any functional specifications
documents.

     A. Product Review Team. Matters to review:
        -------------------
                      Review contract specifications in detail
                      Identify specifications not currently supported by CME
                      Document variable cabinet pricing requirements
                      Review product and price file layouts
                      Identify product and price interface requirements
                      Review market related layouts
                      Map MD layouts
                      Identify MD interface requirements

     B. Deliveries Review Team. Matters to review:
        ----------------------
                      Review delivery requirements
                      Determine information that must be shared to complete
                      automated deliveries processes development work
                      Review deliveries file layouts
                      Identify deliveries interface requirements

     C. Regulatory Review Team. Matters to review:
        ----------------------
                      Review regulatory file layouts
                      Identify regulatory interface requirements

     D. Membership Review Team. Matters to review:
        ----------------------
                      Review membership file layouts
                      Identify membership interface requirements

     E. Trade Review Team. Matters to review:
        -----------------

   CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES
          AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**].

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            Confidential Treatment Requested by CBOT Holdings, Inc.

               Review trade related file layouts
               Map trade layouts
               Identify trade interface requirements

   CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES
          AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**].<PAGE>

            Confidential Treatment Requested by CBOT Holdings, Inc.

                                                                       EXECUTION

                           MANAGED SERVICES AGREEMENT

     This Managed Services Agreement (this "Agreement"), dated as of May 13,
2003, is between LIFFE ADMINISTRATION AND MANAGEMENT, a company incorporated in
England and Wales ("LIFFE"), and BOARD OF TRADE OF THE CITY OF CHICAGO, INC., a
Delaware corporation (the "CBOT"). Capitalized terms used but not otherwise
defined herein shall have the meanings ascribed thereto in Section 1.

                                    RECITALS

     A. LIFFE has devised and developed an automated derivatives trading and
order matching system known as "LIFFE CONNECT(R)" to facilitate the trading of
certain securities, futures, and options contracts. The CBOT desires LIFFE's
assistance in operating LIFFE CONNECT for use by the CBOT and in conducting live
trading of CBOT products via LIFFE CONNECT.

     B. LIFFE and the CBOT have entered into a Software License Agreement, dated
January 10, 2003 (the "Software License Agreement"), whereby LIFFE has agreed to
grant to the CBOT a license in respect of the Software.

     C. LIFFE and the CBOT have also entered into a Development Services
Agreement, dated March 5, 2003 (the "Development Services Agreement"), whereby
LIFFE has agreed to provide to the CBOT a variety of services supporting the
creation and implementation of LIFFE CONNECT as a platform for the CBOT
Electronic Exchange, including the procurement and/or delivery to locations
agreed upon by the Parties of hardware necessary to support the Software,
testing of Software, assistance with the CBOT's acceptance testing, training of
CBOT staff in respect of certain Components, and assisting the CBOT in providing
Market Participants with technical access to the CBOT Electronic Exchange.

     D. In addition, LIFFE has agreed, subject to the terms and conditions
hereof, to provide to the CBOT a variety of information technology, operational,
and other services supporting the ongoing operation of LIFFE CONNECT as a
platform for the CBOT Electronic Exchange.

     E. This Agreement is supplemental to and shall be read in conjunction with
the Software License Agreement and, to the extent applicable, the Development
Services Agreement.

     In consideration of the recitals and the mutual covenants and agreements
hereinafter set forth, the Parties hereto (each a "Party" and collectively the
"Parties") agree as follows:

                                    AGREEMENT

1.   Definitions
     -----------

     In this Agreement, the following expressions shall mean, respectively:

     "AAA" shall have the meaning set forth in Section 20.3.

     "AAA Rules" shall have the meaning set forth in Section 20.3.

     "Affiliate" means any Person that, directly or indirectly, controls, is
     controlled by or is under common control with a specified Person.

          CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE
     SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**].

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            Confidential Treatment Requested by CBOT Holdings, Inc.

     "Agreement" shall have the meaning set forth above.

     "API" means the LIFFE CONNECT application programming interface from a
     Trading Application to the Trading Host.

     "AQS Service" shall have the meaning set forth in Section 2.2(e).

     "Arbitration Fees" shall have the meaning set forth in Section 20.3.7.

     "Audit Data" shall have the meaning set forth in Section 2.2(g).

     "Audit Data Interface Service" shall have the meaning set forth in Section
     2.2(g).

     "Business Day" means any calendar day other than any Saturday, Sunday, U.S.
     bank holiday, and U.K. public or bank holiday.

     "Call" shall mean any notification, inquiry, request or other communication
     relating to the CBOT Electronic Exchange, whether conveyed in person or via
     telephone, email, or other media.

     "Call Management Service" shall have the meaning set forth in Section
     2.3(a).

     "Call Record" means that information relating to a Call as is required by
     LIFFE and logged into HEAT in such format as is specified by LIFFE.

     "CBOT Call Management Procedures" shall have the meaning set forth in
     Section 3.1.

     "CBOT Controlled Sites" means those Equipment Installation Sites comprising
     the CBOT's Premises and premises owned or controlled by Market
     Participants.

     "CBOT Electronic Exchange" means the electronic facility for the trading of
     derivatives products listed from time to time by the CBOT in its capacity
     as a derivatives exchange.

     "CBOT Electronic Exchange Parameters" means those parameters for the CBOT
     Electronic Exchange agreed upon by the Parties and set forth in Paragraph 5
     of Schedule A.

     "CBOT Indemnitees" shall have the meaning set forth in Section 18.1.

     "CBOT Marketing Materials" shall have the meaning set forth in Section 9.1.

     "CBOT Matching Engine Service" shall have the meaning set forth in
     Section 2.2(a).

     "CBOT's Premises" means those locations owned or controlled by the CBOT,
     including such locations used by the CBOT for disaster recovery for CBOT
     Technology.

     "CBOT's Project Manager" means the individual designated by the CBOT to be
     responsible on behalf of the CBOT for the day-to-day management of the
     CBOT's obligations under the Agreement.

     "CBOT Property" shall have the meaning set forth in Section 15.2.

     "CBOT Rules" shall have the meaning set forth in Section 7.5.

          CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE
     SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**].

                                        2

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            Confidential Treatment Requested by CBOT Holdings, Inc.

     "CBOT Technology" means any software, equipment or other technology that is
     (i) owned by the CBOT, (ii) licensed to the CBOT by a Person other than
     LIFFE, or (iii) used by a clearing organization to process or clear
     contracts traded on the CBOT Electronic Exchange and neither owned by nor
     licensed to LIFFE or any Person acting on LIFFE's behalf.

     "CFTC" means the United States Commodity Futures Trading Commission.
     "Change Control Procedures" shall have the meaning set forth in Section
     2.6.

     "Change Management Service" shall have the meaning set forth in
     Section 2.3(d).

     "Change Request" shall have the meaning set forth in Section 2.6.

     "Charge Rates" shall have the meaning set forth in Schedule M.

     "Charges" shall have the meaning set forth in Section 11.1.

     "Claim" shall have the meaning set forth in Section 18.1.

     "Components" means those software applications identified in Part 1 of
     Schedule B hereto.

     "Confidential Information" shall have the meaning set forth in
     Section 16.1.

     "Connect Key Management Facility Service" shall have the meaning set forth
     in Section 2.2(c).

     "Connection Services Charges" shall have the meaning set forth in
     Schedule M.

     "Control" or "control" means the possession, direct or indirect, of fifty
     percent (50%) or more of the equity interests of another Person or the
     power otherwise to direct or cause the direction of the management and
     policies of such other Person, whether through ownership of voting
     securities, by contract or otherwise.

     "Core Network" means the shared service comprising data circuits and
     hardware, including routers, repeaters, hubs, cabinets, monitors, and
     telecommunication lines, used to provide connectivity between (i) LIFFE
     data centres and (ii) points of presence in London, Chicago, New York,
     Paris, Amsterdam, and those locations agreed by the Parties, to which
     points of presence connectivity to Equipment Installation Sites will be
     provided.

     "Core Network Maintenance Fee" shall have the meaning set forth in
     Schedule M.

     "Core Network Maintenance Service" shall have the meaning set forth in
     Section 2.4(c).

     "Data Storage Management Service" shall have the meaning set forth in
     Section 2.3(e).

     "Development Services Agreement" shall have the meaning set forth in
     Recital C above.

     "Disaster" means an Incident in which one or more of the LIFFE data centre
     facilities hosting the Managed Services has been so severely disrupted as
     to preclude, in LIFFE's reasonable judgment, any prospect of providing the
     affected Managed Services from such data centre(s) in accordance with the
     Service Targets.

          CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE
     SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**].

                                       3

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            Confidential Treatment Requested by CBOT Holdings, Inc.

     "Disputes" shall have the meaning set forth in Section 20.1.

     "Documentation" means, collectively, (i) the documentation set forth in
     Part 2 of Schedule B, and (ii) any operating manuals, user instructions,
     technical literature, and other documentation supplied by LIFFE to the CBOT
     for purposes of assisting the CBOT's use of and/or access to the Software.

     "Effective Date" shall be the Go Live Date.

     "Equipment" means the computer hardware, including processors, memory,
     discs, screens, printers, routers, and hubs to be used with the Software,
     as provided in accordance with either this Agreement or the Development
     Services Agreement.

     "Equipment and Data Centre Maintenance Fee" shall have the meaning set
     forth in Schedule M.

     "Equipment and Data Centre Maintenance Service" shall have the meaning set
     forth in Section 2.4(b).

     "Equipment Changes" shall have the meaning set forth in Section 5.1.3.

     "Equipment Installation Sites" shall have the meaning set forth in the
     Development Services Agreement, as may be modified from time to time by
     agreement of the Parties.

     "Equipment Services Charges" shall have the meaning set forth in
     Schedule M.

     "Equipment Uplifts" shall have the meaning set forth in Section 5.1.1.

     "Escrow Agreement" shall have the meaning set forth in the Software License
     Agreement.

     "eSpeed" means eSpeed, Inc., a corporation organized and existing under the
     laws of the State of Delaware, having a place of business at 135 East 57th
     Street, New York, New York 10022.

     "Exclusions" shall have the meaning set forth in Section 3.2.3.

     "Force Majeure Event" means any cause beyond a Party's reasonable control,
     including, but not limited to, any flood, riot, fire, judicial or
     governmental action, act of war or terrorism, and labor disputes.

     "Go Live Date" means the earliest date, agreed by the Parties, upon which
     Software is made available for use in a real time live trading environment.

     "Governance Committee" shall have the meaning set forth on Schedule C.

     "HEAT" shall have the meaning set forth in Section 2.3(a).

     "ICDR" shall have the meaning set forth in Section 20.3.

     "IMAC Service" shall have the meaning set forth in Section 2.2(l).

          CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE
     SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**].

                                       4

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            Confidential Treatment Requested by CBOT Holdings, Inc.

     "Incident" means an act or omission that impacts the Managed Services in a
     materially adverse manner.

     "Incident Management Service" shall have the meaning set forth in
     Section  2.3(b).

     "Independent Software Vendors" and "ISVs" mean those independent software
     providers who develop systems via which access to the CBOT Matching Engine
     may be achieved.

     "Initial Term" shall have the meaning set forth in Section 12.1.

     "Interfaces" means, collectively, the API, Trade Data Interface, Audit Data
     Interface, Standing Data Interface, Market Data Interface and Miscellaneous
     File Transfer Interface.

     "Interface Sublicense Agreement" shall have the meaning set forth in the
     Software License Agreement.

     "IRS" shall have the meaning set forth in Section 11.3.

     "License" shall have the meaning set forth in Section 2 of the Software
     License Agreement.

     "Licensed Technology" means, collectively, (a) the object code versions of
     the Software and (b) the Documentation, licensed to the CBOT pursuant to
     the Software License Agreement.

     "LIFFE CONNECT" means the electronic trading platform which is proprietary
     to LIFFE, as such trading platform may be modified from time to time.

     "LIFFE CONNECT Logo" means LIFFE's registered mark "LIFFE CONNECT and
     Design," depicted in Schedule L.

     "LIFFE Data Centre Disaster Recovery Service" shall have the meaning set
     forth in Section 2.3(c).

     "LIFFE Indemnitees" shall have the meaning set forth in Section 18.2.

     "LIFFE's Project Manager" shall have the meaning set forth in Schedule D.

     "LIFFE Project Personnel" means the individuals engaged by LIFFE to perform
     its obligations under this Agreement.

     "LIFFE Property" shall have the meaning set forth in Section 15.1.

     "Losses" shall have the meaning set forth in Section 18.1.

     "M&C Export Data" means a file containing information (i) produced, upon
     request, by the M&C Observer and (ii) transmitted to the CBOT via the
     Miscellaneous File Transfer Interface.

     "Maintenance Services" shall have the meaning set forth in Section 2.4.

     "Malicious Code" means any computer virus, Trojan horse, worm, time bomb,
     or other similar code or hardware component designed to disrupt the
     operation of, permit unauthorized access to, erase, or modify the Licensed
     Technology or any operating system upon which the Licensed

          CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE
     SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**].

                                       5

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            Confidential Treatment Requested by CBOT Holdings, Inc.

     Technology is installed, excluding security keys or other disabling
     elements of any Software, which elements are designed to effect
     restrictions on the length of time during which any Software may be used or
     the number of persons who may use such Software.

     "Managed IT Services" shall have the meaning set forth in Section 2.2.

     "Managed Services" shall have the meaning set forth in Section 2.1.

     "Managed Services Fee" shall have the meaning set forth in Schedule M.

     "Managed Support Services" shall have the meaning set forth in Section 2.3.

     "Marks" shall have the meaning set forth in Section 9.2.

     "Market Data" means any representation that conveys, either directly or
     indirectly, information and data pertaining to futures and/or options
     traded on the CBOT Electronic Exchange including, but not limited to,
     market prices of ssuch futures or options, trade prices, settlement prices,
     estimated and actual contract volume, information regarding market activity
     including off-market trades, best bid, best offer, the size of the best bid
     or best offer or a discrete number of best bids and best offers then
     pending on the CBOT Electronic Exchange along with the corresponding size
     of each bid and offer.

     "Market Data Interface Service" shall have the meaning set forth in
     Section 2.2(i).

     "Market Participant" means any Member, ISV, QV, clearing organization or
     other Person who participates in, accesses or obtains information from the
     CBOT Electronic Exchange via an Interface with the Equipment. For the
     avoidance of doubt, (a) unless otherwise specified by the Parties in
     writing, that clearing organization designated by the CBOT is not a Market
     Participant; and (b) a Person who interfaces with the CBOT Technology, but
     does not interface with the Equipment via an Interface, is not a Market
     Participant.

     "Market Participant Testing" shall have the meaning set forth in the
     Development Services Agreement.

     "Material New Software Release" shall have the meaning set forth in
     Section 4.1.1.

     "MCC" means one or more of the CBOT's Monitoring and Control Centres.

     "MCC Monitoring and Control Service" shall have the meaning set forth in
     Section 2.2(b).

     "Media" means the media on which the Software and the Documentation are
     recorded or printed, as provided by LIFFE to the CBOT.

     "Member" means any Person authorized by the CBOT to trade on the CBOT
     Electronic Exchange.

     "Member Site" means that premises of a Member at which Equipment is
     installed via the IMAC Service.

     "Miscellaneous File Transfer Interface Service" shall have the meaning set
     forth in Section 2.2(j).

          CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE
     SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**].

                                       6

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            Confidential Treatment Requested by CBOT Holdings, Inc.

     "Monitoring Tools" means screen displays, as agreed by the Parties, to
     monitor activity on the CBOT Electronic Exchange, as agreed by the Parties.

     "Monitoring Tools Service" shall have the meaning set forth in
     Section 2.2(d).

     "New Software Releases" shall have the meaning set forth in Section 4.1.1.

     "New Terms" shall have the meaning set forth in Section 12.2.

     "Non-Restricted Documentation" means all Documentation other than
     Restricted Documentation, including the Documentation identified in
     Part 2(a) of Schedule B.

     "OIA" means the CBOT's Office of Investigations and Audits.

     "OIA Monitoring and Control Service" shall have the meaning set forth in
     Section 2.2(b).

     "On-Site" shall have the meaning set forth in Section 3.2.2.

     "Out of Pocket Expenses" shall have the meaning set forth in Section
     11.1(h).

     "Party" and "Parties" shall have the meanings set forth above.

     "Payment Date" shall have the meaning set forth in Section 11.4.

     "Person" means an individual or a partnership, corporation, limited
     liability company, trust, joint venture, joint stock company, association,
     unincorporated organization, government agency or political subdivision
     thereof, or other entity.

     "Program Services" shall have the meaning set forth in Section 2.1.

     "Program Services Charges" shall have the meaning set forth in Schedule M.

     "Quote Vendors" and "QVs" mean those vendors who receive and disseminate,
     or wish to receive and disseminate, Market Data via an Interface with the
     Equipment.

     "Relationship Manager" means that individual responsible on behalf of LIFFE
     or the CBOT, as applicable, for the day to day management of the
     relationship between LIFFE and the CBOT.

     "Release Notes" means a summary of any changes applicable to a New Software
     Release, including a description of additions, enhancements or corrections
     to existing functionality, together with a list of known bugs and bug fixes
     applicable to such New Software Release.

     "Renewal Term" shall have the meaning set forth in Section 12.2.

     "Replacements" means, collectively, replacements, improvements,
     enhancements, additions and modifications to and of any Equipment or any
     portion thereof.

     "Replacement Value" means all Losses associated with replacing and/or
     repairing Equipment, including the installation and commissioning of
     replacement technology and removal and disposal of existing equipment.

          CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE
     SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**].

                                       7

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            Confidential Treatment Requested by CBOT Holdings, Inc.

     "Restricted Documentation" means Documentation that is designated by LIFFE
     as "LIFFE Restricted" or otherwise specified by LIFFE to be restricted,
     including the Documentation set forth in Part 2(b) of Schedule B.

     "Service Management Service" shall have the meaning set forth in
     Section 2.3(f).

     "Service Period" means that time period, agreed upon by the Parties, [**]

     "Services" shall have the meaning set forth in Section 2.1.

     "Service Target" means the targeted level of performance of a Managed
     Service during the applicable Service Period, as set forth in Paragraph 4
     of Schedule A. Each Service Target is defined within the context of one or
     more Service Thresholds.

     "Service Threshold" means that limit, agreed upon by the Parties, in
     respect of a Managed Service, beyond which the Service Target(s) for such
     Managed Service may be adversely impacted. The Service Thresholds for each
     applicable Managed Service are set forth in Paragraph 4 of Schedule A.

     "Service Time" means the scheduled availability of a Managed Service during
     a Trading Day, expressed as the (i) schedule start time of the Managed
     Service, (ii) scheduled close time of the Managed Service, and (iii) number
     of minutes per Trading Day the Managed Service is scheduled to be
     available, as shown in Paragraph 4 of Schedule A.

     "Software" means, collectively, (i) the Components, and (ii) any
     improvements, enhancements, additions, and modifications to or of the
     foregoing as LIFFE may provide to the CBOT under this Agreement.

     "Software Change" shall have the meaning set forth in Section 4.2.

     "Software License Agreement" shall have the meaning set forth in Recital B
     above.

     "Software Maintenance Fee" shall have the meaning set forth in Schedule M.

     "Software Maintenance Service" shall have the meaning set forth in
     Section 2.4(a).

     "Specifications" shall have the meaning set forth in the Development
     Services Agreement.

     "Standing Data" means data (including information relating to contracts,
     traders, and prices) required prior to the commencement of each Trading Day
     [**] as Schedule A-4 to the Development Services Agreement.

     "Standing Data Interface Service" shall have the meaning set forth in
     Section 2.2(f).

     "Summary Statement of Work" shall have the meaning set forth in
     Section 2.7.

     "Superseded Versions" shall have the meaning set forth in Section 4.3.

     "System Software" shall have the meaning set forth in Section 5.3.4(c).

     "Taxes" shall have the meaning set forth in Section 11.3.

          CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE
     SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**].

                                       8

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            Confidential Treatment Requested by CBOT Holdings, Inc.

     "Technical Conformance Service" shall have the meaning set forth in Section
     2.2(k).

     "Technical Conformance Testing" shall have the meaning set forth in the
     Development Services Agreement.

     "Termination Costs" shall have the meaning set forth in Schedule M.

     "Third Party Materials" means any equipment, hardware, software, and/or
     other products obtained from any third party (excluding any such products
     obtained from any subcontractor or agent of LIFFE in connection with the
     performance by such subcontractor or agent of Services hereunder).

     "Trade Data" means information relating to orders that are (i) [**].

     "Trade Data Interface Service" shall have the meaning set forth in Section
     2.2(h).

     "Trading Application" means any front-end trading application or other
     software which interfaces with, and has been conformed with, the API.

     "Trading Day" means any calendar day, measured by U.S. Central Time, other
     than any Saturday, Sunday, U.S. bank holiday, or other day the CBOT
     designates as a trading holiday.

     "Trading System" means LIFFE CONNECT as modified, pursuant to the
     Development Services Agreement or this Agreement, for use as a platform for
     the CBOT Electronic Exchange.

     "Transition Period" shall have the meaning set forth in Section 14.3.

     "Upgrades" means, collectively, improvements, enhancements, additions and
     modifications to or of the Licensed Technology or any portion thereof,
     which LIFFE specifies for use and/or access as Licensed Technology.

     "U.S." means the United States of America.

     "Wagner/eSpeed Patent" means U.S. Letter Patent No. 4,903,201 (the `201
     patent).

     "Wagner License" shall have the meaning set forth in Section 17.2.

     "Wide Area Network Router" means a router that provides access to and from
     the Core Network.

2.   Services
     --------

     2.1 Overview. During the term of this Agreement, LIFFE shall use reasonable
efforts to provide to the CBOT (a) managed information technology services and
managed support services, as further detailed in Sections 2.2 and 2.3 and in
Schedule A (collectively, the "Managed Services"); (b) the Maintenance Services;
and (c) (i) any Software Changes agreed via a Change Request and, upon the
Parties' agreement, set out in a Summary Statement of Work; and (ii) any other
services relating to the operation of the CBOT Electronic Exchange described
herein or agreed via a Change Request (collectively, the "Program Services" and,
together with the Managed Services and the Maintenance Services, the
"Services").

        CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE
    SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**].

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            Confidential Treatment Requested by CBOT Holdings, Inc.

     2.2 Managed Information Technology Services. LIFFE shall use reasonable
efforts to provide the following managed information technology services
(collectively, the "Managed IT Services") in accordance with the relevant
Service Times and Service Targets set forth in Schedule A. Subject to Section
2.5, LIFFE shall have no obligation to meet (but shall continue to use
reasonable efforts to provide the Managed IT Services in accordance with) a
Service Target (i) for as long as a relevant Service Threshold or CBOT
Electronic Exchange Parameter is exceeded, and (ii) for the duration of the
impact upon the Managed Services of such exceeded Service Threshold or CBOT
Electronic Exchange Parameter in a manner that impedes LIFFE's ability to meet
the Service Targets. The Components specified in this Section 2.2 have been
licensed to the CBOT pursuant to the Software License Agreement and are set out
in Schedule B.

          (a)  provision of and [**], the CBOT shall provide to LIFFE a
               well-founded, reasoned, authoritative opinion of competent United
               States patent counsel that (i) all Services provided by LIFFE to
               the CBOT under the Development Services Agreement, this
               Agreement, the Consultancy Framework Agreement, and/or any other
               agreements between the Parties relating to the CBOT Electronic
               Exchange, including the procurement, installation and operation
               of Equipment; (ii) the Equipment, System Software and Licensed
               Technology; and (iii) the use of such Equipment, System Software
               and Licensed Technology by or on behalf of the CBOT and Market
               Participants, are encompassed by the Wagner License and will not
               violate the terms of the Wagner License.

          (b)  provision of [**] ("MCC Monitoring and Control Service") and (ii)
               OIA ("OIA Monitoring and Control Service");

          (c)  provision of the [**] ("Connect Key Management Facility
               Service");

          (d)  provision of [**], as agreed by the Parties ("Monitoring Tools
               Service");

          (e)  provision of [**] ("AQS Service");

          (f)  provision and [**] ("Standing Data Interface Service");

          (g)  provision and [**] ("Audit Data Interface Service");

          (h)  delivery from the [**] ("Trade Data Interface Service");

          (i)  delivery from the [**] ("Market Data Interface Service");

          (j)  delivery from the [**] ("Miscellaneous File Transfer Interface
               Service");

          (k)  assisting the CBOT, as agreed by the Parties, in [**] ("Technical
               Conformance Service"); and

          (l)  provision of a service to [**] ("IMAC Service").

     2.3 Managed Support Services. LIFFE shall use reasonable efforts to provide
the CBOT the following managed support services (collectively, the "Managed
Support Services"), in accordance with the relevant Service Times and Service
Targets. Subject to Section 2.5, LIFFE shall have no obligation to meet (but
shall continue to use reasonable efforts to provide the Managed Support Services
in accordance with) a Service Target (i) for as long as a relevant Service
Threshold or CBOT Electronic Exchange

        CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE
    SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**].

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            Confidential Treatment Requested by CBOT Holdings, Inc.

Parameter is exceeded, and (ii) for the duration of the impact upon the Managed
Services of such exceeded Service Threshold or CBOT Electronic Exchange
Parameter in a manner that impedes LIFFE's ability to meet the Service Targets;

          (a)  provision of [**] in accordance with any relevant guidelines as
               may be agreed upon by the Parties, as further detailed in Section
               3.2 ("Call Management Service");

          (b)  provision of a service to [**], as further detailed in Section
               3.2 and (y) notify the CBOT of those activities undertaken
               ("Incident Management Service");

          (c)  provision of a service to [**], as further detailed in Section
               3.2 and (ii) notify the CBOT of those activities undertaken
               ("LIFFE Data Centre Disaster Recovery Service");

          (d)  prior notification, within a reasonable period of time (or if
               prior notification is not reasonably practicable, prompt
               notification), [**] ("Change Management Service");

          (e)  [**] ("Data Storage Management Service"); and

          (f)  management of LIFFE's delivery of the Managed Services and the
               Maintenance Services in accordance with Schedule C, including:

               [**]

               ("Service Management Service").

     2.4 Maintenance Services. LIFFE shall use reasonable efforts to provide the
CBOT the following maintenance services (collectively, the "Maintenance
Services"):

          (a)  ongoing maintenance of the Software sufficient to enable LIFFE to
               deliver the Managed IT Services in accordance with Service
               Targets and the CBOT Electronic Exchange Parameters, and
               including the provision of any New Software Releases in
               accordance with Section 4.1 ("Software Maintenance Service").

          (b)  ongoing maintenance of the Equipment and of LIFFE data centres
               hosting the Managed Services sufficient to enable LIFFE to
               deliver the Managed IT Services in accordance with (i) the
               Service Targets, (ii) the CBOT Electronic Exchange Parameters,
               and (iii) any applicable guidelines issued from time to time by
               the respective manufacturers or suppliers of the Equipment, and
               including the provision of Equipment Uplifts in accordance with
               Section 5.1.1 and the provision of Replacements in accordance
               with Section 5.1.2 ("Equipment and Data Centre Maintenance
               Service"); and

          (c)  ongoing maintenance of the Core Network sufficient to enable
               LIFFE to deliver the Managed IT Services in accordance with (i)
               the Service Targets, (ii) the CBOT Electronic Exchange
               Parameters, and (iii) any applicable guidelines issued from time
               to time by the respective manufacturers or suppliers of those

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               data circuits and hardware comprising the Core Network ("Core
               Network Maintenance Service").

     2.5 Service Targets. Notwithstanding any provision herein to the contrary,
LIFFE shall not be responsible for any Service Target that is not met to the
extent such failure to meet such Service Target is caused by any applicable CBOT
Electronic Exchange Parameters and/or Service Thresholds having been exceeded.

     2.6 Change Control Procedures. Any requests of either Party for material
changes to the nature or scope of the Services to be performed after the
Effective Date must be (a) made according to the change control procedures set
forth in Schedule D hereto ("Change Control Procedures"); and (b) agreed to in
writing by both Parties, in the form of the "Change Request Form" set forth in
Appendix 2 to Schedule D (each such duly completed and executed Change Request
Form, a "Change Request"). Each Change Request shall be incorporated in and
subject to the terms and conditions of this Agreement.

     2.7 Summary Statements of Work. In the event a Change Request provides for
LIFFE's delivery hereunder of a Software Change, upon the Parties' agreement,
the Parties shall agree upon and execute a summary statement of work in the form
of the Master Summary Statement of Work set forth in Schedule E hereto (each
such duly executed Summary Statement of Work, a "Summary Statement of Work").
Each Summary Statement of Work shall be incorporated in and subject to the terms
and conditions of this Agreement. All services to be provided pursuant to a
Summary Statement of Work will constitute "Program Services" hereunder.

     2.8 Site. Except as otherwise provided in this Agreement or as otherwise
agreed by the Parties, the Services will be performed at LIFFE's offices or at
such other locations as LIFFE deems appropriate. LIFFE agrees that when any
LIFFE Project Personnel are present on the CBOT's Premises, such LIFFE Project
Personnel shall use good faith efforts to comply with the CBOT's Acceptable Use
and Harassment Policies as set forth in Schedule F.

     2.9 Subcontractors. LIFFE may appoint subcontractors and agents to carry
out the whole or any part of its obligations hereunder; provided, however, that
(a) LIFFE shall provide the CBOT the name of any individual LIFFE has appointed
as its subcontractor or agent hereunder whose primary residence is located in
the United States and whose activities are to be undertaken at the CBOT's
Premises, prior to such individual undertaking such activities, and the CBOT
shall have the right, in its reasonable discretion, to deny access to the CBOT's
Premises to such individual; provided, further, however, that (i) LIFFE shall
not be responsible for any delays or other consequences resulting from any such
denial and (ii) the CBOT shall indemnify and hold LIFFE, its Affiliates, and the
officers, directors, employees, agents and representatives of LIFFE and its
Affiliates harmless from and against any and all Losses reasonably incurred or
suffered as a result of such denial; and (b) LIFFE shall notify the CBOT of the
identity of any subcontractor entity whose primary residence is located in the
United States and whose activities are to be undertaken at locations other than
the CBOT's Premises. For the avoidance of doubt, LIFFE shall not have an
obligation to notify the CBOT of (x) any individual or subcontractor entity
whose primary residence is located outside the United States or (y) any
individual whose activities are to be undertaken at any site other than the
CBOT's Premises.

     2.10 Quality of Services. LIFFE shall use good faith efforts to ensure that
the LIFFE Project Personnel engaged in carrying out the Services shall have the
skills, experience, qualifications and knowledge necessary to perform the
Services assigned to such LIFFE Project Personnel. LIFFE shall use (and shall
require its subcontractors to use) reasonable skill and care in carrying out the
Services and shall

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use good faith efforts to comply with all applicable laws and regulations in the
performance of its obligations under this Agreement.

     2.11 Delays. LIFFE shall not be responsible for any delays or other
consequences arising from any failure by the CBOT to perform, or any delay by
the CBOT in performing, any of its obligations under this Agreement.

3.   Support
     -------

     3.1 CBOT's Support Obligations. The CBOT shall provide Market Participants
first-line support regarding the Managed Services by responding to Calls from
Market Participants in accordance with the procedures set forth in Paragraph 1
of Schedule G hereto (the "CBOT Call Management Procedures"). In addition, the
CBOT shall comply with the Call Management Procedures in respect of all Calls
from CBOT personnel, or subcontractors or agents of the CBOT, relating to
LIFFE's delivery of the Services.

     3.2  LIFFE's Support Obligations.

          3.2.1 General Obligations. Following LIFFE's receipt of any Call,
                LIFFE shall, as part of the Call Management Service, assess the
                nature of the subject matter of any Call Record routed to LIFFE
                and handle the Call in accordance with those procedures set
                forth in Paragraph 2 of Schedule G and the applicable Service
                Targets set forth in Paragraph 4.2 of Schedule A, subject to the
                associated Service Thresholds and applicable CBOT Electronic
                Exchange Parameters.

          3.2.2 Incidents. If LIFFE determines a Call Record identifies an
                Incident, LIFFE shall (a) classify the Incident as (i) a
                Disaster or, in respect of Incidents other than Disasters, as
                (ii) Severity 1, 2, 3 or 4, in accordance with the criteria set
                forth in Paragraph 4.1.4 of Schedule A, and (b) initiate the
                LIFFE Data Centre Disaster Recovery Service or the Incident
                Management Service, as appropriate. Such LIFFE Data Centre
                Disaster Recovery Service or Incident Management Service will be
                provided (a) remotely, via telephone or on-line, (b) at CBOT
                Controlled Sites, (c) at such other locations as LIFFE deems
                appropriate, or (d) at premises where any Equipment, Software or
                Core Network components to which the relevant Incident likely
                relates may be located ("On-Site"), upon the CBOT's reasonable
                request. Notwithstanding the foregoing, in the event that the
                CBOT requests a Service be provided On-Site and LIFFE reasonably
                believes that the same or substantially similar level of service
                can be provided remotely, then LIFFE shall be required to
                provide such Service On-Site only upon the CBOT's written
                agreement to pay to LIFFE (i) fees for the time expended by
                LIFFE in connection with such on-site Service, calculated in
                accordance with the Charge Rates; and (ii) all associated Out of
                Pocket Expenses.

          3.2.3 Scope of Managed Support Services. Unless otherwise expressly
                stated herein or agreed upon by the Parties (LIFFE's agreement
                not to be unreasonably withheld), LIFFE shall have no obligation
                to provide (a) the Call Management Service in respect of any
                Call that does not relate to LIFFE's delivery of the Managed
                Services; or (b) any Managed Support Services with respect to
                any Disaster, other Incident, or other act or omission LIFFE
                reasonably determines was caused by:

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               (i)   the modification of the Licensed Technology, or the
                     Equipment or any portion of the Core Network by any Person
                     other than LIFFE or a subcontractor or agent of LIFFE,
                     unless such modification was made at LIFFE's direction,
                     with LIFFE's consent, or pursuant to the Escrow Agreement;

               (ii)  integration of Software, in whole or in part, by any Person
                     other than LIFFE or a subcontractor or agent of LIFFE, with
                     any software other than a Trading Application for which a
                     trader key or view only key has been issued following
                     Market Participant Testing;

               (iii) use of the Software, the Equipment, or the Core Network in
                     a manner or form that is in contravention of this
                     Agreement, the Software License Agreement and/or the
                     Development Services Agreement, or, in respect of Market
                     Participants,an Interface Sublicense Agreement;

               (iv)  any other failure by the CBOT to perform its obligations
                     under this Agreement, the Development Services Agreement or
                     the Software License Agreement; or

               (v)   Trading Applications, CBOT Technology, other CBOT Property,
                     property of any Market Participant or any other technology,
                     excluding the Software, the Equipment, and the Core
                     Network, unless such technology has been (i) provided by or
                     on behalf of LIFFE, or (ii) expressly approved by LIFFE.
                     For the avoidance of doubt, LIFFE's assistance with Market
                     Participant Testing, LIFFE's assistance with Technical
                     Conformance Testing, and LIFFE's performance of the
                     Technical Conformance Service do not constitute LIFFE's
                     "approval" of Trading Applications or other technology for
                     purposes of this Section 3.2.3.

               (Sections 3.2.3(i) to 3.2.3(v), collectively, the "Exclusions").

          3.2.4 Services Outside Scope. In the event that (a) the CBOT routes to
                LIFFE any Call that LIFFE reasonably determines does not relate
                to LIFFE's delivery of the Managed Services, or (b) subject to
                Paragraph 2.2 of Schedule G, LIFFE otherwise provides any
                Managed Support Services with respect to any act or omission
                LIFFE reasonably determines was caused by an Exclusion, then (i)
                the CBOT shall pay to LIFFE (x) fees for the time expended by
                LIFFE in connection with such Managed Support Services,
                calculated in accordance with the Charge Rates; and (y) all
                associated Out of Pocket Expenses and (ii) LIFFE shall have no
                obligation to provide such Managed Support Services in
                accordance with the Service Targets.

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     4.   Maintenance
          -----------

          4.1   New Software Releases.

                4.1.1 Overview. [**].

                4.1.2 Release Notes. [**].

                4.1.3 Implementation. [**].

          4.2 Software Changes. Any Upgrade to one or more Components that is
requested by the CBOT ("Software Change") shall be provided only upon, and in
accordance with, (a) the Parties' agreement via a Change Request, and (b) as the
Parties deem appropriate, a Summary Statement of Work. The CBOT shall
incorporate, and/or require all Market Participants receiving the Software
Change to incorporate, such Software Change into the Trading System in
accordance with the terms of the relevant Change Request and/or Summary
Statement of Work, as applicable. For the avoidance of any doubt, "Software
Change" does not include (i) any Software provided pursuant to the IMAC Service
or (ii) any New Software Release.

          4.3 Superseded Versions. Upon incorporation into the Trading System of
a New Software Release or a Software Change, the CBOT shall (a) promptly return
to LIFFE or, with LIFFE's prior written consent, destroy and certify as
destroyed, the version of the Component(s) superseded by such Upgrade and all
copies thereof (the "Superseded Version") in the CBOT's possession and/or
control, and (b) require each Market Participant to promptly return to LIFFE or,
with LIFFE's prior written consent destroy and certify as destroyed, any
Superseded Version in such Market Participant's possession and/or control.

          4.4 Scope of Maintenance Services. Unless otherwise expressly stated
herein or agreed upon by the Parties (LIFFE's agreement not to be unreasonably
withheld), LIFFE shall have no obligation to provide the Maintenance Services in
respect of any Exclusion.

          4.5 Services Outside Scope. In the event that LIFFE provides any
Maintenance Services in respect of any Exclusion, then the CBOT shall pay to
LIFFE (i) fees for the time expended by LIFFE in connection with Maintenance
Services in respect of any Exclusion, calculated in accordance with the Charge
Rates; and (ii) all associated Out-of-Pocket Expenses.

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     5.   Equipment
          ---------

          5.1  Replacements.

               5.1.1 Equipment Uplifts. As part of the Equipment and Data Centre
                     Maintenance Service, during the [**] of the Initial
                     Term, and in any event by no later than [**],
                     LIFFE shall (a) procure those Replacements and System
                     Software identified in Schedule H hereto ("Equipment
                     Uplifts"), and (b) deliver such Equipment Uplifts to, and
                     install such Equipment Uplifts at, such installation sites
                     as are specified in Schedule H or such other locations as
                     may be agreed upon by the Parties. Such Equipment Uplifts
                     will thereafter be deemed "Equipment" and "System
                     Software," as appropriate, for purposes of this Agreement.

               5.1.2 Replacements. As part of the Equipment and Data Centre
                     Maintenance Service, LIFFE may, at its option, replace
                     Equipment or components thereof with other equipment or
                     components which are substantially similar to the Equipment
                     being replaced or improvements, enhancements, additions or
                     modifications to such Equipment; provided that LIFFE shall
                     provide the CBOT prior notification (or if prior
                     notification is not feasible, prompt notification) and an
                     opportunity for testing of any Replacements, where the
                     Parties agree that testing is necessary. All such
                     Replacements will thereafter be deemed "Equipment" for
                     purposes of this Agreement.

               5.1.3 Equipment Changes. Any Replacements requested by the CBOT,
                     other than the Equipment Uplifts, ("Equipment Changes")
                     shall be procured, delivered and installed only upon, and
                     in accordance with the Parties' agreement via a Change
                     Request. Any such Equipment Changes provided by LIFFE
                     hereunder will be deemed "Equipment" for purposes of this
                     Agreement. For the avoidance of any doubt, "Equipment
                     Changes" does not include any Equipment provided pursuant
                     to the IMAC Service.

          5.2  Disablement and Repossession.

               5.2.1 At LIFFE's Option. LIFFE may, at its option, disable and/or
                     repossess Equipment; provided that LIFFE will not disable
                     and/or repossess Equipment located at a CBOT Controlled
                     Site without either (a) reasonable cause and (b) providing
                     prior notice to the CBOT, to the extent reasonably
                     practicable. Notwithstanding the foregoing, LIFFE shall, to
                     the extentreasonably practicable, provide the CBOT prior
                     notice of any disablement or repossession of Equipment at a
                     CBOT Controlled Site.

               5.2.2 At the CBOT's Request. LIFFE shall disable and/or repossess
                     Equipment from any CBOT Controlled Sites as reasonably
                     requested by the CBOT, at the CBOT's cost.

          5.3  Responsibilities of the CBOT.

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               5.3.1 Access. The CBOT shall provide (or require a Market
                     Participant to provide, as applicable) LIFFE such access as
                     LIFFE may reasonably request to all CBOT Controlled Sites:

                     (a)  for purposes of installing any Replacements;

                     (b)  to enable LIFFE or its designee to carry out its
                          rights and responsibilities under Section 5.2;

                     (c)  to enable LIFFE or its designee to inspect Equipment
                          or any portion thereof: (i) to determine whether the
                          CBOT is complying or has complied with its obligations
                          under this Agreement; and/or (ii) to facilitate
                          LIFFE's efforts to remedy any defect or error in such
                          Equipment; and

                     (d)  to enable LIFFE or its designee to disable and/or
                          remove Equipment or any portion thereof: (i) if the
                          CBOT has failed, or is failing, to comply with its
                          obligations under this Agreement; and/or to (ii)
                          facilitate LIFFE's efforts to remedy any defect or
                          error in such Equipment.

               5.3.2 Prior to Installation. In connection with each installation
                     of Equipment at a CBOT Controlled Site, the CBOT shall, at
                     no expense to LIFFE and by such date(s) and at such time(s)
                     as LIFFE may reasonably request, (a) permit (or require a
                     Market Participant to permit) LIFFE or its designee to
                     inspect such CBOT Controlled Site prior to the delivery of
                     any Equipment thereto; (b) make (or require a Market
                     Participant to make) such modifications, alterations or
                     additions to such CBOT Controlled Site as LIFFE may
                     reasonably request; and (c) provide (or require a Market
                     Participant to provide) LIFFE with any further assistance
                     and facilities as LIFFE may reasonably request, including
                     (i) preparing suitable accommodation and environmental
                     conditions for such Equipment and (ii) making available any
                     equipment, software, ancillary plant, fittings, electrical
                     power supply and other facilities sufficient to meet all
                     reasonable requirements of LIFFE.

               5.3.3 Following Installation. With respect to all Equipment
                     located at a CBOT Controlled Site, the CBOT shall (and
                     shall require each Market Participant to) maintain at all
                     times the accommodation, environment and facilities for the
                     Equipment as may be reasonably specified by LIFFE from time
                     to time.

               5.3.4 Restrictions on Use.

                     (a)  All Equipment. With respect to all Equipment, the CBOT
                          agrees, and shall require each Market Participant to
                          agree:

                          (i)  not to, and not to permit any other Person
                               (including any Market Participant) to, without
                               the prior written consent of LIFFE, combine the
                               Equipment with any equipment, software, or other
                               technology (other than Licensed Technology or
                               other technology approved by LIFFE); or

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                    (ii)  not to, and not to permit any other Person (including
                          any Market Participant) to, without the prior written
                          consent of LIFFE, repossess or disable any Equipment;
                          provided, however, that the CBOT may repossess or
                          disable Equipment on CBOT Controlled Sites as may be
                          necessary in conjunction with the CBOT's monitoring
                          and control of the CBOT Electronic Exchange;

                    (iii) not to, and not to permit any other Person (including
                          any Market Participant) to, create any lien or other
                          encumbrance on the Equipment or any part or parts
                          thereof or do any act (x) which might jeopardize or
                          prejudice the rights of LIFFE or its suppliers in the
                          Equipment or any portion thereof or (y) which might
                          reasonably be expected to result in the Equipment
                          being confiscated, seized, requisitioned, taken in
                          execution, impounded or otherwise taken from the
                          possession of the CBOT or any Market Participant, as
                          applicable; and

                    (iv)  to use or interface with the Equipment only in
                          accordance with applicable manufacturers'
                          recommendations.

               (b)  Located at or Accessible from CBOT Controlled Sites. With
                    respect to all Equipment located at or accessible from any
                    CBOT Controlled Site, the CBOT agrees, and shall require
                    each Market Participant to agree:

                    (i)   not to, and not to permit any other Person (including
                          any Market Participant) to, interfere or tamper with,
                          alter, amend or modify the Equipment or any part or
                          parts thereof without the prior written consent of
                          LIFFE;

                    (ii)  not to, and not to permit any other Person (including
                          any Market Participant) to, move the Equipment or any
                          portion thereof from the CBOT's Premises without the
                          prior written consent of LIFFE; and

                    (iii) not to, and not to permit any other Person (including
                          any Market Participant) to, interfere or tamper with
                          any serial numbers, identity plates, trademarks,
                          proprietary notices or other designations, including
                          those of LIFFE or LIFFE's suppliers, on the Equipment
                          or any portion thereof; and

               (c)  Software. With respect to all software embedded in or
                    otherwise included within the Equipment ("System Software"),
                    the CBOT agrees not to, and not to permit any other Person
                    (including any Market Participant) to:

                    (i)  copy, modify, duplicate, decompile, reverse engineer,
                         disassemble or otherwise reduce to a humanly
                         perceivable form, make any attempt to discover the
                         source code of, create derivative works based on,
                         market, sell, provide or make

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                          available to any third party, otherwise distribute, or
                          translate the System Software, except as expressly
                          provided herein;

                    (ii)  remove or alter in any manner any trademarks, trade
                          names, copyright notices or other proprietary or
                          confidentiality notices or designations, of the CBOT
                          or other Person, contained or displayed in or on the
                          System Software; or

                    (iii) upload any computer virus, Trojan horse, worm, time
                          bomb, or other similar code or hardware designed to
                          disrupt the operation of, permit unauthorized access
                          to, erase, or modify the System Software or Equipment,
                          or otherwise use the System Software to further any
                          purpose which is illegal.

          5.3.5 Insurance. With respect to all Equipment located at any CBOT
                Controlled Site, the CBOT agrees either to (a) arrange to insure
                the Equipment comprehensively against all insurable risks with a
                reputable insurance company, on terms satisfactory to LIFFE
                (naming LIFFE as a beneficiary), or (b) accept all liability for
                the Equipment; in each case for the full Replacement Value
                thereof, from and including the date on which the Equipment or
                any portion thereof is delivered to the CBOT Controlled Site,
                until such time as the Equipment is either returned to or
                repossessed by LIFFE. Where the Equipment has been insured by an
                insurance company, the CBOT shall, at the request of LIFFE,
                provide to LIFFE either a copy of the relevant portion of such
                insurance policy or a written certificate evidencing the
                currency of the same.

          5.3.6 Market Participants.

                5.3.6.1 Interface Sublicense Agreement. Prior to the
                        installation of any Equipment on premises owned or
                        controlled by any Person wishing to become a Market
                        Participant, the CBOT shall require such Person to enter
                        into an Interface Sublicense Agreement.

                5.3.6.2 Enforcement. The CBOT shall:

                        (a)  promptly upon becoming aware of such actions,
                             provide LIFFE written notice of (i) any violation
                             by a Market Participant or any other Person of the
                             restrictions set forth in Section 5.3.4; and (ii)
                             any other acts or omissions of any Person which the
                             CBOT believes (x) might jeopardize or prejudice the
                             rights of LIFFE or its suppliers in the Equipment;
                             (y) may result in the Equipment being confiscated,
                             seized, requisitioned, taken in execution,
                             impounded or otherwise taken from any location; or
                             (z) threaten the security or operation of the
                             Equipment; and

                        (b)  promptly upon becoming aware of (i) any claim,
                             demand, or cause of action brought against the CBOT
                             by a Market Participant or any other Person, or any
                             subpoena served upon the CBOT or (ii) any employee,
                             officer or director thereof, which relates to the
                             Equipment or any component thereof, provide

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                    LIFFE written notice of such claim, demand, cause of action
                    or subpoena.

          5.3.7 Change Notification. The CBOT shall provide LIFFE's Project
                Manager prior written notice (or, if prior written notice is not
                reasonably practicable, immediate written notification) of (a)
                any changes to the physical environment (i) at CBOT's Premises
                in which Equipment and/or Software operate (e.g. maintenance or
                shutdowns of power supply or temperature control devices), and
                (ii) to the extent that the CBOT is aware, at any other CBOT
                Controlled Site in which Equipment and/or Software operate; and
                (b) any changes to, relocations of, or maintenance of any CBOT
                Technology that interfaces with Software and/or Equipment.

     5.4  Responsibilities of LIFFE.

          5.4.1 Liens. In the event any Equipment is confiscated, seized,
                requisitioned, taken in execution, impounded or otherwise taken
                from the possession of LIFFE as a result of LIFFE permitting a
                third party lien or other encumbrance to be placed on such
                Equipment (excluding any such lien or other encumbrance
                established in connection with the procurement of such
                Equipment), LIFFE shall, at LIFFE's expense, replace such
                Equipment. Such Replacements will thereafter be deemed
                "Equipment" for purposes of this Agreement.

          5.4.2 Upgrades and Replacements. Except as expressly provided in this
                Agreement, nothing herein shall require LIFFE to (a) create any
                Upgrades or procure or provide any Replacements; (b) deliver or
                license to the CBOT for use and/or access as "Licensed
                Technology" any modifications, enhancements, improvements or
                additions to the Licensed Technology as LIFFE may choose to
                create; or (c) provide to the CBOT for use and/or access as
                "Equipment" hereunder any replacements, modifications,
                enhancements, improvements or additions to the Equipment.

6.   Core Network

     6.1  Permitted Purpose. The CBOT shall use the Core Network solely for
          purposes of (a) operating (including testing and development pursuant
          to the Development Services Agreement or hereunder) the CBOT
          Electronic Exchange via one or more Interfaces with the Equipment, and
          (b) carrying out rights or obligations of the CBOT pursuant to the
          Development Services Agreement or the Managed Services Agreement.

     6.2  Acceptable Use Policy. The CBOT shall comply, and use reasonable
          efforts to ensure that all Market Participants comply, with LIFFE's
          Core Network Acceptable Use Policy, a copy of which is attached as
          Schedule I hereto.

     6.3  Notification

          6.3.1  By the CBOT. The CBOT shall promptly notify LIFFE if the CBOT
                 becomes aware of (a) any security vulnerability relating to the
                 Core Network, and (b) any violation of the Acceptable Use
                 Policy.

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          6.3.2 By LIFFE. Subject to Section 16, if not so prohibited by a
                regulatory or other governmental authority or an order of a
                court of competent jurisdiction, LIFFE shall (a) promptly notify
                the CBOT of any judicial or governmental request, requirement or
                order under law regarding the investigation and/or prosecution
                of activities relating to the CBOT Electronic Exchange, and (b)
                cooperate with the CBOT to respond to any such request,
                requirement or order.

     6.4  Suspension

          6.4.1 At LIFFE's Request. In order to protect the CBOT Electronic
                Exchange and all users of the Core Network, LIFFE may, at its
                option, suspend access to the Core Network of the CBOT or any
                Market Participant in the event of a breach of LIFFE's Core
                Network Acceptable Use Policy or the CBOT's obligations under
                Section 6.1 by the CBOT or such Market Participant; provided
                that LIFFE will not suspend such access without reasonable cause
                and shall use good faith efforts to provide the CBOT prior
                notice of any such suspension.

          6.4.2 At the CBOT's Request. LIFFE shall suspend any Market
                Participant's access to the Core Network as reasonably requested
                by the CBOT, at the CBOT's cost.

7.   General Obligations of the CBOT

     7.1 Dependencies. In addition to all other obligations of the CBOT set
forth in this Agreement, the CBOT shall perform those dependencies set forth in
Schedule J hereto.

     7.2 Security. In addition to all other duties of the CBOT specified
hereunder and/or in the Software License Agreement and/or Development Services
Agreement in respect of Licensed Technology and Equipment and the use or access
thereof by the CBOT and Market Participants, the CBOT shall (a) use reasonable
efforts to comply with LIFFE's security policy, a copy of which is attached as
Schedule K hereto; (b) establish and maintain supervisory and security
procedures satisfactory to LIFFE for the purpose of protecting all Licensed
Technology and Equipment located at CBOT's Premises and LIFFE's rights, title
and interest in and to the Licensed Technology and Equipment; (c) require each
Market Participant to establish and maintain supervisory and security procedures
appropriate to protect all Licensed Technology and Equipment located at premises
owned or controlled by such Market Participant and LIFFE's rights, title and
interest in and to the Licensed Technology and Equipment; and (d) use reasonable
efforts to ensure that no personnel of the CBOT, any Affiliates or
subcontractors of the CBOT, any Market Participants, or any agents of the
foregoing (other than LIFFE) shall have access to the Equipment or the Licensed
Technology (excluding the Interfaces and Non-Restricted Documentation), unless
such personnel has received appropriate training.

     7.3 CBOT's Premises. In addition to complying with the requirements set
forth in Section 5.3, the CBOT shall provide LIFFE with such office
accommodation, facilities (including telephones, fax machines, computer
consumables, printers and Internet access), and access to the CBOT's Premises as
LIFFE reasonably deems necessary to facilitate LIFFE's performance of the
Services.

     7.4 Materials and Assistance. In addition to providing those resources
identified in Schedule J and Sections 5.3 and 7.3, in order to facilitate the
Parties' performance of their obligations hereunder, the CBOT shall (a) promptly
provide to LIFFE such relevant information and documentation as LIFFE may
reasonably request, including information and documentation relating to network
infrastructure, hardware, software, equipment, personnel, documentation, space
and office space; (b) ensure that

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competent personnel are available during normal working hours to provide to
LIFFE such information or other support in relation to LIFFE's performance of
the Services as LIFFE may reasonably request; and (c) use good faith efforts to
ensure that such personnel possesses the skills, experience, qualifications, and
knowledge necessary to carry out any tasks to which they may be assigned.

     7.5 Trading Rules. CBOT rules regarding the CBOT Electronic Exchange (the
"CBOT Rules") may not conflict with any term set forth in this Agreement, the
Software License Agreement, or the Development Services Agreement.

     7.6 Compliance with Laws. The CBOT shall use good faith efforts to comply
with all applicable laws and regulations relating to the operation of the CBOT
Electronic Exchange.

8.   General Obligations of Both Parties

     8.1 Non-Solicitation. Each Party agrees that, during a period from (a) the
Effective Date to (b) the earlier of twelve (12) months after completion of the
Services and the effective date of termination of this Agreement, it shall not
employ or engage on any other basis, and offer such employment or engagement to,
any of the other Party's employees, contractors, and consultants who have been
associated with the performance of such other Party's obligations hereunder,
without the other Party's prior agreement in writing. If a Party employs or
engages any employee, contractor or consultant of the other Party in breach of
the foregoing obligations, it will pay to the other Party damages in an amount
equal to the net annual salary of such employee, contractor or consultant for
the twelve (12) months prior to the date such individual, contractor or
consultant is first employed by the Party breaching such obligation.

     8.2 Export Compliance. The CBOT and LIFFE each shall comply with all
applicable export laws and regulations of the United States and foreign
authorities, including regulatory authorities. For purposes of this obligation,
export laws and regulations include, but are not limited to, all applicable end
use controls and all applicable restrictions on the export, reexport and
transfer of encryption items.

9.   Marketing

     9.1 Marketing. The CBOT shall, in accordance with Sections 9.2 to 9.7
below, (a) refer to the automated derivatives trading and order matching system
utilized by the CBOT Electronic Exchange as the "LIFFE CONNECT(R)" system or
platform; and (b) in any and all web pages, brochures, advertisements and all
other marketing or promotional materials, press releases, or other media that
market, promote or otherwise reference the Trading System (collectively, the
"CBOT Marketing Materials"), (i) in respect of all visual media, prominently
display (x) the Mark LIFFE CONNECT(R) and/or the LIFFE CONNECT Logo and (y) the
phrase "e-cbot, powered by LIFFE CONNECT" in such format as may be agreed upon
by the Parties; and (ii) in respect of all broadcast media, prominently
broadcast (x) the Mark LIFFE CONNECT(R) and (y) the phrase "e-cbot, powered by
LIFFE CONNECT(R)" in such format as may be agreed upon by the Parties.

     9.2 License. Subject to the terms and conditions hereof, LIFFE hereby
grants to the CBOT a non-exclusive, non-transferable (except as set forth in
Section 25) right and license (a) to use, [**], and in any additional
jurisdictions as LIFFE may agree, LIFFE's registered trademarks "LIFFE CONNECT"
and the LIFFE CONNECT Logo (collectively, the "Marks") in connection with the
marketing and operation of the CBOT Electronic Exchange and those rights and
obligations set forth in this Agreement, the Software License Agreement

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and the Development Services Agreement; and (b) to sublicense to ISVs the right
to use the Marks subject to all of the terms and conditions set forth in this
Section 9 (including Section 9.5).

     9.3 Use. The CBOT shall (a) in each visual CBOT Marketing Material
containing or displaying one or both of the Marks, (i) display each Mark
together with a superscript /(R)/ placed at the end of the Mark (e.g. LIFFE
CONNECT/(R)/; and (ii) include, at least once in each such CBOT Marketing
Material, the following footnote, or a formative thereof as may be agreed by
LIFFE: "[LIFFE CONNECT/(R)/The LIFFE CONNECT Logo] is a trademark of LIFFE
Administration and Management and is registered in Australia, Hong Kong,
Singapore, the United States, and the United Kingdom, is a registered Community
Trade Mark, and is the subject of a pending application for registration in
Japan"; and (b) otherwise use the Marks in a manner and form consistent with (i)
the usage guidelines set forth in Schedule L hereto, as may be amended by LIFFE
from time to time, and (ii) any other usage guidelines and modifications thereof
as LIFFE may provide to the CBOT from time to time.

     9.4 Restrictions. The CBOT acknowledges (a) LIFFE's exclusive right, title,
and interest in and to the Marks and (b) that the CBOT's permitted use of the
Marks will not vest in the CBOT any right, title, or interest in or to the
Marks. The CBOT shall not (i) directly or indirectly, cause to be done any act
contesting or in any way impairing LIFFE's right, title, or interest in the
Marks, (ii) in any manner represent that it possesses any ownership interest in
the Marks, or (iii) except as expressly permitted hereunder, adopt, use, attempt
to register, or register, at any time or in any jurisdiction, either of the
Marks or any term identical to or confusingly similar to either of the Marks.

     9.5 Approval. Prior to the publication, public broadcast or other
distribution or dissemination to Market Participants or other members of the
public of any CBOT Marketing Material, the CBOT shall submit to the LIFFE Market
Solutions Director of Sales and Marketing or his or her designee a
representative sample of such CBOT Marketing Material for LIFFE's prior written
approval. The CBOT shall not distribute or disseminate to Market Participants or
other members of the public any CBOT Marketing Material in respect of which the
CBOT has not obtained LIFFE's prior written approval. LIFFE has no right under
this Agreement to approve the CBOT's use of trademarks or service marks other
than the Marks.

     9.6 Inspection. In order to assure the CBOT's compliance with the standards
and requirements provided herein, the CBOT shall, upon LIFFE's reasonable
request, (a) make available to representatives of LIFFE information relating to
use of the Marks and copies of all CBOT Marketing Materials; and (b) permit such
representatives to inspect all such CBOT Marketing Materials.

     9.7 Violations of the Marks. The CBOT shall promptly notify LIFFE in
writing of any information relating to suspected infringements or other
violations of the Marks which the CBOT possesses or of which it becomes aware.
Notwithstanding the foregoing, the CBOT shall have no right to prosecute or
otherwise take any action in respect of any such violations; and LIFFE shall
have no obligation hereunder to investigate, prosecute or otherwise take any
action in respect of any such violations of which it is notified by the CBOT.

     9.8 No CBOT License. Unless the Parties agree otherwise (and CBOT shall not
unreasonably decline to agree), LIFFE shall not use in any marketing or
promotional materials, press releases, or other materials publicly distributed
or disseminated by LIFFE any trademarks or service marks of the CBOT, including
"e-cbot" and "CBOT."

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10.  Project Management

     10.1 Appointments. In addition to complying with the requirements set forth
in Schedule C, each Party shall appoint and inform the other Party of the
identity of a Relationship Manager to serve as the individual responsible for
the day to day management of the relationship between LIFFE and the CBOT with
respect to the Services.

     10.2 Substitutions. Each Party shall promptly notify the other in writing
of any substitutions for or replacements of such individuals appointed in
accordance with Section 10.1, as applicable, and shall take all reasonable steps
to minimize any potential adverse effects of such changes.

11.  Charges

     11.1 Payment. In consideration for LIFFE's performance of the Services
hereunder, the CBOT shall, via wire transfer of immediately available funds to
such bank account as LIFFE may specify:

          (a)  pay to LIFFE, for LIFFE's performance of its Equipment
               procurement obligations under Sections 5.1.1(a) and 5.1.3, the
               Equipment Services Charges in accordance with Schedule M;

          (b)  pay to LIFFE, in addition to any amounts owed pursuant to Section
               3.2.4, the Managed Services Fee set forth in Schedule M;

          (c)  pay to LIFFE, in addition to any amounts owed pursuant to Section
               4.5, the Software Maintenance Fee set forth in Schedule M;

          (d)  pay to LIFFE, in addition to any amounts owed pursuant to Section
               4.5, for the Equipment and Data Centre Maintenance Service, the
               Equipment and Data Centre Maintenance Fee set forth on Schedule
               M;

          (e)  pay to LIFFE, in addition to any amounts owed pursuant to Section
               4.5, the Core Network Maintenance Fee set forth in Schedule M;

          (f)  pay to LIFFE, for the IMAC Service, the Connection Services
               Charges set forth in Schedule M;

          (g)  pay to LIFFE, for all Program Services, the Program Services
               Charges; and

          (h)  reimburse LIFFE for any out of pocket expenses incurred by LIFFE
               hereunder, including all reasonable travel, hotel, subsistence
               and other out of pocket expenses charged in accordance with
               LIFFE's travel and expense policy attached as Schedule N hereto
               (collectively, "Out of Pocket Expenses");

(such Equipment Services Charges, Managed Services Fee, Software Maintenance
Fee, Equipment and Data Centre Maintenance Fee, Core Network Maintenance Fee,
Connection Services Charges, Program Services Charges, Out-of-Pocket Expenses
and all other amounts due hereunder, collectively, the "Charges").

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All payments hereunder shall be made in pounds sterling; provided that the CBOT
may pay in U.S. dollars any Charges based on such costs incurred by LIFFE
hereunder, which costs were denominated in U.S. dollars.

     11.2 Fixed Charges. Notwithstanding any provision herein to the contrary,
in the event LIFFE performs any Services (a) specified to be charged on a fixed
fee basis, and (b) occasioned by (i) the failure of the CBOT to fulfill, or
delay by the CBOT in fulfilling, any of its obligations under this Agreement or
(ii) the failure or malfunction of technology not owned, controlled, or provided
by or on behalf of LIFFE hereunder, the CBOT shall pay to LIFFE (x) fees for the
time expended by LIFFE in connection with such Services, on a time and materials
basis, calculated in accordance with the Charge Rates; and (y) all associated
Out of Pocket Expenses.

     11.3 Taxes. The Charges shall be exclusive of all international, national
or state taxes (including withholding taxes), levies, duties, or similar
charges, however designated, that may be assessed by any jurisdiction under
current law or as a result of any change in the law following the date thereof
(collectively, "Taxes"), and the CBOT shall pay or reimburse LIFFE for all such
Taxes that may be levied or imposed in relation to this Agreement or any of the
rights and licenses granted hereunder, excluding (a) any VAT that is recovered
by LIFFE and (b) taxes based on the net income of LIFFE. LIFFE will use good
faith efforts to recover VAT applicable to any Charges. Prior to receiving from
the CBOT any payment which may be subject to United States withholding taxes,
LIFFE shall deliver to the CBOT two original copies of (i) Internal Revenue
Service ("IRS") Form "W-8BEN" (or any successor forms), accurately completed and
duly executed by LIFFE certifying, in Line 9a thereof (or the corresponding line
of any successor forms), that the applicable treaty is the United States-United
Kingdom Income Tax Convention, and further certifying the matters set forth in
Line 9b and 9c of Form "W-8BEN" (or the corresponding lines of any successor
forms) or (ii) IRS Form "W-8ECI" (or any successor form); provided that, unless
required by U.S. law, LIFFE shall not be required to deliver to the CBOT any
such Forms if LIFFE assigns, pursuant to Section 25, this Agreement and/or its
rights and obligations under this Agreement to an Affiliate of LIFFE which is a
United States corporation. LIFFE hereby agrees, from time to time after the
initial delivery by LIFFE of such forms whenever a lapse in time or change of
circumstances renders such forms obsolete or inaccurate in any material respect,
to deliver to the CBOT two new original copies of IRS Form "W-8BEN" or IRS Form
"W-8ECI" (or any successor forms), accurately completed and duly executed by
LIFFE. Notwithstanding this Section 11.3, the relevant Charges shall be paid net
of any U.S. federal income withholding tax caused by the failure of LIFFE to
provide the CBOT with such forms, unless a change in applicable law of the
United States, enacted or promulgated after the date hereof, makes it impossible
for LIFFE to continue to make the certifications described above.

     11.4 Invoices. LIFFE shall invoice the CBOT as set forth in Schedule M, in
pounds sterling; provided, however, that LIFFE will invoice in U.S. dollars any
Charges based on costs incurred by LIFFE hereunder, which costs were denominated
in U.S. dollars. For the avoidance of doubt, any amounts paid by LIFFE in pounds
sterling will be invoiced to the CBOT in pounds sterling. Each invoice for
Program Services Charges or other Services charged on a time and materials basis
hereunder will set forth the name of each of the LIFFE Project Personnel who
performed such Program Services, the categories of work performed by such
individual, the grade of each such individual, and the Charge Rate for such
individual. Payment of each invoice shall be made by the CBOT within thirty (30)
days of the date of receipt of such invoice by the CBOT (the "Payment Date"),
unless the CBOT makes a good faith objection to the terms of the invoice, in
which case (a) the CBOT shall pay the undisputed amount of the invoice, and (b)
the Parties shall promptly undertake to resolve the disputed portion of the
invoice.

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     11.5 Suspension. If the CBOT fails to pay any undisputed Charges due under
this Agreement by the Payment Date, then, without prejudice to any other remedy
available to LIFFE, LIFFE may, upon fourteen (14) days prior written notice to
the CBOT's Project Manager and placement of a telephone call to the CBOT's
Relationship Manager, suspend the Services; provided that the CBOT has not made
payment within such period of time. In the event of reinstatement of the
Services, the CBOT shall be required to install any such Upgrades and/or
Replacements to the version(s) of the Licensed Technology or Equipment last
utilized by the CBOT, as LIFFE may specify.

     11.6 Late Payment. If the CBOT fails to pay any undisputed Charges due
under this Agreement by the Payment Date, then interest shall be charged thereon
from the date of issuance of the applicable invoice until the date payment is
made, at the rate of the lesser of one and one half percent (1.5%) per month, or
the maximum amount allowed under applicable law.

12.  Term

     12.1 Initial Term. The initial term of this Agreement shall commence on the
Effective Date and shall continue for a period of five (5) years from the
Effective Date (the "Initial Term"), unless terminated earlier in accordance
with Section 13 or as otherwise provided in this Agreement.

     12.2 Renewal. The Parties shall use good faith efforts to agree upon, by no
later than one (1) year prior to the end of the Initial Term or the then current
Renewal Term (as applicable), (a) the nature and scope of the Managed Services
and any other Services to be provided during the new Renewal Term, and (b) all
associated Service Targets, Service Thresholds, CBOT Electronic Exchange
Parameters and Charges; provided that variations in the Charge Rate shall remain
subject to Paragraph 5.3 of Schedule M (collectively, the "New Terms"). UNLESS
TERMINATED EARLIER IN ACCORDANCE WITH SECTION 13 OR AS OTHERWISE PROVIDED IN
THIS AGREEMENT, THIS AGREEMENT WILL AUTOMATICALLY RENEW FOR NO MORE THAN [**]
SUCCESSIVE PERIODS OF [**] YEARS EACH (EACH, A "RENEWAL TERM"); provided
that the Parties have agreed to the New Terms and amended this Agreement
accordingly by an instrument in writing signed by a duly authorized
representative of each Party. If the New Terms have not been agreed by a date
one (1) year prior to the end of the Initial Term or the then current Renewal
Term (as applicable), then CBOT may provide written notice to LIFFE that the
CBOT does not intend to renew the Agreement, and the Agreement will expire at
the end of the Initial Term or the then current Renewal Term (as applicable).
For the avoidance of doubt, the expiration of the Agreement at the end of the
Initial Term or a Renewal Term shall not constitute a termination of the
Agreement pursuant to Section 13, and the CBOT shall not be liable for
Termination Costs.

13.  Termination

     13.1 By CBOT. The CBOT may terminate this Agreement, for any reason, upon
written notice to LIFFE provided at least twelve (12) months prior to the end of
the Initial Term or the First Renewal Term (if any).

     13.2 By LIFFE. LIFFE may terminate this Agreement, upon twelve (12) months
prior written notice to the CBOT, if [**] or any Affiliate of [**] directly or
indirectly acquires control of the CBOT.

     13.3 By Either Party.

          13.3.1 Material Breach. Subject to Section 14.3, at any time during
                 the term of this Agreement, either Party may terminate this
                 Agreement immediately upon written

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                 notice to the other Party if the other Party commits a breach
                 of any of its material obligations under this Agreement and
                 fails to remedy such material breach within thirty (30) days of
                 receipt of written notice thereof.

          13.3.2 Insolvency. At any time during the term of this Agreement,
                 either Party may terminate this Agreement upon thirty (30) days
                 prior written notice if: (a) the other Party (i) becomes
                 insolvent, (ii) voluntarily commences any proceeding or files
                 any petition under the bankruptcy laws of the United States or
                 England and Wales, (iii) becomes subject to any involuntary
                 bankruptcy or insolvency proceedings under the laws of the
                 United States or England and Wales, which proceedings are not
                 dismissed within thirty (30) days, (iv) makes an assignment for
                 the benefit of its creditors, or (v) appoints a receiver,
                 trustee, custodian or liquidator for a substantial portion of,
                 its property, assets or business; or (b) the other Party passes
                 a resolution for its winding up or dissolution, or a court of
                 competent jurisdiction makes an order for such other Party's
                 winding up or dissolution.

     13.4 Automatic Termination. This Agreement will terminate automatically
upon termination of the Software License Agreement.

     13.5 Termination Costs. In the event this Agreement is terminated pursuant
to Section 13 (excluding termination by the CBOT pursuant to Section 13.3), the
CBOT shall pay to LIFFE the Termination Costs as set forth in Schedule M.

14.  Consequences of Termination

     14.1 Equipment, Licensed Technology, and CBOT Marketing Materials.

          14.1.1 In CBOT's Possession. In addition to complying with those
                 requirements set forth in Section 12.1 of the Software License
                 Agreement, upon or prior to the effective date of expiration or
                 termination of this Agreement, the CBOT shall (a) immediately
                 cease use of the Equipment, the Marks, and all Licensed
                 Technology; and (b) at LIFFE's request and at the CBOT's
                 expense, (i) within fourteen (14) days of the effective date of
                 termination of this Agreement, permanently erase and certify
                 the erasure of the Software (and all copies thereof) from the
                 Equipment and all backup Media; (ii) as LIFFE may elect,
                 promptly return to LIFFE or permit LIFFE to repossess any
                 Equipment; and (iii) promptly return to LIFFE or, with LIFFE's
                 prior written consent destroy and certify as destroyed, any and
                 all other LIFFE Property and any and all CBOT Marketing
                 Materials containing or displaying the Marks in the CBOT's
                 possession and/or control.

          14.1.2 In Market Participants' Possession. Upon or prior to the
                 effective date of expiration or termination of this Agreement,
                 the CBOT shall, at the CBOT's expense, (a) require each Market
                 Participant to (i) immediately cease use of the Equipment and
                 all Licensed Technology; (ii) as LIFFE may elect, either
                 promptly return to LIFFE or permit LIFFE to repossess all
                 Equipment in such Market Participant's possession and/or
                 control; and (iii) promptly return to LIFFE or, with LIFFE's
                 written consent destroy and certify as destroyed, any and all
                 other LIFFE Property and any and all CBOT Marketing Materials
                 containing

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                    or displaying the Marks within such Market Participant's
                    possession and/or control; and (b) notwithstanding the
                    foregoing Section 14.1.2(a), return to LIFFE any LIFFE
                    Property that has been provided to the CBOT by any Market
                    Participant, promptly upon the CBOT's receipt thereof.

     14.2 Third Party Obligations. In the event of termination of this
Agreement, LIFFE will use commercially reasonable efforts to terminate any
contracts with third parties relating to LIFFE's obligations hereunder (or
relevant portions thereof). Notwithstanding the foregoing, the CBOT shall be
obligated to reimburse LIFFE for any and all costs and expenses relevant to this
Agreement for which LIFFE is contractually obligated to such third parties as of
the termination hereof; provided that (a) LIFFE has used commercially reasonable
efforts to mitigate such costs and expenses and (b) LIFFE has, within ninety
(90) days of the effective date of termination of this Agreement, notified the
CBOT of the existence and term of the contract, the identity of the counterparty
to the contract, and the estimated amount of the CBOT's payment obligation in
respect of such contract.

     14.3 Transition. In the event of LIFFE's notice of termination to the CBOT
pursuant to Section 13.3.1 for a material breach that is incapable of remedy,
LIFFE shall continue to provide to the CBOT the Managed Services for a period of
up to [**] from the date upon which notice of termination is given (the
"Transition Period"); provided that, within thirty (30) days following notice of
termination, (a) the CBOT has accepted full liability for such material breach
via written notice to LIFFE in a form acceptable to LIFFE, in LIFFE's sole
discretion; and (b) the CBOT has submitted to LIFFE reasonable assurances that
it has employed measures sufficient to prohibit repetition of such material
breach. Notwithstanding the foregoing, (i) during any Transition Period, LIFFE
shall not be held liable for any failure to perform any obligations under this
Agreement (x) that have been transitioned by the CBOT to a Person other than
LIFFE, or (y) that have been wound down or phased out; and (ii) in the event of
the CBOT's breach of any of its material obligations under this Agreement during
any Transition Period, LIFFE may terminate this Agreement immediately upon
notice to the CBOT.

     14.4 Survival. The expiration or termination of this Agreement for any
reason will not affect the accrued rights of the Parties or the right of either
Party to sue for damages arising from a breach of this Agreement.
Notwithstanding expiration or termination of this Agreement, the CBOT shall
remain liable to pay LIFFE all sums accrued or due on or prior to the effective
date of expiration or termination. Sections 5.2, 5.3.1(b), 5.3.1(c)(i),
5.3.1(d)(i), 5.3.3, 5.3.4, 5.3.5, 5.3.6.2, 6.4, 6.5, 7.2, 8, 9.4, 11, 14, 15,
16, 17, 18, 19, 20, 21, 22, 24, 27, 28, 29, 30, 31, 32 and 34 shall survive
beyond the effective date of termination or expiration of this Agreement and
shall remain in full force and effect.

15.  Proprietary Rights

     15.1 LIFFE Property. As between the CBOT and LIFFE, all rights, title and
interest in and to the Licensed Technology and all portions thereof (excluding
the third party software specified in Schedule E of the Software License
Agreement), including but not limited to, all Software, Upgrades, and
Documentation; all Confidential Information of LIFFE; all Equipment; all
Replacements; the Core Network; the Marks; all other materials whatsoever
relating to the Licensed Technology and/or the Equipment and/or the Core Network
and provided by LIFFE to the CBOT and/or any Market Participants, including any
gateways, hubs, routers, cables, cabinets and servers; and any other materials
provided by or on behalf of LIFFE to the CBOT and/or any Market Participants
under this Agreement; including all copyrights, trademarks, patents, trade
secrets and other intellectual property inherent in the foregoing or appurtenant
thereto (collectively, "LIFFE Property") shall be and remain vested in LIFFE (or
LIFFE's Affiliates, suppliers or licensors, as applicable). To the extent, if
any, that ownership of the LIFFE Property does not automatically vest in LIFFE
by virtue of this Agreement or otherwise, the

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CBOT hereby transfers and assigns to LIFFE, as of the date of creation, all
rights, title and interest which the CBOT may have in and to such LIFFE
Property. The CBOT undertakes, at the CBOT's expense, to do or cease to do all
such acts as LIFFE may reasonably direct, and to execute, or cause its
employees, agents and/or subcontractors to execute, all such documents as LIFFE
deems reasonably necessary or helpful to assure further the rights, title and
interest of LIFFE or its nominee in and to such LIFFE Property.

     15.2 CBOT Property. Notwithstanding the foregoing Section 15.1, as between
the CBOT and LIFFE, all rights, title and interest in and to (a) the CBOT
Technology (if any); (b) Market Data; (c) Trade Data; (d) Standing Data; (e) all
Confidential Information of the CBOT; and (f) all copyrights, trademarks,
patents, trade secrets and other intellectual property inherent in the foregoing
or appurtenant thereto (collectively, the "CBOT Property") shall be and remain
vested in the CBOT. To the extent, if any, that ownership of the CBOT Property
does not automatically vest in the CBOT by virtue of this Agreement or
otherwise, LIFFE hereby transfers and assigns to the CBOT, as of the date of
creation, all rights, title and interest which LIFFE may have in and to such
CBOT Property. LIFFE undertakes, at LIFFE's expense, to do or cease to do all
such acts as the CBOT may reasonably direct, and to execute, or cause its
employees, agents and/or subcontractors to execute, all such documents as the
CBOT deems reasonably necessary or helpful to assure further the rights, title
and interest of the CBOT or its nominee in and to such CBOT Property.

16.  Confidentiality

     16.1 Confidential Information. Subject to Section 16.2, each Party shall
treat as confidential the terms and conditions of this Agreement (excluding the
existence of this Agreement), all information (a) marked as confidential, "CBOT
Restricted" and/or "LIFFE Restricted" (as applicable) or (b) which the recipient
should reasonably know, by its nature or the manner of its disclosure, to be
confidential (including, but not limited to, the information and materials the
CBOT has obtained rights to use hereunder), which either Party may receive or
have access to during or prior to the performance of this Agreement
("Confidential Information"). Neither Party shall (i) use the Confidential
Information of the other Party for any purpose other than the performance of its
obligations under this Agreement, the Software License Agreement, or the
Development Services Agreement, or (ii) divulge such Confidential Information
(x) without the other Party's prior written consent, to anyone other than the
employees, subcontractors, consultants or advisors of such Party who are subject
to nondisclosure obligations and to whom such disclosure is reasonably necessary
to facilitate the performance of this Agreement; or (y) unless requested
pursuant to a judicial or governmental request, requirement or order under law
(including disclosure obligations of the Parties under applicable securities
laws), in which case, if not so prohibited by a regulatory or other governmental
authority or an order of a court of competent jurisdiction, the receiving Party
will promptly notify the other Party of such request; provided that, if, in the
opinion of counsel to the receiving Party, such disclosure is required under
securities laws, the receiving Party, in consultation with the other Party,
shall additionally use good faith efforts to secure confidential treatment of
the information so disclosed. "Confidential Information" of LIFFE includes, but
is not limited to, Restricted Documentation and the source code of the Software.
For the avoidance of doubt, with respect to Confidential Information of LIFFE
that has been disclosed to the CBOT or to which the CBOT has access, the CBOT
shall neither provide or permit [**] access to, nor permit any other Person to
provide or permit [**] access to, any Confidential Information of LIFFE or any
derivative work based on such Confidential Information.

     16.2 Exclusions. Notwithstanding Section 16.1, Confidential Information
will not include information (a) which is independently developed by the
receiving Party or is lawfully received free of restriction from another source
that, to the receiving Party's knowledge, has the right to furnish such

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information; (b) after it has become generally available to the public by acts
not attributable to the receiving Party or its employees, consultants or
advisors; or (c) which, at the time of disclosure to the receiving Party, was
known to the receiving Party free of restriction.

17.  Warranties

     17.1 LIFFE. LIFFE warrants that (a) it has the requisite corporate power
and authority to execute and perform this Agreement; (b) its execution and
performance of its obligations hereunder will not violate any other agreement or
regulatory obligation to which it is bound; and (c) to LIFFE's knowledge, the
Software contains no Malicious Code. EXCEPT AS SPECIFICALLY PROVIDED IN THIS
AGREEMENT, LIFFE MAKES NO, AND HEREBY DISCLAIMS ALL, WARRANTIES, CONDITIONS,
UNDERTAKINGS, TERMS OR REPRESENTATIONS, EXPRESSED OR IMPLIED BY STATUTE, COMMON
LAW OR OTHERWISE, IN RELATION TO THE SERVICES OR THE LICENSED TECHNOLOGY,
EQUIPMENT, CORE NETWORK, OR MARKS, OR ANY PORTION OF THE SAME OR THE USE
THEREOF, INCLUDING BUT NOT LIMITED TO ALL IMPLIED WARRANTIES OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. LIFFE FURTHER DISCLAIMS
ALL WARRANTIES, IMPLIED OR OTHERWISE, RELATING TO ANY THIRD PARTY MATERIALS.

     17.2 The CBOT. The CBOT hereby warrants to LIFFE that (a) it has the
requisite corporate power and authority to execute and perform this Agreement;
(b) its execution and performance of its obligations hereunder will not violate
any other agreement or regulatory obligation to which it is bound; (c) it is a
valid licensee of the Wagner/eSpeed Patent pursuant to Attachment B to that
certain "Settlement Agreement" between the CBOT, The Chicago Mercantile
Exchange, Electronic Trading Systems Corporation and eSpeed, entered into as of
August 26, 2002, in settlement of eSpeed, Inc. and Electronic Trading Systems
Corporation v. The Board of Trade of the City of Chicago and The Chicago
Mercantile Exchange, before the United States District Court for the Northern
District of Texas (Civil Action No. 3:99-CV-1016-M) (the "Wagner License"), a
copy of which has been provided to LIFFE; and (d) the Services, the Equipment
and Licensed Technology provided hereunder, and the use of such Equipment and
Licensed Technology by or on behalf of the CBOT and Market Participants, are
encompassed by such Wagner License and will not violate the terms of the Wagner
License. EXCEPT AS SPECIFICALLY PROVIDED IN THIS AGREEMENT, THE CBOT MAKES NO,
AND HEREBY DISCLAIMS ALL, WARRANTIES, CONDITIONS, UNDERTAKINGS, TERMS OR
REPRESENTATIONS, EXPRESSED OR IMPLIED BY STATUTE, COMMON LAW OR OTHERWISE, IN
RELATION TO THE LICENSED TECHNOLOGY AND CBOT PROPERTY OR ANY PORTION OF THE SAME
OR THE USE THEREOF, INCLUDING BUT NOT LIMITED TO ALL IMPLIED WARRANTIES OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT.

18.  Indemnification

     18.1 By LIFFE. LIFFE shall defend, indemnify and hold the CBOT and its
Affiliates, and the officers, directors, employees, agents, and representatives
of the CBOT and its Affiliates ("CBOT Indemnitees") harmless from and against
all costs, claims, demands, losses, expenses and liabilities of any nature
whatsoever (including reasonable attorneys fees) ("Losses") incurred or suffered
by such CBOT Indemnitees arising out of, or in connection with, any third party
claim, demand, or cause of action (each, a "Claim") to the extent such Claim is
based upon or arises out of (a) LIFFE's gross negligence or willful misconduct;
(b) LIFFE's material breach of this Agreement or any part hereof; [**]; or [**];
provided that (i)

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the CBOT shall take no other action which the CBOT, in its reasonable judgment,
believes would be contrary to LIFFE's interests relative to the Claim; (ii)
LIFFE (or any Person acting on behalf of or authorized by LIFFE), at its own
expense, shall be entitled to have sole conduct and control of all legal
proceedings in connection with the Claim or the settlement or other compromise
thereof; (iii) the CBOT shall give LIFFE (and any Person acting on behalf of or
authorized by LIFFE) all reasonable assistance therewith, at LIFFE's reasonable
expense; and (iv) the CBOT shall use good faith efforts to notify LIFFE as soon
as possible, but in any event within five (5) Business Days, after the CBOT
becomes aware of the Claim. Notwithstanding the foregoing, LIFFE shall have no
obligation to defend, indemnify, or hold any CBOT Indemnitee harmless from or
against any Losses incurred or suffered by such CBOT Indemnitee (x) as a result
of the gross negligence or willful misconduct of the CBOT Indemnitee or any
Market Participant, or (y) to the extent any Losses are attributable to the fact
that the use of the Licensed Technology and/or Equipment by the CBOT, other CBOT
Indemnitee, or any Market Participant has not been in accordance with this
Agreement.

     18.2 By the CBOT. The CBOT shall defend, indemnify and hold LIFFE, its
Affiliates, and the officers, directors, employees, agents, and representatives
of LIFFE and its Affiliates ("LIFFE Indemnitees") harmless from and against all
Losses incurred or suffered by such LIFFE Indemnitees arising out of, or in
connection with, any third party Claim to the extent such Claim is based upon or
arises out of: (a) the CBOT's material breach of this Agreement or any part
hereof; (b) the gross negligence or willful misconduct of the CBOT, any of its
Affiliates, or any Members or Market Participants; (c) the CBOT Property or
LIFFE's use thereof; (d) the CBOT's use of the Licensed Technology, the
Equipment, the Core Network or the Marks in contravention of this Agreement; (e)
any violation by any Market Participant of the restrictions set forth in Section
5.3.4; (f) any Claim that the Services provided hereunder, the Equipment, the
Core Network or the Licensed Technology provided hereunder, or the use thereof
by or on behalf of the CBOT or Market Participants, infringes or otherwise
violates the Wagner/eSpeed Patent; and (g) violation of the LIFFE Core Network
Acceptable Use Policy by the CBOT and/or any Market Participant, except that the
CBOT shall have no obligations in respect of this Section 18.2(a), (d) or (g)
with regard to any Claim to the extent such Claim is (i) based on a failure by
the CBOT or any Market Participant to comply with the LIFFE Core Network
Acceptable Use Policy and (ii) brought by (x) third party exchanges directly
using the Core Network or (y) third party members, independent software vendors
or quote vendors participating in such third party exchanges or the
Euronext.liffe Exchanges (as defined in the Software License Agreement) directly
using the Core Network; provided that (A) LIFFE shall take no action which
LIFFE, in its reasonable judgment, believes would be contrary to the CBOT's
interests relative to the Claim; (B) the CBOT (or any Person acting on behalf of
or authorized by the CBOT), at its own expense, shall be entitled to have sole
conduct and control of all legal proceedings in connection with the Claim or the
settlement or other compromise thereof; (C) LIFFE shall give the CBOT (and any
Person acting on behalf of or authorized by the CBOT) all reasonable assistance
in connection therewith at the CBOT's reasonable expense; and (D) LIFFE shall
use good faith efforts to notify the CBOT as soon as possible, but in any event
within five (5) Business Days, after LIFFE becomes aware of the Claim.
Notwithstanding the foregoing, the CBOT shall have no obligation to defend,
indemnify, or hold any LIFFE Indemnitee harmless from or against any Losses
incurred or suffered by such LIFFE Indemnitee as a result of the gross
negligence or willful misconduct of the LIFFE Indemnitee.

19.  Liability
     ---------

     19.1 Specific Limitations. LIFFE shall have no liability to the CBOT for
any breach of this Agreement or any Losses (including, but not limited to, the
CBOT's inability to use any part of the Licensed Technology or Equipment or Core
Network and the interruption or corruption of any data or information stored,
used, generated or transmitted on or via any Licensed Technology or Equipment or

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Core Network) under this Agreement arising from (a) any defect in the Licensed
Technology, Equipment or Core Network of which LIFFE has not received notice of
from the CBOT within five (5) Business Days following the first date upon which
the CBOT discovered or otherwise became aware of such defect, (b) any Force
Majeure Event, or (c) any Trading Applications or other Third Party Materials.

     19.2 General Limitation. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT,
NEITHER PARTY SHALL HAVE LIABILITY TO THE OTHER FOR ANY LOSS, DAMAGE OR INJURY,
DIRECT OR INDIRECT, WHETHER OR NOT CAUSED BY THE NEGLIGENCE OF SUCH PARTY, ITS
AFFILIATES, OR THE OFFICERS, EMPLOYEES, AGENTS OR REPRESENTATIVES OF SUCH PARTY
OR OF ANY OF ITS AFFILIATES, EXCEPT THAT EACH PARTY SHALL ACCEPT LIABILITY FOR
(a) MATERIAL BREACH OF THIS AGREEMENT, (b) THE GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT OF SUCH PARTY, ITS AFFILIATES OR THE OFFICERS, EMPLOYEES, AGENTS OR
REPRESENTATIVES OF SUCH PARTY OR OF ANY OF ITS AFFILIATES, AND (c) FOR DEATH,
PERSONAL INJURY AND DIRECT PHYSICAL DAMAGE TO THE TANGIBLE PROPERTY OF THE OTHER
CAUSED BY SUCH PARTY, ITS AFFILIATES OR THE OFFICERS, EMPLOYEES, AGENTS OR
REPRESENTATIVES OF SUCH PARTY OR OF ANY OF ITS AFFILIATES. EXCEPT WITH REGARD TO
EITHER PARTY'S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS UNDER SECTION 16 OR ITS
WARRANTIES SET FORTH IN SECTION 17, NEITHER PARTY SHALL BE LIABLE TO THE OTHER
HEREUNDER FOR ANY INDIRECT OR CONSEQUENTIAL LOSS, OR FOR LOSS OF PROFITS,
GOODWILL OR CONTRACTS, WHETHER ARISING FROM NEGLIGENCE, BREACH OF CONTRACT OR
OTHERWISE, AND WHETHER OR NOT EITHER PARTY SHALL HAVE BEEN ADVISED OF OR
OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.

     19.3 Limitation of Liability. The cumulative liability of LIFFE under this
Agreement, the Software License Agreement and the Development Services
Agreement, during the respective terms of this Agreement, the Software License
Agreement and the Development Services Agreement, however arising, will not
exceed [**]; provided, however, that the limitations set forth in this Section
19.3 will not apply to (a) liability of LIFFE for death or personal injury; (b)
fraudulent acts or omissions; or (c) violations of the confidentiality
obligations of Section 16.

     19.4 Claims Against Individuals. Where the liability of a Party (including,
but not limited to, any liability with respect to the officers, employees,
agents or representatives of a Party or any of its Affiliates) has been excluded
or restricted hereunder, each Party agrees that it shall not bring any claim
against any officers, employees, agents or representatives of the other Party or
any of its Affiliates or join such officers, employees, agents or
representatives in any claim such that the liability of such officers,
employees, agents or representatives and such other Party, when taken together,
would be greater than the liability of such other Party hereunder.

20.  Dispute Resolution
     ------------------

     20.1 Escalation. As used herein, "Disputes" means any claims, disputes,
controversies, and other matters in question between the Parties arising out of
or relating to this Agreement or the breach hereof (excluding any third party
claims against LIFFE or the CBOT subject to indemnification pursuant to Section
18, but including any disagreements as to indemnification rights hereunder). Any
Dispute between the Parties that (a) relates to Program Services or (b) relates
to Managed Services and has not been resolved by the Governance Committee in
accordance with Schedule C, shall in the first instance be referred to the
Parties' Relationship Managers for discussion and resolution. If the Dispute is
not resolved by the Relationship Managers within five (5) Business Days, the
Dispute will be referred to the

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Managing Director of LIFFE Market Solutions and a representative of the CBOT at
an equivalent level, who must discuss and, if appropriate, meet within five (5)
Business Days to attempt to resolve the Dispute. If the Dispute is not resolved
by such second representatives within five (5) Business Days, the Dispute will
be referred to the Parties' Chief Executive Officers who must discuss and, if
appropriate, meet within five (5) Business Days to attempt to resolve the
Dispute. If any representative of either Party referred to in this Section 20.1
is not available for any reason, the affected Party shall be entitled to appoint
an appropriate substitute.

     20.2 Mediation. If the Parties cannot resolve any Dispute in accordance
with Section 20.1 within thirty (30) Business Days, they may refer the Dispute
to mediation, to be conducted by a single mediator in (i) Chicago, Illinois, if
LIFFE has initiated the Dispute, or (ii) London, England, if the CBOT has
initiated the Dispute. The Parties shall use good faith efforts to agree upon a
mediator. If the Parties are unable to agree upon a mediator within thirty (30)
Business Days, the Parties may seek judicial resolution and remedy of the
Dispute without first proceeding with mediation. The Parties shall use good
faith efforts to hold the mediation within thirty (30) Business Days following
the selection of a mediator. Unless otherwise agreed by the Parties, no decision
resulting from the mediation proceedings will be binding upon the Parties.
Unless expressly provided herein, each Party will bear its own costs (including
attorneys fees) relating to the mediation, but the Parties will share equally
the fees and expenses charged by the mediator.

     20.3 Arbitration. If a Dispute is not resolved in accordance with Section
20.2, then either Party may provide written notice to the other Party of an
intention to refer the Dispute to arbitration. Any such arbitration shall be:
(a) binding; (b) administered by the International Centre for Dispute Resolution
("ICDR") of the American Arbitration Association ("AAA"); (c) conducted in
accordance with the International Arbitration Rules of the AAA (the "AAA
Rules"), as such AAA Rules may be amended from time to time, except to the
extent this Section 20.3 provides otherwise; (d) held in Chicago, Illinois, if
the Dispute is initiated by LIFFE and in London, England if the Dispute is
initiated by the CBOT; and (e) conducted using the English language. Upon filing
a claim, the filing Party will simultaneously provide written notice of such
claim to the other Party and to the relevant administrator at the ICDR.

        20.3.1 Selection of Arbitrators. Within ten (10) Business Days of
               receipt of the ICDR initiation letter, each Party shall select
               one neutral individual to act as arbitrator. In addition, the
               Parties shall submit a written request to AAA to use its normal
               procedures pursuant to the AAA Rules to appoint the third
               arbitrator within five (5) Business Days of AAA's receipt of such
               request. The arbitrator appointed by AAA shall serve as the
               chairperson of the arbitration panel. The Parties agree that the
               selection of arbitrators must be completed within twenty-five
               (25) Business Days of receipt by both Parties of the ICDR
               initiation letter.

        20.3.2 Cooperation. The Parties shall cooperate with each other in
               causing the arbitration to be held in as efficient and
               expeditious a manner as practicable, and in this respect to
               furnish such documents and make available such personnel as the
               arbitrators may request.

        20.3.3 Reduction of Losses. The Parties have selected arbitration to
               expedite the resolution of Disputes and to reduce the costs and
               burdens associated with litigation. The Parties agree that the
               arbitrators should take these concerns into account when
               determining whether to authorize discovery and, if discovery is
               authorized, the scope of permissible discovery and other hearing
               and pre-hearing procedures. The arbitrators shall render an
               award, including a written decision,

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                 within ninety (90) calendar days after the arbitration notice
                 is provided, unless the Parties otherwise agree or the
                 arbitrators make a finding that a Party has carried the burden
                 of showing good cause for a longer time period.

          20.3.4 Binding Decision. The decision or award of the arbitrators will
                 be final and binding, and may be used as a basis for judgment
                 thereon in any jurisdiction. The award shall be in writing,
                 shall be signed by a majority of the arbitrators, and shall
                 include a written decision setting out the reasons for the
                 disposition of any claim.

          20.3.5 Punitive Damages. Without limiting any other remedies that may
                 be available under applicable law, the arbitrators shall have
                 no authority to award punitive damages.

          20.3.6 Confidentiality. All proceedings and decisions of the
                 arbitrators shall be maintained in confidence to the extent
                 legally permissible, and shall not be made public by any Party
                 or any arbitrator without the prior written consent of the
                 Parties, except as may be required by applicable laws.

          20.3.7 Losses. Each Party shall bear its own costs and attorneys fees,
                 and the Parties shall equally bear the fees, costs, and
                 expenses of the arbitrators and the arbitration proceedings
                 charged by the arbitrators ("Arbitration Fees"); provided,
                 however, that (a) the filing Party shall pay any filing fees
                 charged by the AAA; and (b) the arbitrators may exercise
                 discretion to award costs, but not attorneys fees or
                 Arbitration Fees, to the prevailing Party.

          20.3.8 Obligations. The commencement and pendency of an arbitration
                 under this Section 20.3 shall not relieve either of the Parties
                 of their respective obligations under this Agreement.

          20.3.9 Limitations. A demand for arbitration shall not be made after
                 the date when institution of legal or equitable proceedings
                 based upon such dispute would be barred by the applicable
                 statute of limitations or laches under the laws of the State of
                 Illinois, and the Parties expressly waive any causes of action
                 relating to any Dispute not brought within the period set forth
                 therein.

     20.4 Limitations. Notwithstanding Sections 20.2 and 20.3, nothing herein
restricts the rights of either Party to seek judicial resolution and remedy of
(i) any Disputes, following compliance with Sections 20.2 and 20.3, or (ii) any
claims, disputes, controversies, or other matters in question between the
Parties arising out of either Party's breach of its obligations pursuant to
Section 16 or Section 17.

21. Entire Agreement

     This Agreement, together with the Software License Agreement and the
Development Services Agreement entered into by the Parties, constitutes the
entire understanding between the Parties with respect to the subject matter
hereof and supersedes all prior representations, agreements, negotiations and
discussions between the Parties, including that Letter Agreement entered into by
the Parties as of February 4, 2003.

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22. Schedules

     Each of the schedules attached hereto is a part of and incorporated into
this Agreement. Unless otherwise indicated therein, all capitalized terms
contained within the Schedules will have the meanings ascribed to them in the
main body of this Agreement.

23. Amendments

     Except as expressly provided for herein, this Agreement may be amended only
by an instrument in writing signed by a duly authorized representative of each
Party.

24. Binding Provisions/Third Party Beneficiaries

     This Agreement is binding upon, and shall inure to the benefit of, the
Parties and their respective administrators, legal representatives, successors,
and permitted assigns. The Parties agree that no provision of this Agreement is
intended, expressly or by implication, to purport to confer a benefit or right
of action upon a third party (whether or not in existence, and whether or not
named, as of the Effective Date).

25. Assignment and Sublicensing

     Except as otherwise expressly provided herein, the CBOT shall not assign,
transfer or sublicense any right or obligation under this Agreement without the
prior written approval of LIFFE. Notwithstanding the foregoing, the CBOT may
assign this Agreement to the Electronic Chicago Board of Trade, Inc.; provided
that, in the event of any assignment, the CBOT will provide to LIFFE a written
guarantee of the performance of all obligations of the Electronic Chicago Board
of Trade, Inc., the specific terms of which guarantee shall be agreed upon by
the Parties. LIFFE may, in LIFFE's sole discretion, assign this Agreement and/or
some or all of its rights and obligations under this Agreement to an Affiliate
of LIFFE that is capable of performing the obligations of LIFFE under this
Agreement.

26. Force Majeure

     If the performance of this Agreement by either Party is prevented,
hindered, delayed or otherwise made impracticable by reason of any Force Majeure
Event, that Party shall be excused from such performance to the extent that it
is prevented, hindered or delayed by such cause. In the event a Party becomes
aware of a Force Majeure Event that will affect its performance under this
Agreement, it shall notify the other Party as soon as reasonably practicable.
The Parties shall thereafter work together to take reasonable steps to mitigate
the effects of any inability to perform, if practicable.

27. Separability of Provisions

     Each provision of this Agreement shall be considered separable; and if, for
any reason, any provision of this Agreement is determined by a court of
competent jurisdiction to be invalid, unlawful, or unenforceable, such
determination shall not affect the enforceability of the remainder of this
Agreement or the validity, lawfulness, or enforceability of such provision in
any other jurisdiction.

28. Waiver

     The failure of a Party to exercise or enforce any right conferred upon it
by this Agreement shall not be deemed to be a waiver of any such right or
operate so as to bar the exercise or enforcement thereof at any time or times
hereafter.

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29. Remedies Not Exclusive

     No remedy conferred by any provision of this Agreement is intended to be
exclusive of any other remedy, except as expressly provided in this Agreement,
and each and every remedy shall be cumulative and shall be in addition to every
other remedy given hereunder or now or hereafter existing in law or in equity or
by statute or otherwise.

30. Notices

     Except as otherwise expressly provided herein, all notices, certifications,
requests, demands, payments and other communications hereunder: (a) shall be in
writing; (b) may be delivered by certified or registered mail, postage prepaid;
by hand; by facsimile; or by any internationally recognized private courier; (c)
shall be effective (i) if mailed, on the date ten (10) days after the date of
mailing or (ii) if hand delivered, faxed, or delivered by private courier, on
the date of delivery; and (d) shall be addressed as follows:

          If to the CBOT:

          Board of Trade of the City of Chicago, Inc.
          141 West Jackson Boulevard, Suite 600-A
          Chicago, Illinois 60604 U.S.A.
          Attention: Carol A. Burke

          If to LIFFE:

          LIFFE Administration and Management
          Cannon Bridge House
          1 Cousin Lane
          London, EC4R 3XX (England)
          Attention: Company Secretary

or to such other address or addresses as may hereafter be specified by notice
given by one Party to the other.

31. Announcements

     Neither Party may refer to this Agreement in any publicity or advertising
materials without the other Party's prior written consent.

32. Interpretation

     32.1 Headings, Gender, "Including," "Control" and Person. References to
sections and schedules are to sections of and schedules to this Agreement unless
otherwise indicated. Section headings are inserted for convenience of reference
only and shall not affect the construction of this Agreement. The masculine
gender shall include the feminine and the singular number shall include the
plural, and vice versa. Any use of the word "including" will be interpreted to
mean "including, but not limited to," unless otherwise indicated. Any use of the
terms "controlling," "controlled by" or "under common control with" shall have a
meaning consistent with the definition of "Control" set forth in Section 1.
References to any Person (including the Parties and any other entities referred
to) shall be construed to mean such Person and its successors in interest and
permitted assigns, as applicable.

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     32.2  Inconsistency. In the event of any inconsistency between the terms of
the main body of this Agreement and any Schedule hereto, the terms of the main
body of this Agreement will govern to the extent of the inconsistency.

33.  Further Assurances
     ------------------

     The Parties shall execute all such further documents and do all such
further acts as may be necessary to carry the provisions of this Agreement into
full force and effect.

34.  Governing Law
     -------------

     The validity and effectiveness of this Agreement shall be governed by and
construed and enforced in accordance with the internal laws of the State of
Illinois, without giving effect to the provisions, policies or principles of any
state law relating to choice or conflict of laws. Subject to Section 20, any
legal action or proceeding with respect to this Agreement may be brought
exclusively in the Federal or state courts located in Chicago, Illinois,
including the United States District Court for the Northern District of
Illinois. The United Nations Convention on Contracts for the International Sale
of Goods shall not apply to this Agreement and is hereby disclaimed.

35.  Counterparts
     ------------

     This Agreement may be executed in two counterparts, each of which when so
executed and delivered shall be deemed an original, and both of which together
shall constitute but one and the same instrument.

                  [Remainder of page intentionally left blank.
                             Signature page follows]

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     IN WITNESS WHEREOF, the Parties have executed this Managed Services
Agreement as of May 13, 2003.

                                    LIFFE ADMINISTRATION AND MANAGEMENT, a
                                    company incorporated in England and Wales

                                    By:
                                       -----------------------------------------
                                    Name:
                                         ---------------------------------------
                                    Its:
                                         ---------------------------------------

                                    BOARD OF TRADE OF THE CITY OF CHICAGO, INC.,
                                    a Delaware corporation

                                    By:
                                       -----------------------------------------
                                    Name:
                                         ---------------------------------------
                                    Its:
                                        ----------------------------------------

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                                    SCHEDULES

         Schedule A -   Service Targets, Service Thresholds and CBOT
                        Electronic Exchange Parameters for Managed Services

         Schedule B -   Software and Documentation

         Schedule C -   Managed Services and Maintenance Services Governance

         Schedule D -   Change Control Procedures

         Schedule E -   Master Summary Statement of Work

         Schedule F -   CBOT Acceptable Use and Harassment Policy

         Schedule G -   Call Management Procedures

         Schedule H -   Uplift to Equipment

         Schedule I -   LIFFE Core Network Acceptable Use Policy

         Schedule J -   CBOT Dependencies

         Schedule K -   LIFFE Security Policy

         Schedule L -   Trademark Usage Guidelines

         Schedule M -   Charges

         Schedule N -   LIFFE Travel/Expense Policy

         Schedule O -   Credits and Bonuses

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                                                                       EXECUTION

                                   SCHEDULE A

                     SERVICE TARGETS, SERVICE THRESHOLDS AND
            CBOT ELECTRONIC EXCHANGE PARAMETERS FOR MANAGED SERVICES

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[** 29 pages **]

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                                                                       EXECUTION

                                   SCHEDULE B

                           SOFTWARE AND DOCUMENTATION

[** 4 pages **]

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                                                                       EXECUTION

                                   SCHEDULE C

              MANAGED SERVICES AND MAINTENANCE SERVICES GOVERNANCE
              ----------------------------------------------------

1.   Project Manager and Service Manager

     1.1  Appointments. LIFFE shall appoint and inform the CBOT of the identity
          of a service manager to oversee the Managed Services and the
          Maintenance Services on a day-to-day basis ("LIFFE's Service
          Manager"). The CBOT shall appoint and inform LIFFE of the identity of
          CBOT's Project Manager. Each Party shall promptly notify the other
          Party in writing of any substitutions or replacements of LIFFE's
          Service Manager or CBOT's Project Manager, as applicable, and shall
          take all reasonable steps to minimize any potentially adverse effects
          of such changes.

     1.2  Meetings. Following the end of each Service Period, LIFFE's Service
          Manager and CBOT's Project Manager will meet in person and/or
          conference telephonically, as the Parties may agree ("Service
          Review"), at least once a month (i) to review the Managed Services and
          the Maintenance Services and discuss the day-to-day operational issues
          arising from the provision of such Services by LIFFE, including any
          management or financial issues relating to the Managed Services or the
          Maintenance Services, and Change Requests; and (ii) to compare (x) the
          actual Managed Services provided during the Service Period immediately
          preceding the date of the meeting to (y) the Service Targets for such
          Service Period. LIFFE shall, in consultation with the CBOT, prepare
          (a) a report regarding such comparison of the Managed Services to the
          Service Targets (a "Service Report"); and (b) minutes of the Service
          Review meeting.

     1.3  Service Review. If the reviews conducted pursuant to Paragraph 1.2
          above indicate either that (a) a Service Threshold or CBOT Electronic
          Exchange Parameter in respect of one of the Managed Services was
          exceeded during the relevant Service Period or (b) a Service Target
          was not met during the Service Period, LIFFE's Service Manager will
          initiate a further service review with CBOT's Project Manager to
          establish an appropriate course of action in relation to the exceeded
          Service Threshold and/or CBOT Electronic Exchange Parameter, and/or
          missed Service Target. Such courses of action may include:

          (i)   Renegotiation of the relevant Service Threshold and/or Service
                Target;

          (ii)  No action; or

          (iii) Changes implemented by LIFFE and/or the CBOT.

     1.4  Escalation. LIFFE's Service Manager and CBOT's Project Manager shall,
          as promptly as reasonably practicable, escalate to the Governance
          Committee any issues LIFFE's Service Manager and CBOT's Project
          Manager are unable to resolve between them.

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     1.5  Reports.
          -------

          (a)  Service Reports. The Interim Service Reports and the Service
               Reports shall be prepared by LIFFE, in consultation with the
               CBOT, as set forth in accordance with Paragraph 1.2 above.

          (b)  Reports for Governance Committee. CBOT's Project Manager and
               LIFFE's Service Manager shall work together to prepare reports
               relating to (i) any issue requiring escalation to the Governance
               Committee in accordance with Paragraph 1.4 above, and (ii) any
               other matters the Parties wish to present to the Governance
               Committee, including, for example, Market Participant issues
               relating to the Managed Services or the Maintenance Services and
               overviews of LIFFE's performance of the Managed Services (the
               Interim Service Reports, the Service Reports, and such other
               reports prepared pursuant to this Paragraph 1.5(b), collectively,
               the "Reports").

2.   The Governance Committee

     2.1  Composition of Committee. In accordance with such terms as the Parties
          agree upon, the Parties shall establish a "Governance Committee."
          LIFFE's Service Manager and the CBOT's Project Manager shall co-chair
          the Governance Committee. Constitution of the remaining members of the
          Governance Committee shall be as agreed upon by the Parties.

     2.2  Objectives. The objective of the Governance Committee is to act as a
          forum for each Party to raise and address any operational issues that
          may arise with respect to the Managed Services or the Maintenance
          Services, including (a) issues that have not been resolved between
          CBOT's Project Manager and LIFFE's Service Manager; (b) Change
          Requests regarding the Managed Services or the Maintenance Services;
          (c) Market Participant issues relating to the Managed Services or the
          Maintenance Services; and (d) an overview of LIFFE's performance of
          the Managed Services and the Maintenance Services.

     2.3  Meetings. The Governance Committee shall meet in person and/or
          conference telephonically, as the Parties may agree, at least monthly.
          Meetings of the Governance Committee may be called upon reasonable
          notice by either Party. The agenda for the monthly meetings shall
          include the following:

          (i)   Managed Services performance levels during the preceding month
                and, in particular, conformity with the Service Targets;

          (ii)  Progress of Change Requests regarding the Managed Services or
                the Maintenance Services; and

          (iii) Any relevant Market Participant issues arising during the
                preceding month.

     2.4  Reports. At any meeting of the Governance Committee, the Parties may
          present (a) Change Requests under consideration pursuant to the Change
          Control Procedures and (b) any Reports; provided that such Change
          Requests and/or Reports have been distributed to each Governance
          Committee member prior to such meeting.

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                                                                       EXECUTION

                                   SCHEDULE D

                            CHANGE CONTROL PROCEDURES
                            -------------------------

1.   OVERVIEW

The change control procedures set forth herein and diagrammed in chart form in
Appendix 1 to this Schedule D, shall be used whenever the CBOT or LIFFE has a
requirement to change any component of the Services.

The individual designated by LIFFE to handle the day-to-day management of Change
Requests and/or Summary Statements of Work on behalf of LIFFE ("LIFFE's Project
Manager") will be the principal contact at LIFFE regarding the change control
procedures and will serve as the administrator of the Change Control Procedures.
The representative of the Party requesting the change will be referred to herein
as the "Change Requester."

2.   PROCEDURES

2.1  SUBMIT CHANGE REQUEST

     (a)  To initiate the change control process, the Change Requester must set
          forth on a Change Request Form, a copy of which is attached as
          Appendix 2 to this Schedule D: (i) the name of the Party requesting
          the change, (ii) the Change Requester's name, (iii) the date of the
          request, (iv) a description of the desired change, (v) the designated
          priority of such change (i.e., high, normal or low) and (vi) the
          reason(s) for requesting the change.

     (b)  The Change Requester must then send the Change Request Form to LIFFE's
          Project Manager.

     (c)  LIFFE's Project Manager will, within twenty-four (24) hours of receipt
          of the Change Request Form, acknowledge such receipt by (i) issuing a
          number to correspond with the Change Request Form; (ii) noting on the
          Change Request Form the date of receipt of the Change Request Form,
          the name of LIFFE's Project Manager, the Change Request Form number
          issued, and the date of issuance of such number; and (iii) signing and
          dating the appropriate portion of the Form. LIFFE's Project Manager
          will then (x) send to the Change Requester and, if the Party
          requesting the change is LIFFE, to the CBOT's Project Manager, a copy
          of the acknowledged Change Request Form and (y) record on the Change
          Request Form the date such acknowledged Change Request Form was sent.

2.2  PRELIMINARY REVIEW OF CHANGE REQUEST

     Following acknowledgment of receipt of the Change Request Form, LIFFE's
Project Manager will undertake a preliminary review of the Change Request Form
to ensure that the Change Requester has provided the requisite details. If
LIFFE's Project Manager, in his or her reasonable judgment, determines that the
information provided is insufficient, LIFFE's Project Manager will contact the
Change Requester to request additional information. This cycle will continue
until (i) the requested information is provided or (ii) the Parties agree to
file the Change Request Form and close the matter accordingly. LIFFE's

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Project Manager will not proceed with further assessment of the change request
until and unless such additional information is obtained. If LIFFE's Project
Manager disagrees with the priority of the requested change designated on the
Change Request Form, LIFFE's Project Manager and CBOT's Project Manager shall
review and discuss the nature of the requested change and agree upon the
priority for such change.

2.3  DETERMINATION OF WHETHER AN INITIAL ASSESSMENT IS TO BE CONDUCTED

     (a)  Once LIFFE's Project Manager determines a Change Request Form provides
          sufficient information and the portions of the Change Request Form
          noted above have been completed, LIFFE's Project Manager will, within
          (i) ten (10) Business Days, for a low priority change, (ii) four (4)
          Business Days, for a normal priority change, or (iii) two (2) Business
          Days, for a high priority change, thereafter contact the Change
          Requester and/or, if the Party requesting the change is LIFFE, the
          CBOT's Project Manager, to discuss (i) whether an initial assessment
          of the change request is to be undertaken and (ii) the date by which
          any initial assessment should be completed.

     (b)  If LIFFE's Project Manager and the Change Requester and/or, if the
          Party requesting the change is LIFFE, the CBOT's Project Manager,
          agree that no initial assessment of the change request is to be
          undertaken, LIFFE's Project Manager will file the Change Request Form
          and close the matter accordingly.

     (c)  In the circumstance where more than one initial assessment has been
          undertaken for a particular change request, the Parties may agree to
          halt the process of assessing the change request, in which case
          LIFFE's Project Manager will file the Change Request Form and close
          the matter accordingly.

          [**]

2.4  INITIAL ASSESSMENT

     (a)  If LIFFE's Project Manager and the Change Requester and/or, if the
          Party requesting the change is LIFFE, the CBOT's Project Manager,
          agree that an initial assessment is to be undertaken, LIFFE's Project
          Manager will, unless otherwise agreed, commence such initial
          assessment within (i) ten (10) Business Days, for a low priority
          change, (ii) four (4) Business Days, for a normal priority change, or
          (iii) two (2) Business Days, for a high priority change, thereafter
          and shall use reasonable efforts to complete the initial assessment by
          the agreed upon completion date.

     (b)  As applicable to the particular change request, LIFFE's Project
          Manager will assess the change request and document:

          . [**]

     (c)  The Party requesting the change shall use reasonable efforts to ensure
          that the Change Requester and other appropriate personnel are
          available to provide to LIFFE's Project Manager information or other
          input or assistance relating to the initial assessment.

2.5  ACCEPTANCE OF INITIAL ASSESSMENT

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     (a)  Once an initial assessment has been completed, LIFFE's Project Manager
          will attach to the relevant Change Request Form a copy of any written
          results of the initial assessment and provide to the Change Requester
          and, if the Party requesting the change is LIFFE, the CBOT's Project
          Manager a copy of such results. LIFFE's Project Manager and the Change
          Requester and/or, if the Party requesting the change is LIFFE, the
          CBOT's Project Manager, will then discuss the results of the
          assessment and determine (i) whether to accept or reject the initial
          assessment and (ii) if the initial assessment is rejected, whether to
          file the Change Request Form and close the matter or to continue
          performing the initial assessment.

     (b)  If the initial assessment is rejected and no further work on the
          initial assessment is to be undertaken, LIFFE's Project Manager will
          file the Change Request Form and close the matter accordingly.

     (c)  If the initial assessment is rejected and it is agreed that additional
          work on the initial assessment is to be conducted, LIFFE's Project
          Manager and Change Requester and/or, if the Party requesting the
          change is LIFFE, the CBOT's Project Manager, will agree upon a revised
          date of completion of the initial assessment and LIFFE's Project
          Manager will carry out such further work and repeat the applicable
          procedures set out in Paragraphs 2.4(b) and 2.5(a). This cycle will
          continue until LIFFE's Project Manager and the Change Requester
          and/or, if the Party requesting the change is LIFFE, the CBOT's
          Project Manager, either (i) agree to the initial assessment and senior
          representatives of each Party have executed the appropriate section of
          the Change Request Form, or (ii) agree to file the Change Request Form
          and close the matter accordingly.

2.6  DETAILED PLAN

     (a)  If LIFFE's Project Manager and the Change Requester and/or, if the
          Party requesting the change is LIFFE, the CBOT's Project Manager,
          agree to the initial assessment, then senior representatives of each
          Party will indicate such acceptance on the Change Request Form by
          signing the appropriate section of the Change Request Form.

     (b)  LIFFE's Project Manager will then coordinate the production of a
          "detailed plan" for the requested change and shall use reasonable
          efforts to complete the "detailed plan" by the agreed upon completion
          date. Each such "detailed plan" will include (i) an estimated schedule
          for implementation of the change requested, and (ii) the Charges which
          would be associated with implementation of the requested change.

     (c)  The Parties shall use reasonable efforts to ensure that appropriate
          personnel are available to provide to LIFFE's Project Manager
          information or other input or assistance relating to creation of the
          detailed plan.

2.7  ACCEPTANCE OF DETAILED PLAN

     (a)  Once the detailed plan has been completed, LIFFE's Project Manager
          will attach to the relevant Change Request Form a copy of the detailed
          plan and provide to the Change Requester and, if the Party requesting
          the change is LIFFE, the CBOT's Project Manager a copy of such
          detailed plan. Thereafter, LIFFE's Project Manager and the Change
          Requester and/or, if the Party requesting the change is LIFFE, the
          CBOT's Project

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               Manager, will review the completed detailed plan and determine
               (i) whether to accept or reject the detailed plan and (ii) if the
               detailed plan is rejected, whether to file the Change Request
               Form and close the matter or to continue working on the detailed
               plan.

          (b)  If the detailed plan is rejected and no further work on the
               detailed plan is to be undertaken, LIFFE's Project Manager will
               file the Change Request Form and close the matter accordingly.

          (c)  If the detailed plan is rejected and it is agreed that additional
               work on the detailed plan is to be conducted, LIFFE's Project
               Manager will carry out such further work and repeat the
               applicable procedures set forth in Paragraphs 2.6(b) and 2.7(a).
               This cycle will continue until LIFFE's Project Manager and the
               Change Requester and/or, if the Party requesting the change is
               LIFFE, the CBOT's Project Manager, accept the detailed plan or
               agree to file the Change Request Form and close the matter
               accordingly.

2.8  IMPLEMENT SOLUTION

     (a)  If LIFFE's Project Manager and Change Requester and/or, if the Party
          requesting the change is LIFFE, the CBOT's Project Manager, agree to
          accept the detailed plan, then senior representatives of each Party
          (i) will indicate acceptance of the change requested and the detailed
          plan by signing the appropriate section of the Change Request Form and
          (ii) LIFFE's Project Manager will coordinate the implementation of the
          change requested as per the detailed plan.

     (b)  The Parties shall use reasonable efforts to ensure that appropriate
          personnel are available to provide assistance with implementing the
          change requested as per the detailed plan.

     (c)  LIFFE's Project Manager will periodically provide to the Parties a
          report of the current status of the implementation of the change
          requested.

2.9  COMPLETE CHANGE REQUEST

     (a)  Once implementation has been completed, senior representatives of the
          Parties will each so indicate by signing the appropriate section of
          the Change Request Form.

     (b)  LIFFE's Project Manager will thereafter (i) arrange for an invoice to
          be sent to the CBOT for any Charges associated with the build, test,
          and/or implementation as appropriate of the requested change and (ii)
          file the completed, and fully executed, Change Request Form.

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                                                        Appendix 1 to Schedule D

            Input Change                File CR if
              Request                    process
                                        exhausted

              Assess
              Change         No
              Request

           Request Form
             Correct

        Initial Assessment              File CR if
          With an agreed                 process
         completion date                exhausted

                             No

            Assessment
             Accepted?

                Yes

          Detailed Plan                 File CR if
          With an agreed                 process
          completion date               exhausted

                             No

               Plan
             Accepted?

                Yes

         Implement Solution             File CR if
                                         process
                                        exhausted

                             No

               Change
              Accepted?

              Dispatch
              Invoice
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          Complete Change
              Request                 D-5

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                                                        Appendix 2 to Schedule D

                               Change Request Form

--------------------------------------------------------------------------------
Change Request No.
--------------------------------------------------------------------------------

================================================================================
Change Requester Details & Authorization
================================================================================

Name of Change Requester: ______________      Date of Request:   _____/____/____

Party Requesting Change:                      [All dates required to be set out
                                              in this Change Request Form must
                                              be in the format dd-mmm-yyyy e.g
____  LIFFE                                   29 Jan 2003.]

____  CBOT

Priority of Change Requested:

____  high

____  normal

____  low

================================================================================
Description of Change

Continued on separate sheet -  YES/NO
================================================================================
Reason for Requested Change

Continued on separate sheet -  YES/NO
================================================================================

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================================================================================
Change Request Logged by LIFFE's Project Manager

                                      Change Request Number Issued:   __________

                                      Date Number Issued:___/___/______

Date Request Received:        /         /
                      -------- --------- --------

Acknowledgement Sent:   ___/___/______

Name of the CBOT's Project Manager [If LIFFE is the Party requesting the
Change]:______________________________________

Name of LIFFE's Project Manager:  _______________________

Signature of LIFFE's Project Manager:  ____________________

================================================================================
Initial Assessment Completed (A copy of the written results of the initial
assessment is to be attached.)

Agreed Initial Assessment Completion Date   ___/___/______

Initial Assessment Accepted

[To be signed by senior representatives of each Party.]

Each of the signatories below hereby represents that he or she is authorized to
agree to the initial assessment on behalf of the entity for which he or she has
signed.

LIFFE:

Name:    _________________________     Signature:    _________________________
Date:    ___/___/______

CBOT:

Name:    _________________________     Signature:    _________________________
Date:    ___/___/______

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

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================================================================================
Detailed Plan Completed (A copy of the written results of the initial assessment
is to be attached.)

Agreed Detailed Plan Completion Date   ___/___/______

Detailed Plan Agreed; Implementation to Commence

[To be signed by senior representatives of each Party.]

Each of the signatories below hereby represents that he or she is authorized to
accept the detailed plan and this Change Request Form on behalf of the entity
for which he or she has signed.

LIFFE:

Name:    _________________________     Signature:    _________________________
Date:    ___/___/______

CBOT:

Name:    _________________________     Signature:    _________________________
Date:    ___/___/______

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

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

Change Request Agreed

[To be signed by senior representatives of each Party.]

Each of the signatories below hereby represents that he or she is authorized to
accept the detailed plan and this Change Request Form on behalf of the entity
for which he or she has signed.

LIFFE:

Name:                                    Signature:
      ---------------------------------             ----------------------------
Date:    /   /
      --- --- ------

CBOT:

Name:                                  Signature:
      ---------------------------------             ----------------------------
Date:    /   /
      --- --- ------
================================================================================

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                                                                       EXECUTION

                                   SCHEDULE E

                        MASTER SUMMARY STATEMENT OF WORK
                        --------------------------------

     This Master Summary Statement of Work (this "SSOW"), dated as of the last
date signed below (the "SSOW Execution Date") is between LIFFE ADMINISTRATION
AND MANAGEMENT, a company incorporated in England and Wales ("LIFFE"), and BOARD
OF TRADE OF THE CITY OF CHICAGO, INC., a Delaware corporation (the "CBOT").

     This SSOW, including all Change Requests attached as Appendix A hereto,
shall be incorporated by reference into the Managed Services Agreement between
the Parties, dated as of May 1, 2003 (the "MSA"), and is subject to the terms
and conditions of the MSA. Unless otherwise indicated, capitalized terms used
but not otherwise defined herein shall have the meaning ascribed to them in the
MSA.

1.   Definitions
     -----------

     If used in this SSOW, the following expressions shall mean, respectively:

     "Accepted" means issuance by the CBOT of an Acceptance Certificate in
     relation to the Software Change.

     "Acceptance Criteria" means the criteria derived from the Software Change
     Specifications that must be met by the Software Change in order to pass the
     relevant Acceptance Test.

     "Acceptance Test" means a test comprised of the Acceptance Criteria, Test
     Cases and Test Data, and carried out in accordance with the relevant Test
     Plan and Paragraph 3.

     "Acceptance Testing" shall have the meaning set forth in Paragraph 2.2(c).

     "Catch Up Period" shall have the meaning set forth in Paragraph 2.3.2.

     "CBOT Defect" shall have the meaning set forth in Paragraph 3.3.2.2.

     "CBOT Deliverables" means any and all software, documentation, or other
     deliverables required to be provided by the CBOT pursuant to this SSOW.

     "CBOT Software" shall have the meaning set forth in Paragraph 3.1.

     "Documentation" means any operating manuals, user instructions, technical
     literature, and other documentation supplied by LIFFE to the CBOT for the
     purposes of assisting the CBOT's use of and/or access to the Software
     Change and incorporation of the Software Change into the Trading System.

     "Evidence" means evidence of a defect in the Software Change, including the
     date the defect is detected; the environment (test or production) in which
     the defect occurred; the business impact

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     of the defect; component or subsystem - with the version number in which
     the defect is detected; the transaction being executed upon detection of
     the defect; the screen name if the defect can be evidenced by an online
     component; any inputs (including Standing Data) evidencing the defect;
     expected outputs/behavior; outputs (such as messages and message logs)
     evidencing the defect; whether the market mode at the time of the defect is
     repeatable (yes/no); any stack trace and core dumps evidencing the defect;
     the scenario that caused the failure (to be in a step by step format); the
     settings of the user defined fields within the application (price limit
     values, etc.); and any information, logs or traces evidencing the defect
     which are generated by any third party application.

     "Final Acceptance Certificate" means a certificate issued by the CBOT in
     accordance with Paragraph 3.4, which certificate acknowledges that the
     Software Change is ready to be made available for use in a real time live
     trading environment, and may note any subsequent obligations agreed by the
     Parties.

     "Initial Acceptance Certificate" means a certificate issued by the CBOT in
     accordance with Paragraph 3.3.3.

     "Integration Testing" shall have the meaning set forth in Paragraph 2.2(d).

     "Key Milestones" shall have the meaning set forth in Paragraph 2.3.1.

     "Material Defect" means a defect which results in a failure of the key
     functionality of the Software Change to materially conform to the Software
     Change Specifications. For the avoidance of doubt,"Material Defect" shall
     not include any failures of a cosmetic or trivial nature, failures which do
     not materially impact upon the use of the Trading System, including the
     Software Change, or failures with respect to which a viable workaround has
     been identified.

     "Milestones" shall have the meaning set forth in Paragraph 2.3. "MSA" shall
     have the meaning set forth above.

     "Program Services Deliverables" means any and all Software Change,
     documentation, or other deliverables required to be provided by LIFFE
     pursuant to this SSOW.

     "Project Manager" means that individual responsible on behalf of LIFFE or
     the CBOT, as applicable, for the day to day management of the Program
     Services.

     "Simulations" shall have the meaning set forth in Paragraph 2.2(e).

     "Software Change Specifications" means any specifications for the Software
     Change agreed upon by the Parties and set forth in Appendix A.

     "SSOW" shall have the meaning set forth above.

     "SSOW Effective Date" shall have the meaning set forth above.

     "SSOW Go Live Date" means the earliest date, agreed by the Parties, upon
     which any Software Change delivered by LIFFE under this SSOW is made
     available for use in a real time live trading environment.

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     "System Testing" shall have the meaning set forth in Paragraph 2.2(a).

     "Test Cases" means those scripted tests used to verify Test Data.

     "Test Data" means a set of input values or conditions and results in either
     value form or condition form, to verify that the performance of the
     Software Change materially conforms to the Software Change Specifications.

     "Test Material" means, collectively, Acceptance Criteria, Test Cases, Test
     Data and Test Plans.

     "Test Plans" means one or more documents setting out the procedures
     (including the detailed timing) for each Acceptance Test, based on the
     Acceptance Criteria.

2.   Services

     2.1 Overview. LIFFE shall use reasonable efforts to provide to the CBOT the
Program Services set forth in Change Request(s) attached as Appendix A, in
accordance with the terms of such Appendix A, this SSOW and the remaining
portions of the MSA. Any requests by either Party for material changes to the
nature or scope of the Program Services to be delivered under this SSOW must be
made in accordance with the Change Control Procedures. Appendix A shall (a) set
forth any Software Change Specifications; (b) specify any locations agreed upon
by the Parties to which such Software Change is to be delivered or at which it
is to be installed; and (c) specify the operating system(s) on which the
Software Change may be used.

     2.2 Software Development Services. Unless otherwise specified in
Appendix A, the Program Services to be delivered under this SSOW shall include
the following:

          (a)  testing of the Software Change, prior to releasing such Software
               Change to the CBOT for any Acceptance Testing to be conducted
               under this SSOW, in order to ascertain whether the Software
               Change materially conforms to any Software Change Specifications
               ("System Testing");

          (b)  physical delivery of the Software Change and any related
               Documentation LIFFE has agreed to provide to, and installation of
               the Software Change at such location(s) as may be agreed upon by
               the Parties;

          (c)  assisting the CBOT with Acceptance Testing of the Software
               Change, in accordance with the procedures set forth in Paragraph
               3 ("Acceptance Testing");

          (d)  assisting the CBOT with testing whether individual and collective
               components of CBOT Technology conform with the Software Change
               (or any interface components thereof), and whether any interface
               components of the Software Change perform in accordance with the
               Software Change Specifications in accordance with the procedures
               set forth in Paragraph 3 ("Integration Testing"); and

          (e)  assisting the CBOT with simulations of the CBOT Electronic
               Exchange utilizing the Software Change ("Simulations").

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     2.3 Milestones. Any milestones in respect of the Program Services agreed
upon by the Parties shall be set out in Appendix A (the "Milestones"). LIFFE
shall use reasonable efforts to meet any such Milestones, and shall have at its
disposal the resources necessary to meet such Milestones. The CBOT acknowledges
that (a) such Milestones are goals, not guarantees; and (b) LIFFE's ability to
meet such Milestones (i) is contingent upon the CBOT's compliance with its
applicable obligations under the MSA, including the CBOT's obligations under
Section 11 of the MSA and this SSOW; and (ii) may be affected by the CBOT's
initiation of a further Change Request resulting in modification of the nature
or scope of the Program Services and any reinstatement of the Program Services
following suspension of the Program Services pursuant to Section 10.5 of the
MSA.

          2.3.1 Key Milestone Likely Not To Be Met. In the event that Appendix A
                identifies any key Milestones pertaining to the Program Services
                ("Key Milestones") and LIFFE reasonably anticipates that any
                such Key Milestones may not be met, then LIFFE shall notify
                the CBOT promptly of the potential delay, and shall inform
                the CBOT of LIFFE's basis for such determination. Thereafter,
                (a) the Parties shall cooperate to identify resources, and
                to devise and carry out measures, to facilitate the prompt
                completion of the Program Services associated with such Key
                Milestone, and (b) LIFFE's Project Manager shall report on a
                daily basis to the CBOT's Project Manager LIFFE's progress
                in endeavoring to meet the Key Milestone.

          2.3.2 Missed Key Milestone. In the event that any Key Milestone is not
                met, LIFFE shall promptly notify the CBOT of the missed Key
                Milestone. Thereafter, (a) the Director of Global Programme
                Delivery, LIFFE Market Solutions shall report on a daily basis
                to a representative of the CBOT at an equivalent level
                LIFFE's progress towards the completion of the Program
                Services associated with such Key Milestone; and (b) the
                Parties shall (i) continue to carry out any measures devised
                in accordance with Paragraph 2.3.1 or, if no such measures
                have been devised, cooperate to identify resources, and to
                devise and carry out measures, to facilitate the prompt
                completion of the Program Services associated with the
                missed Key Milestone; (ii) cooperate to identify resources,
                and to devise and carry out measures, to mitigate the impact
                upon future Milestones of missing such Key Milestone; and
                (iii) agree, in advance of carrying out any further
                endeavors to complete the Program Services associated with
                the Key Milestone, [**] associated with the missed Key
                Milestone during the period between the Key Milestone and
                the date of completion of the Program Services associated
                with such Key Milestone (the "Catch Up Period"); provided,
                however, that (x) [**] in the event the delay in meeting the
                Key Milestone is a result of the CBOT's failure to fulfill
                any of its obligations under this SSOW or other portions of
                the MSA; and (y) if the services associated with the missed
                Key Milestone are solely the responsibility of LIFFE, [**]
                during the Catch Up Period. Once the Program Services
                associated with the Key Milestone have been completed, LIFFE
                shall notify the CBOT of the date of completion of such
                Program Services.

          2.3.3 [**]. In the event that any Key Milestone is not met, with
                respect to Charges for all Program Services performed by LIFFE
                during the Catch Up Period, the CBOT may, at its option and upon
                written notice to LIFFE, [**], the Payment Date for such
                Charges; provided, however, that no [**] pursuant to this
                Paragraph

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                2.3.3 shall be made in the event the delay in meeting the Key
                Milestone is a result of the CBOT's failure to fulfill any of
                its obligations under this SSOW or other applicable portions of
                the MSA, including its obligations under Section 11 of the MSA.
                Notwithstanding the foregoing, the Parties agree that, upon the
                SSOW Go Live Date, all Program Services associated with Key
                Milestones will be deemed to have been completed.

          2.3.4 Disputes. In the event of any Dispute with respect to the
                foregoing Paragraphs 2.3.1 to 2.3.3, the Parties shall address
                such Dispute in accordance with Section 19 of the MSA.

     2.4 Progress Reports. LIFFE shall provide the CBOT written reports
regarding the status of LIFFE's performance of the Program Services, at
intervals to be agreed upon by the Parties.

 3. Acceptance Testing
    ------------------

     3.1 System Testing. Acceptance testing shall not commence until (a) LIFFE
has notified the CBOT in writing that LIFFE has reasonably determined that the
Software Change materially conforms to the Software Change Specifications and
(b) the CBOT has notified LIFFE in writing that the CBOT has reasonably
determined that CBOT Deliverables comprising software (the "CBOT Software")
materially conforms to the CBOT's specifications for such CBOT Software and any
Interfaces specifications identified on Appendix A. Between delivery of such
notice to the other Party and the CBOT's issuance of the Initial Acceptance
Certificate, (i) LIFFE shall endeavor to provide the CBOT written notice of any
modifications of the Software Change, and (ii) the CBOT shall endeavor to
provide LIFFE written notice of any modifications to the CBOT Software.

     3.2 Preparation. Unless otherwise specified in Appendix A, Acceptance
Testing will consist of two phases: Integration Testing and Simulations. By no
later than the applicable Milestones, or such dates as are otherwise agreed upon
by the Parties, the CBOT shall, in consultation with LIFFE, prepare and submit
to LIFFE Acceptance Criteria, Test Cases, Test Data, and Test Plans in respect
of the Software Change, suitable to demonstrate that such Software Change can be
integrated with the Software (as defined in the MSA) and that the Software
Change materially conforms to the applicable portions of the Software Change
Specifications. LIFFE shall review each such submission and shall notify the
CBOT of its objections or concerns with the submission. The CBOT shall cooperate
in good faith to modify the Test Material to address LIFFE's reasonable
objections and create mutually acceptable Test Material.

     3.3 Integration Testing.
         --------------------

          3.3.1 Notification. Unless otherwise specified in Appendix A,
                commencing upon any relevant Milestone set forth in Appendix A
                or upon any alternative date agreed upon by the Parties, the
                CBOT shall, with LIFFE's reasonable assistance, carry out
                Integration Testing at LIFFE's offices in London and the CBOT's
                facilities in Chicago, or elsewhere as the Parties may deem most
                appropriate to facilitate acceptance testing and to meet any
                relevant Milestones.

          3.3.2 Suspected Defects.
                ------------------

               3.3.2.1 Material Defects. If a Material Defect is suspected, (a)
                       the CBOT shall, immediately upon becoming aware of such
                       suspected Material Defect,

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                       provide LIFFE's Project Manager written notice of such
                       suspected Material Defect, together with all Evidence of
                       such suspected Material Defect reasonably available to
                       the CBOT, and (b) at LIFFE's request, the Parties shall
                       re-perform the relevant Integration Testing and present
                       the results thereof to each Party's Project Manager. If
                       the Parties agree that Integration Testing has revealed a
                       Material Defect, the Parties shall document the nature of
                       the Material Defect identified by the Integration
                       Testing. As soon as reasonably practicable thereafter,
                       (i) LIFFE shall use reasonable efforts to remedy the
                       Material Defect and shall notify the CBOT's Project
                       Manager once LIFFE reasonably believes the Material
                       Defect has been remedied; and (ii) the Parties shall
                       repeat the Integration Testing, in whole or in part as
                       necessary, to confirm that such Material Defect has been
                       remedied. If such initial efforts to remedy the Material
                       Defect prove unsuccessful, this cycle shall be repeated
                       until (x) Integration Testing results reveal no Material
                       Defects or (y) the CBOT otherwise agrees to issue an
                       Initial Acceptance Certificate, and the CBOT shall not
                       repeated cycle (s) in the event that the need to repeat
                       such incur any Charges for Services in respect of such
                       cycle is due to LIFFE's failure to remedy the Material
                       Defect.

               3.3.2.2 CBOT Defects. If Integration Testing reveals a defect in
                       the CBOT Software (a "CBOT Defect"), the Parties shall
                       document the nature of the CBOT Defect identified by the
                       Integration Testing and provide to the CBOT's Project
                       Manager any evidence of the CBOT Defect discovered during
                       Integration Testing. As soon as reasonably practicable
                       thereafter, unless otherwise agreed by the Parties, (i)
                       the CBOT shall use reasonable efforts to remedy the CBOT
                       Defect and shall notify LIFFE's Project Manager once the
                       CBOT reasonably believes the CBOT Defect has been
                       remedied; and (ii) the Parties shall repeat the
                       Integration  Testing, in whole or in part as necessary,
                       to confirm that  such CBOT Defect has been remedied. If
                       such efforts to  remedy the CBOT Defect prove
                       unsuccessful, this cycle shall be repeated until
                       Integration Testing results reveal no CBOT Defects.

          3.3.3 Initial Acceptance Certificate. Unless otherwise specified in
                Appendix A, once all of the Software Change has completed
                Integration Testing successfully, the CBOT shall promptly sign
                and deliver to LIFFE's Project Manager an Initial Acceptance
                Certificate, which shall evidence the CBOT's Acceptance of the
                Software Change. Following the delivery of the Initial
                Acceptance Certificate and subject to the terms thereof, no
                modifications, other than such configuration changes as are
                agreed upon by the Parties and may be necessary for purposes of
                carrying out the Simulations and/or for making the Software
                Change and the CBOT Software available for trading in a real
                time live trading environment, shall be made to the Software
                Change or the CBOT Software prior to the SSOW Go Live Date,
                without the written consent of the Parties.

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3.4 Simulations.

          3.4.1 Notification. Unless otherwise specified in Appendix A,
                following issuance of the Initial Acceptance Certificate and in
                accordance with any relevant Milestone, the CBOT shall, with
                LIFFE's reasonable assistance, carry out Simulations.

          3.4.2 Suspected Defects.

                3.4.2.1 Material Defects. If a Material Defect is suspected, (a)
                        the CBOT shall, immediately upon becoming aware of such
                        suspected Material Defect, provide LIFFE's Project
                        Manager written notice of such suspected Material
                        Defect, together with all Evidence of such suspected
                        Material Defect reasonably available to the CBOT, and
                        (b) at LIFFE's request, the Parties shall re-perform the
                        relevant Simulation and present the results thereof to
                        each Party's Project Manager. If the Parties agree that
                        a Simulation has revealed a Material Defect, the Parties
                        shall document the nature of the Material Defect
                        identified by the Simulation. As soon as reasonably
                        practicable thereafter, (i) LIFFE shall use reasonable
                        efforts to remedy the Material Defect and shall notify
                        the CBOT's Project Manager once LIFFE reasonably
                        believes the Material Defect has been remedied; and
                        (ii) the Parties  shall repeat the Simulation, in whole
                        or in part as  necessary, to confirm that such Material
                        Defect has been remedied. If such initial efforts to
                        remedy the Material Defect prove unsuccessful, this
                        cycle shall be repeated until (x) Simulation results
                        reveal no Material Defects or (y) the CBOT otherwise
                        agrees to issue a Final Acceptance Certificate, and the
                        CBOT shall not incur any Charges for Services in respect
                        of such repeated cycly(s) in the event that the need to
                        repeat such cycle is due to LIFFE's failure to remedy
                        the Material Defect.

               3.4.2.2  CBOT Defects. If a Simulation reveals a CBOT Defect, the
                        Parties shall document the nature of the CBOT Defect
                        identified by the Simulation and provide to CBOT's
                        Project Manager any Evidence of the CBOT Defect
                        discovered during Simulation. As soon as reasonably
                        practicable thereafter, (i) the CBOT shall use
                        reasonable efforts to remedy the CBOT Defect and shall
                        notify LIFFE's Project Manager once the CBOT reasonably
                        believes the CBOT Defect has been remedied; and (ii) the
                        Parties shall repeat the Simulation, in whole or in part
                        as necessary, to confirm that such CBOT Defect has been
                        remedied. If such efforts to remedy the CBOT Defect
                        prove unsuccessful, this cycle shall be repeated until
                        Simulation results reveal no CBOT Defects.

               3.4.3   Final Acceptance Certificate. Unless otherwise specified
                       in Appendix A, once the Software Change has completed
                       Simulations successfully, the CBOT shall promptly sign
                       and deliver to LIFFE's Project Manager a Final Acceptance
                       Certificate. Following the delivery of the Final
                       Acceptance Certificate and subject to the terms thereof,
                       no modifications, other than such configuration changes
                       as are agreed upon by the Parties and may be necessary
                       for purposes of making the Software Change and the CBOT
                       Software available for trading in a real time live
                       trading environment, shall be made to the Software Change
                       or the

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                       CBOT Software prior to the SSOW Go Live Date, without
                       the written consent of the Parties.

     3.5 SSOW Go Live Date. Notwithstanding any provision to the contrary
herein, unless otherwise specified in Appendix A, the Software Change will not
be made available for use in a real time live trading environment until and
unless the CBOT has delivered to LIFFE's Project Manager an executed Final
Acceptance Certificate in accordance with Paragraph 3.4.3.

     3.6 Disputes. Any Dispute relating to Acceptance Testing shall be addressed
in accordance with the dispute resolution procedures set forth in Section 19 of
the MSA.

     3.7 Acceptance. All Software Change that has been Accepted pursuant to the
terms of this SSOW shall be deemed "Software" within the meaning of the MSA.

4. CBOT's Dependencies
   -------------------

     In addition to all other obligations of the CBOT set forth in this SSOW and
other portions of the MSA, the CBOT shall comply with those dependencies set
forth in Appendix A.

5. Project Managers
   ----------------

     5.1 Appointments. Each Party shall appoint and inform the other Party of
the identity of a Project Manager to serve as the primary points of contact
between LIFFE and the CBOT with respect to the Program Services to be delivered
under this SSOW.

     5.2 Substitutions. Each Party shall promptly notify the other in writing of
any substitutions for or replacements of such individuals appointed in
accordance with Paragraph 5.1, as applicable, and shall take all reasonable
steps to minimize any potential adverse effects of such changes.

6. Charges
   -------

     In consideration for LIFFE's performance of the Program Services hereunder,
the CBOT shall pay to LIFFE the Program Services Charges, in accordance with
Section 10 and Schedule M of the MSA.

7. Term
   ----

     The term of this SSOW will commence upon the SSOW Effective Date and will
continue until the (a) completion of the Program Services or (b) the expiration
or termination of the MSA, unless otherwise agreed by the Parties.

8. Proprietary Rights
   ------------------

     In accordance with Section 14 of the MSA, as between the CBOT and LIFFE,
all rights, title and interest in and to all Program Services Deliverables and
other materials provided by LIFFE under this SSOW, including all copyrights,
trademarks, patents, trade secrets and other intellectual property inherent in
the foregoing or appurtenant thereto, shall be and remain vested in LIFFE (or
LIFFE's Affiliates, suppliers or licensors, as applicable).

                  [Remainder of page intentionally left blank.
                             Signature page follows]

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     IN WITNESS WHEREOF, the Parties have executed this Master Summary Statement
of Work as of the SSOW Effective Date.

                                    LIFFE ADMINISTRATION AND MANAGEMENT, a
                                    company incorporated in England and Wales

                                    By:
                                       -----------------------------------------
                                    Name:
                                         ---------------------------------------
                                    Its:
                                        ----------------------------------------
                                    Date:
                                         ---------------------------------------

                                    BOARD OF TRADE OF THE CITY OF CHICAGO, INC.,
                                    a Delaware corporation

                                    By:
                                       -----------------------------------------
                                    Name:
                                         ---------------------------------------
                                    Its:
                                        ----------------------------------------
                                    Date:
                                         ---------------------------------------

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                                   Appendix A

                               [Change Request(s)]

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                                                                       EXECUTION

                                   SCHEDULE F

                 CBOT'S ACCEPTABLE USE AND HARASSMENT POLICIES

                             Chicago Board of Trade
                     Information Security Program Management

                              Acceptable Use Policy

                                  Requirements
                                Table of Contents

  1. User Responsibilities ..............................................Page 2

  2. Prohibited Uses ....................................................Page 2

  3. Operational Data ...................................................Page 3

  4. Right to Privacy ...................................................Page 4

  5. Discoverability of Electronic Information ..........................Page 4

  6. Audits of the System ...............................................Page 4

  7. Monitoring .........................................................Page 4

  8. Non-Compliance Disciplinary Actions ................................Page 4

                             Chicago Board of Trade
                     Information Security Program Management

                              Acceptable Use Policy

General Policy

Chicago Board of Trade (CBOT(R)) requires that the use of the computing systems
and facilities located at, or operated by, the Chicago Board of Trade (CBOT)
will be conducted in an effective, efficient, ethical, and lawful manner.

This Acceptable Use Policy (referred to as "Policy") supersedes any and all
prior policies relating to the subject matter contained herein. The CBOT
reserves the right to change or supplement this Policy at any time.

Purpose

The Chicago Board of Trade's Acceptable Use Policy is intended to assure that
the use of the computing systems and facilities located at, or operated by, the
Chicago Board of Trade (CBOT) is conducted in an effective, efficient, ethical,
and lawful manner.

Applicability

This policy applies to all Chicago Board of Trade systems users of the computing
systems and facilities located at, or operated by, the Chicago Board of Trade
(CBOT).

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Key Definitions

     CBOT Computing Systems and Facilities - Any system including but not
     limited to individual desktop and laptop computers, file and network
     servers, networks, floppy disks, magnetic tapes, CDROM devices,
     telecommunications systems, or other computing and storage devices provided
     or supported by any CBOT division. Throughout the Policy, the CBOT's
     Computing Systems and Facilities are collectively referred to as "CBOT
     Systems".

     Use - The use of data/programs stored on CBOT Systems.

     User - The person granted an account or accounts on CBOT Systems in order
     to perform work in support of a CBOT program or project. A user may be an
     employee, temporary help, contractor, consultant, or third party with whom
     special arrangements have been made.

          Note: The terms user, worker, and employee are all used to represent a
          full-time employee, part-time employee, temporary help, contractor,
          consultant, or third party that has special arrangements that give
          telecommuting access to CBOT systems.

Responsibility for Implementing the Policy

Managers of all the Chicago Board of Trade systems users of the computing
systems and facilities located at, or operated by, the Chicago Board of Trade
(CBOT) are responsible for assuring that the use of these computing systems and
facilities is conducted in an effective, efficient, ethical, and lawful manner.
Requirements

1.   User Responsibilities  The following requirements govern User
     Responsibilities:

1.1  CBOT Systems are owned by CBOT and are operated by CBOT employees,
     consultants, and other third parties such as temporary workers and are to
     be used for authorized CBOT purposes only. Users are authorized to prepare
     and store incidental personal data on CBOT systems provided that such usage
     does not interfere with or affect the user's performance or violate the law
     or any CBOT standards of conduct. The CBOT assumes no liability for loss,
     damage, disclosure or misuse of any such incidental personal data stored on
     CBOT Systems.

1.2  Users are responsible for protecting any information used and/or stored
     within their CBOT accounts in accordance with the CBOT Information Security
     Policies and Standards.

1.3  Users are required to report any weaknesses in CBOT Systems and any
     incidents of possible misuse or violation of this Policy to their
     supervisor and Information Security Program management.

2.   Prohibited Uses  Prohibited uses of CBOT Systems include but are not
     limited to the following:

2.1  Users shall not attempt to access any data or programs contained on CBOT
     Systems for which they do not have authorization.

2.2  Users shall not attempt to access CBOT Systems remotely except to transmit
     or retrieve electronic mail (e-mail) or voicemail messages unless
     authorized by a Vice President or Department Director.

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2.3  Users shall not attempt to access non-CBOT Systems (e.g. the Internet or
     external dial-up facilities) from CBOT Systems unless authorized by a Vice
     President or Department Director.

2.4  Users shall not install software programs on CBOT Systems. Software
     programs may be installed on CBOT Systems only by Departmental LAN (Local
     Area Network) Administrators or those authorized by Information Technology
     Department Senior Management.

2.5  Users may not use software that is not owned by, or licensed to, the CBOT.
     This includes using CBOT Systems to copy any software documents or other
     information protected under copyright law.

2.6  Users shall not make unauthorized copies of system configuration files
     (e.g. password files) for their own personal use or on the behalf of
     others.

2.7  Users shall not purposely engage in activity with the intent to:

     .    harass, discriminate against, or intimidate others;
     .    degrade the performance of CBOT systems;
     .    deprive an authorized CBOT user access to a CBOT resource;
     .    obtain extra resources beyond those allocated (e.g. circumvent disk
          quotas or otherwise violate resource allocation policies);
     .    circumvent security measures or gain access to a CBOT System for which
          proper authorization has not been granted.

2.8  Users shall not purposely create, store, transmit, or view illegal,
     offensive, or inappropriate material, including but not limited to
     pornography, hate/crime/violence-related material, and drug/alcohol-related
     material.

2.9  Users shall not use CBOT Systems to frequently engage in the solicitation
     of non-CBOT business ventures or any political, religious, charitable, or
     personal causes unless authorized in writing by the CBOT.

2.10 Users shall not download, install, or run security programs or utilities
     which reveal weaknesses in the security of a system.

2.11 Users shall not remove CBOT Systems (e.g. software, hardware, design
     specifications) from the CBOT premises unless authorized by a Vice
     President or Department Director.

2.12 Users shall not forward any attorney-client message from CBOT legal counsel
     to anyone else without said counsel's authorization.

2.13 Users shall not transmit non-public information or attorney-client
     communications via the Internet or other extranet connectivity.

3.   Operational Data  The following requirements govern Operational Data:

3.1  Users may not access "operational data" on CBOT Systems (i.e. non-public
     data that relates to the operations of the CBOT, its members, member firms,
     or other market participants), except pursuant to a regulatory purpose and
     upon approval by a Vice President or Department Director.

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3.2  Users authorized to access operational data may not update, delete, or
     modify any such data unless authorized by a Vice President or Department
     Director.

3.3  Non-CBOT users may not access operational data on CBOT Systems except
     pursuant to a regulatory purpose, upon approval by a Vice President or
     Department Director and upon execution of a confidentiality agreement.

4.   Right to Privacy  The following requirements govern Right to Privacy:

The CBOT has legal ownership of all information stored on or transmitted from
CBOT Systems. Therefore, users should have no expectation of privacy associated
with the information they store in or send through CBOT Systems.

To properly maintain and manage this information, the CBOT reserves the right to
access, review, monitor, copy, modify, and delete any information (including
personal data) transmitted through or stored on CBOT Systems and, where
appropriate, to disclose it to any party.

5.   Discoverability of Electronic Information  The following requirements
     govern Discoverability of Electronic Information:

Electronic information transmitted or stored anywhere on CBOT Systems is subject
to discovery and may be admissible in court or administrative proceedings.

6.   Audits of the System  The following requirements govern Audits of the
     System:

To ensure compliance with these policies, the CBOT may, without notice, conduct
periodic audits of CBOT Systems. The CBOT reserves the right to conduct special
audits at any time when a violation of this Policy is suspected. The CBOT will
investigate all information security incidents and report them to senior
management.

7.   Monitoring  The following requirements govern Monitoring:

7.1  In general terms, the CBOT does not engage in blanket monitoring of
     employee communications on CBOT systems. The CBOT does, however, reserve
     the right to monitor, access, retrieve, read, and/or disclose employee
     communications when: (a) a legitimate business need exists that cannot be
     satisfied by other means, (b) the involved employee is unavailable and
     timing is critical to a business activity, (c) there is reasonable cause to
     suspect criminal activity or policy violation, or (d) monitoring is
     required by law, regulation, or third-party agreement.

7.2  CBOT employees will be notified of all CBOT Systems monitoring policies.
     CBOT employees and their managers will be informed about all monitoring
     activities with the only permissible exception being investigations of
     suspected criminal activity.

8.   Non-Compliance Disciplinary Actions  The following requirements govern
     Non-Compliance Disciplinary Actions:

8.1  The CBOT reserves the right to revoke the privileges of any user at any
     time. Any noncompliance with these CBOT Systems user requirements will
     constitute a security violation and will be reported to the management of
     the CBOT user and Information Security Program Management. Security
     violations may result in short-term or permanent loss of access to CBOT

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     Systems. Serious violations will result in disciplinary action, including
     termination of employment.

8.2  Users who abuse their CBOT Systems privileges may also be subject to
     external disciplinary action including civil or criminal legal action. By
     making use of CBOT Systems, users consent to allow all information they
     store on CBOT Systems to be divulged to law enforcement at the discretion
     of CBOT senior executive management.

Harassment Policy

Sexual harassment is an infringement of an employee's, applicant's or
consultant's right to work in an environment free from unlawful sexual pressure.
The CBOT(R) is strongly committed to a workplace free of sexual harassment. In
keeping with this policy, the CBOT will not tolerate sexual harassment of
employees, applicants, or consultants by other employees or non-employees in the
workplace.

Sexual harassment consists of unlawful verbal or physical conduct directed at a
person when that conduct is based on that person's sex and has a substantial
adverse effect on him or her in the workplace. Such conduct may include, but is
not limited to, the following:

1.   requests for sexual favors that may or may not be accompanied by threats or
     promises of preferential treatment with respect to an individual's
     employment status;

2.   verbal, written or graphic communications of a sexual nature, including
     lewd or sexually suggestive comments, off-color jokes of a sexual nature or
     displays of sexually explicit pictures, photos, posters, cartoons, books,
     magazines or other items; or

3.   patting, pinching, hitting or any other unnecessary contact with another
     person's body or threats to take such action.

Any employee, applicant or consultant who believes that he or she has been
sexually harassed in the workplace should report the harassment as soon as
possible after it occurs to their supervisor. Any complaint regarding harassment
by a CBOT employee should be presented to the complaining individual's
supervisor or the CBOT Human Resources Department. Any supervisor who receives
such a complaint must notify the Human Resources Department of the complaint as
soon as possible. Complaints pertaining to harassment by members or member firm
employees should be directed to the head of Investigations in the Office of
Investigations and Audits. Complaints pertaining to harassment by other
non-employees should be directed to the Human Resources Department. The CBOT
will thoroughly investigate all complaints and will keep them confidential, only
disclosing them on a "need-to-know" basis.

The CBOT will not retaliate against any person who has been harassed and/or has
reported the harassment. No supervisor or other employee may in any way base an
employment decision regarding a person on the fact that the person has been
harassed and/or has reported the harassment to the CBOT.

The CBOT will not tolerate any violations of this policy. Violations of this
policy by employees or consultants will subject the offending employee(s) or
consultant(s) to appropriate disciplinary action up to and including discharge
from employment or termination of services. Members and their employees who
violate this policy will also be subject to appropriate disciplinary action.

60163707

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                                                                       EXECUTION

                                   SCHEDULE G

                           CALL MANAGEMENT PROCEDURES

1. CBOT's Call Management Obligations.

     1.1 Market Participants. Upon receipt of each Call from a Market
Participant, the CBOT shall:

          1.1.1 Assess whether the Call relates to LIFFE's delivery of the
                Managed Services.

          1.1.2 If the CBOT determines the Call relates to LIFFE's delivery of
                the Managed Services:

                [**]

          1.1.3 If the CBOT determines the Call does not relate to LIFFE's
                delivery of the Managed Services:

                [**]

     1.2 CBOT Personnel. In addition to performing the obligations set forth in
Paragraph 1.1, the CBOT shall:
                [**]

2. LIFFE's Call Management Obligations.

     2.1 Calls Routed by the CBOT. [**]

     2.2 Direct Calls from Market Participants. [**]

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                                                                       EXECUTION

                                   SCHEDULE H

                                EQUIPMENT UPLIFT

[** 2 pages **]

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                                                                       EXECUTION

                                   SCHEDULE I

                    LIFFE CORE NETWORK ACCEPTABLE USE POLICY

1. Permitted Purpose

   Except as otherwise agreed by LIFFE, those Persons authorized to use the
   Core Network in relation to the CBOT Electronic Exchange ("Users") shall
   use the Core Network solely for purposes of participating in, accessing or
   obtaining information from the CBOT Electronic Exchange via an Interface
   with the Equipment.

2. Compliance with Laws

   Users shall use the Core Network in accordance with all applicable laws and
   regulations and any additional reasonable requirements as LIFFE may deem
   necessary to protect the Core Network. Without limiting the foregoing,
   Users shall not use, transmit, distribute or store via the Core Network any
   data, information or other material ("Data") which (i) infringes or
   otherwise violates any copyright, trademark, trade secret or other
   intellectual property of any individual or entity; (ii) is pornographic,
   obscene, or exploitative of a minor; (iii) is menacing, malicious,
   illegally threatening or defamatory; or (iv) violates export laws or
   otherwise violates any applicable treaty, law or regulation.

3. Harmful Activities

   Users shall not use the Core Network to transmit, distribute or store any
   Data or undertake any other activities that may be harmful to or otherwise
   interfere with (i) the Core Network or the use thereof by any other User or
   other authorized user of the Core Network, or (ii) any system, network or
   equipment of LIFFE or any third party, including: (i) intercepting or
   attempting to intercept Data or other transmissions passing over the Core
   Network; (ii) forwarding chain letters; (iii) sending multiple e-mails or
   large transmissions that could reasonably be expected to annoy or harass or
   to impose a disproportionately large load on, or degrade the functionality
   of, the Core Network (e.g., "mail bombing"); (iv) sending any e-mail
   containing misleading or incorrect headers or information rendering the
   origin of the e-mail unclear or deceptive; (v) sending bulk or unsolicited
   e-mail messages ("spamming"), either directly or by relaying; or (vi)
   transmitting any virus, worm or Trojan Horse.

4. Security

     4.1 Users shall not violate or attempt to violate the security of the Core
   Network or interfere or attempt to interfere with LIFFE's systems, networks,
   authentication measures, servers or equipment or with the use of or access
   to the Core Network by any other User or any other authorized user of the
   Core Network. Such prohibited activity includes (i) logging into a server
   where access is not authorized; (ii) probing, scanning, or testing the
   security or vulnerability of the Core Network or other networks; and (iii)

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   attempting to gain access via the Core Network to any account or computer
   resource not belonging to such User ("spoofing").

     4.2 Users shall not monitor Data or traffic on the Core Network except via
   a Trading Application or Interface.

5. Enforcement

   Except as may be agreed between LIFFE and the CBOT, LIFFE shall have no
   obligation to monitor or exercise control over any Data transmitted,
   distributed or stored by any User via the Core Network. Notwithstanding the
   foregoing, LIFFE reserves the right to monitor and control activities
   undertaken via the Core Network.

6. Responsibility

   Each User is fully responsible for all uses of the Core Network undertaken
   (i) by such User or (ii) via such User's Trading Application or Interface.

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                                                                       EXECUTION

                                   SCHEDULE J

                                CBOT DEPENDENCIES

[** 3 pages **]

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                                                                       EXECUTION

                                   SCHEDULE K

                              LIFFE SECURITY POLICY

[**2 pages**]

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                                                                       EXECUTION

                                   SCHEDULE L

                           TRADEMARK USAGE GUIDELINES

LIFFE CONNECT(R) Logotype Standards

Contents

1  BASIC ELEMENTS..............................................................2

  1.1  Logotype................................................................2
  1.2  LIFFE CONNECT(R) colours................................................2

2  DESIGN GUIDELINES FOR PRINT.................................................3

  2.1  Critical space..........................................................3
  2.2  Colours.................................................................3
    2.2.1  LIFFE CONNECT(R) Gold...............................................3
    2.2.2  LIFFE CONNECT(R) Red................................................3
    2.2.3  LIFFE CONNECT(R) Black..............................................3
  2.3  Logotype backgrounds....................................................3

3  DESIGN GUIDELINES FOR THE WEB...............................................4

  3.1  Critical space..........................................................4
  3.2  Colours.................................................................4
    3.2.1  LIFFE CONNECT(R) Gold...............................................4
    3.2.2  LIFFE CONNECT(R) Red................................................4
    3.2.3  LIFFE CONNECT(R) Black..............................................4
  3.3  Logotype backgrounds....................................................4
  3.4  Logo rendering..........................................................4

4  TEXT........................................................................5

(C) LIFFE 2002, 2003

All proprietary rights and interest in this publication shall be vested in LIFFE
Administration and Management ("LIFFE") and all other rights including, but
without limitation, patent, registered design, copyright, trademark, service
mark, connected with this publication shall also be vested in LIFFE. LIFFE
CONNECT(R) is a trademark of LIFFE Administration and Management. No part of
this publication may be redistributed or reproduced in any form or by any means
or used to make any derivative work (such as translation, transformation, or
adaptation) without written permission from LIFFE. LIFFE reserves the right to
revise this publication and to make changes in content from time to time without
obligation on the part of LIFFE to provide notification of such revision or
change.

LIFFE Administration and Management
Cannon Bridge House . 1 Cousin Lane . London EC4R 3XX . United Kingdom
Telephone: +44 (0)20 7623 0444  Fax: +44 (0)20 7588 3624
http://www.liffe.com/
Registered in England no 1591809

LIFFE Administration and Management is a part of the Euronext Group.

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1 Basic elements

                           [LOGO OF LIFFE CONNECT(R)]

1.1 Logotype

The LIFFE CONNECT(R) logotype is legally protected and registered and must be
reproduced accurately. The logo has been specially drawn and must not be altered
or modified in any way. The logo must always be used horizontally and never at
an angle.

1.2 LIFFE CONNECT(R) colours

The LIFFE CONNECT(R) logo is made up of three colours: gold, red and black. They
are defined and specified below for print and web.

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2    Design Guidelines for Print

2.1  Critical space

Space equivalent to the height of the main lettering of the logotype is to be
kept around all four sides of the logotype. This is a minimum and more should
always be given if possible.

2.2  Colours

2.2.1 LIFFE CONNECT/(R)/ Gold

      [**]

2.2.2 LIFFE CONNECT/(R)/ Red

      [**]

2.2.3 LIFFE CONNECT/(R)/ Black

      Black

2.3  Logotype backgrounds

Wherever possible, the logotype should be reproduced in LIFFE CONNECT/(R)/ gold,
red and black.

In cases where only one colour reproduction of the logotype is possible it
should appear in single colour only using either LIFFE CONNECT/(R)/ gold, red,
black or white.

On single colour items the logotype may appear in the colour that the item is
printed.

When appearing out of a coloured background the logotype must appear reversed
'white out' or in one colour black.

On four colour items the pantone colours may be converted to the equivalent in
cmyk.

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3    Design Guidelines for the Web

3.1  Critical space

Space equivalent to the height of the logotype L is to be kept around all four
sides of the logotype. This is a minimum and more should always be given if
possible.

3.2  Colours

3.2.1 LIFFE CONNECT/(R)/ Gold

      [**]

3.2.2 LIFFE CONNECT/(R)/ Red

      [**]

3.2.3 LIFFE CONNECT/(R)/ Black

      [**]

3.3  Logotype backgrounds

Wherever possible, the logotype should be reproduced in LIFFE CONNECT/(R)/ gold,
red and black.

When appearing out of a coloured background the logotype must appear reversed
'white out' or in black.

3.4  Logo rendering

The LIFFE CONNECT/(R)/ logotype must be rendered in its entirety as an image. It
must never be generated client-side. When rendered the logotype should be clear,
clean and crisp. Overall dimensions should be to an exact number of pixels to
avoid excessive anti-aliasing.

If used in Flash animations the logotype should be imported as a vector image.
It should not be modified or distorted.

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4    Text

LIFFE CONNECT/(R)/ should be written in capitals and with the trademark
registration symbol /((R))/ at all times.

For web sites, this only applies where LIFFE CONNECT/(R)/ appears in a heading
or as body text on a web page. It is not relevant for file names or directory
structures.

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                                                                       EXECUTION

                                   SCHEDULE M

                                     CHARGES
                                     -------
[**7 pages**]

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                                                                       EXECUTION

                                   SCHEDULE N

                           LIFFE TRAVEL/EXPENSE POLICY

1. Air Travel

All LIFFE staff travel British Airways Club Class for any journey in excess of 4
hours. If a Business Class seat is not available or the time or airport of
departure is not convenient, then the traveler may choose Business Class with
Virgin Atlantic. If Business Class Seats with neither British Airways nor Virgin
Atlantic are available within a 2 hour window either side of the preferred
departure time, then the traveler may choose Business Class with any other
airline.

If the journey is less than 4 hours then Economy Class travel will be used.
Within the U.S. we do not have a limitation on which airlines are selected.

2. Hotels

LIFFE staff will reside in reasonable accommodation when staying away from home
overnight on business. This is dependant upon location and duration, but LIFFE
suggests that a rate no greater than [**] per night is reasonable for the staff
in the U.S.

Accommodation for consultants over weekends will be charged.

3. Expenses

LIFFE generally does not expect the staff working away from the office to incur
average general expenses in excess of [**] per day. This will include all local
travel to and from the CBOT office, meals, calls, laundry, etc.

All expenses except those of an exceptional nature and pre-agreed by the client,
will be not be charged. Exceptional expenses will be charged and identified
individually on any invoice.

4. General

The CBOT will not be charged for the time a LIFFE consultant is on flights
unless LIFFE incurs a charge. This would only be the case where the consultant
is a staff contractor.

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          AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**].

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                                                                       EXECUTION

                                   SCHEDULE O

                               CREDITS AND BONUSES

[**3 pages**]

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                                                        Appendix 1 to Schedule 0

[**13 Sheets**]

  Confidential Materials Omitted and Filed Separately with the Securities and
           Exchange Commission pursuant to a Request for Confidential
                     Treatment. Asterisks Denote Omissions.

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