Document:

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                                                                   Exhibit 10.12

                  BOARD OF TRADE OF THE CITY OF CHICAGO, INC.

                             EMPLOYMENT AGREEMENT

          THIS AGREEMENT is made as of February 20, 2001 (as amended and
supplemented from time to time in accordance with its terms, this "Agreement"),
between Board of Trade of the City of Chicago, Inc., a Delaware nonstock
corporation, with its principal office at 141 West Jackson Boulevard, Chicago,
Illinois 60604 (the "CBOT"), and David J. Vitale ("Executive").

          In consideration of the mutual covenants contained herein and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

          1.   Employment.  The CBOT shall employ Executive, and Executive
hereby agrees to accept employment with the CBOT, upon the terms and conditions
set forth in this Agreement for the period beginning on the date hereof and
ending as provided in Section 4 hereof (the "Employment Period").

          2.   Position and Duties.

               (a) Subject to the terms of this Agreement, during the Employment
     Period, Executive shall serve as the President and Chief Executive Officer
     of the CBOT and shall perform all duties associated with the management and
     operation of the CBOT and its Subsidiaries (the "Companies"), including the
     execution of all policies formulated by the board of directors of the CBOT
     (the "Board"), the selection and hiring of personnel for the various
     divisions and departments, the training and establishing of duties and
     responsibilities of supervisory personnel, and improvements in
     organization, accounting procedures and financial policy for the Companies,
     in each case subject to the (i) Amended and Restated Certificate of
     Incorporation of the CBOT, as amended; (ii) Amended and Restated Bylaws of
     the CBOT, as amended (the "Bylaws"); (iii) Rules and Regulations of the
     CBOT, as amended; and (iv) the power of the Board to expand or limit such
     duties, responsibilities, functions and authority and to override actions
     of officers of the CBOT.  It is understood that, without limiting the
     generality of the foregoing, Executive shall, pursuant to direction from
     the Board, be responsible for overseeing and directing the implementation
     of the proposed restructuring of the CBOT pursuant to the restructuring
     transactions (as the same may be modified from time to time, the
     "Restructuring Transactions") described in the CBOT's Registration
     Statement on Form S-4 filed with the Securities and Exchange Commission on
     January 26, 2001 (as amended from time to time, the "Registration
     Statement").

               (b) During the Employment Period, Executive shall report to the
     Board and shall devote his best efforts and his full business time and
     attention (except for permitted vacation periods and reasonable periods of
     illness or other incapacity) to the business and affairs of the Companies.
     Executive shall perform his duties, responsibilities and functions to the
     Companies hereunder to the best of his abilities in a diligent,
     trustworthy, businesslike and efficient manner.

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               (c) Notwithstanding anything to the contrary contained herein,
     Executive may serve as a director of National Futures Association and the
     Futures Industry Association and, subject to the approval of the Board,
     serve as a director of other corporations that are not Competitors.  In
     addition, the Executive may participate in civic and charitable activities
     that do not adversely affect his ability to carry out his responsibilities
     hereunder.

               (d) For purposes of this Agreement, "Subsidiaries" shall mean any
     corporation or other entity of which the securities or other ownership
     interests having the voting power to elect a majority of the board of
     directors or other governing body are, at the time of determination, owned
     by the CBOT, directly or through one of more Subsidiaries.  In addition,
     for purposes of this Agreement, "Competitor" shall mean any entity, which
     primarily serves as a: (i) securities exchange or market, (ii) futures
     exchange or market, (iii) securities or futures transaction execution
     facility, or (iv) any combination of the foregoing.

          3.   Compensation and Benefits.

               (a) During the Employment Period, Executive's base salary shall
     be $1,250,000 per annum or such other higher rate as the Board may
     determine from time to time (as increased, and not decreased, from time to
     time, the "Base Salary"), which salary shall be payable by the CBOT in
     regular installments in accordance with the CBOT's general payroll
     practices for senior executive employees.  In addition, during the
     Employment Period, Executive shall be entitled to participate in all of the
     CBOT's employee benefit programs for which senior executive employees of
     the CBOT are generally eligible, and Executive shall be entitled to five
     (5) weeks of paid vacation each year.

               (b) In addition to the Base Salary, Executive shall be entitled
     to a performance bonus (a "Performance Bonus") for the fiscal year ending
     December 31, 2001, which shall not be less than $750,000.  Thereafter, the
     Board may, in its sole discretion, award a Performance Bonus to Executive
     following the end of each subsequent fiscal year during the Employment
     Period based upon Executive's performance and the CBOT's operating results
     during such year.  Payment of any Performance Bonus determined by the Board
     shall be made in a single lump sum during the last calendar month of the
     fiscal year.

               (c) The CBOT will pay Executive retirement benefits determined
     under the terms of the CBOT's regular qualified retirement plans (the
     "Qualified Plans"), the non-qualified CBOT Deferred Compensation Plan (the
     "Deferred Compensation Plan") and such other non-qualified plans or
     arrangements as the Board may from time to time adopt for the benefit of
     senior executive employees of the CBOT ("Other Plans" and together with the
     Deferred Compensation Plan, "Non-Qualified Plans"); provided that, if
     Executive's Employment Period expires or is terminated (i) (A) on or after
     February 20, 2005; (B) as a result of the Executive's death or Permanent
     Disability; (C) by the CBOT without Cause; or (D) by Executive with Good
     Reason, and (ii) prior to Executive becoming 100% vested in the Qualified
     Plans and Non-Qualified Plans, then Executive shall receive an additional
     benefit payable from the Non-Qualified Plans (it being understood that, in
     the event there does not exist a Non-Qualified Plan on such date, payment
     shall be made from the general

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     assets of the CBOT) in an amount equal to the amount of Executive's non-
     vested benefits accrued as of the date of termination under the Non-
     Qualified Plans and the Qualified Plans (without regard to limits under
     federal law).

               (d) As of the date hereof, the CBOT hereby grants to Executive
     Equity Appreciation Rights (the "Incentive Award") in accordance with
     Appendix A to this Agreement.

               (e) Executive shall be eligible for such other perquisites, paid
     for or reimbursed by the CBOT, that are customary for the chief executive
     officer and president of a major financial institution, such as club
     memberships, automobile allowance and reimbursement for financial planning
     and other professional services.  All such perquisites are subject to the
     approval of the Board or a committee designated by the Board, which
     approval shall not be unreasonably withheld, and shall not exceed twenty-
     five thousand dollars ($25,000) in the aggregate for each fiscal year
     during the Employment Period.

               (f) The CBOT shall reimburse Executive for all reasonable
     expenses incurred by him during the Employment Period in the course of
     performing his duties and responsibilities under this Agreement, which are
     consistent with the CBOT's policies in effect from time to time with
     respect to travel, entertainment and other business expenses, subject to
     the CBOT's requirements with respect to reporting and documentation of such
     expenses.  In addition, the CBOT will reimburse Executive for reasonable
     legal and other professional services expenses incurred by Executive as a
     result of negotiating and documenting Executive's employment arrangements
     with the CBOT as soon as reasonably practicable following receipt of a
     written bill or invoice for services performed in form reasonably
     satisfactory to the CBOT.

          4.   Term; Termination.

               (a) Unless extended by the mutual written agreement of the
     parties or sooner terminated as provided herein, the term of Executive's
     employment hereunder shall commence on the date hereof and shall end on
     February 20, 2005.

               (b) Except as otherwise provided in Sections 4(f), 4(i) and 4(j)
     hereof, the Employment Period, Executive's right to any Base Salary,
     Performance Bonus and any and all other rights of Executive as an employee
     of the CBOT may be terminated as follows: (i) upon the death of Executive;
     (ii) upon the Permanent Disability (hereinafter defined) of Executive;
     (iii) by the CBOT at any time for Cause (hereinafter defined) immediately
     upon notice from the CBOT to Executive, or at such later time as such
     notice may specify; (iv) by the CBOT at any time without Cause immediately
     upon notice from the CBOT to Executive, or at such later time as such
     notice may specify; (v) by Executive for Good Reason (hereinafter defined)
     immediately upon notice from Executive to the CBOT, or at such later time
     as such notice may specify; or (vi) by Executive without Good Reason
     immediately upon notice from Executive to the CBOT, or at such later time
     as such notice may specify.

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               (c) For purposes of this Agreement, a "Permanent Disability"
     shall be deemed to have occurred upon the first to occur of the following
     events: (i) if Executive, as a result of a mental or physical condition,
     injury, sickness or incapacity, has become incapable of satisfactorily (as
     determined by the Board) discharging the essential functions of Executive's
     duties for one hundred twenty (120) consecutive days during any period of
     twelve (12) consecutive months; or (ii) the adjudication of such Executive
     as an incompetent or disabled person by a court of competent jurisdiction.

               In the event of any dispute regarding the existence of
     Executive's Permanent Disability hereunder, the matter will be resolved by
     the determination of a majority of three physicians qualified to practice
     medicine in Illinois, one to be selected by each of Executive and the CBOT,
     and the third to be selected by the two designated physicians.  For this
     purpose, Executive will submit to appropriate medical examinations by the
     doctors making the determination of Permanent Disability under this Section
     4(c), and Executive hereby authorizes the disclosure and release to the
     CBOT of such determination and all supporting medical records, which the
     CBOT will hold in the strictest confidence.  If Executive is not legally
     competent, Executive's legal guardian or duly authorized attorney-in-fact
     will act in Executive's stead, under this Section 4(c), for the purposes of
     submitting Executive to the examinations, and providing the authorization
     of disclosure, required under this Section 4(c).

               (d) For purposes of this Agreement, "Cause" means:  (i)
     conviction of a felony or a crime involving moral turpitude (other than
     Limited Vicarious Liability or a routine traffic violation); (ii)
     Executive's material breach of this Agreement, provided that such breach is
     not cured within 10 days after delivery to Executive of a notice from the
     Board requesting cure; (iii) gross negligence or the willful or intentional
     material misconduct by Executive in the performance of his duties under
     this Agreement; and (iv) willful or intentional failure by Executive to
     materially comply (to the best of his ability) with a specific, written
     direction of the Board that is consistent with normal business practice and
     not inconsistent with this Agreement and Executive's responsibilities
     hereunder, provided that such refusal or failure (1) is not cured to the
     best of Executive's ability within 10 days after the delivery thereof to
     Executive and (2) is not based on Executive's reasonable good faith belief,
     as expressed by written notice to the Board given within such 10-day
     period, that the implementation of such direction of the Board would be
     unlawful or unethical.  For purposes of the preceding sentence, "Limited
     Vicarious Liability" shall mean any liability which is: (I) based on acts
     of the CBOT for which Executive is responsible solely as a result of his
     office(s) with the CBOT and (II) provided that (x) he was not directly
     involved in such acts and either had no prior knowledge of such intended
     actions or promptly acted reasonably and in good faith to attempt to
     prevent the acts causing such liability or (y) he did not have a reasonable
     basis to believe that a law was being violated by such acts.

               (e) For purposes of this Agreement, "Good Reason" means any of
     the following: (i) the CBOT's material breach of this Agreement which is
     not cured within 30 days after written notice thereof to the CBOT by
     Executive; (ii) the assignment of Executive without his consent to a
     position, responsibilities, or duties of a materially lesser

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     status or degree of responsibility than his position, responsibilities, or
     duties which is not cured within 30 days after written notice thereof to
     the CBOT by Executive; (iii) causing or requiring Executive to report to
     anyone other than the Board; (iv) the (A) failure of the CBOT to assign
     this Agreement to a successor to the CBOT or failure of a successor to the
     CBOT to explicitly assume and agree to be bound by the Agreement and (B)
     failure of the CBOT or a successor to the CBOT to provide Executive with
     employment with the successor to the CBOT on substantially similar terms;
     or (v) requiring Executive to be principally based at any office or
     location more than fifty (50) miles from the current corporate offices of
     the CBOT.

               (f) Except as otherwise provided in Sections 4(i) and 4(j)
     hereof, effective upon the termination of the Employment Period, the CBOT
     will be obligated to pay Executive only such compensation as is provided in
     this Section 4(f), and such compensation shall be in lieu of all other
     amounts and in settlement and complete release of all claims the Executive
     may have against the Companies.

               (i) If the Employment Period is terminated because of Executive's
          death, Executive will be entitled to receive his Base Salary payable
          in accordance with the CBOT's normal payroll practices through the end
          of the sixth calendar month following the calendar month in which the
          Employment Period is terminated and any portion of the Incentive Award
          that is not vested at such time shall immediately vest.

               (ii) If the Employment Period is terminated because of
          Executive's Permanent Disability, (A) (1) during the first year of
          such Permanent Disability (but in no event beyond the end of the
          Employment Period, assuming the Employment Period had not otherwise
          expired pursuant to the terms of this Agreement), Executive shall be
          entitled to receive his Base Salary, and (2) during any remaining
          period of such Permanent Disability (but in no event beyond the end of
          the Employment Period, assuming the Employment Period had not
          otherwise expired pursuant to the terms of this Agreement), Executive
          shall be entitled to receive one half of his Base Salary payable in
          accordance with the CBOT's normal payroll practices, and (B) any
          portion of the Incentive Award that is not vested at such time shall
          immediately vest. Notwithstanding the foregoing provisions of this
          Section 4(f)(ii), the amounts payable to Executive under this Section
          4(f)(ii) shall be reduced by any amounts received by Executive with
          respect to any such Permanent Disability pursuant to any insurance
          policy, plan or other employee benefit provided to Executive by the
          CBOT.

               (iii) If the CBOT terminates the Employment Period for Cause or
          upon expiration of the Employment Period, Executive will be entitled
          to receive his Base Salary payable in accordance with the CBOT's
          normal payroll practices through and including the date of termination
          or the last day of the Employment Period, as the case may be, and any
          portion of the Incentive Award that has not been exercised prior to
          such date shall be forfeited unless the Board, in its sole discretion,
          determines otherwise.

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                    (iv) If the CBOT terminates the Employment Period without
          Cause or if the Executive terminates the Employment Period with Good
          Reason, Executive will be entitled to receive (A) his Base Salary
          through the last day of the Employment Period (assuming the Employment
          Period had not been terminated by either party prior to the expiration
          of the Employment Period pursuant to Section 4(a) hereof), and (B) if
          such date of termination occurs prior to payment of the Performance
          Bonus for fiscal year 2001, $750,000, in each case payable in
          accordance with the CBOT's normal payroll practices, and any portion
          of the Incentive Award that is not vested at such time shall
          immediately vest; provided that any portion of the Incentive Award
          that is not exercised during the four-year period following the date
          of termination shall be forfeited; provided further that Executive
          shall be entitled to receive such compensation and exercise vested
          portions of the Incentive Award if and only if Executive has complied
          with and continues to comply with the provisions of Sections 5, 6 and
          7 hereof.

                    (v) If Executive terminates the Employment Period without
          Good Reason, Executive will be entitled to receive his Base Salary
          through the date of termination, and any portion of the Incentive
          Award that has not been exercised at such time shall be forfeited

               (g) Executive's accrual of, or participation in plans providing
     for, the benefits will cease at the effective date of the termination of
     the Employment Period, and Executive will be entitled to accrued benefits
     pursuant to such plans only as provided in such plans or as required by
     law. Except with respect to a termination of the Employment Period by the
     CBOT for Cause or by the Executive without Good Reason, Executive will be
     entitled to receive, as part of his termination pay pursuant to Section
     4(f) hereof,  payment for any vacation, holiday, sick leave, or other leave
     unused on the date the Employment Period is terminated in accordance with
     established CBOT policies.

               Notwithstanding the above, the CBOT shall have no obligation to
     make any payments pursuant to Section 4(f) hereof until and unless
     Executive executes and delivers to the CBOT an agreement, in form and
     substance reasonably satisfactory to the CBOT and its counsel, in
     settlement of and complete release of all claims Executive may have against
     the CBOT, other than claims arising pursuant to Section 4(f) hereof and
     such other provisions of this Agreement surviving termination of the
     Employment Period.

               (h) In the event the Employment Period is terminated by Executive
     pursuant to Section 4(f)(v) above with less than thirty (30) days advance
     written notice of same to the CBOT, the parties acknowledge that the CBOT
     will be damaged thereby, but that such damages will be difficult to
     calculate.  Accordingly, Executive will promptly pay to the CBOT, or allow
     the CBOT to set off against any monies it may then owe to Executive, as
     liquidated damages a sum equal to Executive's Base Salary, on the date of
     termination divided by 360 for each day Executive's notice of termination
     hereunder is less than thirty (30) days.

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               (i) Notwithstanding anything to the contrary contained herein, in
     the event the Restructuring Transactions are not completed within twelve
     (12) months of the date of this Agreement (it being understood that such
     period may be extended by an additional six (6) months if, in the sole and
     absolute discretion of Executive, reasonably satisfactory progress is being
     made towards completion of the Restructuring Transactions), within thirty
     (30) days following the end of such period (the "Walk-Away Period"),
     Executive may terminate the Employment Period and be entitled to receive
     his Base Salary payable in accordance with the CBOT's normal payroll
     practices through the earlier of (x) the end of the second full fiscal year
     following the fiscal year in which the Employment Period is terminated
     pursuant to this Section 4(i) or (y) the expiration of the Employment
     Period (assuming the Employment period had not otherwise been terminated by
     the parties prior to the expiration of the Employment Period pursuant to
     Section 4(a) hereof), provided that such payments shall cease if and when
     Executive becomes employed by or becomes a consultant to a Competitor.  For
     purposes of this Agreement, the Restructuring Transactions shall be deemed
     to be completed on the date the CBOT is converted from a nonstock, not-for-
     profit corporation into a stock, for-profit corporation, as described in
     the Registration Statement). Notwithstanding the foregoing, such payments
     shall not cease if Executive becomes a member of the board of directors of
     any organization that is not a Competitor.  In the event of termination of
     the Employment Period under this paragraph by Executive, any portion of the
     Incentive Award that has not been exercised prior to the beginning of the
     Walk-Away Period shall be forfeited.

               (j) Notwithstanding anything to the contrary contained herein, in
     the event a Change of Control (hereinafter defined) occurs, (i) Executive
     or the CBOT may terminate the Employment Period and the Executive shall be
     entitled to receive his Base Salary payable in accordance with the CBOT's
     normal payable in accordance with the CBOT's normal payroll practices
     through the earlier of (A) the end of the second full fiscal year following
     the fiscal year in which the Employment Period is terminated pursuant to
     this Section 4(j) or (B) the end of the Employment Period pursuant to the
     terms of this Agreement and (ii) all outstanding Incentive Awards shall
     become vested immediately prior to consummation of the transactions giving
     rise to the Change of Control.

                    If, due to the benefits provided under this Section 4(j),
     Executive becomes subject to any excise tax due to the characterization of
     any amount payable hereunder as an excess parachute payment pursuant to
     Sections 280G and 4999 of the Internal Revenue Code, the Company will pay
     Executive a special bonus (the "Gross-up Bonus") in an amount such that the
     net amount realizable by Executive after payment of all benefits under this
     Section 4(j), including the Gross-up Bonus, is the same as if Executive
     were not subject to such excise tax.

                    For purposes of the Agreement, the term "Change in Control"
     means the occurrence, of the events described in any of subsections (i),
     (ii), or (iii) below:

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               (i) The acquisition by any individual, entity or group (within
     the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as
     amended (the "Exchange Act")) (a "Person") of beneficial ownership (within
     the meaning of Rule 13d-3 promulgated under the Exchange Act) of any equity
     or other interest in the CBOT entitled to vote generally in the election of
     directors ("CBOT Voting Interests") if, immediately after such acquisition,
     such Person beneficially owns fifty percent (50%) or more of the combined
     voting power of the outstanding CBOT Voting Interests.  The foregoing
     provisions of this subsection (i) shall be subject to the following:

                    (A) The following shall not constitute a "Change of Control"
               (I) any acquisition by an employee benefit plan (or related
               trust) sponsored or maintained by the CBOT or any entity
               controlled by the CBOT (an "Employer Plan"); (II) any acquisition
               by an underwriter temporarily holding securities pursuant to an
               offering of such securities; or (III) any acquisition by any
               Person pursuant to a transaction which complies with subsections
               (ii)(A) and (ii)(B) of this definition.

                    (B) For purposes of the foregoing provisions of this
               subsection (i), the following shall not be deemed to constitute
               an "acquisition" by any Person: (I) any acquisition directly from
               the CBOT (excluding any acquisition resulting from the exercise
               of an exercise, conversion, or exchange privilege unless the
               security being so exercised, converted, or exchanged was acquired
               directly from the CBOT); and (II) any acquisition by the
               Companies of CBOT Voting Interests.

               (ii) Consummation of (I) a reorganization, merger, consolidation,
     or other business combination involving the CBOT or (II) the sale or other
     disposition of more than fifty percent (50%) of the operating assets of the
     CBOT (determined on a consolidated basis), other than in connection with a
     sale-leaseback or other arrangement resulting in the continued utilization
     of such assets (or the operating products of such assets) by the CBOT (any
     transaction described in part (I) or (II) being referred to as a "Corporate
     Transaction"); excluding, however, a Corporate Transaction pursuant to
     which each of subsections (A) and (B) below are applicable:

                    (A) All or substantially all of the individuals and entities
               who are the beneficial owners, respectively, of the outstanding
               CBOT Voting Interests immediately prior to such Corporate
               Transaction beneficially own, directly or indirectly, more than
               fifty percent (50%) of the combined voting power entitled to vote
               generally in the election of directors of the ultimate parent
               entity resulting from such Corporate Transaction (including,
               without limitation, an entity which, as a result of such
               transaction, owns the CBOT or all or substantially all of the
               assets of the CBOT either directly or through one or more
               subsidiaries) (the "Resulting Entity") in substantially the same

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               proportions as their ownership, immediately prior to such
               Corporate Transaction, of the outstanding CBOT Voting Interests,
               as the case may be.

               For purposes of this Clause (A), when determining whether the
               beneficial owners of CBOT Voting Interests prior to the Corporate
               Transaction beneficially own fifty percent (50%) or more of the
               combined voting power of the Resulting Entity, any interest in
               the Resulting Entity that is held prior to, or received in
               connection with, the Corporate Transaction solely as a result of
               the beneficial ownership of an entity other than the Companies by
               the beneficial owners of CBOT Voting Interests shall be
               disregarded.

                    (B) No Person (other than the CBOT, any Employer Plan or
               related trust, the Resulting Entity or any entity controlled by
               the Resulting Entity, and any Person which beneficially owned,
               immediately prior to such Corporate Transaction, directly or
               indirectly, fifty percent (50%) or more of the outstanding CBOT
               Voting Interests) will beneficially own, directly or indirectly,
               fifty percent (50%) or more of the then combined voting power of
               the then outstanding voting interests of the Resulting Entity.

               (iii) Approval by the members or shareholders of the CBOT of a
     plan of complete liquidation or dissolution of the CBOT.

               Notwithstanding the foregoing, it is expressly understood and
     agreed by the CBOT and Executive that a restructuring of the CBOT pursuant
     to or in connection with the Restructuring Transactions shall not
     constitute a Change of Control.

          5.   Confidential Information.  Executive acknowledges that the
information, observations and data (including trade secrets) obtained by him
while employed by the CBOT and concerning the business or affairs of the
Companies ("Confidential Information") are the property of the CBOT.  Therefore,
Executive agrees that he shall not disclose to any unauthorized person or use
for his own purposes any Confidential Information without the prior written
consent of the Board, unless and to the extent that the Confidential Information
becomes generally known to and available for use by the public other than as a
result of Executive's acts or omissions.  Executive shall deliver to the CBOT at
the termination or expiration of the Employment Period, or at any other time the
CBOT may request, all memoranda, notes, plans, records, reports, computer tapes,
printouts and software and other documents and data (and copies thereof)
embodying or relating to the Confidential Information, Work Product (as defined
below) or the business of the CBOT, which he may then possess or have under his
control.

          6.   Inventions and Patents.  Executive acknowledges that all
inventions, innovations, improvements, developments, methods, designs, analyses,
drawings, reports and all similar or related information (whether or not
patentable) which relate to the Companies actual or anticipated business,
research and development or existing or future products or services and which
are conceived, developed or made by Executive while employed by the CBOT ("Work
Product") belong to the CBOT.  Executive shall promptly disclose such Work
Product to the Board and, at the

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CBOT's expense, perform all actions reasonably requested by the Board (whether
during or after the Employment Period) to establish and confirm such ownership
(including, without limitation, assignments, consents, powers of attorney and
other instruments).

          In accordance with Section 2872 of the Illinois Employee Patent Act,
Ill. Rev. Stat. Chap. 140, (S) 301 et seq. (1983), Executive is hereby advised
that this Section 6 regarding the CBOT's ownership of Work Product does not
apply to any invention for which no equipment, supplies, facilities or trade
secret information of the Companies was used and which was developed entirely on
Executive's own time, unless (i) the invention relates to the business of the
Companies' or to the Companies' actual or demonstrably anticipated research or
development or (ii) the invention results from any work performed by Executive
for the Companies.

          7.   Non-Compete, Non-Solicitation.

               (a) In further consideration of the compensation to be paid to
     Executive hereunder, Executive acknowledges that in the course of his
     employment with the CBOT he shall become familiar  with the Companies'
     trade secrets and with other Confidential Information concerning the
     Companies and that his services shall be of special, unique and
     extraordinary value to the CBOT.  Therefore, Executive agrees that, (i)
     during the Employment Period and (ii) in the event the Employment Period is
     terminated by either party (which shall not include the expiration of the
     Employment Period pursuant to Section 4(a) hereof), for one year thereafter
     (the "Noncompete Period"), he shall not directly or indirectly own any
     interest in, manage, control, participate in, consult with, render services
     for, or in any manner engage in any business with a Competitor.  Nothing
     herein shall prohibit Executive from being a passive owner of not more than
     2% of the outstanding stock of any class of a corporation which is publicly
     traded, so long as Executive has no active participation in the business of
     such corporation.

               (b) During the Noncompete Period, Executive shall not directly or
     indirectly through another person or entity (i) induce or attempt to induce
     any employee of the Companies to leave the employ of the Companies, or in
     any way interfere with the relationship between the Companies and any
     employee thereof, (ii) hire any person who was an employee of the Companies
     at any time during the Noncompete Period or (iii) induce or attempt to
     induce any customer, supplier, licensee, licensor, franchisee or other
     business relation of the Companies to cease doing business with the
     Companies, or in any way interfere with the relationship between any such
     customer, supplier, licensee or business relation and the Companies.

               (c) During the Noncompete Period and at any time thereafter,
     neither Executive nor the CBOT will directly or indirectly through another
     person or entity make any negative or disparaging statements or
     communications regarding Executive or the Companies; provided that the CBOT
     will be permitted to make any disclosures with respect to a termination of
     Executive's Employment Period for Cause required by applicable law,
     including, but not limited to, disclosures required by the Commodity
     Exchange Act, as

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     amended, the Securities Act of 1933, as amended (the "Securities Act"), and
     the Securities Exchange Act of 1934, as amended, and related regulations.

               (d) If, at the time of enforcement of this Section 7, a court
     shall hold that the duration, scope or area restrictions stated herein are
     unreasonable under circumstances then existing, the parties agree that the
     maximum duration, scope or area reasonable under such circumstances shall
     be substituted for the stated duration, scope or area and that the court
     shall be allowed to revise the restrictions contained herein to cover the
     maximum period, scope and area permitted by law.  Executive acknowledges
     that the restrictions contained in this Section 7 are reasonable and that
     he has reviewed the provisions of this Agreement with his legal counsel.

               (e) In the event of the breach or a threatened breach by
     Executive of any of the provisions of this Section 7, the CBOT, in addition
     and supplementary to other rights and remedies existing in its favor, shall
     be entitled to specific performance and/or injunctive or other equitable
     relief from a court of competent jurisdiction in order to enforce or
     prevent any violations of the provisions hereof (without posting a bond or
     other security).  In addition, in the event of an alleged breach or
     violation by Executive of this Section 7, the Noncompete Period shall be
     tolled until such breach or violation has been duly cured.

          8.   Executive's Representations.  (a) Executive hereby represents and
warrants to the CBOT that (i) the execution, delivery and performance of this
Agreement by Executive do not and shall not conflict with, breach, violate or
cause a default under any contract, agreement, instrument, order, judgment or
decree to which Executive is a party or by which he is bound, (ii) Executive is
not a party to or bound by any employment agreement, noncompete agreement or
confidentiality agreement with any other person or entity and (iii) upon the
execution and delivery of this Agreement by the CBOT, this Agreement shall be
the valid and binding obligation of Executive, enforceable in accordance with
its terms. Executive hereby acknowledges and represents that he has consulted
with independent legal counsel regarding his rights and obligations under this
Agreement and that he fully understands the terms and conditions contained
herein.

               (b)   Executive hereby further represents and warrants to the
     CBOT that (i)  he is an  "accredited investor" (as  that term is defined in
     Rule 501 of Regulation D under the Securities Act) and has knowledge and
     experience in financial and business matters, is capable of evaluating the
     merits and risks of the Incentive Award and has the capacity to protect his
     own interests in connection with the proposed Incentive Award and (ii) he
     has had an opportunity to review, consider and ask questions concerning any
     and all documents and other information relating to the CBOT and the
     Incentive Award, including, but not limited to, the Registration Statement.

          9.   Defense of Claims and Indemnity.  (a)  During the Employment
Period, and continuing after the termination of the Employment Period for a
period of three (3) years, Executive shall reasonably cooperate with the CBOT at
its request in the defense or prosecution of any claim that may be made by or
against the Companies.  Such cooperation shall include, without limitation,
serving as a witness at trial or hearing, being deposed, and preparation for
same or otherwise

                                       11
<PAGE>

cooperating with the CBOT as determined to be necessary by the CBOT at its sole
discretion, for the defense or prosecution of a claim. For the period after
Executive terminates the Employment Period, the CBOT shall reimburse Executive
for all reasonable expenses in connection therewith, including travel expenses,
and shall compensate him at a daily rate equal to his Base Salary on the date
the Employment Period terminated, divided by 260, with days used for
preparation, travel and other related matters being included for purposes of
determining the compensation due to Executive. Less than full days shall be paid
for by the hour, determined by dividing the daily rate by eight. To the extent
reasonably practicable, the CBOT shall provide Executive with notice at least
ten (10) days prior to the date on which any such travel is required.

               (b) Executive shall be indemnified by the CBOT against liability
     as an officer of the CBOT as, and to the extent, provided for in the
     Bylaws, provided that Executive's right to indemnification shall not, in
     any event, result in a benefit to Executive that is less than provided by
     the Bylaws in effect on the date of this Agreement.

          10.  Trading Prohibition.  The trading prohibitions contained in the
CBOT's Personnel Policies and Procedures Manual shall apply to Executive during
the Employment Period.

          11.  Survival; Independent Provisions.  Sections 4, 5, 6, 7, 8 and 9
shall survive and continue in full force in accordance with their terms
notwithstanding the expiration or termination of the Employment Period.
Executive's covenants in Sections 5, 6, 7, 8 and 9 are independent covenants and
the existence of any claim by Executive against any of the Companies under this
Agreement or otherwise will not excuse Executive's breach of any covenant in
Sections  5, 6, 7, 8 and 9.

          12.  Notices.  Any notice provided for in this Agreement shall be in
writing and shall be either personally delivered, sent by reputable overnight
courier service or mailed by first class mail, return receipt requested, to the
recipient at the address below indicated:

          Notices to Executive:
          --------------------

          David J. Vitale
          President and Chief Executive Officer
          Board of Trade of the City of Chicago, Inc.
          141 West Jackson Boulevard
          Chicago, Illinois 60604

          With a copy to:
          --------------

          Robert J. Stucker, Esq.
          Vedder, Price, Kaufman & Kammholz
          222 North LaSalle Street
          Chicago, Illinois 60601

          Notices to the CBOT:
          -------------------

                                       12
<PAGE>

          Carol A. Burke, Esq.
          Executive Vice President and General Counsel
          Board of Trade of the City of Chicago
          141 West Jackson Boulevard
          Chicago, Illinois 60604

          With a copy to:
          --------------

          John H. Stassen, P.C.
          Kirkland & Ellis
          200 East Randolph Drive
          Chicago, Illinois 60601

or such other address or to the attention of such other person as the recipient
party shall have specified by prior written notice to the sending party.  Any
notice under this Agreement shall be deemed to have been given when so
delivered, sent or mailed.

          13.  Severability.  Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision or any action in any other jurisdiction, but this Agreement
shall be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein.

          14.  Complete Agreement.  This Agreement  embodies the complete
agreement and understanding among the parties and supersede and preempt any
prior understandings, agreements or representations by or among the parties,
written or oral, which may have related to the subject matter hereof in any way.

          15.  No Strict Construction.  The language used in this Agreement
shall be deemed to be the language chosen by the parties hereto to express their
mutual intent, and no rule of strict construction shall be applied against any
party.

          16.  Counterparts.  This Agreement may be executed in separate
counterparts, each of which is deemed to be an original and all of which taken
together constitute one and the same agreement.

          17.  Successors and Assigns.  This Agreement is intended to bind and
inure to the benefit of and be enforceable by Executive, the CBOT and their
respective heirs, successors and assigns, except that Executive may not assign
his rights or delegate his duties or obligations hereunder without the prior
written consent of the CBOT.

                                       13

<PAGE>

          18.  Choice of Law.  All issues and questions concerning the
construction, validity, enforcement and interpretation of this Agreement and the
exhibits and schedules hereto shall be governed by, and construed in accordance
with, the laws of the State of Illinois, without giving effect to any choice of
law or conflict of law rules or provisions (whether of the State of Illinois or
any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of Illinois.

          19.  Amendment and Waiver.  The provisions of this Agreement may be
amended or waived only with the prior written consent of the CBOT (as approved
by the Board) and Executive, and no course of conduct or course of dealing or
failure or delay by any party hereto in enforcing or exercising any of the
provisions of this Agreement shall affect the validity, binding effect or
enforceability of this Agreement or be deemed to be an implied waiver of any
provision of this Agreement.

                                *    *    *    *

                                       14
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first written above.

                              BOARD OF TRADE OF THE CITY OF
                              CHICAGO, INC.

                              /s/ Nickolas J. Neubauer
                              ------------------------------------
                              By:   Nickolas J. Neubauer
                              Its:  Chairman of the Board

                              /s/ David J. Vitale
                              ------------------------------------
                              DAVID J. VITALE
<PAGE>

                                  APPENDIX A

                                 INTRODUCTION

          Simultaneously with the execution of this Agreement, the CBOT is
granting to Executive equity appreciation rights, which may reward Executive for
appreciation in the value of memberships in the CBOT prior to completion of the
Restructuring Transactions and for appreciation in the value of the CBOT's Class
A common stock and Class B common stock if and when the CBOT completes the
Restructuring Transactions (the "Appreciation Rights").

                         GRANT OF APPRECIATION RIGHTS

          The CBOT hereby grants to Executive, on the terms and conditions
stated below, Appreciation Rights, which shall be represented by appreciation
units ("Appreciation Units") with the class of Appreciation Right, number of
Appreciation Units per class and grant value per Appreciation Unit ("Grant
Value") set forth below.  Each Appreciation Unit shall represent the value of
the class of Membership (prior to completion of the Restructuring Transactions)
or the value of the basket of Class A common stock and Class B common stock
(following completion of the Restructuring Transactions) indicated below
(collectively, "Covered Equity").

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
         EQUITY APPRECIATION RIGHTS                            COVERED EQUITY
--------------------------------------------------------------------------------------------------
Class of         Number of       Grant          Membership     Class A Common     Class B Common
Appreciation    Appreciation     Value        Equivalent Per  Stock Equivalent   Stock Equivalent
Unit               Units        Per Unit           Unit         Per Unit/1/          Per Unit
--------------------------------------------------------------------------------------------------
<S>             <C>            <C>          <C>              <C>                <C>
A-1A                 25          $400,000        1 Full        A-1 Conversion        1 Share
                                               Membership          Shares           Series B-1
--------------------------------------------------------------------------------------------------
A-1B                 10          $600,000        1 Full        A-1 Conversion        1 Share
                                               Membership          Shares           Series B-1
--------------------------------------------------------------------------------------------------
A-2                  10          $ 80,000     1 Associate      A-2 Conversion        1 Share
                                               Membership          Shares           Series B-2
--------------------------------------------------------------------------------------------------
A-4                   5          $ 10,000        1 IDEM        A-4 Conversion        1 Share
                                               Membership          Shares           Series B-4
--------------------------------------------------------------------------------------------------
A-5                   5          $ 20,000        1 COM         A-5 Conversion        1 Share
                                               Membership          Shares           Series B-5
--------------------------------------------------------------------------------------------------
</TABLE>
_______________________

     /1/ A-1 Conversion Shares shall mean the number of shares of Class A common
stock received with respect to one Full Membership as a result of completion of
the Restructuring Transactions; A-2 Conversion Shares shall mean the number of
shares of Class A common stock received with respect to one Associate Membership
as a result of completion of the Restructuring Transactions; A-4 Conversion
Shares shall mean the number of shares of Class A common stock received with
respect to one IDEM Membership as a result of completion of the Restructuring
Transactions; and A-5 Conversion Shares shall mean the number shares of Class A
common stock received with respect to one COM Membership as a result of
completion of the Restructuring Transactions.

                                      A-1

<PAGE>

          Each Appreciation Unit shall represent the right to receive the excess
of the Fair Market Value of the Covered Equity with respect to such Appreciation
Unit on the date on which such Appreciation Unit is exercised pursuant the terms
herein over the Grant Value for such Appreciation Unit, in each case subject to
adjustment pursuant the terms herein (such amount is referred herein as the
"Spread").

          For purposes hereof, the "Fair Market Value" of a class of Membership
in the CBOT prior to completion of the Restructuring Transactions, or one share
of Class B common stock of the CBOT following completion of the Restructuring
Transactions, shall be determined by computing the average sale price for a
particular class of Membership (e.g., Full Membership, Associate Membership,
IDEM Membership or COM Membership) or series of Class B common stock (e.g.,
Series B-1, Series B-2, Series B-4 or Series B-5), as the case may be, during
the ninety (90) calendar days prior to the date of exercise.  The "Fair Market
Value" of the Class A common stock following completion of the Restructuring
Transactions shall be determined by computing the average sales price for the
Class A common stock during the ninety (90) calendar days prior to the date of
exercise.

                         EQUITY AFFECTED; ADJUSTMENTS

          The Covered Equity and Grant Value with respect to each Appreciation
Unit granted hereunder shall be proportionately adjusted for any increase or
decrease in the number of Memberships as a result of a dividend,
reclassification, recapitalization, reorganization or other distribution prior
to completion of the Restructuring Transactions or any increase or decrease in
the number of issued and outstanding shares of Class A common stock or Class B
common stock as a result of a dividend, reclassification, recapitalization,
reorganization or other distribution following completion of the Restructuring
Transactions.

          This grant of Appreciation Units shall not affect in any way the right
or power of the CBOT to pay dividends or to make adjustments, reclassifications,
reorganizations, or other changes of its capital or business structure or to
merge, consolidate, or dissolve, or to liquidate, sell, or transfer all or any
part of its business or assets.

                                      A-2
<PAGE>

                               VESTING SCHEDULE

          Except as otherwise provided for in Section 4(f), (i) and (j) of this
Agreement, the right to exercise the Appreciation Units granted hereunder shall
vest over a four-year period, in accordance with the schedule set forth below.

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
                                    Number of Applicable Appreciation Units Vested
                      --------------------------------------------------------------------------
Class of
Appreciation Unit      February 20, 2002  February 20, 2003  February 20, 2004  February 20, 2005
------------------------------------------------------------------------------------------------
<S>                   <C>                <C>                <C>                <C>
A-1A                      10 Units            5 Units            5 Units            5 Units
------------------------------------------------------------------------------------------------
A-1B                       4 Units            2 Units            2 Units            2 Units
------------------------------------------------------------------------------------------------
A-2                        4 Units            2 Units            2 Units            2 Units
------------------------------------------------------------------------------------------------
A-4                        2 Units            1 Unit             1 Unit             1 Unit
------------------------------------------------------------------------------------------------
A-5                        2 Units            1 Unit             1 Unit             1 Unit
------------------------------------------------------------------------------------------------
</TABLE>

                  PAYMENT UPON EXERCISE OF APPRECIATION UNITS

          Upon the exercise of an Appreciation Unit prior to completion of the
Restructuring Transactions, the CBOT shall deliver to Executive an amount
equivalent to the Spread in cash within 30 days thereof.  Upon the exercise of
an Appreciation Unit following completion of the Restructuring Transactions, the
CBOT shall deliver to Executive an amount equivalent to the Spread in cash,
Class A common stock, or partly in cash and partly in Class A common stock, and
insofar as payment is made in the form of Class A common stock, the amount of
the payment shall be based on Fair Market Value of a share of Class A common
stock on the date of exercise. The Board or a committee designated by the Board
shall have the sole discretion to determine the form in which payment is to be
made on the exercise of an Appreciation Unit; provided, however, that the
proportion of the payment made with Class A common stock in connection with any
exercise of one or more Appreciation Units shall not exceed two-thirds (2/3rds)
of the total payment.  No fractional shares of common stock shall be issued, and
no payments shall be made in lieu of fractional shares.

                  EFFECT OF TERMINATION OF EMPLOYMENT PERIOD

          In the event of termination of Executive's Employment Period, the
Appreciation Units granted herein shall vest or terminate in accordance with
Sections 4(f), (i) and (j) of this Agreement.

                    METHOD OF EXERCISING APPRECIATION UNITS

          The Appreciation Units granted herein may be exercised by the
Executive to the extent that the right to exercise has then vested pursuant to
the terms hereof by giving written notice of exercise to the CBOT specifying the
number and class of Appreciation Units to be exercised and accompanied by the
Withholding Reimbursement (hereinafter defined), if applicable.

                                      A-3
<PAGE>

               RIGHTS AND PRIVILEGES AS A MEMBER OR STOCKHOLDER

          Neither Executive nor any person claiming under or through Executive
shall be or have any of the rights or privileges of a member or stockholder of
the CBOT in respect of any of the Appreciation Units, unless and until an
Appreciation Right has vested, been exercised and, if applicable, certificates
representing shares of Class A common stock have been issued and delivered to
the him or her.

                     TRANSFERABILITY OF APPRECIATION UNITS

          Except as otherwise provided herein, the rights and privileges
conferred by this grant of Appreciation Units shall not be transferred,
assigned, pledged, or hypothecated in any way (whether by operation of law or
otherwise) and shall not be subject to sale under execution, attachment, or
similar process.  Any attempt to transfer, assign, pledge, or otherwise dispose
of the rights and privileges, contrary to the provisions herein, or on any
attempted sale under any execution, attachment, or similar process on the rights
and privileges, the rights and privileges shall immediately become null and
void.

                   TERMINATION OF EQUITY APPRECIATION RIGHTS

          Each Appreciation Unit and all rights and obligations thereunder shall
terminate on the tenth anniversary of their grant or as earlier provided for
pursuant to Sections 4(f), (i) and (j) of this Agreement.

                        COMPLIANCE WITH SECURITIES LAWS

          The Appreciation Units granted herein are subject to the requirement
that, if at any time the Board or a committee designated by the Board shall
determine, in its sole discretion, that the listing, registration, or
qualification of the Appreciation Units or the shares of Class A common stock
subject to the Appreciation Units on any securities exchange or under any state
or federal law, or the consent or approval of any government regulatory body, is
necessary or desirable as a condition of, or in connection with, the granting of
the Appreciation Units or the issuance of shares of Class A common stock in
connection with the granting of the Appreciation Units, such Appreciation Units
may not be exercised or paid in whole or in part unless the listing,
registration, qualification, consent, or approval has been effected or obtained
free of any conditions not acceptable to the Board or a committee designated by
the Board.

                   EMPLOYMENT RIGHTS NOT CONFERRED BY GRANT

          Nothing in this grant of Appreciation Units shall be construed as
giving Executive the right to be retained as an employee of the CBOT or as
impairing the rights of the CBOT to terminate his service pursuant to the terms
of this Agreement.

                                      A-4
<PAGE>

              PAYMENT OF TAXES ON EXERCISE OF APPRECIATION UNITS

          Whenever shares of Class A common stock are to be issued to Executive
in satisfaction or payment of the Spread in connection with the exercise of
Appreciation Units granted hereunder, the CBOT shall have the right to require
Executive to remit to the CBOT an amount sufficient to satisfy federal, state,
and local withholding tax requirements prior to the delivery of any certificate
or certificates for the shares of Class A common stock (a "Withholding
Reimbursement").  Whenever payments are to be made in cash, the payments shall
be net of an amount sufficient to satisfy federal, state, and local withholding
tax requirements.

                                      A-5<PAGE>
                                                                   EXHIBIT 10.13

                                                                    CONFIDENTIAL
                                                                    ------------

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

                               LICENSE AGREEMENT

          This License Agreement, dated as of June 5, 1997 (the "Effective
Date"), is made by and between Dow Jones & Company, Inc. ("Dow Jones"), having
an office at 200 Liberty Street, New York, New York 10281, and the Board of
Trade of the City of Chicago (the "Licensee"), having an office at 141 West
Jackson Boulevard, Chicago, Illinois 60604.

          WHEREAS, Dow Jones compiles, calculates and maintains the indexes
specified on Schedule A hereto (the "Indexes"), and Dow Jones owns rights in and
to the Indexes, the proprietary data contained therein, and the Dow Jones Marks
(defined below) (such rights, including without limitation, copyright, trademark
or proprietary rights and trade secrets, being hereinafter collectively referred
to as the "Intellectual Property"); and

          WHEREAS, Dow Jones uses in commerce and has trade name and/or
trademark rights to the designations "Dow Jones," "Dow Jones Industrial
Average," "DJIA," "Dow Jones Transportation Average," "Dow Jones Utilities
Average," "Dow Jones Global Indexes," "DJGI," and those designations listed on
Schedule A hereto (and Annex I thereto) (such rights being hereinafter
individually and collectively referred to as the "Dow Jones Marks"); and

          WHEREAS, the Licensee wishes to use the Indexes and the Dow Jones
Marks, pursuant to the terms and conditions hereinafter set forth, in connection
with (i) the listing for trading, marketing and promotion of the Products (as
defined in Section 1(b)) and (ii) making disclosure about the Products under
applicable laws, rules and regulations in order to indicate that Dow Jones is
the source of the Indexes.

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

          1.   Grant of License.
               ----------------

          (a) Subject to the terms and conditions of this Agreement, Dow Jones
hereby grants to the Licensee a non-transferable (except to affiliates pursuant
to Section 12(a)) exclusive (subject to Section 1(d)) world-wide license (i) to
use the Indexes solely in connection with the listing for trading of the
Products for trading on or through the Licensee during the hours of 9:30 A.M. to
4:15 P.M. (Eastern Time) and (ii) to use and refer to the Dow Jones Marks in
connection with such listing, and the marketing and promotion of the Products,
in order to indicate the source of the Indexes and as may otherwise be required
by applicable laws, rules or regulations or under this Agreement.

          (b) As used in this Agreement, "Products" means the products
designated on Schedule B hereto that are based upon one or more of the Indexes
(but not any part of any Index other than the whole Index, and not any subset of
the components of any Index) and correlated to the underlying securities
comprising such Indexes, and that are to be traded on or through the Licensee.
The terms of the Products, and any material changes therein, will be subject to
Dow Jones' prior written consent.  Unless otherwise expressly agreed by Dow
Jones in writing, the Initial Product at the Commencement Date will have a
contract size of approximately ten (10) times the value of the DJIA as of the
Commencement Date.  As used in this Agreement, the "Initial Product" means a
Product based on the Dow Jones Industrial Average Index (the "DJIA").  As used
in this Agreement, "Commencement Date" means the first day of trading in the
Initial Product.

          (c) The Licensee agrees that it will list for trading at least six (6)
futures Products (not including options on futures Products) by the second
anniversary of the Commencement Date. The Licensee agrees that the first Product
to be listed by it will be the Initial Product, and that the Licensee will use
all reasonable efforts to list the Initial Product as soon as practicable after
the Effective Date.

                                      -2-
<PAGE>

          (d) Dow Jones at any time or from time to time during the Term
(defined in Section 2) may propose in writing that the Licensee list for trading
a new Product.  If the Licensee shall not, within 60 days after receipt of such
written proposal, deliver to Dow Jones a written commitment (reasonably
satisfactory in form and substance to Dow Jones) to list for trading such
Product, subject to regulatory approval, in accordance with the terms of this
License Agreement, within a reasonably prompt time frame, or, if the Licensee
does deliver such a written commitment but does not fulfill it on a timely
basis, then notwithstanding anything to the contrary contained in this
Agreement, Dow Jones shall thereafter be free to license any other person or
entity to list such a product (to be traded other than by or through the
Licensee).

          (e) The Licensee agrees that, during the Term, the Licensee will not
list any new futures contracts or options on futures contracts that are based on
any one or more indexes other than the Indexes or other indexes compiled and
provided by Dow Jones.  Licensee at any time or from time to time during the
Term may propose in writing that Dow Jones compile and provide a new Index (a
"Proposed Index").  If Dow Jones shall not, within 60 days after receipt of such
written proposal, deliver to the Licensee a written commitment (reasonably
satisfactory in form and substance to the Licensee) to compile and provide such
Proposed Index, within a reasonably prompt time frame, or, if Dow Jones does
deliver such a written commitment but does not fulfill it on a timely basis,
then notwithstanding anything to the contrary contained in this Agreement, the
Licensee shall thereafter be free to list any new futures contracts or options
on futures contracts that are based on such a Proposed Index.

          (f) Dow Jones agrees that no person or entity other than the Licensee
shall need to obtain a license from Dow Jones with respect to the sale and
purchase of the Products.
                                      -3-
<PAGE>

          (g) Subject only to Section 1(a), nothing contained in this Agreement
shall restrict Dow Jones from licensing any one or more of the Indexes or the
Dow Jones Marks to any other person or entity at any time.

          (h) Nothing contained in this Agreement constitutes a license to the
Licensee to use any one or more of the Indexes other than in connection with the
listing for trading, marketing and promotion of the Products.

          (i) The Licensee acknowledges that the Indexes and the Dow Jones Marks
are the exclusive property of Dow Jones and that Dow Jones has and retains all
Intellectual Property and other proprietary rights therein.  Except as otherwise
specifically provided herein, Dow Jones reserves all rights to the Indexes and
the Dow Jones Marks, and this Agreement shall not be construed to transfer to
the Licensee any ownership right to, or equity interest in, the Indexes or the
Dow Jones Marks, or in any Intellectual Property or other proprietary rights
pertaining thereto.

          (j) The Licensee acknowledges that the Indexes and their compilation
and composition, and any changes therein, are and will be in the complete
control and sole discretion of Dow Jones.

          2.   Term.
               ----

          The term of this Agreement shall commence as of the Effective Date and
shall remain in full force and effect for five (5) years following the
Commencement Date (the first twelve months following the Commencement Date being
referred to herein as the "First Year," the next twelve months being referred to
as the "Second Year," and so on), unless this Agreement is terminated earlier as
provided herein (such term being referred to herein as the "Initial Term"). Upon
the expiration of the Initial Term (other than by reason of termination of this
Agreement as provided herein), this Agreement shall automatically be renewed for
an additional term of five (5) years (the "Renewal Term"); provided, however,
that the Initial Term shall not be renewed, and this Agreement shall
automatically terminate upon expiration of the Initial Term, unless, during the
Fourth
                                      -4-
<PAGE>

Year, the trading volume of the Products exceeded (a) in the case of the
Initial Product, an average of 100,000 contracts traded (round turn) per day and
(b) in the case of any five (5) Products based on any one or more of the Dow
Jones Transportation Average Index, the Dow Jones Utilities Average Index and
the Dow Jones Global Indexes, in the aggregate, an average number of contracts
traded (round turn) per day equal to (i) 3,000 times (ii) the number of Products
based on the Dow Jones Transportation Average Index, the Dow Jones Utilities
Average Index and the Dow Jones Global Indexes.  (The Initial Term and any
Renewal Term are referred to herein, together, as the "Term".)  For the purposes
of this Agreement, "per day" means any day on which the New York Stock Exchange
is open.

          3.   License Fees.
               ------------

          (a) As consideration for the license granted herein, the Licensee
shall pay to Dow Jones license fees ("License Fees") as set forth on Schedule C
hereto.

          (b) Dow Jones shall have the right to audit on a confidential basis
the relevant books and records of the Licensee to confirm the accuracy of any
one or more calculations of License Fees.  Dow Jones shall bear its own costs of
any such audit unless it is determined that Dow Jones has been underpaid by 5%
or more with respect to the payments being audited, in which case Dow Jones'
costs of such audit shall be paid by the Licensee.

          4.   Termination.
               -----------

          (a) If there is a material breach of this Agreement by either party
(such party, the "breaching party," and, the other party, the "non-breaching
party"), or if either party (such party, the "harmed party") believes in good
faith that material damage or harm is occurring to its reputation or good will
by reason of its continued performance hereunder (other than pursuant to Section
4(g)), then the non-breaching party or the harmed party, as the case may be, may
terminate this Agreement, effective thirty (30) days after written notice
thereof to the other party (with reasonable specificity as to the

                                      -5-
<PAGE>

nature of the breach or the condition causing such damage or harm, as the case
may be, and including a statement as to such party's intent to terminate),
unless the other party shall correct such breach or the condition causing such
damage or harm, as the case may be, within such 30-day period.

          (b) The Licensee or Dow Jones may terminate this Agreement upon ninety
(90) days prior notice to the other (or such lesser period of time as may be
necessary pursuant to law, rule, regulation or court order) if (i) any
legislation or regulation is finally adopted or any government interpretation is
issued that prevents the Licensee from listing for trading, marketing or
promoting the Initial Product; (ii) any material litigation or material
regulatory proceeding regarding the Initial Product is commenced and such party
reasonably believes that such litigation or regulatory proceeding is reasonably
likely to have a material and adverse effect on the good name or reputation of
such party or on such party's ability to perform its obligations under this
Agreement; or (iii) the Licensee elects to terminate the listing for trading of
the Initial Product. The Licensee or Dow Jones may terminate this Agreement with
respect to any one or more specific Products other than the Initial Product (but
not this Agreement in its entirety) upon ninety (90) days prior written notice
to the other (or such lesser period of time as may be necessary pursuant to law,
rule, regulation or court order) if (i) any legislation or regulation is finally
adopted or any government interpretation is issued that prevents the Licensee
from listing for trading, marketing or promoting such Product; (ii) any material
litigation or material regulatory proceeding regarding such Product is commenced
and such Party reasonably believes that such litigation or regulatory proceeding
is reasonably likely to have a material and adverse effect on the good name or
reputation of such Party or on such Party's ability to perform its obligations
under this Agreement; or (iii) the Licensee elects to terminate the listing for
trading of such Product.

          (c) Dow Jones may terminate this Agreement upon ninety (90) days prior
written notice to the Licensee (or such lesser period of time as may be

                                      -6-
<PAGE>

necessary pursuant to law, rule, regulation or court order) if (i) any
legislation or regulation is finally adopted or any government interpretation is
issued that in Dow Jones' reasonable judgment materially impairs Dow Jones'
ability to license and provide the Indexes or the Dow Jones Marks under this
Agreement; (ii) any litigation or proceeding is commenced which relates,
directly or indirectly, to Dow Jones' licensing and providing the Indexes or the
Dow Jones Marks under this Agreement, or any such litigation proceeding is
threatened and Dow Jones reasonably believes that such litigation or proceeding
would be reasonably likely to have a material and adverse effect on the Indexes
or the Dow Jones Marks or on Dow Jones' ability to perform under this Agreement;
or (iii) Dow Jones elects (other than pursuant to Section 4(g)) to cease
compiling, calculating and publishing values of the Indexes.

          (d) Dow Jones may terminate this Agreement (i) 180 days after the
Effective Date if the Initial Product has not by such date received all
necessary regulatory authorizations for listing and trading, or (ii) 30 days
after the date of receipt of all such necessary regulatory authorizations if the
Initial Product has not by then been listed, with trading having commenced.

          (e) During any Renewal Term, Dow Jones may terminate this Agreement if
at the end of any Year (beginning with the end of the Fifth Year), the trading
volume of the Products during such Year was equal to or less than (a) in the
case of the Initial Product an average of 100,000 contracts traded (round turn)
per day or (b) in the case of any six (6) Products based on any one or more of
the Dow Jones Transportation Average Index, the Dow Jones Utilities Average
Index and the Dow Jones Global Indexes, in the aggregate, an average number of
contracts traded (round turn) per day equal to (i) 3,000 times (ii) the number
of Products based on the Dow Jones Transportation Average Index, the Dow Jones
Utilities Average Index and the Dow Jones Global Indexes.

                                      -7-
<PAGE>

          (f) Dow Jones may terminate this Agreement upon written notice to the
Licensee if any securities exchange ceases to provide data to Dow Jones
necessary for providing the Indexes, terminates Dow Jones' right to receive data
in the form of a "feed" from such securities exchange, materially restricts Dow
Jones' right to redistribute data received from such securities exchange, or
institutes charges of a type or to an extent applicable to Dow Jones (and not to
others generally) for the provision of data to Dow Jones or the redistribution
of data by Dow Jones.

          (g) Notwithstanding anything to the contrary herein, Dow Jones shall
have the right, in its sole discretion, to cease compiling, calculating and
publishing values of any one or more of the Indexes, and to terminate this
Agreement with respect only to such Indexes, at any time that Dow Jones
determines that such Indexes no longer meet or will not be capable of meeting
the criteria established by Dow Jones for maintaining such Indexes (and in such
event Dow Jones will use all reasonable efforts to provide the Licensee with as
much prior notice as is reasonably practicable under the circumstances).

          (h) Notwithstanding anything to the contrary herein, in the event that
there shall occur any change in law (statutory law, case law or otherwise)
relating to or affecting the liability of index providers to third parties, and
Dow Jones thereafter ceases to engage in the business of providing real-time
data, Dow Jones shall have the right to terminate this Agreement upon written
notice to the Licensee.

          (i) In the event either the Licensee or Dow Jones shall give notice of
termination pursuant to this Section 4 (but excluding Section 4(d)), any
Products then listed ("Pending Products") may continue to be traded to the
expiration date thereof, and (i) to the extent necessary for such purpose, the
license granted in Section 1(a) and Dow Jones' obligations under Sections 5(b),
5(c) and 7, and (ii) the Licensee's obligations under Sections 5(h), 6, 7, 8(b)
and 9 shall be deemed to continue until the expiration date of the last of such
Pending Products. Notwithstanding the above, any Pending Products

                                      -8-
<PAGE>

without open interest which are farther out than the farthest contract month
with open interest shall be terminated. Notwithstanding the above, in the event
of a termination by Dow Jones under Section 4(a) by reason of any breach by the
Licensee relating to its obligations under this Agreement with respect to Dow
Jones' Intellectual Property, Section 6(g) shall continue to apply to the
Licensee. Notwithstanding the foregoing, in the event of a termination by reason
of discontinuance of any Index under Sections 4(f), (g), or (h), Dow Jones
shall, at the time the notice of termination is provided to the Licensee,
provide to the Licensee a non-exclusive, perpetual and royalty-free license
effective as of the date of the discontinuance and a list of companies, shares
outstanding and divisors for the terminated Index as of the date of
discontinuance. The Licensee shall not thereafter make any reference to the Dow
Jones Marks in respect of the discontinued Index (except as provided in the next
sentence) and Dow Jones shall have no further obligations to the Licensee with
respect to the discontinued Index, or any Product based thereon, after
furnishing the Licensee with the aforesaid information. In any such event, the
Licensee shall redesignate the Index and the Products based thereon as the
Licensee's and may continue to list for trading Pending Products as if no notice
of termination had been received, except that, until termination of the license,
such index shall be described as the "CBOT _____ Index" formerly "Dow Jones
_______ Index". Thereafter, upon termination of the license, the Licensee may
promote and list for trading indexed products based upon the securities index
designated by the name "CBOT _______ Index" or equivalent provided that the
Licensee prominently disclaims any relationship with Dow Jones in respect
thereto.

          5.   Dow Jones Obligations; Licensee's Obligations.
               ---------------------------------------------

               (a)  Dow Jones is not, and shall not be, obligated to engage in
any way or to any extent in any marketing or promotional activities in
connection with the Products or in making any representation or statement to
investors or prospective investors in connection with the marketing or promotion
of the Products by the Licensee.

                                      -9-
<PAGE>

At the Licensee's request, Dow Jones will provide Licensee with all reasonable
cooperation in connection with Licensee obtaining and maintaining regulatory
approval for the Products.

               (b)  Dow Jones agrees to provide reasonable support for the
Licensee's development and educational efforts with respect to the Products as
follows:

                    (i)    Dow Jones shall respond in a timely fashion to any
               reasonable requests by the Licensee for information regarding the
               Indexes.

                    (ii)   Dow Jones or its agent shall, or Dow Jones shall
               arrange for a third party vendor to, calculate, and provide to
               the Licensee via a feed, through a dedicated line, as well as a
               dial-up backup line, the values of each of the Indexes at least
               once every fifteen (15) seconds, or more frequently if agreed by
               the parties, on each day that the New York Stock Exchange (or the
               applicable exchange from which such Index is derived) is open for
               trading, in accordance with Dow Jones' current procedures, which
               procedures may be modified by Dow Jones.

                    (iii)  Dow Jones shall promptly correct, or instruct its
               agent to correct, any mathematical errors made in Dow Jones'
               computations of the Indexes of which Dow Jones becomes aware.

Notwithstanding anything herein to the contrary, nothing in this Section 5 shall
give the Licensee the right to exercise any judgment or require any changes with
respect to Dow Jones' method of composing, calculating or determining the
Indexes, and nothing in this Section 5 shall be deemed to modify the provisions
of Section 9 of this Agreement.

                                      -10-
<PAGE>

               (c)  Dow Jones has, and shall maintain, a policy pursuant to
which its employees who are directly responsible for changes in the components
of the Indexes are prohibited from purchasing or beneficially owning any
interest in the Products. The Licensee shall have no responsibility for ensuring
that such Dow Jones employees comply with such Dow Jones policy and shall have
no duty to inquire whether any purchasers or sellers of the Products are such
Dow Jones employees. Dow Jones shall have no liability to the Licensee or its
affiliates with respect to Dow Jones' employees' adherence or failure of
adherence to such policy.

               (d)  Dow Jones shall use reasonable efforts to safeguard the
confidentiality of all impending changes in the components or method of
computation of the Indexes until such changes are publicly disseminated, and
shall require the same of any agent with whom it has contracted for computation
thereof. Dow Jones shall implement reasonable procedures so that only those
persons at Dow Jones directly responsible for changes in the composition or
method of computation of the Indexes shall be granted access to information
respecting impending changes.

               (e)  The Licensee will develop and implement a marketing program
for the Products. The Licensee will spend [**] during the period between the
Effective Date and the end of the First Year in implementing the marketing
program. During each subsequent Year of the Initial Term, the Licensee will
spend the greater of [**] in implementing the marketing program.

               (f)  The Licensee will use best efforts to obtain commitments
from major market makers to dedicate traders and capital to provide tight, deep
and liquid markets for the Products. For the first six months after the
Commencement Date, such efforts will include, without limitation, waiver of
booth fees, payment for installation of arbitrage telephone lines, waiver of
fees for headsets and order-entry systems, and physical

                                      -11-
<PAGE>

plant modifications to open the pit with the closest proximity to the Treasury
Bond pit for the Products.

               (g)  Prior to the Commencement Date, the Licensee will adopt, and
during the Term the Licensee will maintain, as part of its rules, to be set
forth in the terms of the Products and in the Licensee's Rules and Regulations,
a limitation on liability of licensors of indexes, with respect to trading on or
through the Licensee, which is in form and substance substantially as set forth
in the New York Stock Exchange Rule 813.

               (h)  In the event that any third party shall commence any
litigation, action or proceeding, or make any claim, against Dow Jones which
alleges liability of Dow Jones by reason of miscalculation or error in any Dow
Jones index (whether or not any Product is based on such index), the Licensee
shall, at Dow Jones' request, participate in the defense thereof in any manner
reasonably requested by Dow Jones, at the Licensee's own expense up to an
aggregate of$1 million of out-of-pocket expenses therefor.

          6.   Trademark Filings; Recognition of Intellectual Property Rights;
               Protection of Intellectual Property; Quality Control          .
               --------------------------------------------------------------

               (a)  During the Term, Dow Jones shall apply for such trademark
and trade name registrations for the Dow Jones Marks only in such jurisdictions,
if any, where Dow Jones, in its sole discretion, considers such filings
appropriate. The Licensee shall reasonably cooperate with Dow Jones in the
maintenance of such rights and registrations and shall do such acts and execute
such instruments as are reasonably necessary or appropriate for such purpose.
The Licensee shall use the following notice when referring to any of the Indexes
or any of the Dow Jones Marks in any informational materials to be used in
connection with the Products (including, where applicable, advertisements,
brochures and promotional and any other similar informational materials, and any
documents or materials required to be filed with governmental or regulatory
agencies) that in any way use or refer to Dow Jones, any of the Indexes or any
of the Dow Jones Marks (collectively, the "Informational Materials"):

                                      -12-
<PAGE>

          "Dow Jones," and "[INSERT Name of Index(es)](TM)," are trademarks
          of Dow Jones & Company, Inc. and have been licensed for use for
          certain purposes by [INSERT Name of Licensee]. [INSERT Name of
          Licensee's [INSERT Name of Product(s)] based on the [INSERT Name
          of Index](TM) are not sponsored, endorsed, sold or promoted by Dow
          Jones, and Dow Jones makes no representation regarding the
          advisability of trading in such product(s).

or such similar language as may be approved in advance in writing by Dow Jones.

          (b)  The Licensee agrees that the Dow Jones Marks and all Intellectual
Property and other rights, registrations and entitlement thereto, together with
all applications, registrations and filings with respect to any of the Dow Jones
Marks and any renewals and extensions of any such applications, registration and
filings, are and shall remain the sole and exclusive property of Dow Jones.  The
Licensee agrees to cooperate with Dow Jones in the maintenance of such rights
and registrations and shall do such acts and execute such instruments as are
reasonably necessary or appropriate for such purpose.  The Licensee acknowledges
that each of the Dow Jones Marks is part of the business and goodwill of Dow
Jones and agrees that it shall not, during the term of this Agreement or
thereafter, contest the fact that the Licensee's rights in the Dow Jones Marks
under this Agreement (i) are limited solely to the use of the Dow Jones Marks in
connection with the listing for trading, marketing, and/or promotion of the
Products and disclosure about the Products under applicable law as provided in
Section 1(a), and (ii) shall cease upon termination of this Agreement, except as
otherwise expressly provided herein.  The Licensee recognizes the great value of
the reputation and goodwill associated with the Dow Jones Marks and acknowledges
that such goodwill associated with the Dow Jones Marks belongs exclusively to
Dow Jones, and that Dow Jones is the owner of all right, title and interest in
and to the Dow Jones Marks in connection with the Products. The Licensee further
acknowledges that all rights in any translations, derivatives or

                                      -13-
<PAGE>

modifications in the Dow Jones Marks which may be created by or for the Licensee
shall be and shall remain the exclusive property of Dow Jones and said property
shall be and shall remain a part of the Intellectual Property subject to the
provisions and conditions of this Agreement. The Licensee shall never, either
directly or indirectly, contest Dow Jones' exclusive ownership of any of the
Intellectual Property. In the event that Dow Jones consents to, and the Licensee
uses any Dow Jones Mark in conjunction with the Licensee's own trademark(s),
such resulting mark shall be owned by Dow Jones, and shall be part of the
Intellectual Property of Dow Jones and included in the Dow Jones Marks as
defined herein. With respect to any such composite mark: (i) Dow Jones shall not
register or apply for registration of such mark; (ii) Dow Jones shall not use
such mark; and (iii) after termination or expiration of this Agreement, Dow
Jones shall disclaim ownership rights in Licensee's own trademark forming a part
of such mark and shall assign to Licensee any rights in Licensee's own trademark
forming a part of such mark and the goodwill associated therewith that Dow Jones
might have acquired during the Term.

          (c)  In the event that the Licensee learns of any infringement or
imitation of any of the Indexes and/or any Dow Jones Mark, or of any use by any
person of a trademark similar to any of the Dow Jones Marks, it shall promptly
notify Dow Jones.  Dow Jones shall take such action as it deems advisable for
the protection of rights in and to the Indexes and the Dow Jones Marks and, if
requested to do so by Dow Jones, the Licensee shall cooperate with Dow Jones in
all respects, at Dow Jones' expense, including, without limitation, by being a
plaintiff or co-plaintiff and, upon Dow Jones' reasonable request, by causing
its officers to execute appropriate pleadings and other necessary documents.  In
no event, however, shall Dow Jones be required to take any action it deems
inadvisable. The Licensee shall have no right to take any action which would
materially affect any of the Indexes and/or any of the Dow Jones Marks without
Dow Jones' prior written approval.

                                      -14-
<PAGE>

          (d)  The Licensee shall use its best efforts to protect the goodwill
and reputation of Dow Jones, the Indexes and the Dow Jones Marks in connection
with its use of the Indexes and any of the Dow Jones Marks under this Agreement.
The Licensee shall submit to Dow Jones, for Dow Jones' review and approval, and
the Licensee shall not use until receiving Dow Jones' approval thereof in
writing, all Informational Materials.  Dow Jones' approval shall be required
with respect to the use of and description of Dow Jones, any of the Indexes or
any of the Dow Jones Marks.  Dow Jones shall notify the Licensee of its approval
or disapproval of any Informational Materials within 72 hours (excluding any day
which is a Saturday or Sunday or a day on which The New York Stock Exchange is
closed) following receipt thereof from the Licensee. Once Informational
Materials have been approved by Dow Jones, subsequent Informational Materials
which do not alter the use or description of Dow Jones, such Indexes or such Dow
Jones Marks, as the case may be, need not be submitted for review and approval
by Dow Jones.

          (e)  Except as may be expressly otherwise agreed in writing by Dow
Jones, or as otherwise permitted or required under this Agreement, the Dow Jones
Marks and the Licensee's marks, the marks of any of their respective affiliates
or the marks of any third party, to the extent they appear in any Informational
Material, shall appear separately and shall be clearly identified with regard to
ownership.  Whenever the Dow Jones Marks are used in any Informational Material
in connection with any of the Products, the name of the Licensee shall appear in
close proximity to the Dow Jones Marks so that the identity of the Licensee, and
its status as an authorized licensee of such Dow Jones Marks, is clear and
obvious.

          (f)  The Licensee agrees that any proposed change in the use of the
Dow Jones Marks shall be submitted to Dow Jones for, and shall be subject to,
Dow Jones' prior written consent.

                                      -15-
<PAGE>

          (g)  If at any time Dow Jones is of the opinion that the Licensee is
not properly using the Intellectual Property in connection with the Products or
Informational Materials, or that the standard of quality of any of the Products
or Informational Materials does not conform to the standards as set forth
herein, Dow Jones shall give notice to the Licensee to that effect.  Upon
receipt of such notice, the Licensee shall forthwith correct the defects in the
non-conforming Products or Informational Materials so that they comply with all
required standards or cease (subject to regulatory requirements) the listing,
marketing and promotion of the non-conforming Products or Informational
Materials.

       7. Proprietary Rights.
          ------------------

          (a)  The Licensee expressly acknowledges and agrees that the Indexes
are selected, compiled, coordinated, arranged and prepared by Dow Jones through
the application of methods and standards of judgment used and developed through
the expenditure of considerable work, time and money by Dow Jones. The Licensee
also expressly acknowledges and agrees that the Indexes and the Dow Jones Marks
are valuable assets of Dow Jones and the Licensee agrees that it will take
reasonable measures to prevent any unauthorized use of the information provided
to it concerning the selection, compilation, coordination, arrangement and
preparation of the Indexes.

               (b)  Dow Jones expressly acknowledges and agrees that: (i)
Licensee has the exclusive property rights in and to Market Data; (ii) Market
Data constitutes valuable Confidential Information and proprietary rights of
Licensee; and (iii) Licensee's trademarks and trade names, including but not
limited to, Chicago Board of Trade, Board of Trade and CBOT, are valuable assets
of Licensee. "Market Data" shall mean bids, asks and market prices, opening and
closing range prices, high-low prices, settlement prices, estimated and actual
contract volume and other information regarding

                                      -16-
<PAGE>

CBOT market activity, including exchange for physical transactions (excluding
the values of Dow Jones indexes).

               (c)  Each party shall treat as confidential and shall not
disclose or transmit to any third party (i) any documentation or other materials
that are marked as "Confidential" by the providing party and (ii) the terms of
this Agreement (collectively, "Confidential Information"). Confidential
Information as described in clause (i) of the preceding sentence shall not
include (A) any information that is available to the public or to the receiving
party hereunder from sources other than the providing party (provided that such
source is not subject to a confidentiality agreement with regard to such
information) or (B) any information that is independently developed by the
receiving party without use of or reference to information from the providing
party.

               (d)  Notwithstanding the foregoing, either party may reveal
Confidential Information to any regulatory agency or court of competent
jurisdiction if such information to be disclosed is (i) approved in writing by
the providing party for disclosure or (ii) required by law, regulatory agency or
court order to be disclosed by the receiving party, provided, if permitted by
law, that prior written notice of such required disclosure is given to the
providing party and provided further that the receiving party shall cooperate
with the providing party to limit the extent of such disclosure. The provisions
of Sections 7(c) and (d) shall survive termination or expiration of this
Agreement for a period of five (5) years from disclosure by either party to the
other of the last item of such Confidential Information.

          8.   Warranties; Disclaimers.
               -----------------------

               (a)  Each party represents and warrants to the other that it has
the authority to enter into this Agreement according to its terms, and that its
execution and delivery of this Agreement and its performance hereunder will not
violate any agreement applicable to it or violate any applicable laws, rules or
regulations. Dow Jones represents that it owns and has the right to license
hereunder the Intellectual Property licensed

                                      -17-
<PAGE>

hereunder. The Licensee represents and warrants to Dow Jones that the Products
listed for trading, and the marketing and promotion thereof, by the Licensee
will not violate any agreement applicable to the Licensee or violate any
applicable laws, rules or regulations, including without limitation, securities,
commodities, and banking laws.

               (b)  The Licensee shall include the statement contained in
Exhibit I hereto in each contract designation application and in the terms and
conditions of any Products (and upon request shall furnish copies thereof to Dow
Jones), and the Licensee expressly agrees to be bound by the terms of the
statement contained in Exhibit I hereto (which terms are expressly incorporated
herein by reference and made a part hereof). Any changes in the statement
contained in Exhibit I hereto must be approved in advance in writing by an
authorized officer of Dow Jones.

               (c)  Without limiting the disclaimers set forth in this Agreement
(including in Exhibit I hereto), in no event shall the cumulative liability of
Dow Jones to the Licensee and its affiliates under or relating to this Agreement
at any time exceed the aggregate amount of License Fees received by Dow Jones
pursuant to this Agreement prior to such time.

               (d)  Notwithstanding any other provision of this Agreement, in no
event shall Dow Jones be liable to the Licensee for damages of any kind (whether
monetary, special, indirect, exemplary, incidental, consequential or otherwise)
in connection with any breach by Dow Jones of any of its covenants under this
Agreement. In addition, in no event shall either Dow Jones or the Licensee be
liable to the other for more than an aggregate of $2 million (in respect of any
and all claims) for any special, indirect, exemplary, incidental or
consequential damages (including loss of products or savings and including under
any indemnification obligation under Section 9(a)(i), but not including under
any indemnification obligation under Section 9(a)(ii)) even if such other party
has been advised, knows or should know of the possibility of same arising in
connection with this Agreement.

                                      -18-
<PAGE>

          9.   Indemnification.
               ---------------

               (a)  The Licensee shall indemnify and hold harmless Dow Jones and
its affiliates, and their respective officers, directors, members, employees and
agents, against any and all judgments, damages, liabilities, costs and losses of
any kind (including reasonable attorneys' and experts' fees) (collectively,
"Losses") that arise out of or relate to (i) any breach by the Licensee of its
representations and warranties or covenants under this Agreement, or (ii) any
claim, action or proceeding that arises out of or relates to (x) this Agreement
or (y) the Products; provided, however, that Dow Jones must promptly notify the
Licensee in writing of any such claim, action or proceeding (but the failure to
do so shall not relieve the Licensee of any liability hereunder except to the
extent the Licensee has been materially prejudiced therefrom). The Licensee may
elect, by written notice to Dow Jones within ten (10) days after receiving
notice of such claim, action or proceeding from Dow Jones, to assume the defense
thereof with counsel reasonably acceptable to Dow Jones. If the Licensee does
not so elect to assume such defense or disputes its indemnity obligation with
respect to such claim, action or proceeding, or if Dow Jones reasonably believes
that there are conflicts of interest between Dow Jones and the Licensee or that
additional defenses are available to Dow Jones with respect to such defense,
then Dow Jones shall retain its own counsel to defend such claim, action or
proceeding, at the Licensee's expense. The Licensee shall periodically reimburse
Dow Jones for its expenses incurred under this Section 9. Dow Jones shall have
the right, at its own expense, to participate in the defense of any claim,
action or proceeding against which it is indemnified hereunder; provided,
however, that Dow Jones shall have no right to control the defense, consent to
judgment, or agree to settle any such claim, action or proceeding without the
written consent of the Licensee unless Dow Jones waives its right to indemnity
hereunder. The Licensee, in the defense of any such claim, action or proceeding,
except with the written consent of Dow Jones, shall not consent to entry of any
judgment or enter into any settlement which (i) does not include, as an
unconditional

                                      -19-
<PAGE>

term, the grant by the claimant to Dow Jones of a release of all liabilities in
respect of such claims or (ii) otherwise adversely affects the rights of Dow
Jones.

               (b)  Notwithstanding Section 9(a), the Licensee shall not have
any obligation to indemnify and hold harmless Dow Jones and its affiliates, and
their respective officers, directors, members, employees and agents, to the
extent that Losses arise out of or relate to (i) a breach by Dow Jones of its
representations, warranties or covenants under this Agreement, (ii) the willful
or reckless misconduct of any of Dow Jones' officers, directors, employees or
agents acting within the scope of their authority, or (iii) miscalculations or
errors in an Index originated by Dow Jones (i.e., not including miscalculations
or errors resulting from wrong information received by Dow Jones or from Dow
Jones' lack of information).

               (c)  The indemnification provisions set forth herein are solely
for the benefit of Dow Jones and are not intended to, and do not, create any
rights or causes of actions on behalf of any third party.

          10.  Suspension of Performance.
               -------------------------

          Notwithstanding anything herein to the contrary, neither Dow Jones nor
the Licensee shall bear responsibility or liability to each other or to third
parties for any Losses arising out of any delay in or interruptions of
performance of their respective obligations under this Agreement due to any act
of God, act of governmental authority, or act of public enemy, or due to war,
the outbreak or escalation of hostilities, riot, fire, flood, civil commotion,
insurrection, labor difficulty (including, without limitation, any strike, other
work stoppage, or slow-down), severe or adverse weather conditions, power
failure, communications line or other technological failure, or other similar
cause beyond the reasonable control of the party so affected; provided, however,
that nothing in this Section 9 shall affect the Licensee's obligations under
Section 9(a)(ii).

                                      -20-
<PAGE>

          11.  Injunctive Relief.
               -----------------

          In the event of a material breach by one party ("Breaching Party") of
provisions of this Agreement relating to the Confidential Information of the
other party ("Non-breaching Party"), the Breaching Party acknowledges and agrees
that damages would be an inadequate remedy and that the Non-breaching Party
shall be entitled to preliminary and permanent injunctive relief to preserve
such confidentiality or limit improper disclosure of such Confidential
Information, but nothing herein shall preclude the Non-breaching Party from
pursuing any other action or remedy for any breach or threatened breach of this
Agreement. All remedies under this Section 11 shall be cumulative.

          12.  Other Matters.
               -------------

               (a)  This Agreement is solely and exclusively between the parties
hereto and, except to the extent otherwise expressly provided herein, shall not
be assigned or transferred, nor shall any duty hereunder be delegated, by either
party, without the prior written consent of the other party, and any attempt to
so assign or transfer this Agreement or delegate any duty hereunder without such
written consent shall be null and void; provided, however, that any affiliate
which, directly or indirectly, controls, is controlled by or is under common
control with the Licensee may use the Indexes and the Dow Jones Marks in
connection with the issuance, marketing and promotion of the Products, provided
that such affiliate shall be subject to all of the terms and conditions of this
Agreement applicable to the Licensee. This Agreement shall be valid and binding
on the parties hereto and their successors and permitted assigns.

               (b)  This Agreement, including the Schedules and Exhibits hereto
(which are hereby expressly incorporated into and made a part of this
Agreement), constitutes the entire agreement of the parties hereto with respect
to its subject matter, and supersedes any and all previous agreements between
the parties with respect to the

                                      -21-
<PAGE>

subject matter of this Agreement. There are no oral or written collateral
representations, agreements or understandings except as provided herein.

               (c)  No waiver, modification or amendment of any of the terms and
conditions hereof shall be valid or binding unless set forth in a written
instrument signed by duly authorized officers of both parties. The delay or
failure by any party to insist, in any one or more instances, upon strict
performance of any of the terms or conditions of this Agreement or to exercise
any right or privilege herein conferred shall not be construed as a waiver of
any such term, condition, right or privilege, but the same shall continue in
full force and effect.

               (d)  No breach, default or threatened breach of this Agreement by
either party shall relieve the other party of its obligations or liabilities
under this Agreement with respect to the protection of the property or
proprietary nature of any property which is the subject of this Agreement.

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

               If to Dow Jones:     Dow Jones & Company, Inc.
                             200 Liberty Street
                             New York, New York 10281
                             Attn:      David E. Moran,
                             President/Dow Jones Global Indexes
                             Fax No.: 212/416-2524

                                      -22-
<PAGE>

               With a copy to:      Fried, Frank, Harris, Shriver & Jacobson
                             One New York Plaza
                             New York, New York 10004
                             Attn:      Gail Weinstein, Esq.
                             Fax No.: 212/859-8585

               If to the Licensee:  Board of Trade of the City of Chicago
                             141 West Jackson Boulevard
                             Chicago, Illinois 60604
                             Attn:  Carol Burke, Executive Vice President &
                                    General Counsel
                             Fax No. (312) 341-3392

               (f)  This Agreement shall be interpreted, construed and enforced
in accordance with the laws of the State of New York without reference to or
inclusion of the principles of choice of law or conflicts of law of that
jurisdiction. It is the intent of the parties that the substantive law of the
State of New York govern this Agreement and not the law of any other
jurisdiction incorporated through choice of law or conflicts of law principles.
Each party agrees that any legal action, proceeding, controversy or claim
between the parties arising out of or relating to this Agreement may be brought
and prosecuted only in the United States District Court for the Southern
District of New York or in the Supreme Court of the State of New York in and for
the First Judicial Department, and by execution of this Agreement each party
hereto submits to the exclusive jurisdiction of such court and waives any
objection it might have based upon improper venue or inconvenient forum. Each
party hereby waives any right it may have to a jury trial in connection with any
legal action, proceeding, controversy or claim between the parties arising out
of or relating to this Agreement.

               (g)  This Agreement (and any related agreement or arrangement
between the parties hereto) is solely and exclusively for the benefit of the
parties hereto and their respective successors, and nothing in this Agreement
(or any related agreement or arrangement between the parties hereto), express or
implied, is intended to or shall confer on any other person or entity
(including, without limitation, any purchaser

                                      -23-
<PAGE>

of any Products issued by the Licensee), any rights, benefits or remedies of any
nature whatsoever under or by reason of this Agreement (or any such related
agreement or arrangement between the parties hereto).

               (h)  Section 4, Sections 7(c) and (d) (as provided therein),
Sections 8, 9, 11 and 12(e), (f) and (g), and this Section 12(h), shall survive
the expiration or termination of this Agreement.

               (i)  The parties hereto are independent contractors. Nothing
herein shall be construed to place the parties in the relationship of partners
or joint venturers, and neither party

                                      -24-
<PAGE>

shall acquire any power, other than as specifically and expressly provided in
this Agreement, to bind the other in any manner whatsoever with respect to third
parties.

               (j)  All references herein to "reasonable efforts" shall include
taking into account all relevant commercial and regulatory factors. All
references herein to "regulations" or "regulatory proceedings" shall include
regulations or proceedings by self-regulatory organizations such as securities
or futures exchanges.

                                      -25-
<PAGE>

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

                              DOW JONES & COMPANY, INC.

                              By: /s/ David E. Moran
                                 ------------------------------------------
                                  Name:   David E. Moran
                                  Title:  Vice President

                              BOARD OF TRADE OF THE CITY OF CHICAGO

                              By: /s/ Patrick H. Arbor
                                 ------------------------------------------
                                  Name:   Patrick H. Arbor
                                  Title:  Chairman of the Board

                              By: /s/ Thomas R. Donovan
                                 ------------------------------------------
                                  Name:   Thomas R. Donovan
                                  Title:  President and Chief Executive Officer

                                      -26-
<PAGE>

                              INDEX OF ATTACHMENTS
                              --------------------

SCHEDULES:
---------

Schedule A          Indexes Being Licensed

Schedule B          Products Description

Schedule C          License Fees

EXHIBITS:
--------

Exhibit I           Disclaimer Language

                                      -27-
<PAGE>

                                  SCHEDULE A
                                  ----------
                            INDEXES BEING LICENSED
                            ----------------------

 . Dow Jones Industrial Average Index

 . Dow Jones Transportation Average Index

 . Dow Jones Utilities Average Index

 . Dow Jones Global Indexes listed on Annex I to this Schedule A

 (excluding the Dow Jones Taiwan Stock Index)

<PAGE>

                                  SCHEDULE B
                                  ----------
                             PRODUCTS DESCRIPTION
                             --------------------

Standardized exchange-traded futures contracts and options on futures contracts.

                                  SCHEDULE C
                                  ----------
                                 LICENSE FEES
                                 ------------

     Licensee shall pay license fees in accordance with the following:

 .    Licensee shall pay to Dow Jones (a) an up-front one-time fee of [**], to be
     paid on the Effective Date, (b) a one-time fee of [**] on the date of
     regulatory approval of the Initial Product, and (c) a one-time fee of [**]
     on the Commencement Date. The fees payable under (b) and (c) of this
     paragraph are referred to herein together as the "[**] Fee."

 .    In addition, (i) on the Commencement Date, the Licensee will pay to Dow
     Jones a flat annual minimum payment of [**] in respect of the First Year;
     (ii) during the Term, on each of the first, second, third and fourth
     anniversaries of the Commencement Date, the Licensee will pay to Dow Jones
     a flat annual minimum payment of $2 million in respect of the Second Year,
     the Third Year, the Fourth Year and the Fifth Year, respectively; and (iii)
     during any Renewal Term, on each of the fifth, sixth, seventh, eighth and
     ninth anniversaries of the Commencement Date, the Licensee will pay to Dow
     Jones a flat annual minimum payment of [**] in respect of the Sixth Year,
     the Seventh Year, the Eighth Year, the Ninth Year and the Tenth Year,
     respectively (each, an "Annual Minimum Payment").

 .    In addition, the Licensee will pay to the Dow Jones affiliate designated by
     Dow Jones the amount, if any, by which (x) a fee (the "Per Transaction
     Fee") equal to [**]. Within 10 days after each month-end after the
     Commencement Date, the Licensee will provide to Dow Jones a written report
     of the trading volume for each Product for such month (each, a "Monthly
     Report"), together with a calculation of the amount of the Per Transaction
     Fees for such month. At such time during any Year that the cumulative Per
     Transaction Fees first exceed the Annual Minimum Payment paid in respect of
     such Year, the Licensee will make payment of such excess amount at the time
     it provides the Monthly Report for such month and, thereafter, during the
     remainder of such Year, the Licensee will pay the amount of the Per
     Transaction Fees reflected in each Monthly Report at the time it provides
     such Monthly Report.

<PAGE>

 .    All amounts will be paid in cash and will be non-refundable, except that,
     if during the Initial Term Dow Jones terminates this Agreement pursuant to
     Section 4(h), then any part of the [**] Fee already paid by the Licensee
     shall be refunded to the extent of 20% if the termination occurs in the
     Fifth Year, 40% if it occurs in the Fourth Year, 60% if it occurs in the
     Third Year, and 80% if it occurs in either the Second Year or the First
     Year.

 .    The terms hereof shall be deemed "Confidential Information" for purposes of
     Section 7(c) of this Agreement.

                                      -1-
<PAGE>

                                   EXHIBIT I
                                   ---------

  The [Products] are not sponsored, endorsed, sold or promoted by Dow Jones.
Dow Jones makes no representation or warranty, express or implied, to the owners
of the [Product(s)] or any member of the public regarding the advisability of
trading in the Product(s).  Dow Jones' only relationship to the Licensee is the
licensing of certain trademarks and trade names of Dow Jones and of the [INSERT
Name of Index(es)] which is determined, composed and calculated by Dow Jones
without regard to [the Licensee] or the [Product(s)], Dow Jones has no
obligation to take the needs of [the Licensee] or the owners of the [Product(s)]
into consideration in determining, composing or calculating [INSERT Name of
Index(es)].  Dow Jones is not responsible for and has not participated in the
determination of the timing of, prices at, or quantities of the [Product(s)] to
be listed or in the determination or calculation of the equation by which the
[Product(s)] are to be converted into cash. Dow Jones has no obligation or
liability in connection with the administration, marketing or trading of the
[Product(s)].

  DOW JONES DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE
[INSERT NAME OF INDEX(ES)] OR ANY DATA INCLUDED THEREIN AND DOW JONES SHALL HAVE
NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. DOW JONES
MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY [THE
LICENSEE], OWNERS OF THE [PRODUCT(S)], OR ANY OTHER PERSON OR ENTITY FROM THE
USE OF THE [INSERT NAME OF INDEX(ES)] OR ANY DATA INCLUDED THEREIN. DOW JONES
MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES,
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO
THE [INSERT NAMES OF [INDEX(ES)] OR ANY DATA INCLUDED THEREIN, WITHOUT LIMITING
ANY OF THE FOREGOING, IN NO EVENT SHALL DOW JONES HAVE ANY LIABILITY FOR ANY
LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING
LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.  THERE ARE
NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DOW JONES
AND [THE LICENSEE].
<PAGE>

                                                         ANNEX I [to Schedule A]
<TABLE>
<CAPTION>
                                                      DOW JONES GLOBAL INDEXES

                                                   5:30 p.m., Friday May 30 1997
------------------------------------------------------------------------------------------------------------------------------------
                                                  ------------------------------IN U.S. DOLLARS-------------------------------------
                                 DJ
                               GLOBAL
                              INDEXES,             5:30
                               LOCAL      PCT.     P.M.              PCT.    12-MO   12-MO     12-MO      PCT.     FROM       PCT.
REGION/ COUNTRY               CURRENCY    CHG.     INDEX    CHG.     CHG.    HIGH    LOW       CHG.       CHG.     12/31      CHG.
-----------------------------------------------------------------------------------------------------------------------------------
<S>                          <C>        <C><C>    <C>      <C><C>   <C><C>   <C>     <C>     <C><C>     <C><C>    <C><C>    <C><C>
Americas                                          197.28  +  1.04  +  0.53  197.51  146.19  +  40.85  +  26.11  +  23.89  +  13.78
-----------------------------------------------------------------------------------------------------------------------------------
   Canada                       176.18  +  0.24   147.84  +  0.78  +  0.53  150.21  110.46  +  29.87  +  25.32  +  12.43  +   9.18
-----------------------------------------------------------------------------------------------------------------------------------
   Mexico                       288.47  +  0.72   111.75  +  0.58  +  0.52  113.01   85.56  +  17.25  +  18.26  +  17.43  +  18.48
-----------------------------------------------------------------------------------------------------------------------------------
   U.S.                         738.46  +  0.53   798.46  +  4.23  +  0.53  799.28  591.10  + 165.81  +  26.21  +  97.90  +  13.97
-----------------------------------------------------------------------------------------------------------------------------------
Europe/Africa                                     171.89  -  2.85  -  4.63  176.96  138.43  +  28.73  +  20.07  +  11.59  +   7.23
-----------------------------------------------------------------------------------------------------------------------------------
   Austria                      123.31  -  1.81   110.36  -  1.81  -  1.61  114.62  100.23  -   2.70  -   2.39  +   0.36  +   0.32
-----------------------------------------------------------------------------------------------------------------------------------
   Belgium                      193.46  -  0.43   172.25  -  1.38  -  0.79  176.68  143.00  +  24.98  +  16.96  +  13.61  +   8.58
-----------------------------------------------------------------------------------------------------------------------------------
   Denmark                      167.99  -  0.41   154.63  -  1.54  -  0.99  159.18  114.59  +  38.60  +  33.27  +  17.38  +  12.66
-----------------------------------------------------------------------------------------------------------------------------------
   Finland                      375.81  -  2.02   302.65  -  8.33  -  2.68  316.01  201.41  +  74.75  +  32.80  +  21.93  +   7.81
-----------------------------------------------------------------------------------------------------------------------------------
   France                       156.52  -  0.52   140.67  -  1.44  -  1.01  153.55  124.57  +   9.65  +   7.37  -   1.70  -   1.20
-----------------------------------------------------------------------------------------------------------------------------------
   Germany                      200.52  -  2.50   177.95  -  5.65  -  3.08  186.09  142.25  +  34.80  +  24.31  +  16.54  +  10.24
-----------------------------------------------------------------------------------------------------------------------------------
   Ireland                      233.44  -  1.07   204.97  -  2.04  -  0.99  208.82  160.07  +  35.66  +  21.07  +   8.97  +   4.58
-----------------------------------------------------------------------------------------------------------------------------------
   Italy                        161.66  -  1.50   117.94  -  2.51  -  2.08  130.10   98.39  +   3.75  +   3.28  +   4.32  +   3.80
-----------------------------------------------------------------------------------------------------------------------------------
   Netherlands                  265.39  -  1.64   232.76  -  5.07  -  2.13  239.84  172.70  +  47.74  +  25.80  +  25.17  +  12.13
-----------------------------------------------------------------------------------------------------------------------------------
   Norway                       196.49  -  1.03   165.33  -  2.57  -  1.53  174.76  133.41  +  25.29  +  18.06  +   5.37  +   3.35
-----------------------------------------------------------------------------------------------------------------------------------
   South Africa                 214.51  -  0.84   131.67  -  1.11  -  0.84  136.80  112.45  -   0.85  -   0.64  +  13.02  +  10.98
-----------------------------------------------------------------------------------------------------------------------------------
   Spain                        248.76  -  1.72   167.84  -  3.05  -  1.73  178.52  119.44  +  44.83  +  36.44  +  18.40  +  12.31
-----------------------------------------------------------------------------------------------------------------------------------
   Sweden                       316.36  -  0.71   226.63  -  3.30  -  1.44  237.60  171.24  +  44.91  +  24.72  +  12.76  +   5.96
-----------------------------------------------------------------------------------------------------------------------------------
   Switzerland                  291.27  -  1.78   279.26  -  5.46  -  1.92  290.48  227.00  +  48.28  +  20.90  +  43.23  +  18.32
-----------------------------------------------------------------------------------------------------------------------------------
   United Kingdom               180.97  -  1.16   158.89  -  1.73  -  1.08  162.13  124.53  +  30.54  +  23.80  +   6.87  +   4.52
-----------------------------------------------------------------------------------------------------------------------------------
Europe/Africa (ex. South                          173.89  -  2.94  -  1.66  179.08  138.94  +  30.33  +  21.13  +  11.48  +   7.07
 Africa)
-----------------------------------------------------------------------------------------------------------------------------------
Europe/Africa (ex. U.K. &                         186.07  -  3.72  -  1.96  193.53  149.93  +  30.73  +  19.79  +  14.50  +   8.45
 S. Africa)
-----------------------------------------------------------------------------------------------------------------------------------
Asia/Pacific                                      109.58  -  0.74  -  0.67  124.13   93.86  -  13.23  -  10.78  +   0.65  +   0.59
-----------------------------------------------------------------------------------------------------------------------------------
   Australia                    155.37  +  0.75   155.57  +  0.30  +  0.19  157.08  126.73  +  15.44  +  11.02  +   6.80  +   4.57
-----------------------------------------------------------------------------------------------------------------------------------
   Hong Kong                    319.53  +  2.09   320.45  +  6.50  +  2.07  320.45  235.92  +  70.47  +  28.19  +  20.96  +   7.00
-----------------------------------------------------------------------------------------------------------------------------------
   Indonesia                    232.52  +  1.32   190.34  +  2.87  +  1.53  204.08  156.38  -   5.40  -   2.76  +   2.92  +   1.56
-----------------------------------------------------------------------------------------------------------------------------------
   Japan                         90.07  -  1.34    96.69  -  1.27  -  1.30  116.89   79.74  -  18.11  -  15.78  +   1.06  +   1.11
-----------------------------------------------------------------------------------------------------------------------------------
   Malaysia                     216.41  -  0.02   230.40  -  0.18  -  0.08  282.10  223.30  -  16.64  -   6.63  -  31.10  -  11.71
-----------------------------------------------------------------------------------------------------------------------------------
   New Zealand                  156.24  -  0.90   199.17  +  1.60  +  0.31  211.01  165.69  +  23.57  +  16.74  -   4.17  -   2.05
-----------------------------------------------------------------------------------------------------------------------------------
   Philippines                  296.41  -  1.21   292.02  +  3.49  +  1.21  371.03  258.89  -   8.70  -  19.05  -  50.35  -  14.71
-----------------------------------------------------------------------------------------------------------------------------------
   Singapore                    158.16  +  0.46   179.16  +  0.63  +  0.38  210.25  164.33  -  20.16  -  10.11  -  20.64  -  10.35
-----------------------------------------------------------------------------------------------------------------------------------
   South Korea                  114.82  +  0.56    97.66  +  0.59  +  0.61  142.10   80.69  -  43.36  -  30.75  +   6.68  +   7.34
-----------------------------------------------------------------------------------------------------------------------------------
[This row redacted in the
 original]
-----------------------------------------------------------------------------------------------------------------------------------
   Thailand                      92.61  +  2.30    87.86  +  3.91  +  4.66  204.81   83.75  - 116.95  -  57.10  -  38.80  -  30.63
-----------------------------------------------------------------------------------------------------------------------------------
Asia/Pacific (ex. Japan)                          199.99  +  1.83  +  0.92  205.51  175.15  +   9.70  +   5.10  -   1.27  -   0.63
-----------------------------------------------------------------------------------------------------------------------------------
World (ex. U.S.)                                  135.35  -  1.50  -  1.10  138.13  121.10  +   5.65  +   4.36  +   5.66  +   4.36
-----------------------------------------------------------------------------------------------------------------------------------
DJ WORLD STOCK INDEX                              160.26  -  0.56  -  0.35  161.55  133.22  +  19.09  +  13.53  +  12.69  +   8.60
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
Industry Group Performance

      WORLD                                            U.S.              AMERICAS              EUROPE            ASIA/PACIFIC
------------------                              -------------------  -----------------   -------------------   ----------------
<S>        <C>      <C>                        <C>         <C>      <C>        <C>        <C>        <C>      <C>        <C>
  5:30                                             5:30                 5:30                5:30              5:30
  P.M.      % CHG.                                 P.M.      % CHG.      P.M.    % CHG.      P.M.    % CHG.    P.M.     % CHG.
05/30/97     YTD                                 05/30/97     YTD     05/30/97    YTD     05/30/97   YTD     05/30/97     YTD
-------------------------------------------------------------------------------------------------------------------------------
  141.65   +  3.68   Basic Materials               680.59   + 10.73    173.01  +  8.29     172.43  -  1.52     96.57  +  0.95
-------------------------------------------------------------------------------------------------------------------------------
  173.09   + 12.48   Aluminum                      563.65   + 15.81    190.10  + 12.89     223.52  + 16.83     94.87  +  3.76
-------------------------------------------------------------------------------------------------------------------------------
  130.91   +  7.00   Other non-ferrous             427.47   + 10.31    158.65  +  7.19     121.93  +  8.70    109.99  +  5.42
-------------------------------------------------------------------------------------------------------------------------------
  164.48   +  2.80   Chemicals                     931.14   + 10.75    201.46  + 10.04     182.46  -  5.51    100.87  +  3.56
-------------------------------------------------------------------------------------------------------------------------------
  183.24   +  2.89   Chem-commodity               1014.19   + 12.56    229.66  + 11.86     203.26  -  6.78    108.67  +  4.98
-------------------------------------------------------------------------------------------------------------------------------
  130.70   +  2.63   Chem-specialty                820.24   +  7.39    156.12  +  6.73     137.58  -  1.79     85.76  +  0.03
-------------------------------------------------------------------------------------------------------------------------------
  157.13   +  7.36   Forest products               460.50   +  8.84    163.07  +  9.63     108.04  + 11.15    359.92  +  0.72
-------------------------------------------------------------------------------------------------------------------------------
  161.18   +  4.88   Mining, diversified           372.95   +  7.68    145.41  +  6.02     134.51  +  7.36    161.73  +  2.62
-------------------------------------------------------------------------------------------------------------------------------
  113.05   +  5.76   Paper products                678.51   + 15.45    141.17  + 14.57     118.73  -  3.14     75.42  +  2.08
-------------------------------------------------------------------------------------------------------------------------------
  143.01   +  0.27   Precious metals               250.85   -  5.26    144.80  +  8.61     206.56  -  1.01     98.14  - 10.29
-------------------------------------------------------------------------------------------------------------------------------
   99.92   +  1.96   Steel                         183.75   + 10.60    138.33  +  9.83     165.64  +  3.22     85.30  -  2.03
-------------------------------------------------------------------------------------------------------------------------------
  183.83   +  7.31   Independent                  1499.29   + 22.05    289.66  + 20.85     114.99  -  4.51    157.71  +  0.65
-------------------------------------------------------------------------------------------------------------------------------
  213.60   +  8.77   Conglomerates                1499.29   + 22.05    289.66  + 20.85     116.18  -  4.26    239.19  -  0.17
-------------------------------------------------------------------------------------------------------------------------------
  106.56   +  2.39   Overseas Trading                0.00      0.00      0.00     0.00      80.77  -  8.96    107.27  +  3.22
-------------------------------------------------------------------------------------------------------------------------------
  222.23   -  6.53   Plantations                     0.00      0.00      0.00     0.00       0.00     0.00    222.23  -  6.53
-------------------------------------------------------------------------------------------------------------------------------
  158.45   +  6.60   Consumer, Cyclical            792.28   + 11.99    173.15  + 11.85     177.04  +  2.96    138.57  +  3.13
-------------------------------------------------------------------------------------------------------------------------------
  262.92   + 13.58   Advertising                  1427.73   + 24.13    250.07  + 24.13     253.36  -  8.65      0.00     0.00
-------------------------------------------------------------------------------------------------------------------------------
  115.09   +  5.16   Airlines                      585.16   + 20.07    165.33  + 20.24     201.26  + 12.34     70.83  - 12.53
-------------------------------------------------------------------------------------------------------------------------------
  111.52   +  1.59   Apparel                      1331.57   +  0.32    163.86  +  0.32     124.24  +  7.62     84.94  -  0.12
-------------------------------------------------------------------------------------------------------------------------------
   95.97   +  2.73   Clothing/Fabrics              873.54   +  7.51    127.06  +  7.51     125.71  +  4.31     86.90  +  0.66
-------------------------------------------------------------------------------------------------------------------------------
  169.62   -  1.10   Footwear                     2193.31   -  4.01    210.44  -  4.01      98.10  + 17.78     57.42  - 15.27
-------------------------------------------------------------------------------------------------------------------------------
  203.06   +  7.05   Auto Manufacturers            544.37   +  6.70    256.69  +  6.70     170.13  + 16.93    202.41  +  2.23
-------------------------------------------------------------------------------------------------------------------------------
  170.97   +  4.91   Auto parts & equip            553.65   + 12.29    197.54  + 10.66     216.82  -  3.00    151.38  +  5.70
-------------------------------------------------------------------------------------------------------------------------------
  194.49   - 14.02   Casinos                      1434.18   -  6.71    244.19  -  6.71     150.73  -  4.57    226.86  - 21.60
-------------------------------------------------------------------------------------------------------------------------------
  156.76   -  3.47   Home construction             701.21   +  5.59    161.10  +  5.59     107.82  -  3.67    161.16  -  4.26
-------------------------------------------------------------------------------------------------------------------------------
  154.76   + 12.37   Home furnishings              453.41   + 15.31    181.54  + 14.14     181.13  +  3.40    149.78  + 13.00
-------------------------------------------------------------------------------------------------------------------------------
  156.76   + 14.73   Consumer electronics            0.00      0.00    108.62  - 13.85     158.14  + 24.07    157.74  + 14.87
-------------------------------------------------------------------------------------------------------------------------------
  153.10   +  6.36   Other furnishings             453.41   + 15.31    181.88  + 15.31     223.46  +  2.24     95.36  -  1.21
-------------------------------------------------------------------------------------------------------------------------------
  141.31   +  2.01   Lodging                       838.92   +  6.95    295.22  +  6.95     105.93  + 10.17    141.03  -  6.21
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                      -2-
<PAGE>

<TABLE>
<CAPTION>

      WORLD                                            U.S.              AMERICAS              EUROPE              ASIA/PACIFIC
------------------                              -------------------  -----------------   -------------------   --------------------
<S>        <C>      <C>                        <C>         <C>      <C>        <C>        <C>        <C>      <C>        <C>
  5:30         %                                     5:30               5:30                 5:30                5:30
  P.M.         CHG.                                  P.M.     % CHG.     P.M.     % CHG.      P.M.     % CHG.    P.M.      % CHG.
05/30/97       YTD                                 05/30/97    YTD    05/30/97     YTD     05/30/97    YTD     05/30/97      YTD
-----------------------------------------------------------------------------------------------------------------------------------
  191.61   +   2.10  Media                          874.04  +  10.90    173.21  +   9.93     200.34  -   3.51    236.54  -    2.30
-----------------------------------------------------------------------------------------------------------------------------------
  183.59   +   3.77  Cable/Broadcasting             888.44  +   8.27    159.25  +   9.65     198.62  -   2.43    294.27  +   10.89
-----------------------------------------------------------------------------------------------------------------------------------
  194.34   +   1.31  Publishing                     811.76  +  11.75    179.53  +   9.73     198.73  -   4.05    223.33  -    6.11
-----------------------------------------------------------------------------------------------------------------------------------
  151.69   +   8.22  Recreation Products            586.57  +  11.24    210.78  +  11.24     100.55  -  11.19    111.71  +   10.37
-----------------------------------------------------------------------------------------------------------------------------------
  163.40   +   4.06  Entertainment                  381.59  +  10.64    156.82  +  10.64     151.77  -  13.77      0.00       0.00
-----------------------------------------------------------------------------------------------------------------------------------
  170.58   +   9.90  Other Rec Products             668.62  +  11.78    233.97  +  11.78      77.67  -   7.86    138.48  +   11.85
-----------------------------------------------------------------------------------------------------------------------------------
   97.13   +   7.21  Toys                           763.63  +   9.15    196.20  +   9.15       0.00      0.00     70.82  +    5.49
-----------------------------------------------------------------------------------------------------------------------------------
  182.10   +   4.75  Restaurants                   1141.17  +   6.84    197.75  +   6.93     114.60  -  14.50    107.69  -    1.03
-----------------------------------------------------------------------------------------------------------------------------------
  113.63   +  11.21  Retailers, apparel            1401.96  +  15.98    126.46  +  15.98     225.40  -  17.91     62.12  +    7.01
-----------------------------------------------------------------------------------------------------------------------------------
  125.80   +  12.99  Retailers, broadline           926.60  +  19.43    123.59  +  19.40     151.20  +   4.43    115.28  +    8.79
-----------------------------------------------------------------------------------------------------------------------------------
  229.07   +  13.31  Retailers, drug-based         1641.93  +  14.02    308.67  +  14.02     143.52  +  11.01      0.00       0.00
-----------------------------------------------------------------------------------------------------------------------------------
  140.93   +   9.01  Retailers, specialty           866.27  +  17.46    148.62   + 17.31     172.58  -   6.11    145.98  +    1.43
-----------------------------------------------------------------------------------------------------------------------------------
  173.11   +  13.86  Consumer, Non-Cycl            1527.13  +  18.63    191.23  +  18.34     172.25  +   7.79    120.25  +    7.86
-----------------------------------------------------------------------------------------------------------------------------------
  118.95   +   2.53  Beverages, distillers          828.15  +   8.43    139.53  +   6.05     118.95  -   0.33    103.56  +    3.68
-----------------------------------------------------------------------------------------------------------------------------------
  258.93   +  27.16  Beverages, soft drinks        3207.88  +  28.42    297.99  +  28.71       0.00      0.00    160.63  -    1.51
-----------------------------------------------------------------------------------------------------------------------------------
  170.06   +  13.61  Consumer services              811.00  +  16.96    166.56  +  14.03       0.00      0.00    194.96  +    8.66
-----------------------------------------------------------------------------------------------------------------------------------
  227.91   +   9.09  Cosmetics                     1758.95  +  12.59    253.51  +  12.69     276.06  -   3.94    135.13  +   20.38
-----------------------------------------------------------------------------------------------------------------------------------
  129.03   +   7.30  Food                          1414.53  +  10.04    140.50  +   9.68     145.50  +   7.33     86.36  -    0.90
-----------------------------------------------------------------------------------------------------------------------------------
   54.20   -  14.87  Fishing                          0.00      0.00      0.00      0.00       0.00      0.00     54.20  -   14.87
-----------------------------------------------------------------------------------------------------------------------------------
  130.21   +   7.48  Other food                    1414.53  +  10.04    140.50  +   9.68     145.50  +   7.33     88.94  -    0.10
-----------------------------------------------------------------------------------------------------------------------------------
  164.04   +   6.12  Food retailers                1002.97  +   4.26    147.07  +   7.19     193.25  -   0.26    148.18  +   21.76
-----------------------------------------------------------------------------------------------------------------------------------
  242.75   +   8.10  Health care                    930.69  +   8.05    274.10  +   8.10       0.90      0.00      0.00       0.00
-----------------------------------------------------------------------------------------------------------------------------------
  229.25   +  20.04  Household products            1992.50  +  21.77    251.75  +  21.25     117.07  +  13.85     76.33  -    5.70
-----------------------------------------------------------------------------------------------------------------------------------
  112.38   +   5.76  Durable                       1259.24  +   8.15    131.02  +   8.15       0.00      0.00     71.23  -    3.13
-----------------------------------------------------------------------------------------------------------------------------------
  257.97   +  21.85  Non-durable                   2033.03  +  23.24    274.56  +  22.64     117.07  +  13.85     88.60  -   10.65
-----------------------------------------------------------------------------------------------------------------------------------
  172.66   +  14.06  Medical supplies              1087.64  +  16.89    179.38  +  16.89     151.35  -   9.81    163.07  +    9.04
-----------------------------------------------------------------------------------------------------------------------------------
  183.41   +  18.08  Pharmaceuticals               1431.08  +  22.92    188.97  +  22.91     182.07  +  13.78    134.94  +   11.48
-----------------------------------------------------------------------------------------------------------------------------------
  149.44   +  11.47  Tobacco                       1622.33  +  14.05    154.91  +  14.08     147.42  +   4.44    108.85  +    3.64
-----------------------------------------------------------------------------------------------------------------------------------
  177.43   +   8.67  Energy                         493.59  +  11.65    184.34  +  11.16     192.75  +   6.83     87.16  -    1.18
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                      -3-

<PAGE>

<TABLE>
<CAPTION>

      WORLD                                            U.S.              AMERICAS              EUROPE              ASIA/PACIFIC
------------------                              -------------------  -----------------   -------------------   --------------------
<S>        <C>      <C>                        <C>         <C>      <C>        <C>        <C>        <C>      <C>        <C>
  5:30         %                                   5:30                 5:30                 5:30                5:30
  P.M.         CHG.                                P.M.      % CHG.      P.M.    % CHG.       P.M.     % CHG.    P.M.     % CHG.
05/30/97       YTD                               05/30/97     YTD     05/30/97    YTD      05/30/97    YTD     05/30/97     YTD
-----------------------------------------------------------------------------------------------------------------------------------
   96.75   -   6.29  Coal                          330.21  +   4.42    139.93  +   4.42       0.00      0.00     69.15  -   16.91
-----------------------------------------------------------------------------------------------------------------------------------
  361.74   +   7.14  Oil drilling                  321.40  +   6.37    480.81  +   6.87     127.52  +  12.67      0.00       0.00
-----------------------------------------------------------------------------------------------------------------------------------
  191.52   +  11.62  Oil cos, major                619.23  -  14.30    184.32  +  14.03     200.37  +   8.71      0.00       0.00
-----------------------------------------------------------------------------------------------------------------------------------
  126.66   -   0.28  Oil cos, secondary            240.25  +   4.25    145.25  -   1.09     149.19  +   0.15     88.65  -    0.30
-----------------------------------------------------------------------------------------------------------------------------------
  198.17   +  16.25  Oilfield equip/svcs           276.68  +  17.62    197.59  +  17.62     244.44  +   7.14     47.52  -   40.61
-----------------------------------------------------------------------------------------------------------------------------------
  226.45   +   5.04  Pipelines                     466.63  -   4.11    226.48  +   5.04       0.00      0.00      0.00       0.00
-----------------------------------------------------------------------------------------------------------------------------------
  154.02   +   7.98  Financial                     942.23  -  16.36    263.15  +  16.41     176.77  +  13.30     91.30  -    5.71
-----------------------------------------------------------------------------------------------------------------------------------
  140.58   +   5.66  Banks, all                    990.68  -  13.86    286.16  +  14.31     190.84  +  16.24     83.79  -    7.39
-----------------------------------------------------------------------------------------------------------------------------------
  128.53   +   4.20  Major int'l                   695.40  -  10.72    282.36  +  12.54     189.21  +  17.46     85.42  -    6.80
-----------------------------------------------------------------------------------------------------------------------------------
  156.88   +   7.21  Regional banks               1037.47  -  15.44    288.62  +  15.44     192.21  +  14.66     80.29  -    8.29
-----------------------------------------------------------------------------------------------------------------------------------
    0.00       0.00  U.S. east                     941.66  -  18.35      0.00      0.00       0.00      0.00      0.00       0.00
-----------------------------------------------------------------------------------------------------------------------------------
    0.00       0.00  U.S. central                 1385.11  -  14.89      0.00      0.00       0.00      0.00      0.00       0.00
-----------------------------------------------------------------------------------------------------------------------------------
    0.00       0.00  U.S. south                    877.20  -  16.65      0.00      0.00       0.00      0.00      0.00       0.00
-----------------------------------------------------------------------------------------------------------------------------------
    0.00       0.00  U.S. west                    1244.43  -   6.70      0.00      0.00       0.00      0.00      0.00       0.00
-----------------------------------------------------------------------------------------------------------------------------------
  211.49   +  15.44  Diversified financial        1094.35  -  20.15    273.19  +  19.48     175.52  +  14.63    108.35  -    0.15
-----------------------------------------------------------------------------------------------------------------------------------
  180.44   -  13.16  Insurance, all                900.47  -  18.06    236.63  +  18.02     167.85  +   9.21     89.10  +   11.01
-----------------------------------------------------------------------------------------------------------------------------------
  178.31   +  11.40  Full line                     539.22  -  18.09    242.05  +  17.82     165.07  +  10.10    201.57  +    4.54
-----------------------------------------------------------------------------------------------------------------------------------
  196.74   +  11.93  Life                         1229.69  -  15.49    219.30  +  15.49     189.41  +  13.62    469.88  -   18.04
-----------------------------------------------------------------------------------------------------------------------------------
  173.40   +  15.51  Property/Casualty            1185.42  -  19.10    241.09  +  19.10     155.32  +   2.68     77.24  +   18.13
-----------------------------------------------------------------------------------------------------------------------------------
  146.40   +   3.73  Real estate                   515.48  -   1.38     75.74  +   1.17     118.88  +   9.47    166.01  +    2.50
-----------------------------------------------------------------------------------------------------------------------------------
  222.46   +  32.11  Savings & loan                988.81  -  32.11    222.46  +  32.11       0.00      0.00      0.00       0.00
-----------------------------------------------------------------------------------------------------------------------------------
  135.53   +   1.67  Securities brokers           1315.40  +  23.57    272.57  +  23.57     216.68  +   7.27     85.72  -   19.93
-----------------------------------------------------------------------------------------------------------------------------------
  128.38   +   4.97  Industrial                    645.32  -  10.89    169.91  +  10.93     155.48  +   3.02     96.17  +    0.83
-----------------------------------------------------------------------------------------------------------------------------------
  208.03   +  12.33  Air freight                   450.36  -  13.69    230.31  +  13.69      80.20  -  13.14      0.00       0.00
-----------------------------------------------------------------------------------------------------------------------------------
  113.52   +   1.56  Building materials            781.50  +   5.70    133.86  +   6.18     128.78  +   1.15     99.91  -    0.06
-----------------------------------------------------------------------------------------------------------------------------------
  109.77   +   1.87  Containers & pkging          1047.41  +  11.57    151.19  +  11.56      86.46  -  10.66     82.89  -    6.56
-----------------------------------------------------------------------------------------------------------------------------------
  149.63   +   8.84  Elec comps & equip            626.37  +   8.06    173.53  +   8.06     266.80  +   2.34    122.86  +   11.97
-----------------------------------------------------------------------------------------------------------------------------------
  102.79   +  11.47  Factory equipment             403.00  +  18.86    127.98  +  18.86     124.67  +  11.77     98.36  +   10.52
-----------------------------------------------------------------------------------------------------------------------------------
   68.30   -  11.53  Heavy construction            342.46  +   3.88    118.30  -   3.52     100.60  +   2.23     55.53  -   18.91
-----------------------------------------------------------------------------------------------------------------------------------
  162.25   +   9.16  Heavy machinery               622.17  +  22.09    359.86  +  22.09      87.23  +  13.81     90.35  -    7.58
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                      -4-

<PAGE>

<TABLE>
<CAPTION>

      WORLD                                            U.S.              AMERICAS              EUROPE              ASIA/PACIFIC
------------------                              -------------------  -----------------   -------------------   --------------------
<S>        <C>      <C>                        <C>         <C>      <C>        <C>        <C>        <C>      <C>        <C>
  5:30       %                                     5:30                 5:30                 5:30                5:30
  P.M.       CHG.                                  P.M.      % CHG.      P.M.    % CHG.       P.M.     % CHG.    P.M.     % CHG.
05/30/97     YTD                                 05/30/97     YTD     05/30/97    YTD      05/30/97    YTD     05/30/97     YTD
-----------------------------------------------------------------------------------------------------------------------------------
  188.77   +   6.46  Industrial, diversified      716.18    +  14.56    218.10  +  14.90     211.99  +   1.23    119.89  -   3.37
-----------------------------------------------------------------------------------------------------------------------------------
  109.77   +   4.79  Marine transport             619.87    +   2.08    130.45  +   2.08     154.55  +  17.79     74.64  -   7.48
-----------------------------------------------------------------------------------------------------------------------------------
   96.78   +   4.45  Pollution control            740.38    +   3.76     84.82  +   3.76     122.84  +   0.90    122.80  +  20.69
-----------------------------------------------------------------------------------------------------------------------------------
  155.81   +   6.93  Other industrial svcs        548.77    +   7.27    152.73  +   7.30     188.92  +   3.88    136.40  +   8.24
-----------------------------------------------------------------------------------------------------------------------------------
  127.17   +   8.26  Railroads                    972.03    +  10.95    205.43  +  10.95      16.22  -  18.10    102.00  +   6.77
-----------------------------------------------------------------------------------------------------------------------------------
  125.65   +   5.92  Transportation equip         480.02    +  24.07    199.54  +  24.07     240.61  +  13.16     73.97  -  10.99
-----------------------------------------------------------------------------------------------------------------------------------
   97.79   +   8.18  Trucking                     250.93    +  23.78     94.90  +  25.68      58.86  -  28.72    102.39  +   9.48
-----------------------------------------------------------------------------------------------------------------------------------
  229.65   +  16.02  Technology                   846.38    +  16.87    276.09  +  16.21     195.11  +  13.22    151.12  +  18.19
-----------------------------------------------------------------------------------------------------------------------------------
  283.19   -   0.06  Aerospace/Defense           1281.22    +   1.12    315.83  +   1.99     232.43  -   7.98     72.41  -   4.27
-----------------------------------------------------------------------------------------------------------------------------------
  185.50   +  15.58  Communications tech          838.10    +  11.96    218.49  +  14.92     183.19  +  18.28    119.85  +  12.66
-----------------------------------------------------------------------------------------------------------------------------------
  217.12   +  16.79  Computers w/IBM              424.57    +  16.35    239.51  +  16.40      22.35  -  17.39    147.49  +  22.04
-----------------------------------------------------------------------------------------------------------------------------------
    0.00       0.00  Computers wo/IBM             729.83    +  17.45      0.00      0.00       0.00      0.00      0.00      0.00
-----------------------------------------------------------------------------------------------------------------------------------
  190.54   +  11.14  Diversified technology       663.69    +  13.84    234.30  +  13.84     205.76  +  12.10    132.99  +   5.18
-----------------------------------------------------------------------------------------------------------------------------------
  158.59   +  16.82  Industrial technology        422.95    +   5.03    137.83  +   5.03     207.54  -  24.41    168.13  +  26.66
-----------------------------------------------------------------------------------------------------------------------------------
  166.46   +  10.08  Medical/Bio tech            1696.55    +  10.95    168.25  +  10.45     222.37  +  11.14     71.45  -  13.43
-----------------------------------------------------------------------------------------------------------------------------------
  176.69   +  11.14  Advcd Med Devices           1646.76    +  11.92    176.75  +  11.92     149.03  -   1.34      0.00      0.00
-----------------------------------------------------------------------------------------------------------------------------------
  159.56   +   9.24  Biotechnology               1754.15    +  10.12    163.88  +   9.21     124.17  +  21.50     71.45  -  13.43
-----------------------------------------------------------------------------------------------------------------------------------
  218.00   +  20.12  Office equipment             749.81    +  28.79    259.92  +  28.79     227.67  +  21.10    189.14  +  13.10
-----------------------------------------------------------------------------------------------------------------------------------
  600.72   +  26.34  Semiconductors              2709.40    +  21.53    915.12  +  21.53       0.00      0.00    258.83  +  46.64
-----------------------------------------------------------------------------------------------------------------------------------
  329.86   +  22.52  Software                    8765.34    +  22.27    363.93  +  22.06     149.83  +  33.43     99.75  +   6.44
-----------------------------------------------------------------------------------------------------------------------------------
  127.45   +   2.86  Utilities                    367.87    +   2.28    128.12  +   3.22     180.33  +   6.51     94.93  -   2.83
-----------------------------------------------------------------------------------------------------------------------------------
  106.91   -   3.93  Electric                     237.23    -   4.00     98.15  -   3.95     231.73  +   0.48     85.83  -   7.27
-----------------------------------------------------------------------------------------------------------------------------------
   95.70   +   0.96  Gas                          231.15    +   0.77    144.91  +   1.31     119.16  +   1.56     72.49  -   0.83
-----------------------------------------------------------------------------------------------------------------------------------
  161.92   +   7.18  Telephone                    578.38    +   5.98    151.92  +   7.17     192.01  +  10.87    203.24  +   1.08
-----------------------------------------------------------------------------------------------------------------------------------
  146.99   +   3.97  Water                        656.14    +   3.89    141.18  +   3.89     147.15  +   3.98      0.00      0.00
-----------------------------------------------------------------------------------------------------------------------------------
  160.26   +   8.60  DJ Global Indexes            798.46    +  13.97    197.28  +  13.78     173.89  +   7.07    109.58  +   0.59
-----------------------------------------------------------------------------------------------------------------------------------
Indexes based on 6/30/82=100 for U.S., 12/31/91=100 for World
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00020-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00020-of-00352.parquet"}]]