Document:

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                                                                   Exhibit 10.41

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

                                                                       EXECUTION

                         DEVELOPMENT SERVICES AGREEMENT

     This Development Services Agreement (this "Agreement"), dated as of March
5, 2003, is among LIFFE ADMINISTRATION AND MANAGEMENT, a company incorporated in
England and Wales ("LIFFE"), and BOARD OF TRADE OF THE CITY OF CHICAGO, INC., a
Delaware corporation (the "CBOT"). Capitalized terms used but not otherwise
defined herein shall have the meanings ascribed thereto in Section 1.

                                    RECITALS

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

     B. LIFFE and the CBOT have entered into a Software License Agreement, dated
January 10, 2003 (the "Software License Agreement"), whereby LIFFE has agreed to
grant to the CBOT a license in respect of certain software components of LIFFE
CONNECT, together with (i) any additional software that may be developed
pursuant to any Development Services Agreement and/or Managed Services Agreement
that may be entered into by LIFFE and the CBOT, and (ii) any Upgrades as LIFFE
may provide pursuant to any Managed Services Agreement between LIFFE and the
CBOT.

     C. LIFFE and the CBOT have agreed upon a description of (i) the
functionality of the electronic trading platform required by the CBOT Electronic
Exchange, and (ii) all modifications to existing LIFFE CONNECT software
necessary to achieve such functionality. The CBOT has requested LIFFE, and LIFFE
has agreed subject to the terms and conditions hereof, to develop and deliver to
the CBOT such software and related documentation.

     D. In addition, LIFFE has agreed, subject to the terms and conditions
hereof, to provide to the CBOT a variety of additional services supporting the
creation, implementation and future operation of LIFFE CONNECT as a platform for
the CBOT Electronic Exchange, including the procurement and/or delivery to
locations agreed upon by the Parties of hardware necessary to support the
Software, testing of Software, assistance with the CBOT's acceptance testing,
training of CBOT staff in respect of certain Components, and assisting the CBOT
in providing Market Participants with technical access to the CBOT Electronic
Exchange.

     E. This Agreement is supplemental to and shall be read in conjunction with
the Software License Agreement.

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

                                    AGREEMENT

1.   Definitions

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

     "AAA" shall have the meaning set forth in Section 17.3.

     "AAA Rules" shall have the meaning set forth in Section 17.3.

     "Accepted" means issuance by the CBOT of an Initial Acceptance Certificate
     or a Final Acceptance Certificate, as appropriate, in relation to a
     Component.

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

     "Acceptance Test" means a test comprised of the Acceptance Criteria, Test
     Cases and Test Data, and carried out in accordance with the relevant Test
     Plan and Section 4.

     "Advance Fee" means any interest or other financing charges due pursuant to
     any Financing Agreement.

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

     "Agreement" shall have the meaning set forth above.

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

     "Arbitration Fees" shall have the meaning set forth in Section 17.3.7.

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

     "Catch Up Period" shall have the meaning set forth in Section 2.3.3.

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

     "CBOT Defect" shall have the meaning set forth in Section 4.3.2.2.

     "CBOT Deliverables" shall have the meaning set forth in Section 4.1.

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

     "CBOT Indemnitees" shall have the meaning set forth in Section 15.1.

     "CBOT's Premises" means those locations owned or controlled by the CBOT.

     "CBOT's Property" shall have the meaning set forth in Section 12.2.

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       2

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

     "Change Control Procedures" shall have the meaning set forth in Section
     2.4.

     "Change Request" shall have the meaning set forth in Section 2.4.

     "Charges" shall have the meaning set forth in Section 8.1. "Charge Rates"
     shall have the meaning set forth in Section 8.1.

     "Claim" shall have the meaning set forth in Section 15.1.

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

     "Confidential Information" shall have the meaning set forth in Section
     13.1.

     "Connection Service Charges" shall have the meaning set forth in Section
     8.1(b).

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

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

     "Development Service Charges" shall have the meaning set forth in Section
     8.1(c).

     "Disputes" shall have the meaning set forth in Section 17.1.

     "Documentation" means, collectively, (i) the documentation set forth in
     Part 2 of Schedule C, which includes all documentation created pursuant to
     Section 2.1(c), and (ii) any operating manuals, user instructions,
     technical literature, and other documentation supplied by LIFFE to the CBOT
     for purposes of assisting the CBOT's use of and/or access to the Software.

     "Effective Date" shall mean February 28, 2003.

     "Equipment" means the computer hardware, including processors, memory,
     discs, screens, printers, routers, and hubs, to be used with the Software,
     as set forth in Schedule E or as otherwise agreed upon by the Parties.

     "Equipment Service Charges" shall have the meaning set forth in Section
     8.1(a).

     "Equipment Installation Sites" shall have the meaning set forth in Section
     2.1(a).

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

     "Evidence" means evidence of a defect in a Component or the Software as a
     whole, including the date the defect is detected; the environment (test or
     production) in which the defect occurred; the business impact of the
     defect; Component or subsystem - with the version number in which the

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       3

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

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

     "Final Acceptance Certificate" means a certificate issued by the CBOT in
     accordance with Section 4.4, which certificate acknowledges that the
     Software is ready to be made available for use in a real time live trading
     environment, and may note any subsequent obligations agreed by the Parties.

     "Financing Agreement" shall have the meaning set forth in Section 8.4.

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

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

     "ICDR" shall have the meaning set forth in Section 17.3.

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

     "Initial Acceptance Certificate" means a certificate issued by the CBOT in
     accordance with Section 4.3.

     "Integration Testing" shall have the meaning set forth in Section 2.1(i).

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

     "Interfaces" means, collectively, the API, the trade data interface, audit
     data interface, standing data interface, market data interface and
     miscellaneous file transfer interface.

     "IRS" shall have the meaning set forth in Section 8.2.

     "Key Milestone" shall have the meaning set forth in Section 2.3.2.

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

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

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

     "LIFFE Indemnitees" shall have the meaning set forth in Section 15.2.

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       4

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

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

     "LIFFE Property" shall have the meaning set forth in Section 12.1.

     "Losses" shall have the meaning set forth in Section 15.1.

     "Malicious Code" means any computer virus, Trojan horse, worm, time bomb,
     or other similar code or hardware component designed to disrupt the
     operation of, permit unauthorized access to, erase, or modify the Licensed
     Technology or any operating system upon which the Licensed Technology is
     installed, excluding security keys or other disabling elements of any
     Software, which elements are designed to effect restrictions on the length
     of time during which any Software may be used or the number of persons who
     may use such Software.

     "Managed Services Agreement" means any agreement that may be entered into
     by LIFFE and the CBOT subsequent to the Effective Date, pursuant to which
     LIFFE agrees to provide the CBOT services relating to the operation and
     support of the CBOT Electronic Exchange.

     "Market Data" means any representation that conveys, either directly or
     indirectly, information and data pertaining to futures and/or options
     traded on the CBOT Electronic Exchange including, but not limited to,
     market prices of such futures or options, opening and closing price ranges,
     high-low prices, settlement prices, estimated and actual contract volume,
     information regarding market activity including exchange for physical
     transactions, best bid, best offer, the size of the best bid or best offer
     or a discrete number of best bids and best offers then pending on the CBOT
     Electronic Exchange along with the corresponding size of each bid and
     offer.

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

     "Market Participant Testing" shall have the meaning set forth in Section
     2.1(k).

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

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

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

     "Milestones" shall have the meaning set forth in Section 2.3.

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       5

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

     "Operating System" means the operating system listed in Part B of Schedule
     F on which the Software may be used or such other operating system as may
     be approved by LIFFE from time to time.

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

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

     "Payment Date" shall have the meaning set forth in Section 8.3.

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

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

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

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

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

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

     "Restricted Documentation" means Documentation that is designated by LIFFE
     as "LIFFE Restricted" or otherwise specified by LIFFE to be restricted,
     including the Documentation set forth in Part 2(b) of Schedule C.
     Notwithstanding the foregoing, all documentation provided by LIFFE to the
     CBOT prior to the Effective Date which is labeled "LIFFE Confidential" is
     Restricted Documentation for purposes of this Agreement unless LIFFE, upon
     the CBOT's inquiry, notifies the CBOT in writing that specific
     Documentation is not "Restricted Documentation."

     "Schematics" means, collectively, (i) the schematics stated in the
     following documents set forth in Schedule N hereto: [**]; and (ii) any
     amendments thereto agreed upon by the Parties. The Schematics are, by their
     nature, high level and are not intended to provide detailed architectural
     specifications.

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

     "Simulations" shall have the meaning set forth in Section 2.1(k).

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       6

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

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

     "Software Installation Locations" shall have the meaning set forth in
     Section 2.1(e).

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

     "Specifications" means, collectively, (i) the specifications stated in the
     following documents set forth in Schedule A: [**]; and (iii) any
     amendments to the foregoing agreed upon by the Parties.

     "Summary Project Plan" means that Summary Project Plan agreed upon by the
     Parties and attached as Schedule B hereto.

     "System Software" shall have the meaning set forth in Section 3.3.4(c).

     "System Testing" shall have the meaning set forth in Section 2.1(d).

     "Taxes" shall have the meaning set forth in Section 8.2.

     "Technical Conformance Testing" shall have the meaning set forth in Section
     2.1(j).

     "Termination Notice Period" shall have the meaning set forth in Section
     10.2.1.

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

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

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

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

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

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

     "Trading Host" means the LIFFE CONNECT matching engine as may be developed
     for the CBOT pursuant to this Agreement and used on such Equipment as LIFFE
     may specify from time to time.

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       7

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

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

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

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

     "Wagner License" shall have the meaning set forth in Section 14.2.

2.   Services

     2.1 Overview. During the term of this Agreement, LIFFE shall use reasonable
efforts to provide to the CBOT the following services (collectively, the
"Services"):

          (a)  procurement of the Equipment and delivery of such Equipment to,
               and installation of such Equipment at, the equipment installation
               sites identified in Schedule D hereto or such other locations as
               may be agreed upon by the Parties ("Equipment Installation
               Sites"), including handling and management of Equipment;

          (b)  procurement from third parties of software specified on Schedule
               E hereto, and installation of such software at the locations set
               forth in Schedule E and such other locations as LIFFE may deem
               necessary;

          (c)  development of Components and user documentation related thereto,
               in accordance with the Specifications and the Summary Project
               Plan;

          (d)  testing of the Components, prior to releasing such Components to
               the CBOT for acceptance testing, in order to ascertain whether
               the Components materially conform to the Specifications ("System
               Testing");

          (e)  physical delivery of the Components to, and installation of such
               Components at, the locations identified in Schedule F hereto or
               such other locations as may be agreed upon by the Parties
               ("Software Installation Locations");

          (f)  physical delivery of the Documentation to the CBOT;

          (g)  training of CBOT staff, in accordance with Schedule G hereto;

          (h)  assisting the CBOT with acceptance testing of the Components, in
               accordance with Section 4;

          (i)  assisting the CBOT, as agreed by the Parties, with testing
               whether the individual and collective components of the CBOT
               Technology conform with the Interfaces and whether the Interfaces
               perform in accordance with the Specifications ("Integration
               Testing");

          (j)  assisting the CBOT, as agreed by the Parties, in its efforts to
               ensure that trading applications of ISVs and Member developers
               wishing to participate in the CBOT Electronic Exchange conform
               with such standards as LIFFE may issue from time to time
               ("Technical Conformance Testing");

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       8

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

          (k)  assisting the CBOT, as agreed by the Parties, in testing
               processes designed to authorize and prepare Market Participants
               to participate in the CBOT Electronic Exchange ("Market
               Participant Testing"), including simulations of the CBOT
               Electronic Exchange ("Simulations"); and

          (l)  management of LIFFE's delivery of the Services.

     2.2 Schematics. LIFFE shall use reasonable efforts to provide the Services
in a manner consistent with the Schematics, where applicable.

     2.3 Summary Project Plan.

         2.3.1 Milestones. LIFFE shall use reasonable efforts to meet those
               milestones agreed upon by the Parties and set out in the Summary
               Project Plan (the "Milestones") in respect of the Services and
               shall have at its disposal the resources necessary to meet the
               Services Milestones. The CBOT acknowledges that (a) such
               Milestones are goals, not guarantees; and (b) LIFFE's ability to
               meet such Milestones (i) is contingent upon the CBOT's compliance
               with its obligations under this Agreement, including fulfillment
               of its dependencies set forth in Schedules B and M and the
               preparation and delivery to LIFFE of the Test Material in
               accordance with Section 4; and (ii) may be affected by (x) the
               CBOT's initiation of a Change Request resulting in modification
               of the nature or scope of the Services and (y) any reinstatement
               of the Services following suspension of the Services pursuant to
               Section 8.5.

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

         2.3.3 Missed Key Milestone. In the event that any Key Milestone is not
               met, LIFFE shall promptly notify the CBOT of the missed Key
               Milestone. Thereafter, (a) the Director of Global Programme
               Delivery, LIFFE Market Solutions shall report on a daily basis to
               a representative of the CBOT at an equivalent level LIFFE's
               progress towards the completion of the Services associated with
               such Key Milestone; and (b) the Parties shall (i) continue to
               carry out any measures devised in accordance with Section 2.3.2
               or, if no such measures have been devised, cooperate to identify
               resources, and to devise and carry out measures, to facilitate
               the prompt completion of the Services associated with the missed
               Key Milestone; (ii) cooperate to identify resources, and to
               devise and carry out measures, to mitigate the impact upon future
               Milestones of missing such Key Milestone; and (iii) agree, in
               advance of carrying out any further endeavors to complete the
               Services associated with the Key Milestone, [**]

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       9

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

               [**] associated with the missed Key Milestone during the period
               between the Key Milestone and the date of completion of the
               Services associated with such Key Milestone (the "Catch Up
               Period"); provided, however, that (x) [**] in the event the delay
               in meeting the Key Milestone is a result of the CBOT's failure to
               fulfill any of its obligations under this Agreement; and (y) if
               the services associated with the missed Key Milestone are solely
               the responsibility of LIFFE, [**] during the Catch Up Period.
               Once the Services associated with the Key Milestone have been
               completed, LIFFE shall notify the CBOT of the date of completion
               of such Services.

         2.3.4 [**]. In the event that any Key Milestone is not met, [**];
               provided, however, that no [**] pursuant to this Section 2.3.4
               shall be made in the event the delay in meeting the Key Milestone
               is a result of the CBOT's failure to fulfill any of its
               obligations under this Agreement. Notwithstanding the foregoing,
               the Parties agree that, upon the Go Live Date, all Services
               associated with Key Milestones will be deemed to have been
               completed.

         2.3.5 Disputes. In the event of any Dispute with respect to the
               foregoing Sections 2.3.1 to 2.3.4, the Parties shall address such
               Dispute in accordance with Section 17.

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

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

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       10

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

reasonably incurred or suffered as a result of such denial; and (b) LIFFE shall
notify the CBOT of the identity of any subcontractor entity whose primary
residence is located in the United States and whose activities are to be
undertaken at locations other than the CBOT's Premises. For the avoidance of
doubt, LIFFE shall not have an obligation to notify the CBOT of (x) any
individual or subcontractor entity whose primary residence is located outside
the United States or (y) any individual whose activities are to be undertaken at
any site other than the CBOT's Premises.

     2.7 Quality of Services. LIFFE shall use good faith efforts to ensure that
the LIFFE Project Personnel engaged in carrying out the Services shall have the
skills, experience, qualifications and knowledge necessary to perform the
Services assigned to such LIFFE Project Personnel. LIFFE shall use (and shall
require its subcontractors to use) reasonable skill and care in carrying out the
Services and shall use good faith efforts to comply with all applicable laws and
regulations in the performance of its obligations under this Agreement.

     2.8 Progress Reports. Subject to Sections 2.3.2 and 2.3.3, LIFFE shall
provide the CBOT written reports regarding the status of LIFFE's performance of
the Services, at intervals to be agreed upon by the Parties. 2.9 Delays. LIFFE
shall not be responsible for any delays or other consequences arising from any
failure by the CBOT to perform any of its obligations under this Agreement.

3.   Equipment

     3.1 Replacements. LIFFE may, at its option, replace Equipment or components
thereof with other equipment or components which are substantially similar to
the Equipment being replaced or improvements, enhancements, additions or
modifications to such Equipment. Such Replacements will thereafter be deemed
"Equipment" for purposes of this Agreement.

     3.2  Disablement and Repossession.

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

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

     3.3  Responsibilities of the CBOT.

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

                (a)  for purposes of installing any Replacements;

                (b)  to enable LIFFE or its designee to carry out its rights and
                     responsibilities under Section 3.2;

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

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

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

          3.3.2 Prior to Installation. In connection with each installation of
                Equipment at a CBOT Controlled Site, the CBOT shall, at the
                CBOT's expense and by such date(s) and at such time(s) as LIFFE
                may reasonably request, (a) permit (or require a Market
                Participant to permit) LIFFE or its designee to inspect such
                CBOT Controlled Site prior to the delivery of any Equipment
                thereto; (b) make (or require a Market Participant to make) such
                modifications, alterations or additions to such CBOT Controlled
                Site as LIFFE may reasonably request; and (c) provide (or
                require a Market Participant to provide) LIFFE with any further
                assistance and facilities as LIFFE may reasonably request,
                including (i) preparing suitable accommodation and environmental
                conditions for such Equipment and (ii) making available any
                equipment, software, ancillary plant, fittings, electrical power
                supply and other facilities sufficient to meet all reasonable
                requirements of LIFFE.

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

          3.3.4 Restrictions on Use.

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

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

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

                    (iii) not to, and not to permit any other Person (including
                          any Market Participant) to, create any lien or other
                          encumbrance on the Equipment or any part or parts
                          thereof or do any act (x) which

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       12

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

                          might jeopardize or prejudice the rights of LIFFE or
                          its suppliers in the Equipment or any portion thereof
                          or (y) which might reasonably be expected to result in
                          the Equipment being confiscated, seized,
                          requisitioned, taken in execution, impounded or
                          otherwise taken from the possession of the CBOT or any
                          Market Participant, as applicable; and

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

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

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

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

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

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

                    (i)   copy, modify, duplicate, decompile, reverse engineer,
                          disassemble or otherwise reduce to a humanly
                          perceivable form, make any attempt to discover the
                          source code of, create derivative works based on,
                          market, sell, provide or make available to any third
                          party, otherwise distribute, or translate the System
                          Software, except as expressly provided herein;

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

                    (iii) upload any computer virus, Trojan horse, worm, time
                          bomb, or other similar code or hardware designed to
                          disrupt the operation of, permit unauthorized access
                          to, erase, or modify the System

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

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                       CONFIDENTIAL TREATMENT REQUESTED BY
                               CBOT HOLDINGS, INC.

                        Software or Equipment, or otherwise use the System
                        Software to further any purpose which is illegal.

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

          3.3.6 Market Participants.

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

                3.3.6.2 Enforcement. The CBOT shall:

                        (a) promptly upon becoming aware of such actions,
                            provide LIFFE written notice of (i) any violation by
                            a Market Participant or any other Person of the
                            restrictions set forth in Section 3.3.4; and (ii)
                            any other acts or omissions of any Person which the
                            CBOT believes (x) might jeopardize or prejudice the
                            rights of LIFFE or its suppliers in the Equipment;
                            (y) may result in the Equipment being confiscated,
                            seized, requisitioned, taken in execution, impounded
                            or otherwise taken from any location; or (z)
                            threaten the security or operation of the Equipment;
                            and

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

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

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

4.   Acceptance Testing

     4.1   System Testing. Prior to LIFFE's release to the CBOT of the Software
for acceptance testing, LIFFE shall test the Components. Prior to the CBOT's
commencement of acceptance testing, the CBOT shall test all software required to
be provided by the CBOT hereunder (the "CBOT Deliverables") to ascertain whether
such software materially conforms to the CBOT's specifications for such CBOT
Deliverables and those specifications for the Interfaces set forth on Schedule
A. Acceptance testing shall not commence until (a) LIFFE has notified the CBOT
in writing that LIFFE has reasonably determined that the Software materially
conforms to the Specifications and (b) the CBOT has notified LIFFE in writing
that the CBOT has reasonably determined that the CBOT Deliverables materially
conforms to the CBOT's specifications for such CBOT Deliverables and those
specifications for the Interfaces comprising the Specifications. Between
delivery of such notice to the other Party and the CBOT's issuance of the
Initial Acceptance Certificate, (i) LIFFE shall endeavor to provide the CBOT
written notice of any modifications of the Software that may have a material
impact on the functionality, performance or operation of the Software, and (ii)
the CBOT shall endeavor to provide LIFFE written notice of any modifications to
the CBOT Deliverables that may have material impact on the functionality,
performance or operation of the CBOT Deliverables.

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

     4.3   Integration Testing.

     4.3.1 Notification. Commencing upon the relevant Milestone set forth in the
Summary Project Plan, or upon any alternative date agreed upon by the Parties,
the CBOT shall, with LIFFE's reasonable assistance, carry out Integration
Testing at LIFFE's offices in London and the CBOT's facilities in Chicago, or
elsewhere as the Parties may agree, as the Parties may deem most appropriate to
facilitate acceptance testing and to meet the relevant Milestones.

     4.3.2 Suspected Defects.

           4.3.2.1 Material Defects. If a Material Defect is suspected, (a) the
                   CBOT shall, immediately upon becoming aware of such suspected
                   Material Defect, provide LIFFE's Project Manager written
                   notice of such suspected Material Defect, together with all
                   Evidence of such suspected Material Defect reasonably
                   available to the CBOT, and (b) at LIFFE's request, the

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       15

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

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

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

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

     4.4  Simulations.

          4.4.1 Notification. Following issuance of the Initial Acceptance
                Certificate and in accordance with the relevant Milestone, the
                CBOT shall, with LIFFE's reasonable assistance, carry out
                Simulations.

          4.4.2 Suspected Defects.

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       16

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

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

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

          4.4.3 Final Acceptance Certificate. Once the Software has completed
                Simulations successfully, the CBOT shall promptly sign and
                deliver to LIFFE's Project Manager a Final Acceptance
                Certificate. Following the delivery of the Final Acceptance
                Certificate and subject to the terms thereof, no modifications,
                other than such configuration changes as are agreed upon by the
                Parties and may be necessary for purposes of making the Software
                and the CBOT Deliverables available for trading in a real time
                live trading environment, shall be made to the Software or the
                CBOT Deliverables prior to the Go Live Date, without the written
                consent of the Parties.

     4.5 Go Live Date. Notwithstanding any provision to the contrary herein, the
Software will not be made available for use in a real time live trading
environment until and unless the CBOT has delivered to LIFFE's Project Manager
an executed Final Acceptance Certificate in accordance with Section 4.4.3.

     4.6 Disputes. Any Dispute relating to acceptance testing shall be addressed
in accordance with the dispute resolution procedures set forth in Section 17.

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

5.   General Obligations of the CBOT

     5.1 Dependencies. In addition to all other obligations of the CBOT set
forth in this Agreement, the CBOT shall comply with those dependencies set forth
in Schedule M hereto. 5.2 Security. In addition to all other duties of the CBOT
specified hereunder in respect of Licensed Technology and Equipment and the use
or access thereof by the CBOT, the CBOT (a) shall use reasonable efforts to
comply with LIFFE's security policy, a copy of which is attached as Schedule J
hereto; (b) shall establish and maintain supervisory and security procedures
satisfactory to LIFFE for the purpose of protecting all Licensed Technology and
Equipment located at CBOT's Premises and LIFFE's rights, title and interest in
and to the Licensed Technology and Equipment; and (c) shall require each Market
Participant to establish and maintain supervisory and security procedures
appropriate to protect all Licensed Technology and Equipment located at premises
owned or controlled by such Market Participant and LIFFE's rights, title and
interest in and to the Licensed Technology and Equipment. 5.3 Protection of
Licensed Technology and Equipment. The CBOT shall use reasonable efforts to
ensure that no personnel of the CBOT, any Affiliates or subcontractors of the
CBOT, any Market Participants, or any agents of the foregoing (other than LIFFE)
shall have access to the Equipment or the Licensed Technology (excluding the
Interfaces and Non-Restricted Documentation) unless such personnel has received
appropriate training.

     5.4 CBOT's Premises. In addition to complying with the requirements set
forth in Section 3.3, the CBOT shall provide LIFFE with such office
accommodation, facilities (including telephones, fax machines, computer
consumables, printers and Internet access), and access to the CBOT's Premises as
LIFFE reasonably deems necessary to facilitate LIFFE's performance of the
Services. 5.5 Materials and Assistance. In addition to providing those resources
identified in Schedule M and in Sections 3.3 and 5.4, in order to facilitate the
Parties' performance of their obligations hereunder, the CBOT shall (a) promptly
provide to LIFFE such relevant information and documentation as LIFFE may
reasonably request, including information and documentation relating to network
infrastructure, hardware, software, equipment, personnel, documentation, space
and office space; and (b) ensure that competent personnel are available during
normal working hours to provide to LIFFE such information or other support in
relation to LIFFE's performance of the Services as LIFFE may reasonably request;
and (c) use good faith efforts to ensure that such personnel possesses the
skills, experience, qualifications, and knowledge necessary to carry out any
tasks to which they may be assigned. 5.6 Upgrades and Replacements. Subject to
any applicable obligations of LIFFE pursuant to any Managed Services Agreement
entered into by the Parties, nothing herein shall require LIFFE to (a) create
any Upgrades or provide any Replacements; (b) deliver or license to the CBOT for
use and/or access as "Licensed Technology" any modifications, enhancements,
improvements or additions to the Licensed Technology as LIFFE may choose to
create; or (c) provide to the CBOT for use and/or access as "Equipment"
hereunder any replacements, modifications, enhancements, improvements or
additions to the Equipment.

6.   General Obligations of Both Parties

     6.1 Non-Solicitation. Each Party agrees that, during a period from (a) the
Effective Date to (b) the earlier of twelve (12) months after completion of the
Services and the effective date of termination of this Agreement, it shall not
employ or engage on any other basis, and offer such employment or engagement to,
any of the other Party's employees, contractors, and consultants who have been
associated with the performance of such other Party's obligations hereunder,
without the other Party's prior

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       18

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

agreement in writing. If a Party employs or engages any employee, contractor or
consultant of the other Party in breach of the foregoing obligations, it will
pay to the other Party damages in an amount equal to the net annual salary of
such employee, contractor or consultant for the twelve (12) months prior to the
date such individual, contractor or consultant is first employed by the Party
breaching such obligation.

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

7.   Project Management

     7.1 Appointments. Each Party shall appoint and inform the other Party of
the identity of (a) a Project Manager and (b) a Relationship Manager, to serve
as the primary points of contact between LIFFE and the CBOT with respect to the
Services. Additionally, the Parties shall, in accordance with such terms as the
Parties agree upon, establish a "Program Board" to address issues arising from
the Parties' performance of their obligations under this Agreement.

     7.2 Substitutions. Each Party shall promptly notify the other in writing of
any substitutions for or replacements of such individuals appointed in
accordance with Section 7.1, as applicable, and shall take all reasonable steps
to minimize any potential adverse effects of such changes.

8.   Charges

     8.1 Payment. In consideration for LIFFE's performance of the Services
hereunder, the CBOT shall, via wire transfer of immediately available funds to
such bank account as LIFFE may specify, (a) pay to LIFFE a fee for procurement
of the Equipment, which fee shall be comprised of (i) all actual costs charged
to LIFFE in connection with the procurement of such Equipment (estimates of such
costs are set forth on Schedule E); provided, however, that if LIFFE reasonably
anticipates that the costs charged to LIFFE in connection with the procurement
of any item of Equipment will be higher than the estimated costs for such item
set forth in Schedule E, then, prior to purchasing such item, LIFFE must obtain
the CBOT's written approval of such purchase, which approval shall not be
unreasonably withheld and (ii) an additional [**] of such costs for the purchase
administration, delivery, handling, storage and other activities related to the
procurement of such Equipment for the CBOT (collectively, "Equipment Service
Charges"); (b) pay to LIFFE fees relating to installation of Equipment at the
premises of Market Participants, as further detailed on Schedule K hereto
("Connection Service Charges"); (c) pay to LIFFE fees for all other Services
provided by LIFFE to the CBOT under this Agreement ("Development Service
Charges"), which fees shall be calculated on a time and materials basis in
accordance with the charge rates set forth in Schedule K (the "Charge Rates")
(which Charge Rates are exclusive of expenses); and (d) reimburse LIFFE for any
out of pocket expenses incurred by LIFFE hereunder, including all reasonable
travel, hotel, subsistence and other out of pocket expenses charged in
accordance with LIFFE's travel and expense policy attached as Schedule L hereto
(collectively, "Out of Pocket Expenses"; and such Equipment Service Charges,
Connection Service Charges, Development Service Charges and Out of Pocket
Expenses, collectively, the "Charges"). All payments hereunder shall be made in
pounds sterling; provided that the CBOT may pay in U.S. dollars any Charges
based on such costs incurred by LIFFE hereunder, which costs were denominated in
U.S. dollars.

     8.2 Taxes. The Charges shall be exclusive of all international, national or
state taxes (including withholding taxes), levies, duties, or similar charges,
however designated, that may be assessed by any jurisdiction under current law
or as a result of any change in the law following the date thereof

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

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                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

(collectively, "Taxes"), and the CBOT shall pay or reimburse LIFFE for all such
Taxes that may be levied or imposed in relation to this Agreement or any of the
rights and licenses granted hereunder, excluding (a) any VAT that is recovered
by LIFFE and (b) taxes based on the net income of LIFFE. LIFFE will use good
faith efforts to recover VAT applicable to any Charges. Prior to receiving from
the CBOT any payment which may be subject to United States withholding taxes,
LIFFE shall deliver to the CBOT two original copies of (i) Internal Revenue
Service ("IRS") Form "W-8BEN" (or any successor forms), accurately completed and
duly executed by LIFFE certifying, in Line 9a thereof (or the corresponding line
of any successor forms), that the applicable treaty is the United States-United
Kingdom Income Tax Convention, and further certifying the matters set forth in
Line 9b and 9c of Form "W-8BEN" (or the corresponding lines of any successor
forms) or (ii) IRS Form "W-8ECI" (or any successor form); provided that, unless
required by U.S. law, LIFFE shall not be required to deliver to the CBOT any
such Forms if LIFFE assigns, pursuant to Section 22, this Agreement and/or its
rights and obligations under this Agreement to an Affiliate of LIFFE which is a
United States corporation. LIFFE hereby agrees, from time to time after the
initial delivery by LIFFE of such forms whenever a lapse in time or change of
circumstances renders such forms obsolete or inaccurate in any material respect,
to deliver to the CBOT two new original copies of IRS Form "W-8BEN" or IRS Form
"W-8ECI" (or any successor forms), accurately completed and duly executed by
LIFFE. Notwithstanding this Section 8.2, the relevant Charges shall be paid net
of any U.S. federal income withholding tax caused by the failure of LIFFE to
provide the CBOT with such forms, unless a change in applicable law of the
United States, enacted or promulgated after the date hereof, makes it impossible
for LIFFE to continue to make the certifications described above.

     8.3 Invoices. LIFFE shall invoice the CBOT monthly in arrears for the
Charges and any additional amounts due hereunder, in pounds sterling; provided,
however, that LIFFE will invoice in U.S. dollars any Charges based on costs
incurred by LIFFE hereunder, which costs were denominated in U.S. dollars. For
the avoidance of doubt, any amounts paid by LIFFE in pounds sterling will be
invoiced to the CBOT in pounds sterling. Each invoice for Development Service
Charges will set forth the name of each of the LIFFE Project Personnel who
performed such Services, the categories of work performed by such individual,
the grade of each such individual, and the Charge Rate for such individual.
Subject to Section 8.4, payment of each invoice shall be made by the CBOT within
thirty (30) days of the date of receipt of such invoice by the CBOT (the
"Payment Date"), unless the CBOT makes a good faith objection to the terms of
the invoice, in which case (a) the CBOT shall pay the undisputed amount of the
invoice, and (b) the Parties shall promptly undertake to resolve the disputed
portion of the invoice.

     8.4 Financing. The Parties may agree upon a financing arrangement (the
"Financing Agreement"), pursuant to which the CBOT may, upon written notice to
LIFFE, elect to finance certain of the Charges set forth on any invoice provided
under this Agreement. For the avoidance of doubt, any Charges that the CBOT does
not elect to finance pursuant to any Financing Agreement shall be paid by the
CBOT in accordance with Section 8.3.

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

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       20

<PAGE>

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

9.   Term

     This Agreement shall commence on the Effective Date and shall continue
until the earlier of the completion of the Services and March 1, 2004, unless
(a) otherwise agreed by the Parties or (b) terminated in accordance with Section
10 or as otherwise provided in this Agreement.

10.  Termination

     10.1 By the CBOT. The CBOT may terminate this Agreement immediately upon
notice to LIFFE in the event that the Parties have not entered into a Managed
Services Agreement by [**].

     10.2 By LIFFE.

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

          10.2.2 Managed Services Agreement. LIFFE may terminate this Agreement
                 immediately upon notice to the CBOT in the event that the
                 Parties have not entered into a Managed Services Agreement by
                 [**].

     10.3 By Either Party.

          10.3.1 Material Breach. Subject to Section 11.3, at any time during
                 the term of this Agreement, either Party may terminate this
                 Agreement immediately upon written notice to the other Party if
                 the other Party commits a breach of any of its material
                 obligations under this Agreement and fails to remedy such
                 material breach within thirty (30) days of receipt of written
                 notice thereof.

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

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       21

<PAGE>

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

11.  Consequences of Termination

     11.1 Equipment.

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

          11.1.2 In Market Participants' Possession. Upon or prior to the
                 effective date of termination of this Agreement, the CBOT
                 shall, at the CBOT's expense, (a) require each Market
                 Participant to (i) immediately cease use of the Equipment
                 and all Licensed Technology; (ii) promptly return to LIFFE,
                 or certify as destroyed, each item of Licensed Technology
                 within such Market Participant's possession or control;
                 (iii) as LIFFE may elect, either promptly return to LIFFE or
                 permit LIFFE to repossess all Equipment in such Market
                 Participant's possession and/or control; and (iv) promptly
                 return to LIFFE or, with LIFFE's written consent destroy and
                 certify as destroyed, any other LIFFE Property within such
                 Market Participant's possession and/or control; and (b)
                 notwithstanding the foregoing Section 11.1.2(a), return to
                 LIFFE any LIFFE Property that has been provided to the CBOT
                 by any Market Participant, promptly upon the CBOT's receipt
                 thereof.

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

     11.3 Survival. The termination of this Agreement for any reason will not
affect the accrued rights of the Parties or the right of either Party to sue for
damages arising from a breach of this Agreement. Notwithstanding termination of
this Agreement, the CBOT shall remain liable to pay LIFFE all sums accrued or
due on or prior to the effective date of termination. Sections 1, 3.2, 3.3.1(b),
3.3.1(c)(i), 3.3.1(d)(i), 3.3.3, 3.3.4, 3.3.5, 3.3.6.2, 6, 8, 11, 12, 13, 14,
15, 16, 17, 18, 19, 21, 24, 25, 26, 27, 28, 29 and 31 shall survive beyond the
effective date of termination of this Agreement and shall remain in full force
and effect.

12.  Proprietary Rights

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       22

<PAGE>

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

     12.1 LIFFE Property. As between the CBOT and LIFFE, all rights, title and
interest in and to the Licensed Technology and all portions thereof (excluding
the third party software specified in Schedule G of the Software License
Agreement), including but not limited to, all Software, Upgrades, and
Documentation; all Confidential Information of LIFFE; all Equipment; all
Replacements; all other materials whatsoever relating to the Licensed Technology
and/or the Equipment and provided by LIFFE to the CBOT and/or any Market
Participants, including any gateways, hubs, routers, cables, cabinets and
servers; and any other materials provided by or on behalf of LIFFE to the CBOT
and/or any Market Participants under this Agreement; including all copyrights,
trademarks, patents, trade secrets and other intellectual property inherent in
the foregoing or appurtenant thereto (collectively, "LIFFE Property") shall be
and remain vested in LIFFE (or LIFFE's Affiliates, suppliers or licensors, as
applicable). To the extent, if any, that ownership of the LIFFE Property does
not automatically vest in LIFFE by virtue of this Agreement or otherwise, the
CBOT hereby transfers and assigns to LIFFE, as of the date of creation, all
rights, title and interest which the CBOT may have in and to such LIFFE
Property. The CBOT undertakes, at the CBOT's expense, to do or cease to do all
such acts as LIFFE may reasonably direct, and to execute, or cause its
employees, agents and/or subcontractors to execute, all such documents as LIFFE
deems reasonably necessary or helpful to assure further the rights, title and
interest of LIFFE or its nominee in and to such LIFFE Property.

     12.2 CBOT's Property. Notwithstanding the foregoing Section 12.1, as
between the CBOT and LIFFE, all rights, title and interest in and to (a) the
CBOT Technology (if any); (b) Market Data; (c) all Confidential Information of
the CBOT; and (d) all copyrights, trademarks, patents, trade secrets and other
intellectual property inherent in the foregoing or appurtenant thereto
(collectively, the "CBOT's Property") shall be and remain vested in the CBOT. To
the extent, if any, that ownership of the CBOT Property does not automatically
vest in the CBOT by virtue of this Agreement or otherwise, LIFFE hereby
transfers and assigns to the CBOT, as of the date of creation, all rights, title
and interest which LIFFE may have in and to such CBOT Property. LIFFE
undertakes, at LIFFE's expense, to do or cease to do all such acts as the CBOT
may reasonably direct, and to execute, or cause its employees, agents and/or
subcontractors to execute, all such documents as the CBOT deems reasonably
necessary or helpful to assure further the rights, title and interest of the
CBOT or its nominee in and to such CBOT Property.

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       23

<PAGE>

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

13.  Confidentiality
     ---------------

     13.1 Confidential Information. Subject to Section 13.2, each Party shall
treat as confidential the terms and conditions of this Agreement (excluding the
existence of this Agreement), all information (a) marked as confidential, "CBOT
Restricted" and/or "LIFFE Restricted" (as applicable) or (b) which the recipient
should reasonably know, by its nature or the manner of its disclosure, to be
confidential (including, but not limited to, the information and materials the
CBOT has obtained rights to use hereunder), which either Party may receive or
have access to during or prior to the performance of this Agreement
("Confidential Information"). Neither Party shall (i) use the Confidential
Information of the other Party for any purpose other than the performance of its
obligations under this Agreement, the Software License Agreement, or the Managed
Services Agreement, or (ii) divulge such Confidential Information (x) without
the other Party's prior written consent, to anyone other than the employees,
subcontractors, consultants or advisors of such Party who are subject to
nondisclosure obligations and to whom such disclosure is reasonably necessary to
facilitate the performance of this Agreement; or (y) unless requested pursuant
to a judicial or governmental request, requirement or order under law (including
disclosure obligations of the Parties under applicable securities laws), in
which case, if not so prohibited by a regulatory or other governmental authority
or an order of a court of competent jurisdiction, the receiving Party will
promptly notify the other Party of such request; provided that, if, in the
opinion of counsel to the receiving Party, such disclosure is required under
securities laws, the receiving Party, in consultation with the other Party,
shall additionally use good faith efforts to secure confidential treatment of
the information so disclosed. "Confidential Information" of LIFFE includes, but
is not limited to, Restricted Documentation and the source code of the Software.
For the avoidance of doubt, with respect to Confidential Information of LIFFE
that has been disclosed to the CBOT or to which the CBOT has access, the CBOT
shall neither provide or permit [**] access to, nor permit any other Person to
provide or permit [**] access to, any Confidential Information of LIFFE or any
derivative work based on such Confidential Information.

     13.2 Exclusions. Notwithstanding Section 13.1, Confidential Information
will not include information (a) which is independently developed by the
receiving Party or is lawfully received free of restriction from another source
that, to the receiving Party's knowledge, has the right to furnish such
information; (b) after it has become generally available to the public by acts
not attributable to the receiving Party or its employees, consultants or
advisors; or (c) which, at the time of disclosure to the receiving Party, was
known to the receiving Party free of restriction.

14.  Warranties
     ----------

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

     14.2 The CBOT. The CBOT hereby warrants to LIFFE that (a) it has the
requisite corporate power and authority to execute and perform this Agreement;
(b) its execution and performance of its

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       24

<PAGE>

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

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

15.  Indemnification
     ---------------

     15.1 By LIFFE. LIFFE shall defend, indemnify and hold the CBOT, and the
officers, directors, employees, agents, and representatives of the CBOT ("CBOT
Indemnitees") harmless from and against all costs, claims, demands, losses,
expenses and liabilities of any nature whatsoever (including reasonable
attorneys fees) ("Losses") incurred or suffered by such CBOT Indemnitees arising
out of, or in connection with, any third party claim, demand, or cause of action
(each, a "Claim") to the extent such Claim is based upon or arises out of (a)
LIFFE's gross negligence or willful misconduct; (b) LIFFE's material breach of
this Agreement or any part hereof; or (c) [**]; provided that (i) the CBOT shall
take no other action which the CBOT, in its reasonable judgment, believes would
be contrary to LIFFE's interests relative to the Claim; (ii) LIFFE (or any
Person acting on behalf of or authorized by LIFFE), at its own expense, shall be
entitled to have sole conduct and control of all legal proceedings in connection
with the Claim or the settlement or other compromise thereof; (iii) the CBOT
shall give LIFFE (and any Person acting on behalf of or authorized by LIFFE) all
reasonable assistance therewith, at LIFFE's reasonable expense; and (iv) the
CBOT shall use good faith efforts to notify LIFFE as soon as possible, but in
any event within five (5) Business Days, after the CBOT becomes aware of the
Claim. Notwithstanding the foregoing, LIFFE shall have no obligation to defend,
indemnify, or hold any CBOT Indemnitee harmless from or against any Losses
incurred or suffered by such CBOT Indemnitee (x) as a result of the gross
negligence or willful misconduct of the CBOT Indemnitee or any Market
Participant, or (y) to the extent any Losses are attributable to the fact that
the use of the Licensed Technology and/or Equipment by the CBOT, other CBOT
Indemnitee, or any Market Participant has not been in accordance with this
Agreement.

     15.2 By the CBOT. The CBOT shall defend, indemnify and hold LIFFE, its
Affiliates, and the officers, directors, employees, agents, and representatives
of LIFFE and its Affiliates ("LIFFE Indemnitees") harmless from and against all
Losses incurred or suffered by such LIFFE Indemnitees arising out of, or in
connection with, any third party Claim to the extent such Claim is based upon or
arises out of: (a) the CBOT's material breach of this Agreement or any part
hereof; (b) the gross negligence or willful misconduct of the CBOT, any of its
Affiliates, or any Members or Market Participants; (c) the CBOT's Property or
LIFFE's use thereof; (d) the CBOT's use of the Licensed Technology in
contravention of this Agreement; (e) any violation by any Market Participant of
the

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       25

<PAGE>

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

restrictions set forth in Section 3.3.4; or (f) any Claim that the Services
provided hereunder, the Equipment or the Licensed Technology provided hereunder,
or the use thereof by or on behalf of the CBOT or Market Participants, infringes
or otherwise violates the Wagner/eSpeed Patent; provided that (i) LIFFE shall
take no action which LIFFE, in its reasonable judgment, believes would be
contrary to the CBOT's interests relative to the Claim; (ii) the CBOT (or any
Person acting on behalf of or authorized by the CBOT), at its own expense, shall
be entitled to have sole conduct and control of all legal proceedings in
connection with the Claim or the settlement or other compromise thereof; (iii)
LIFFE shall give the CBOT (and any Person acting on behalf of or authorized by
the CBOT) all reasonable assistance in connection therewith at the CBOT's
reasonable expense; and (iv) LIFFE shall use good faith efforts to notify the
CBOT as soon as possible, but in any event within five (5) Business Days, after
LIFFE becomes aware of the Claim. Notwithstanding the foregoing, the CBOT shall
have no obligation to defend, indemnify, or hold any LIFFE Indemnitee harmless
from or against any Losses incurred or suffered by such LIFFE Indemnitee as a
result of the gross negligence or willful misconduct of the LIFFE Indemnitee.

16.  Liability
     ---------

     16.1 Specific Limitations. LIFFE shall have no liability to the CBOT for
any breach of this Agreement or any Losses (including, but not limited to, the
CBOT's inability to use any part of the Licensed Technology or Equipment and the
interruption or corruption of any data or information stored, used, generated or
transmitted on or via any Licensed Technology or Equipment) under this Agreement
arising from (a) any defect in the Licensed Technology or Equipment of which
LIFFE has not received notice of from the CBOT within five (5) Business Days
following the first date upon which the CBOT discovered or otherwise became
aware of such defect, (b) any Force Majeure Event, or (c) any Trading
Applications or other Third Party Materials.

     16.2 General Limitation. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT,
NEITHER PARTY SHALL HAVE LIABILITY TO THE OTHER FOR ANY LOSS, DAMAGE OR INJURY,
DIRECT OR INDIRECT, WHETHER OR NOT CAUSED BY THE NEGLIGENCE OF SUCH PARTY, ITS
AFFILIATES, OR THE OFFICERS, EMPLOYEES, AGENTS OR REPRESENTATIVES OF SUCH PARTY
OR OF ANY OF ITS AFFILIATES, EXCEPT THAT EACH PARTY SHALL ACCEPT LIABILITY FOR
(A) MATERIAL BREACH OF THIS AGREEMENT, (B) THE GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT OF SUCH PARTY, ITS AFFILIATES OR THE OFFICERS, EMPLOYEES, AGENTS OR
REPRESENTATIVES OF SUCH PARTY OR OF ANY OF ITS AFFILIATES, AND (C) FOR DEATH,
PERSONAL INJURY AND DIRECT PHYSICAL DAMAGE TO THE TANGIBLE PROPERTY OF THE OTHER
CAUSED BY SUCH PARTY, ITS AFFILIATES OR THE OFFICERS, EMPLOYEES, AGENTS OR
REPRESENTATIVES OF SUCH PARTY OR OF ANY OF ITS AFFILIATES. EXCEPT WITH REGARD TO
EITHER PARTY'S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS UNDER SECTION 13 OR ITS
WARRANTIES SET FORTH IN SECTION 14, NEITHER PARTY SHALL BE LIABLE TO THE OTHER
HEREUNDER FOR ANY INDIRECT OR CONSEQUENTIAL LOSS, OR FOR LOSS OF PROFITS,
GOODWILL OR CONTRACTS, WHETHER ARISING FROM NEGLIGENCE, BREACH OF CONTRACT OR
OTHERWISE, AND WHETHER OR NOT EITHER PARTY SHALL HAVE BEEN ADVISED OF OR
OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.

16.3 Limitation of Liability. The cumulative liability of LIFFE under this
Agreement, the Software License Agreement and the Managed Services Agreement,
during the respective terms of this Agreement, the Software License Agreement
and the Managed Services Agreement, however arising, will not exceed [**];
provided, however, that the limitations set forth in this Section 16.3 will not

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       26

<PAGE>

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

apply to (a) liability of LIFFE for death or personal injury; (b) fraudulent
acts or omissions; or (c) violations of the confidentiality obligations of
Section 13.

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

17.  Dispute Resolution

     17.1 Escalation. As used herein, "Disputes" means any claims, disputes,
controversies, and other matters in question between the Parties arising out of
or relating to this Agreement or the breach hereof (excluding any third party
claims against LIFFE or the CBOT subject to indemnification pursuant to Section
15, but including any disagreements as to indemnification rights hereunder). Any
Dispute between the Parties shall in the first instance be referred to the
Parties' Relationship Managers for discussion and resolution. If the Dispute is
not resolved by the Relationship Managers within five (5) Business Days, the
Dispute will be referred to the Managing Director of LIFFE Market Solutions and
a representative of the CBOT at an equivalent level, who must discuss and, if
appropriate, meet within five (5) Business Days to attempt to resolve the
Dispute. If the Dispute is not resolved by such second representatives within
five (5) Business Days, the Dispute will be referred to the Parties' Chief
Executive Officers who must discuss and, if appropriate, meet within five (5)
Business Days to attempt to resolve the Dispute. If any representative of either
Party referred to in this Section 17.1 is not available for any reason, the
affected Party shall be entitled to appoint an appropriate substitute.

     17.2 Mediation. If the Parties cannot resolve any Dispute in accordance
with Section 17.1 within thirty (30) Business Days, they may refer the Dispute
to mediation, to be conducted by a single mediator in (i) Chicago, Illinois, if
LIFFE has initiated the Dispute, or (ii) London, England, if the CBOT has
initiated the Dispute. The Parties shall use good faith efforts to agree upon a
mediator. If the Parties are unable to agree upon a mediator within thirty (30)
Business Days, the Parties may seek judicial resolution and remedy of the
Dispute without first proceeding with mediation. The Parties shall use good
faith efforts to hold the mediation within thirty (30) Business Days following
the selection of a mediator. Unless otherwise agreed by the Parties, no decision
resulting from the mediation proceedings will be binding upon the Parties.
Unless expressly provided herein, each Party will bear its own costs (including
attorneys fees) relating to the mediation, but the Parties will share equally
the fees and expenses charged by the mediator.

     17.3 Arbitration. If a Dispute is not resolved in accordance with Section
17.2, then either Party may provide written notice to the other Party of an
intention to refer the Dispute to arbitration. Any such arbitration shall be:
(a) binding; (b) administered by the International Centre for Dispute Resolution
("ICDR") of the American Arbitration Association ("AAA"); (c) conducted in
accordance with the International Arbitration Rules of the AAA (the "AAA
Rules"), as such AAA Rules may be amended from time to time, except to the
extent this Section 17.3 provides otherwise; (d) held in Chicago, Illinois, if
the Dispute is initiated by LIFFE and in London, England if the Dispute is
initiated by the CBOT; and (e) conducted using the English language. Upon filing
a claim, the filing Party will simultaneously provide written notice of such
claim to the other Party and to the relevant administrator at the ICDR.

          17.3.1 Selection of Arbitrators. Within ten (10) Business Days of
                 receipt of the ICDR initiation letter, each Party shall select
                 one neutral individual to act as arbitrator.

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       27

<PAGE>

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

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

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

          17.3.3 Reduction of Losses. The Parties have selected arbitration to
                 expedite the resolution of Disputes and to reduce the costs and
                 burdens associated with litigation. The Parties agree that the
                 arbitrators should take these concerns into account when
                 determining whether to authorize discovery and, if discovery is
                 authorized, the scope of permissible discovery and other
                 hearing and pre-hearing procedures. The arbitrators shall
                 render an award, including a written decision, within ninety
                 (90) calendar days after the arbitration notice is provided,
                 unless the Parties otherwise agree or the arbitrators make a
                 finding that a Party has carried the burden of showing good
                 cause for a longer time period.

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

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

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

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

          17.3.8 Obligations. The commencement and pendency of an arbitration
                 under this Section 17.3 shall not relieve either of the Parties
                 of their respective obligations under this Agreement.

          17.3.9 Limitations. A demand for arbitration shall not be made after
                 the date when institution of legal or equitable proceedings
                 based upon such dispute would be barred by the applicable
                 statute of limitations or laches under the laws of the

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       28

<PAGE>

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

State of Illinois, and the Parties expressly waive any causes of action relating
                 to any Dispute not brought within the period set forth therein.

     17.4 Limitations. Notwithstanding Sections 17.2 and 17.3, nothing herein
restricts the rights of either Party to seek judicial resolution and remedy of
(i) any Disputes, following compliance with Sections 17.2 and 17.3, or (ii) any
claims, disputes, controversies, or other matters in question between the
Parties arising out of either Party's breach of its obligations pursuant to
Section 13 or Section 14.

18.  Entire Agreement

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

19.  Schedules

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

20.  Amendments

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

21.  Binding Provisions/Third Party Beneficiaries

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

22.  Assignment and Sublicensing

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

23.      Force Majeure

         If the performance of this Agreement by either Party is prevented,
hindered, delayed or otherwise made impracticable by reason of any Force Majeure
Event, that Party shall be excused from such performance to the extent that it
is prevented, hindered or delayed by such cause. In the event a Party

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].
                                       29

<PAGE>

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

becomes aware of a Force Majeure Event that will affect its performance under
this Agreement, it shall notify the other Party as soon as reasonably
practicable. The Parties shall thereafter work together to take reasonable steps
to mitigate the effects of any inability to perform, if practicable.

24.  Separability of Provisions

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

25.  Waiver

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

26.  Remedies Not Exclusive

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

27.  Notices

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

     If to the CBOT:

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

     If to LIFFE:

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       30

<PAGE>

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

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

28.  Announcements

     Neither Party may refer to this Agreement in any publicity or advertising
materials without the other Party's prior written consent. 29. Interpretation
29.1 Headings, Gender, "Including," "Control" and Person. References to sections
and schedules are to sections of and schedules to this Agreement unless
otherwise indicated. Section headings are inserted for convenience of reference
only and shall not affect the construction of this Agreement. The masculine
gender shall include the feminine and the singular number shall include the
plural, and vice versa. Any use of the word "including" will be interpreted to
mean "including, but not limited to," unless otherwise indicated. Any use of the
terms "controlling," "controlled by" or "under common control with" shall have a
meaning consistent with the definition of "Control" set forth in Section 1.
References to any Person (including the Parties and any other entities referred
to) shall be construed to mean such Person and its successors in interest and
permitted assigns, as applicable. 29.2 Inconsistency. In the event of any
inconsistency between the terms of the main body of this Agreement and any
schedule hereto, the terms of the main body of this Agreement will govern to the
extent of the inconsistency. 30. Further Assurances

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

31.  Governing Law

     The validity and effectiveness of this Agreement shall be governed by and
construed and enforced in accordance with the internal laws of the State of
Illinois, without giving effect to the provisions, policies or principles of any
state law relating to choice or conflict of laws. Subject to Section 17, any
legal action or proceeding with respect to this Agreement may be brought
exclusively in the Federal or state courts located in Chicago, Illinois,
including the United States District Court for the Northern District of
Illinois. The United Nations Convention on Contracts for the International Sale
of Goods shall not apply to this Agreement and is hereby disclaimed.

32.  Counterparts

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

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       31

<PAGE>

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

     IN WITNESS WHEREOF, the Parties have executed this Development Services
Agreement as of the Effective Date.

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

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

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

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

<PAGE>

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

                                    SCHEDULES

Schedule A    -    Specifications
Schedule B    -    Summary Project Plan
Schedule C    -    Software and Documentation
Schedule D    -    Equipment Installation Sites
Schedule E    -    Equipment
Schedule F    -    Software, Locations and Operating Systems
Schedule G    -    Training of CBOT Staff
Schedule H    -    Change Control Procedures
Schedule I    -    CBOT's Acceptable Use and Harassment Policies
Schedule J    -    LIFFE Security Policy
Schedule K    -    Charge Rates/Grades/Connection Service Charges
Schedule L    -    LIFFE Travel/Expense Policy
Schedule M    -    CBOT Dependencies
Schedule N    -    Schematics

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

<PAGE>

                                   SCHEDULE A
                                 SPECIFICATIONS
                                 --------------

[*213 pages omitted*]

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

<PAGE>

                                   SCHEDULE B
                              SUMMARY PROJECT PLAN
                              --------------------

[**]

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

<PAGE>

                                   SCHEDULE C
                           SOFTWARE AND DOCUMENTATION
                           --------------------------

[*2 pages omitted*]

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

<PAGE>

                                   SCHEDULE D
                          EQUIPMENT INSTALLATION SITES
                          ----------------------------

[*18 pages omitted*]

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

<PAGE>

                                   SCHEDULE E
                                   EQUIPMENT
                                   ----------

[*9 pages omitted*]

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

<PAGE>

                                   SCHEDULE F
                   SOFTWARE, LOCATIONS, AND OPERATING SYSTEMS
                   ------------------------------------------

[*2 pages omitted*]

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

<PAGE>

                                   SCHEDULE G
                             TRAINING OF CBOT STAFF
                             ----------------------

[*4 pages omitted*]

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

<PAGE>

                                   SCHEDULE H

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

1.   OVERVIEW

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

LIFFE's Project Manager will be the principal contact at LIFFE regarding the
change control procedures and will serve as the administrator of the Change
Control Procedures. The representative of the Party requesting the change will
be referred to herein as the "Change Requester."

2.   PROCEDURES

2.1  SUBMIT CHANGE REQUEST

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

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

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

2.2  PRELIMINARY REVIEW OF CHANGE REQUEST

     Following acknowledgment of receipt of the Change Request Form, LIFFE's
Project Manager will undertake a preliminary review of the Change Request Form
to ensure that the Change Requester has provided the requisite details. If
LIFFE's Project Manager, in his or her reasonable judgment, determines that the
information provided is insufficient, LIFFE's Project Manager will contact the
Change Requester to request additional information. This cycle will continue
until (i) the requested information is provided or (ii) the Parties agree to
file the Change Request Form and close the matter accordingly. LIFFE's Project
Manager will not proceed with further assessment of the change request until and
unless such additional information is obtained.

2.3  DETERMINATION OF WHETHER AN INITIAL ASSESSMENT IS TO BE CONDUCTED

     (a)  Once LIFFE's Project Manager determines a Change Request Form provides
          sufficient information, LIFFE's Project Manager will, within ten (10)
          Business Days of completion

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       H-1

<PAGE>

          of the portions of the Change Request Form noted above, contact the
          Change Requester and/or, if the Party requesting the change is LIFFE,
          the CBOT's Project Manager, to discuss (i) whether an initial
          assessment of the change request is to be undertaken and (ii) the date
          by which any initial assessment should be completed.

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

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

     (d)  [**]

     (e)  [**]

2.4  INITIAL ASSESSMENT

     (a)  If LIFFE's Project Manager and the Change Requester and/or, if the
          Party requesting the change is LIFFE, the CBOT's Project Manager,
          agree that an initial assessment is to be undertaken, LIFFE's Project
          Manager will, unless otherwise agreed, commence such initial
          assessment within ten (10) Business Days of such agreement and shall
          use reasonable efforts to complete the initial assessment by the
          agreed upon completion date.

     (b)  As applicable to the particular change request, [**]

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       H-2

<PAGE>

2.5  ACCEPTANCE OF INITIAL ASSESSMENT

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

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

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

2.6  DETAILED PLAN

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

     (b)  LIFFE's Project Manager will then coordinate the production of a
          "detailed plan" for the requested change and shall use reasonable
          efforts to complete the "detailed plan" by the agreed upon completion
          date. Each such "detailed plan" will include (i) the criteria for
          acceptance relating to the change requested, as required pursuant to
          Section 5.1 of the Development Services Agreement, (ii) an estimated
          schedule for implementation of the change requested, and (iii) the
          Charges which would be associated with implementation of the requested
          change.

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

2.7  ACCEPTANCE OF DETAILED PLAN

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                      H-3

<PAGE>

          reject the detailed plan and (ii) if the detailed plan is rejected,
          whether to file the Change Request Form and close the matter or to
          continue working on the detailed plan.

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

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

2.8  IMPLEMENT SOLUTION

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

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

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

2.9  COMPLETE CHANGE REQUEST

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

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       H-4

<PAGE>

                                                        Appendix 1 to Schedule H

                            [FLOW CHART APPEARS HERE]

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                      H-5

<PAGE>

                                                        Appendix 2 to Schedule H

                               Change Request Form

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

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

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

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

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

____  CBOT

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

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

Continued on separate sheet -  YES/NO
================================================================================
Change Request Logged by LIFFE Project Manager

                                       Change Request Number Issued: __________

Date Request Received:        /         /      Date Number Issued:___/___/______
                      -------- --------- --------

Acknowledgement Sent: ___/___/______

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

Name of LIFFE's Project Manager:  _______________________

Signature of LIFFE's Project Manager:  ____________________

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                      H-6

<PAGE>

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

Agreed Initial Assessment Completion Date ___/___/______

Initial Assessment Accepted

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

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

LIFFE:

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

CBOT:

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

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                      H-7

<PAGE>

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

Agreed Detailed Plan Completion Date ___/___/______

Detailed Plan Agreed; Implementation to Commence

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

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

LIFFE:

Name: _________________________     Signature: _________________________

Date: ___/___/______

CBOT:

Name: _________________________     Signature: _________________________

Date: ___/___/______

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                      H-8

<PAGE>

Change Implemented and Accepted

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

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

LIFFE:

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

CBOT:

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                      H-9

<PAGE>

                                   SCHEDULE I

                 CBOT'S ACCEPTABLE USE AND HARASSMENT POLICIES
                 ---------------------------------------------

                             Chicago Board of Trade
                     Information Security Program Management

                              Acceptable Use Policy

                                  Requirements
                                Table of Contents

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

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

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

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

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

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

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

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

                             Chicago Board of Trade
                     Information Security Program Management

                              Acceptable Use Policy

General Policy

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

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

Purpose

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

Applicability

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                      I-1

<PAGE>

Key Definitions

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

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

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

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

Responsibility for Implementing the Policy

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

Requirements

3.   User Responsibilities The following requirements govern User
     Responsibilities:

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

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

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

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

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

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

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                      I-2

<PAGE>

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

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

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

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

     .    harass, discriminate against, or intimidate others;

     .    degrade the performance of CBOT systems;

     .    deprive an authorized CBOT user access to a CBOT resource;

     .    obtain extra resources beyond those allocated (e.g. circumvent disk
          quotas or otherwise violate resource allocation policies);

     .    circumvent security measures or gain access to a CBOT System for which
          proper authorization has not been granted.

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

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

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

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

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

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

5.   Operational Data The following requirements govern Operational Data:

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

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

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                      I-3

<PAGE>

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

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

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

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

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

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

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

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

9.   Monitoring The following requirements govern Monitoring:

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

9.2  CBOT employees will be notified of all CBOT Systems monitoring policies.
     CBOT employees and their managers will be informed about all monitoring
     activities with the only permissible exception being investigations of
     suspected criminal activity.

10.  Non-Compliance Disciplinary Actions The following requirements govern
     Non-Compliance Disciplinary Actions:

10.1 The CBOT reserves the right to revoke the privileges of any user at any
     time. Any noncompliance with these CBOT Systems user requirements will
     constitute a security violation and will be reported to the management of
     the CBOT user and Information Security Program Management. Security
     violations may result in short-term or permanent loss of access to CBOT
     Systems. Serious violations will result in disciplinary action, including
     termination of employment.

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                      I-4

<PAGE>

10.2 Users who abuse their CBOT Systems privileges may also be subject to
     external disciplinary action including civil or criminal legal action. By
     making use of CBOT Systems, users consent to allow all information they
     store on CBOT Systems to be divulged to law enforcement at the discretion
     of CBOT senior executive management.

Harassment Policy

Sexual harassment is an infringement of an employee's, applicant's or
consultant's right to work in an environment free from unlawful sexual pressure.
The CBOT(R) is strongly committed to a workplace free of sexual harassment. In
keeping with this policy, the CBOT will not tolerate sexual harassment of
employees, applicants, or consultants by other employees or non-employees in the
workplace.

Sexual harassment consists of unlawful verbal or physical conduct directed at a
person when that conduct is based on that person's sex and has a substantial
adverse effect on him or her in the workplace. Such conduct may include, but is
not limited to, the following:

1.   requests for sexual favors that may or may not be accompanied by threats or
     promises of preferential treatment with respect to an individual's
     employment status;

2.   verbal, written or graphic communications of a sexual nature, including
     lewd or sexually suggestive comments, off-color jokes of a sexual nature or
     displays of sexually explicit pictures, photos, posters, cartoons, books,
     magazines or other items; or

3.   patting, pinching, hitting or any other unnecessary contact with another
     person's body or threats to take such action.

Any employee, applicant or consultant who believes that he or she has been
sexually harassed in the workplace should report the harassment as soon as
possible after it occurs to their supervisor. Any complaint regarding harassment
by a CBOT employee should be presented to the complaining individual's
supervisor or the CBOT Human Resources Department. Any supervisor who receives
such a complaint must notify the Human Resources Department of the complaint as
soon as possible. Complaints pertaining to harassment by members or member firm
employees should be directed to the head of Investigations in the Office of
Investigations and Audits. Complaints pertaining to harassment by other
non-employees should be directed to the Human Resources Department. The CBOT
will thoroughly investigate all complaints and will keep them confidential, only
disclosing them on a "need-to-know" basis.

The CBOT will not retaliate against any person who has been harassed and/or has
reported the harassment. No supervisor or other employee may in any way base an
employment decision regarding a person on the fact that the person has been
harassed and/or has reported the harassment to the CBOT.

The CBOT will not tolerate any violations of this policy. Violations of this
policy by employees or consultants will subject the offending employee(s) or
consultant(s) to appropriate disciplinary action up to and including discharge
from employment or termination of services. Members and their employees who
violate this policy will also be subject to appropriate disciplinary action.

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                      I-5

<PAGE>

                                   SCHEDULE J
                             LIFFE SECURITY POLICY
                             ---------------------

[*2 pages omitted*]

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

<PAGE>

                                   SCHEDULE K
                 CHARGE RATES/GRADES/CONNECTION SERVICE CHARGES
                 ----------------------------------------------

[*3 pages omitted*]

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

<PAGE>

                                   SCHEDULE L

                           LIFFE TRAVEL/EXPENSE POLICY
                           ---------------------------

1.   Air Travel

All LIFFE staff travel British Airways Club Class for any journey in excess of 4
hours. If a Business Class seat is not available or the time or airport of
departure is not convenient, then the traveler may choose Business Class with
Virgin Atlantic. If Business Class Seats with neither British Airways nor Virgin
Atlantic are available within a 2 hour window either side of the preferred
departure time, then the traveler may choose Business Class with any other
airline.

If the journey is less than 4 hours then Economy Class travel will be used.
Within the U.S. we do not have a limitation on which airlines are selected.

2.   Hotels

LIFFE staff will reside in reasonable accommodation when staying away from home
overnight on business. This is dependant upon location and duration, but LIFFE
suggests that a rate no greater than [**] per night is reasonable for the staff
in the U.S.

Accommodation for consultants over weekends will be charged.

3.   Expenses

LIFFE generally does not expect the staff working away from the office to incur
average general expenses in excess of [**] per day. This will include all local
travel to and from the CBOT office, meals, calls, laundry, etc.

All expenses except those of an exceptional nature and pre-agreed by the client,
will be not be charged. Exceptional expenses will be charged and identified
individually on any invoice.

4.   General

The CBOT will not be charged for the time a LIFFE consultant is on flights
unless LIFFE incurs a charge. This would only be the case where the consultant
is a staff contractor.

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

                                       L-1

<PAGE>

                                   SCHEDULE M
                               CBOT DEPENDENCIES
                               -----------------

[*2 pages omitted*]

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].

<PAGE>

                                   SCHEDULE N
                                   SCHEMATICS
                                   ----------

[*10 pages omitted*]

                      Confidential Information Omitted and
                      Filed Separately with the Commission.
                       Omitted Portions Indicated by [**].<PAGE>

                                                                   Exhibit 10.42

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

                      FIRST AMENDMENT TO LINE OF CREDIT AGREEMENT
                      -------------------------------------------

     This First Amendment to Line of Credit Agreement (the "Amendment") is made
as of this 15th day of January, 2003, by and among BOARD OF TRADE OF THE CITY OF
CHICAGO, INC. (the "Borrower") and LASALLE BANK NATIONAL ASSOCIATION (the
"Bank").

                                   WITNESSETH
                                   ----------

     WHEREAS, the Borrower and the Bank entered into that certain Line of Credit
Agreement, dated as of January 15, 2002 (the "Line of Credit Agreement");

     WHEREAS, the parties hereto desire to amend the Line of Credit Agreement as
more fully set forth herein.

     NOW, THEREFORE, in consideration of the mutual agreements herein contained
and other good and valuable consideration, the adequacy of which is hereby
acknowledged, and subject to the terms and conditions hereof, the parties
hereto agree as follows:

SECTION 1. DEFINITIONS. Unless otherwise defined herein, all capitalized terms
shall have the meaning given to them in the Line of Credit Agreement.

SECTION 2. AMENDMENTS TO LINE OF CREDIT AGREEMENT.

     2.1. The Line of Credit Agreement is hereby amended by deleting the defined
term "LIBOR Rate" in Section I and inserting the following in Its stead:

          LIBOR Rate" shall mean a per annum rate of interest equal to LIBOR
     for the relevant Interest Period plus 2.25%, which LIBOR Rate shall remain
     fixed during such Interest Period."

     2.2. The Line of Credit Agreement is hereby amended by deleting Section 2.1
in its entirety and inserting the following in its stead:

          "2.1. Line of Credit Commitment. On and subject to the terms of this
     Agreement, the Bank agrees to make loans to the Borrower from time to time
     (the availability of such Loans hereunder called the "Line of Credit") in
     such amounts (the "Loans") as the Borrower may from time to time request,
     but not exceeding the amount of $20,000,000 in the aggregate at any one
     time outstanding (as reduced from time to time in accordance with Section 5
     hereof; the "Line of Credit Commitment"). The Borrower may borrow, prepay,
     repay and reborrow from the Bank to, but not including, January 13, 2004
     (the "Termination Date"), unless sooner notified of the termination of the
     Line of Credit pursuant to Section 9.2 hereof."

SECTION 3. CONDITIONS PRECEDENT TO EFFECTIVENESS OF AMENDMENT. The effectiveness
of this Amendment is expressly conditioned upon satisfaction of the following
conditions precedent:

     3.1. The Bank shall have received copies of this Amendment duly executed by
the Borrower.

     3.2. The Bank shall have received a Line of Credit Note substantially in
the form of Exhibit A attached hereto.

                REQUESTED CONFIDENTIAL INFORMATION INDICATED BY
                                HIGHLIGHTED TEXT

<PAGE>

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

     3.3. The Bank shall have received an arrangement fee ("Arrangement Fee") on
the date hereof in the amount of $25,000, which Arrangement Fee shall be fully
earned and non-refundable upon payment.

     3.4. The Bank shall have received authorizing resolutions of the Borrower
with respect to the transaction contemplated by this Amendment.

     3.5. The Bank shall have received such other documents, certificates and
assurances as it shall reasonably request.

SECTION 4. REAFFIRMATION OF THE BORROWER. The Borrower hereby represents and
warrants to the Bank that (i) the warranties set forth in Section 6 of the Line
of Credit Agreement are true and correct on and as of the date hereof, except to
the extent (a) that any such warranties relate to a specific date, or (b)
changes thereto are a result of transactions for which the Bank has granted its
consent; (ii) the Borrower is on the date hereof in compliance with all of the
terms and provisions set forth in the Line of Credit Agreement as hereby
amended; and (iii) upon execution hereof no Event of Default has occurred and is
continuing or has not previously been waived.

SECTION 5. EXPENSES. The Borrower shall pay, upon demand, all reasonable
attorneys' fees and out-of-pocket costs of the Bank in connection with this
Amendment and the agreements, documents and other items contemplated hereunder.

SECTION 6. FULL FORCE AND EFFECT. Except as herein amended, the Line of Credit
Agreement shall remain in full force and effect.

SECTION 7. COUNTERPARTS. This Amendment may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same document.

                            [SIGNATURE PAGE FOLLOWS]

                REQUESTED CONFIDENTIAL INFORMATION INDICATED BY
                                HIGHLIGHTED TEXT

                                        2

<PAGE>

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the
day and year specified above.

                                    BOARD OF TRADE OF THE CITY OF CHICAGO,
                                    INC.

                                    By:  /s/ Bernard W. Dan
                                       ---------------------------
                                    Name: Bernard W. Dan
                                         -------------------------
                                    Title: President & CEO
                                          ------------------------

                                    LASALLE BANK NATIONAL ASSOCIATION

                                    By: /s/ Bradley Kronland
                                       ----------------------------
                                    Name: Bradley Kronland
                                         --------------------------
                                    Title: Assistant Vice President
                                          -------------------------

                REQUESTED CONFIDENTIAL INFORMATION INDICATED BY
                                HIGHLIGHTED TEXT

                                       3

<PAGE>

                      CONFIDENTIAL TREATMENT REQUESTED BY
                              CBOT HOLDINGS, INC.

                                    EXHIBIT A
                                    ---------

                               LINE OF CREDIT NOTE
                               -------------------

                                                           Due: January 13, 2004
$20,000,000.00                               Chicago, Illinois, January 15, 2003

     On or before January 13, 2004 the undersigned, for value received, promises
to pay to the order of LASALLE BANK NATIONAL ASSOCIATION, in Chicago, Illinois,
TWENTY MILLION DOLLARS ($20,000,000.00) or, if less, the aggregate unpaid
principal amount of all Loans made by the payee to the undersigned pursuant to
the Line of Credit Agreement hereinafter referred to, together with interest as
herein set forth.

     The unpaid principal amount hereof from time to time outstanding shall bear
interest from the date hereof at the rate per annum and for the periods set
forth in Section 4 of the Line of Credit Agreement hereinafter referred to,
payable as provided in Section 5 thereof.

     Payments of interest are to be made in lawful money of the United States of
America in immediately available funds.

     This Note evidences indebtedness incurred under, and is subject to the
terms and provisions of, a Line of Credit Agreement dated January 15, 2002
(and, if amended, all amendments thereto) between the undersigned and the payee,
to which Line of Credit Agreement reference is hereby made for a statement of
said terms and provisions, including those under which this Note may be paid
prior to its due date or its due date accelerated.

     This Note replaces that certain Line of Credit Note dated January 15, 2002
from the undersigned in favor of the payee (the "Prior Note") and is not a
repayment or novation of the Prior Note.

     In addition to and not in limitation of the foregoing and the provisions of
the Line of Credit Agreement hereinabove referred to, the undersigned further
agrees, subject only to any limitation imposed by applicable law, to pay all
expenses, including reasonable attorneys' fees and legal expenses, incurred by
the holder of this Note in endeavoring to collect any amounts payable hereunder
which are not paid when due, whether by acceleration or otherwise.

     This Note is made under, governed by and construed in accordance with the
laws of the State of Illinois.

                                    BOARD OF TRADE OF THE CITY OF
                                    CHICAGO, INC.

                                    By:  /s/ Bernard W. Dan
                                       ---------------------------
                                    Name: Bernard W. Dan
                                         -------------------------
                                    Title: President & CEO
                                          ------------------------

                REQUESTED CONFIDENTIAL INFORMATION INDICATED BY
                                HIGHLIGHTED TEXT

                                       4

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