Document:

<PAGE>
                                                                    Exhibit 10.5

                          CHICAGO MERCANTILE EXCHANGE
                    SUPPLEMENTAL EXECUTIVE RETIREMENT TRUST
                    ---------------------------------------

     THIS AGREEMENT, made and entered into at Chicago, Illinois, this 23rd day
of July, 1993, by Chicago Mercantile Exchange, an Illinois not-for-profit
corporation (the "Exchange"), and William J. Brodsky, as trustee (the
"Trustee"),

                               WITNESSETH THAT:
                               ----------------

     WHEREAS, the Exchange has established the Chicago Mercantile Exchange
Supplemental Executive Retirement Plan (the "Plan") to provide key management
employees of the Exchange with an opportunity to receive additional retirement
income from the Exchange; and

     WHEREAS, the Exchange wishes to establish a trust (hereinafter called
"Trust") and to contribute to the Trust assets that shall be held therein,
subject to the claims of the Exchange's creditors in the event of its
Insolvency, as herein defined, until paid to Plan participants and their
beneficiaries in such manner and at such times as specified in the Plan; and

     WHEREAS, it is the intention of the parties that this Trust shall
constitute an unfunded arrangement and shall not affect the status of the Plan
as an unfunded plan maintained for the purpose of providing deferred
compensation for a select group of management or highly compensated employees
for purposes of Title I of the Employee Retirement Income Security Act of 1974;
and

     WHEREAS, it is the intention of the Exchange to make contributions to the
Trust to provide itself with a source of funds to assist it in meeting its
liabilities under the Plan and for such other corporate purposes as are
consistent with the terms of the Trust;

     NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, the Trustee hereby accepts its appointment as such, effective
as of the day and year first above written, and the parties hereto agree that
the Trust shall be comprised, held and disposed of as follows:

<PAGE>

                                   ARTICLE I
                                   ---------

                            The Trust and the Plan
                            ----------------------

     I-1.  Establishment of Trust. The Exchange hereby deposits with Trustee in
trust $71,857, which shall become the principal of the Trust to be held,
administered and disposed of by Trustee as provided in this Trust.

     I-2.  Irrevocability. The Trust hereby established shall be irrevocable.

     I-3.  Name. This Agreement and the Trust hereby evidenced shall be known as
Chicago Mercantile Exchange Supplemental Executive Retirement Trust.

     I-4.  Plan. The Secretary of the Exchange shall deliver to the Trustee a
certified copy of the Plan document and a copy of any amendments thereto for
convenience of reference, but the rights, powers and duties of the Trustee shall
be governed solely by the terms of this Agreement without reference to the
provisions of the Plan.

     I-5.  Plan Administrator. The Exchange is the Plan Administrator of the
Plan to which this Trust relates and the Secretary of the Exchange will certify
to the Trustee the names of the employees of the Exchange who are, from time to
time, authorized to act on behalf of the Plan Administrator and to receive
notices which the Trustee is required under the terms of this Agreement to
provide to the Plan Administrator.

                                  ARTICLE II
                                  ----------

                  Management and Control of Trust Fund Assets
                  -------------------------------------------

     II-1.  The Trust Fund. The term "Trust Fund" means all property of every
kind held by the Trustee pursuant to the terms of the Plan.

     11-2.  Trust Contributions. The Exchange, in its sole discretion, may at
any time, or from time to time, make additional deposits of cash or other
property in trust with the Trustee to be held, invested and distributed in
accordance with the provisions of this Agreement.

     11-3.  Investment Guidelines. The Plan Administrator may, from time to
time, establish investment guidelines for the Trustee with respect to the
investment, retention, disposition and reinvestment of the assets of the Trust
Fund by writing filed with the Trustee.

                                      -2-
<PAGE>

     11-4.  General Powers. Subject to the provisions of paragraph II-3, with
respect to the Trust Fund, the Trustee shall have the following powers, rights
and duties in addition to those provided elsewhere in this Agreement or by law:

     (a)  to receive and hold all contributions paid to it by the Exchange;
          provided, however, that the Trustee shall have no duty to require any
          contributions to be made, or to determine that any of the
          contributions received comply with the conditions and limitations of
          the Plan;

     (b)  to invest and reinvest the Trust Fund in property of any kind, real or
          personal, other than securities of the Exchange or any subsidiary or
          affiliate thereof;

     (c)  to manage, operate, sell, contract to sell, convey, exchange,
          partition, transfer, abandon, and otherwise deal with all property,
          real or personal, in such manner, for such consideration, and on such
          terms and conditions as the Trustee shall decide;

     (d)  to retain in cash (pending investment, reinvestment or payment of
          benefits) any reasonable portion of the Trust Fund and to deposit cash
          in any depository selected by the Trustee;

     (e)  to make payments from the Trust Fund in accordance with paragraph
          III-2;

     (f)  to compromise, contest, arbitrate, settle or abandon claims and
          demands;

     (g)  to begin, maintain or defend any litigation necessary in connection
          with the administration of the Trust;

     (h)  to have all rights of an individual owner, including the power to give
          proxies, to vote stocks, to join in or oppose (alone or jointly with
          others) voting trusts, mergers, consolidations, foreclosures,
          reorganizations, recapitalizations or liquidations, and to exercise or
          sell stock subscription or conversion rights; provided, however, that
          if an insurance policy is held as an asset of the Trust, the Trustee
          shall have no power to name a beneficiary of the policy other than the
          Trust, to assign the policy (as distinct from conversion of the policy
          to a different form) other than to a successor trustee, or to loan to
          any person (other than the Exchange) the proceeds of any borrowing
          against such policy;

     (i)  to hold securities or other property in the name of the Trustee or any
          nominee or nominees of the Trustee, or

                                      -3-
<PAGE>

          in such other form as the Trustee shall determine, with or without
          disclosing the Trust relationship, provided that the records of the
          Trustee shall indicate the actual ownership of such securities or
          other property;

     (j)  to deposit securities with a corporate depository, in which event, the
          certificates representing securities, including those in bearer form,
          may be held in bulk form with, and may be merged into, certificates of
          the same class of the same issuer which constitute assets of other
          accounts or owners, without certification as to the ownership attached
          and to participate in and use a book-entry system for the transfer or
          pledge of securities held by the Trustee or by a corporate depository;
          provided, however, that the Trustee shall at all times maintain a
          separate and distinct record of the securities owned by the Trust
          Fund;

     (k)  to retain any funds or property subject to any dispute without
          liability for the payment of interest, or to decline to make payment
          or delivery thereof until final adjudication is made by a court of
          competent jurisdiction;

     (1)  to employ agents, attorneys, investment counsel, accountants or other
          persons (who also may be employed by or represent the Exchange) for
          such purposes as the Trustee considers desirable;

     (m)  to furnish the Exchange with such information in the Trustee's
          possession as the Exchange may need for tax or other purposes; and

     (n)  to perform any and all other acts which are, in the Trustee's
          judgment, necessary or appropriate for the proper and advantageous
          management, investment and distribution of the Trust Fund; provided,
          however, the Trustee will not commit or omit any action or permit any
          status to exist which would result in the Trustee engaging in, or
          carrying on, or otherwise operating a business and dividing the gains
          therefrom, within the meaning of section 301.7701-2 of the Procedure
          and Administrative Regulations promulgated pursuant to the Internal
          Revenue Code of 1986, as amended (the "Code").

                                  ARTICLE III
                                  -----------

                  Accounting and Distribution of Trust Assets
                  -------------------------------------------

     III-1.  Statement of Account. Within 60 days after the last day of each
fiscal year, the Trustee shall furnish to the Plan

                                      -4-
<PAGE>

Administrator a written report showing the fair market value of the Trust Fund
as of that date, and all investments of the Trust Fund, and receipts and
disbursements and other transactions made by the Trustee during that fiscal
year, with respect to the Trust Fund. The records of the Trust may be audited at
any time and from time to time by the Plan Administrator.

     III-2.  Benefit Payments. Subject to the provisions of paragraph V-2, the
Trustee shall make payments to Participants in such amounts and at such times as
the Plan Administrator may certify to the Trustee are then payable under the
Plan, subject to the following:

     (a)  The Trustee shall have no responsibility to inquire as to whether a
          payee is entitled to the payment, or as to whether a payment is
          proper, and shall have no liability for a payment made in good faith
          without actual notice or knowledge of the changed condition or status
          of the payee.

     (b)  If any check for any payment directed to be made from the Trust Fund
          has been mailed by the Trustee, by regular United States mail, to the
          last address of the payee furnished to the Trustee and is returned
          unclaimed, the Trustee shall notify the Plan Administrator.

     (c)  The Trustee may reserve such reasonable amount from any payment as it
          shall deem necessary to pay any estate, inheritance, income or other
          tax, charge or assessment attributable to any payment or may require
          such release or other document from any taxing authority and such
          indemnity from the intended payee as the Trustee shall deem necessary
          for its protection.

     (d)  If a Participant is no longer entitled to participate in the Plan
          pursuant to subsection 2.1 thereof, the Trustee shall distribute to
          such Participant an amount equal to his interest in the Plan, or shall
          transfer Trust assets equal in value to such Participant's Plan
          interest, to any successor trustee for the benefit of such
          Participant, as directed by the Exchange.

     III-3.  Participant Subaccounts. If directed by the Plan Administrator,
the Trustee shall establish and maintain a subaccount for each Participant in
the Plan to reflect each Participant's interest in the Trust assets. The Plan
Administrator shall furnish such information as the Trustee requires (such as
the amount credited to the Participant's account under the plan and the assumed
investment alternatives applicable to such Participant's account) in order to
permit the Trustee to establish and maintain subaccounts under the Trust.

                                      -5-
<PAGE>

                                  ARTICLE IV
                                  ----------

                     Compensation, Expenses and Liability
                     ------------------------------------

     IV-1.  Compensation and Expenses. The Exchange shall pay all of the
Trustee's expenses, taxes and charges (including fees of persons employed by the
Trustee in accordance with subparagraph II-4(l)) incurred in connection with the
collection, administration, management, investment, protection and distribution
of the Trust Fund. The Trustee is authorized to make any such payments from the
Trust Fund to the extent that the Exchange fails to make such payments.

     IV-2.  Liability of Trustee. The Trustee shall not be liable for any action
taken, or omitted to be taken, in good faith under this Trust Agreement
including, without limitation, following in good faith any direction of the Plan
Administrator given in accordance with the terms of this Agreement. The Exchange
hereby agrees to indemnify the Trustee for and to hold it harmless against any
and all liabilities, losses, costs or expenses (including legal fees and
expenses) of whatsoever kind and nature which may be imposed on, incurred by or
asserted against the Trustee at any time by reason of the Trustee's service
under this Agreement and the Plan or in defense of any litigation arising in
connection with this Trust if the Trustee did not act dishonestly or in willful
violation of the law or regulation under which such liability, loss, cost or
expense arose.

                                   ARTICLE V
                                   ---------

                               Trust Fund Assets
                               -----------------

     V-1.  Use of Trust Assets. Subject to the provisions of paragraph V-2 and
the provisions of paragraphs X-1 and X-2, the assets of the Trust shall be used
solely for the purpose of providing benefits under the Plan.

     V-2.  Claims of Creditors.

     (a)   The Trustee shall cease payment of benefits to Plan participants and
           their beneficiaries if the Exchange is Insolvent. The Exchange shall
           be considered "Insolvent" for purposes of this Agreement if (i) the
           Exchange is unable to pay its debts as they become due, or (ii) the
           Exchange is subject to a pending proceeding as a debtor under the
           United States Bankruptcy Code.

                                      -6-
<PAGE>

     (b)  At all times during the continuance of this Trust, the principal and
          income of the Trust shall be subject to claims of general creditors of
          the Exchange under federal and state law as set forth below.

          (i)    The Board of Governors and the President and Chief Executive
                 Officer of Exchange shall have the duty to inform the Trustee
                 in writing of the Exchange's Insolvency. If a person claiming
                 to be a creditor of Exchange alleges in writing to the Trustee
                 that the Exchange has become Insolvent, the Trustee shall
                 determine whether the Exchange is Insolvent and, pending such
                 determination, the Trustee shall discontinue payment of
                 benefits to Plan participants or their beneficiaries.

          (ii)   Unless the Trustee has actual knowledge of the Exchange's
                 Insolvency, or has received notice from the Exchange or a
                 person claiming to be a creditor alleging that the Exchange is
                 Insolvent, the Trustee shall have no duty to inquire whether
                 the Exchange is Insolvent. The Trustee may in all events rely
                 on such evidence concerning the Exchange's solvency as may be
                 furnished to the Trustee and that provides the Trustee with a
                 reasonable basis for making a determination concerning the
                 Exchange's solvency.

          (iii)  If at any time the Trustee has determined that the Exchange is
                 Insolvent, the Trustee shall discontinue payments to Plan
                 participants or their beneficiaries and shall hold the assets
                 of the Trust for the benefit of the Exchange's general
                 creditors. Nothing in this Agreement shall in any way diminish
                 any rights as general creditors of the Exchange with respect to
                 benefits due under the Plan or otherwise.

          (iv)   The Trustee shall resume the payment of benefits to Plan
                 participants or their beneficiaries in accordance with
                 paragraph III-2 of this Trust Agreement only after the Trustee
                 has determined that the Exchange is not Insolvent (or is no
                 longer Insolvent).

     (c)  Provided that there are sufficient assets, if the Trustee discontinues
          the payment of benefits from the Trust pursuant to subparagraph V-2(b)
          hereof and subsequently resumes such payments, the first payment
          following such discontinuance shall include the aggregate amount of
          all payments due to Plan participants or their beneficiaries under the
          terms of

                                      -7-
<PAGE>

           the Plan for the period of such discontinuance, less the aggregate
           amount of any payments made to Plan participants or their
           beneficiaries by the Exchange in lieu of the payments provided for
           hereunder during any such period of discontinuance.

     V-3.  Claims of Participants. Neither the Plan participants nor the Plan
shall have any preferred claim on, or any beneficial ownership in, any assets of
the Trust, or be entitled to any payment from the Trust, and all rights of a
participant created under the Plan shall constitute unsecured contractual rights
of the participant and each participant shall be an unsecured creditor of the
Exchange with respect to such rights created under the Plan.

     V-4.  Spendthrift Clause. No Plan participant or beneficiary shall have any
voluntary or involuntary right to commute, sell, assign, pledge, anticipate,
mortgage or otherwise encumber, transfer, hypothecate or convey in advance of
actual receipt the amounts, if any, payable from this Trust, or any part hereof,
which are expressly declared to be unassignable and nontransferable. No part of
the amounts payable from this Trust shall be, prior to actual payment, subject
to seizure or sequestration for payment of any debts, judgements, alimony or
separate maintenance owed by the Participant or beneficiary, or be transferred
by operation of law in the event of the Participant's or beneficiary's
bankruptcy or insolvency.

     V-5.  No Funding Requirement. It is intended that neither the Plan nor the
Trust shall be subject to the provisions of Part 4 of Title I of the Employee
Retirement Income Security Act of 1974, as amended, and neither the participants
nor the Plan shall have any right to require the Exchange to make any
contribution to the Trust.

                                  ARTICLE VI
                                  ----------

                                  Tax Matters
                                  -----------

     VI-1.  Nature of Trust. The Trust is intended to be a grantor trust, of
which the Exchange is the grantor, within the meaning of subpart E, part I,
subchapter J, chapter 1, subtitle A of the Code, and shall be construed
accordingly.

     VI-2.  Federal and State Reporting Requirements. The Trustee shall withhold
federal, state and local taxes which are assessable on amounts paid to Plan
participants at the direction of the Plan Administrator at such rate, if any, as
may be certified by the Plan Administrator as the appropriate rate under
applicable laws and shall transmit the amount withheld to the applicable taxing
authority at the direction of the Plan

                                      -8-
<PAGE>

Administrator. The Trustee shall furnish to the Plan participants all
withholding and benefit payment information with respect to amounts transmitted
by the Trustee to the applicable taxing authorities as soon as practicable after
the end of each calendar year.

                                  ARTICLE VII
                                  -----------

                                 Miscellaneous
                                 -------------

     VII-1.  Disagreement as to Acts. If there is a disagreement between the
Trustee and anyone as to any act or transaction reported in any accounting, the
Trustee shall have the right to have its account settled by a court of competent
jurisdiction.

     VII-2.  Persons Dealing With Trustee. No person dealing with the Trustee
shall be required to see to the application of all money paid or property
delivered to the Trustee, or to determine whether or not the Trustee is acting
pursuant to any authority granted under this Trust Agreement.

     VII-3.  Evidence. Evidence required of anyone under this Trust Agreement
may be by certificate, affidavit, document or other instrument which the person
acting in reliance thereon considers pertinent and reliable, and signed, made or
presented by the proper party.

     VII-4.  Waiver of Notice. Any notice required under this Trust Agreement
may be waived by the person entitled thereto.

     VII-5.  Counterparts. This Trust Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, and no other
counterpart need be produced.

     VII-6.  Governing Laws. This Agreement shall be construed and administered
according to the internal laws of the State of Illinois.

     VII-7.  Successors, Etc. The provisions of this Agreement shall be binding
on the Exchange and the Trustee and their successors and the Plan participants
and their respective heirs and legal representatives.

     VII-8.  Service of Legal Process. If the Trustee receives service of
summons, subpoena or other legal process of any court with respect to any action
relating to the Plan or this Agreement, it shall, as soon as practicable, inform
the Plan Administrator of such service and the Trustee shall promptly provide
the Plan Administrator with a copy of the document served.

                                      -9-
<PAGE>

                                 ARTICLE VIII
                                 ------------

                              Changes of Trustee
                              ------------------

     VIII-1.  Resignation. The Trustee may resign at any time by giving ninety
days' advance written notice to the Exchange.

     VIII-2.  Removal of Trustee. The Exchange may remove the Trustee by giving
thirty days' advance written notice to the Trustee, subject to providing the
removed Trustee with satisfactory written evidence of the appointment of a
successor Trustee.

     VIII-3.  Duties of Resigned or Removed Trustee and of Successor Trustee. If
the Trustee resigns or is removed, such resigned or removed Trustee shall
promptly transfer and deliver the assets of the Trust Fund to the successor
Trustee, after reserving such reasonable amount as it shall deem necessary to
provide for expenses and any sums chargeable against the Trust Fund for which it
may be liable. Within 120 days, the resigned or removed Trustee shall furnish to
the Exchange and the successor Trustee an account of the administration of the
Trust from the date of the last account. Each successor Trustee shall succeed to
the title to the Trust Fund vested in his predecessor without the signing or
filing of any further instrument, but any resigned or removed Trustee shall
execute all documents and do all acts necessary to vest such title of record in
any successor Trustee. Each successor Trustee shall have all the powers, rights
and duties conferred by this agreement as if originally named as Trustee. No
successor Trustee shall be personally liable for any act or failure to act of a
predecessor Trustee.

                                  ARTICLE IX
                                  ----------

                           Amendment and Termination
                           -------------------------

     IX-1.  Amendment. This Trust Agreement and the Trust created hereby may be
amended by the Exchange at any time, provided that no amendment shall materially
change the rights, duties and responsibilities of the Trustee without its
consent, and further provided that no amendment shall conflict with the terms of
the Plan or shall make the Trust revocable.

     IX-2.  Termination Upon Satisfaction of Plan Liabilities. Except as
provided in paragraph IX-3, the Trust shall not terminate until the date on
which all Plan participants and their beneficiaries are no longer entitled to
any benefit payments pursuant to the terms of the Plan. Upon satisfaction of all
Plan benefit liabilities this Trust may be terminated by the Exchange and the
Trustee shall, subject to the Trustee's reserving such reasonable amount as it
shall deem necessary to provide for

                                     -10-
<PAGE>

expenses and any sums chargeable against the Trust Fund, distribute any assets
remaining in the Trust to the Exchange.

     IX-3.  Termination With Consent of Participants. With the written consent
of a Participant, the Trust may be terminated as applied to such Participant and
Trust assets equal in value to the amount credited to such Participant's account
under the Plan shall be distributed to the Exchange or otherwise disposed of as
directed by the Exchange.

     IN WITNESS WHEREOF, the Exchange has caused these presents to be signed by
its duly authorized officer and its corporate seal to be hereunto affixed, and
the Trustee has set his hand and seal, the day and year first above written.

                                   CHICAGO MERCANTILE EXCHANGE

                                   By /s/ Gerald Beyer
                                      --------------------------------

                                   Its Exec V.P. & CFO
                                       -------------------------------
ATTEST:

By /s/
  ------------------------------

  Its VP & Controller
      --------------------------

                                   /s/ William J. Brodsky
                                   ----------------------------------
                                   As Trustee as Aforesaid

                                     -11-
<PAGE>

                              FIRST AMENDMENT TO
                          CHICAGO MERCANTILE EXCHANGE
                    SUPPLEMENTAL EXECUTIVE RETIREMENT TRUST
                    ---------------------------------------

     WHEREAS, the Chicago Mercantile Exchange, an Illinois not-for-profit
corporation (the "Exchange"), has established the Chicago Mercantile Exchange
Supplemental Executive Retirement Trust (the "Trust"); and

     WHEREAS, amendment of the Trust is now considered desirable so that the
amounts held pursuant to the terms of the Trust may include amounts maintained
in connection with any of the nonqualified deferred compensation plans and
agreements of the Exchange, and not just the Chicago Mercantile Exchange
Supplemental Executive Retirement Plan;

     NOW, THEREFORE, pursuant to the amending power reserved to the Exchange in
paragraph IX-1 of the Trust, and with the consent of William J. Brodsky, as
trustee of the Trust (the "Trustee"), the Exchange and the Trustee hereby amend
the Trust, effective as of September 7, 1993, by adding the following paragraph
I-6 to the Trust immediately following paragraph I-5 thereof:

          "I-6.  Other Plans. Amounts contributed by the Exchange to the Trustee
     (as provided in paragraph II-2) and held under the terms of this Trust may
     include, in addition to those amounts contributed and maintained in
     connection with the Plan, amounts related to one or more other non-
     qualified deferred compensation plans or agreements of the Exchange (the
     'Other Plans'). At the time of any contribution to the Trust or the payment
     of any benefit from the Trust (as provided in paragraph III-2), the
     Exchange or the Plan Administrator, as applicable, shall specify to the
     Trustee the Plan or Other Plan to which such contribution or distribution
     relates. The Trustee shall separately account for the assets of the Trust
     Fund attributable to the Plan and each Other Plan. Where the context
     admits, references herein to the Plan shall also mean any one or all of the
     Other Plans."

     IN WITNESS WHEREOF, the Exchange has caused this amendment to be signed by
its duly authorized officer and its corporate
<PAGE>

seal to be hereunto affixed, and the Trustee has set his hand and seal, this 7th
day of September, 1993.

                                     CHICAGO MERCANTILE EXCHANGE

                                     By  /s/ Gerald Beyer
                                        -------------------------------

                                        Its  Exec. V.P. & CFO
                                            ---------------------------

ATTEST:

By  /s/
   ------------------------------

   Its  VP & Controller                   /s/ William J. Brodsky
       --------------------------        ------------------------------
                                         As Trustee as Aforesaid<PAGE>

                                                         Exhibit 10.6
                                               Chicago Mercantile Exchange Inc.
                                              Registration Statement on Form S-4

                                   AGREEMENT
                                   ---------

     THIS AGREEMENT, made and entered into this 21st day of March, 1997, by and
between THE CHICAGO MERCANTILE EXCHANGE ("Employer"), an Illinois not for
profit corporation, having its principal place of business at 30 South Wacker
Drive, Chicago, Illinois, and T. ERIC KILCOLLIN ("Employee").

                               R E C I T A L S:
                               ----------------

     WHEREAS, Employee has been appointed president and chief executive officer
from his position as executive vice president of the Employer; and

     WHEREAS, Employer wishes to retain the services of Employee in the capacity
of president and chief executive officer upon the terms and conditions
hereinafter set forth;

     NOW, THEREFORE, in consideration of the mutual promises contained herein,
the parties mutually agree as follows:

     1.   Employment. Subject to the terms of this Agreement, Employer hereby
agrees to employ Employee during the Agreement Term as president and chief
executive officer and Employee hereby accepts such employment. The duties of
Employee as president and chief executive officer shall include, but not be
limited to, the performance of all duties associated with the management and
operation of Employer, including the execution of all policies formulated by its
Board of Governors, the selection and hiring of personnel for the various
divisions and departments, the training and establishing of duties and
responsibilities of supervisory personnel and improvements in organization,
accounting procedures and financial policy for Employer. Employee shall devote
his full time, ability and attention to the business of Employer during the
Agreement Term, subject to the direction of the Board of Governors.
<PAGE>

     Notwithstanding anything to the contrary contained herein, nothing in the
Agreement shall preclude Employee from participating in the affairs of any
governmental, educational or other charitable institution, engaging in
professional speaking and writing activities, engaging in teaching and lecture
activities (including without limitation teaching activities at the University
of Chicago), and serving as a member of the board of directors of a publicly
held corporation, as long as the Board of Governors does not determine that such
activities interfere with or diminish Employee's obligations under the
Agreement. Employee shall be entitled to retain all fees, royalties and other
compensation derived from such activities, in addition to the compensation and
other benefits payable to him under the Agreement.

     2.   Agreement Term. Employee shall be employed hereunder for a term
("Agreement Term") commencing on February 1, 1997 and expiring on March 31,
2000, unless sooner terminated as herein provided. Unless renewed by the mutual
written agreement of the parties, the Agreement will automatically terminate
upon the expiration of the Agreement Term. Employer will give Employee written
notice of its intention to renew or not to renew or to renegotiate the terms of
the Agreement at least 60 days prior to expiration. In the absence of renewal,
upon expiration of the Agreement Term, Employee shall be an employee of the
Employer working without a contract.

     3.   Compensation.

          (a)  Annual Base Salary. During the Agreement Term, Employee shall
receive an annual Base Salary of Five Hundred and Fifty Thousand Dollars
($550,000), payable in regular installments consistent with the payment of
compensation to other executive officers of Employer. Employer shall annually
review the Base Salary and may, at its sole discretion, increase the level from
the level then in effect.

                                 2
<PAGE>

          (b)  Bonus. In addition to the annual Base Salary, Employee may be
entitled to an annual bonus for each calendar year ending during the Agreement
Term to reflect the value of Employee's services during such calendar year.
Employee's bonus shall not be considered as part of the staff bonus program of
Employer, but shall be separately determined by the Employer. The bonus for each
such calendar year is payable between the first and tenth day after the close of
such calendar year.

          (c)  Business Expenses. Employer agrees to pay directly, or promptly
reimburse Employee for, all reasonable expenses incurred in furtherance of or
in connection with the transaction of the business of Employer hereunder,
subject, however, to accounting by Employee and approval by Employer. Employer
will advance to Employee an amount equal to the initiation fees at one country
club selected and joined by Employee in which membership is necessary or useful
to the performance of Employee's duties hereunder. The amount of such advance
shall constitute a loan from Employer to Employee that shall be payable by
Employee to Employer in a lump sum, without interest thereon, within thirty (30)
days following the date of termination of Employee's employment with Employer.

          Employer will pay or reimburse Employee for the following:

          1.   all reasonable annual dues and membership expenses in the
     aforementioned country club and all reasonable expenses incurred in
     furtherance of or in connection with the transaction of the business of
     Employer hereunder at such country club; and

          2.   all reasonable initiation fees, annual dues and membership
     expenses in such civic and lunch clubs selected by Employee as are
     necessary or useful to the performance of Employee's duties hereunder and
     all reasonable expenses incurred in furtherance of or in

                                 3
<PAGE>

     connection with the transaction of the business of Employer hereunder at
     such civic and lunch clubs.

          All of the aforementioned amounts subject to reimbursement by Employer
to Employee shall be subject to an accounting by Employee and approval by
Employer. It is also understood that it will be necessary for Employee to have
the use of an automobile to perform his duties hereunder and Employer will
provide an automobile and reimburse Employee for all expenses incurred in
connection with the business use of such automobile. At Employee's option he
shall be reimbursed by Employer for all taxicab and other commuting expenses
related to travel by Employee between his personal residence and the principal
offices of Employer, in lieu of being provided with the use of an automobile by
Employer.

          (d)  Professional Services. Employee shall be entitled to
reimbursement for his expenses for professional services including legal,
accounting, investment advice, management training, etc., relating to his
negotiations for employment and continued employment, performance of duties and
reporting obligations hereunder, management of personal finances, and tax
advice, planning and payment. Employee shall be reimbursed under this paragraph
at the rate of Twelve Thousand Five Hundred Dollars ($12,500) for each calendar
year ending during the Agreement Term.

     4.   Insurance. Employee shall be included under any group medical, dental,
vision, life, accidental death and dismemberment, disability and other
insurance programs from time to time during the Agreement Term offered by
Employer to its executive officers or staff employees.

     5.   Vacation and Fringe Benefits. Employee shall be entitled to a
reasonable amount of annual vacation as commonly granted to other executive
officers. Employee shall be permitted

                                 4
<PAGE>

to participate in and take advantage of any other fringe benefits offered from
time to time during the Agreement Term by Employer to its executive officers or
staff employees.

     6.   Pension and Retirement Benefits.

          (a)  Employee shall be entitled to participate in any pension, profit
sharing, savings, cash balance, or other retirement plan, other than the Chicago
Mercantile Exchange Supplemental Executive Retirement Plan, ("Plan") from time
to time during the Agreement Term maintained by Employer in accordance with the
terms and conditions provided therein. In the event Employee's employment with
Employer, whether before, at, or after the expiration of the Agreement Term,
terminates prior to Employee's full vesting of retirement benefits under any
Plan, and provided Employee's employment is not terminated for "cause" as
defined in paragraph (d) of Section 8 hereof, Employee's rights thereunder shall
not be subject to any forfeiture but shall be treated as if fully vested under
such Plan and Employee shall receive retirement benefits from either such Plan,
Employer or both, based upon such Plan's then current benefit formula limited to
Employee's actual service with Employer and his average earnings at the date of
termination. Employee will be credited with his aggregate period of employment
with Employer, both before his initial termination of employment in June, 1994,
and from and after his date of reemployment in March, 1996, for all purposes of
each Plan; provided that such employment shall not be credited in a manner that
is inconsistent with the provisions of any Plan that is intended to meet the tax
qualification requirements of Section 401(a) of the Internal Revenue Code of
1986, as amended ("Code"); and provided further that the amount of any benefit
payable to Employee under any such Plan shall be reduced to reflect the amount
of any benefit previously paid to him under such Plan to the extent necessary to
prevent duplication of benefits. Notwithstanding the foregoing (except for

                                 5
<PAGE>

the aforementioned protection from forfeiture and provision for credit of
employment), Employee shall not be entitled to any greater benefit under any
Plan than any other employee who has been employed for an equivalent period of
service.

          (b)  During the Agreement Term, Employee shall be eligible to
participate in the Chicago Mercantile Exchange Senior Management Supplemental
Deferred Savings Plan, or any amended or successor plan, in accordance with its
terms, and any bonus payable to Employee pursuant to paragraph (b) of Section 3
of the Agreement shall be included as compensation for purposes of determining
the "Deferral Elections" and the "Cash Balance Plan Make-Whole Credit" under the
Chicago Mercantile Exchange Senior Management Supplemental Deferred Savings
Plan, or any amended or successor plan. In no event will any future amendment
to, or termination of, the Chicago Mercantile Exchange Senior Management
Supplemental Deferred Savings Plan, or any amended or successor plan adversely
affect the contributions made or to be made for, and the benefits of, Employee
determined pursuant to the terms of such Plan as of the date hereof.

          All contributions made for the benefit of Employee pursuant to this
paragraph (b), at any time during the Agreement Term, shall be contributed by
Employer to a Trust Agreement to be established by Employer no later than
December 31, 1997. Designated officers of Employer shall be the trustees of such
Trust Agreement and shall have investment authority with respect to Trust
assets; provided that the trustees shall give consideration to investment
guidelines made available by Employee from time to time. Trust assets will be
subject to creditors of Employer, but will otherwise be available only to pay
benefits to Employee and his beneficiaries pursuant to the terms of this
paragraph (b) and the Chicago Mercantile Exchange Senior Management Supplemental
Deferred Savings Plan or any amended or successor plan. Contributions to the
Trust Agreement

                                 6
<PAGE>

shall be made at the same time or times that contributions are made for the
benefit of Employee under the Chicago Mercantile Exchange Senior Management
Supplemental Deferred Savings Plan.

          (c)  (i) Distributions. Upon termination of Employee's employment with
Employer for any reason, Employer shall direct the trustees of the Trust
Agreement referred to in paragraph (b) next above to distribute the then assets
of the Trust to the Employee (or to his beneficiaries in the event of his
death), such payment to be made or commenced within 60 days of such termination
of employment. Provided that Employer has contributed to such Trust Agreement
the full amount required under paragraph (b) of this Section, and that the Trust
assets have been used for no other purpose, the payment to Employee (or his
beneficiaries) under this paragraph (c) shall be in full satisfaction of
Employer's obligations to Employee with respect to the amounts payable under
paragraph (b). If Employer fails to make any such contribution, or if Trust
assets are used for any other purpose, Employer shall make or commence payment
to Employee (or his beneficiaries) out of its general assets, within 60 days of
such termination of employment, of the amount by which the payment to Employee
(or his beneficiaries) under the first sentence of this paragraph (c) has been
reduced by reason of such failure to contribute or use of Trust assets.

          (ii) Amounts payable to Employee (or his beneficiaries) upon
termination of Employee's employment with Employer pursuant to paragraph (b) of
this section shall be paid in any of the following ways as Employee shall direct
by written instrument delivered to Employer at least 90 days prior to such
termination of employment (of if Employee shall have failed to direct a method
of payment prior to his death as his beneficiary shall direct by written
instrument delivered to Employer within 90 days after the date of death of
Employee):

          (A)  in a single sum;

                                       7
<PAGE>

          (B)  in installments, payable in substantially equal amounts,
               continuing over a period designated by Employee (or his
               beneficiary), that shall not exceed 10 years; or

          (C)  in installments applicable to a portion of such amounts
               designated by Employee (or his beneficiary) in substantially
               equal amounts continuing over a period designated by Employee (or
               his beneficiary) that shall not exceed 10 years, with the balance
               of such amounts payable in a single sum to Employee (or his
               beneficiary), within 60 days after the end of such designated
               installment period; or

          (D)  Any combination of the foregoing methods of payment. If the
direction of a method of payment is not made by written notice delivered to
Employer by Employee (or his beneficiary), within the time period set forth
above, payment will be made in a single sum within 120 days of termination of
Employee's employment with Employer.

          (d)  All amounts held for the benefit of Employee (whether or not
vested) under the Chicago Mercantile Exchange Senior Management Supplemental
Deferred Savings Plan, the Chicago Mercantile Exchange Supplemental Executive
Retirement Plan, and the related Chicago Mercantile Exchange Supplemental
Executive Retirement Trust as of December 31, 1997, shall be contributed by
Employer, or the trustee of such Trust, to the Trust Agreement established for
Employee pursuant to the provisions of paragraph (b) of this Section, in a
single sum no later than January 31, 1998. Employer shall cause the trustee of
the Chicago Mercantile Exchange Supplemental Executive Retirement Trust to make
such contributions pursuant to the terms of this paragraph (d).

                                       8
<PAGE>

          (e)  Enhanced Pension Benefit. (i) Employee shall be entitled to an
annual Enhanced Pension Benefit for each calendar year ending during the
Agreement Term, in an amount equal to:

               (A)  Employee's annual Base Salary for the applicable calendar
     year multiplied by ten percent (10%) ("Enhanced Pension Payment"); plus

               (B)  A Gross-Up Payment. A Gross-Up Payment shall mean an
     additional cash amount payable to Employee in connection with the payment
     of the Enhanced Pension Payment, such that the net amount retained with
     respect to Employee, after reduction for any federal, state and local
     income or employment tax (at the highest applicable marginal rate of
     taxation for the applicable calendar year) on the Enhanced Pension Payment
     and the Gross-Up Payment, shall be equal to the sum of (1) the amount of
     the Enhanced Pension Payment, and (2) an amount equal to the product of any
     deductions disallowed for federal, state or local income tax purposes
     because of the inclusion of the Enhanced Pension Payment and the Gross-Up
     Payment in Employee's income for income tax purposes, multiplied by the
     highest applicable marginal rate of federal, state or local income taxation
     for the applicable calendar year in which the Enhanced Pension Payment and
     the Gross-Up Payment are to be paid.

          (ii) The Enhanced Pension Payment referred to in subparagraph (i)
     above for each calendar year ending during the Agreement Term and the
     Gross-Up Payment for such calendar year shall be paid by Employer directly
     to Employee as soon as practicable after the end of such calendar year and
     in any event no later than the January 31 next following the end of such
     calendar year.

                                       9
<PAGE>

     7.   Disability.

          (a)  In the event Employee is permanently disabled, as hereinafter
defined, for a continuous period of 6 months, Employer may terminate Employee's
employment under the Agreement upon written notice to Employee. In such event,
Employee's Base Salary shall continue as provided in paragraph (b) of Section 8.

          (b)  Employee, for the purposes hereof, shall be deemed to be
"permanently disabled" when, as a result of bodily injury or disease or mental
disorder, he is so disabled that he is prevented from performing the principal
duties of his employment with or without reasonable accommodation.

     8.   Termination.

          (a)  The employment of Employee hereunder shall not otherwise be
terminated by Employer, nor shall his authority be in any way modified or
diminished during the Agreement Term, however, Employer may terminate the
employment of Employee under the Agreement in the event that Employee shall die,
or pursuant to Section 7 above if Employee becomes permanently disabled, or for
"cause" as hereinafter defined in paragraph (d) of this section.

          (b)  In the event of termination of Employee's employment hereunder
due to death or his becoming permanently disabled, Employer shall for a period
of 6 months following such termination, continue to pay Employee's Base Salary
as then in effect to Employee (or to his beneficiary in the event of his death).

          (c)  If Employee's employment hereunder is terminated by Employer for
cause, or upon expiration of the Agreement Term, Employer shall pay to Employee,
as soon as practicable after such termination or expiration, any and all amounts
of Base Salary, bonus that has been

                                      10
<PAGE>

awarded, Enhanced Pension Benefit and accrued but unused vacation pay, that have
been earned but not paid to Employee as of the date of such termination or
expiration.

          (d)  For purposes of this Section, "cause" shall be deemed to exist
if, and only if:

          (i)  Employee shall engage, during the performance of his duties
hereunder, in acts or omissions constituting dishonesty, intentional breach of
fiduciary obligation or intentional wrongdoing or malfeasance;

          (ii)  Employee shall intentionally disobey or disregard a lawful and
proper direction of the Board of Governors or Employer; or

          (iii)  Employee shall materially breach the Agreement and such breach
by its nature, is incapable of being cured, or such breach remains uncured for
more than 30 days following receipt by Employee of written notice from Employer
specifying the nature of the breach and demanding the cure thereof. For purposes
of this clause (iii) a material breach of the Agreement that involves
inattention by Employee to his duties under the Agreement shall be deemed a
breach capable of cure.

     Without limiting the generality of the foregoing, the following shall not
constitute cause for the termination of the employment of Employee or the
modification or diminution of any of his authority hereunder.

          (i)  any personal or policy disagreement between Employee and Employer
or any member of Employer or its Board of Governors, or

          (ii)  any action taken by Employee in connection with his duties
hereunder or any failure to act, if Employee acted or failed to act in good
faith and in a manner he reasonably believed

                                       11
<PAGE>

to be in and not opposed to the best interest of Employer and had no reasonable
cause to believe his conduct was unlawful.

     Notwithstanding anything herein to the contrary, in the event Employer
shall terminate the employment of Employee for cause hereunder, Employer shall
give at least 30 days prior written notice to Employee specifying in detail the
reason or reasons for Employee's termination.

     (e)  The Agreement may be terminated by Employee at any time and for any
reason by the giving of at least 60 days advance written notice of same to
Employer. In the event Employee terminates the Agreement pursuant to this
paragraph with less than 60 days advance written notice of same, the parties
acknowledge that Employer will be damaged thereby, but that such damages will be
difficult to calculate. Accordingly, Employee will promptly pay to Employer, or
allow set off against any monies it may then owe to Employee, as full liquidated
damages, a sum equal to Employee's Annual Base Salary then in effect, computed
daily, for each day his notice of termination under this paragraph is less than
60 days.

     (f)  If Employee dies during the Agreement Term, or thereafter but prior to
receipt of any amounts to which Employee is entitled hereunder, Employer agrees
to pay all amounts payable to or with respect to Employee hereunder that were
not paid as of the date of his death, to his beneficiary last designated by
written instrument delivered to Employer prior to the date of death. If no such
designated beneficiary shall survive Employee, such amounts shall be paid to
Employee's surviving spouse, or if none to his lawful descendants per stirpes
then living, or if none shall survive him to the legal representative of his
estate, or if none is appointed within 6 months of the date of his death, to his
heirs at law under the laws of the state in which he is domiciled at the date of
his death. Any death benefits payable under this paragraph (f) are in addition
to any other benefits due

                                      12
<PAGE>

to Employee or his beneficiaries or dependents from Employer, including, but not
limited to, benefits under any Plan referred to in Section 6.

     9.   Nondisclosure of Confidential Information.

          (a)  Employee acknowledges that Employer may disclose certain
confidential information to Employee during the Agreement Term to enable him to
perform his duties hereunder. Employee hereby covenants and agrees that, subject
to paragraph (b) of this Section, he will not, without the prior written consent
of Employer, during the Agreement Term (except in connection with the proper
performance of his duties hereunder) or at any time thereafter, disclose or
permit to be disclosed to any third party by any method whatsoever any of the
confidential information of Employer. For purposes of the Agreement,
"confidential information" shall include, but not be limited to, any and all
records, notes, memoranda, data, writings, research, personnel information,
customer information, clearing members' information, Employer's financial
information and plans in the possession or control of Employer that have not
been published or disclosed to the general public or the commodities futures
industry. If Employee fails to comply with any provisions of this Section, which
failure (i) is inadvertent or unintentional, or (ii) occurs notwithstanding
Employee's good faith effort to comply with Section, or (iii) does not, and is
not likely to, result in significant loss to Employer, then such failure shall
not constitute a violation of any provision, covenant or agreement of this
Section, for any purposes of the Agreement.

          (b)  Section 9(a) shall not be applicable if and to the extent
Employee is required to testify in a legislative, judicial or regulatory
proceeding pursuant to an order of Congress, any state or local legislature, a
judge, or an administrative law judge issued after Employee and his legal
counsel urge that the aforementioned confidentiality be preserved, or if any
such confidential

                                      13
<PAGE>

information is required to be disclosed by Employee by any law, regulation or
order of any court, regulatory commission, department or agency.

     10.  Indemnity. Employer shall indemnify, protect, defend and save Employee
harmless from and against any threatened, pending or completed action, suit or
proceeding whether civil, criminal, administrative or investigative, in which
Employee is made a party by reason of the fact that Employee is an officer,
employee or agent of Employer, or any judgment, amount paid in settlement (with
the consent of Employer), fine, loss, expense, cost, damage and reasonable
attorney's fees incurred by reason of the fact that Employee is an officer,
employee or agent of Employer, provided, however, that Employee acted in good
faith and in a manner he reasonably believed to be in the best interests of
Employer and had no reasonable cause to believe his conduct was unlawful.
Employer, at its expense, shall have the right to purchase and maintain
insurance or fidelity bonds on behalf of Employee against any liability asserted
against him and incurred by him in his capacity as an officer, employee or agent
of Employer.

     11.  Employee's Right Unsecured. Except as otherwise provided in Section 6,
all rights and benefits of Employee and his spouse or other beneficiary under
the Agreement shall at all times be entirely unfunded and no provision shall at
any time be made with respect to segregating any assets of Employer for payment
of such benefits. Except as otherwise provided in Section 6, neither Employee
nor his spouse or designated beneficiary shall have any interest in or rights
against any specific assets of Employer, and Employee and his spouse or other
designated beneficiary shall have only the rights of a general unsecured
creditor of Employer.

     12.  Spendthrift Provision. No interest of Employee or his spouse or other
designated beneficiary, or right to receive distribution, under the Agreement,
shall be subject in any manner to

                                 14
<PAGE>

sale, transfer, assignment, pledge, attachment, garnishment or other alienation
or encumbrance of any kind; nor may such interest or right to receive a
distribution be taken, voluntarily or involuntarily, for the satisfaction of the
obligations or debts of, or other claims against, Employee or his spouse or
other beneficiary, including claims for alimony, support, separate maintenance
and claims in bankruptcy proceedings.

     13.  Arbitration; Equitable Remedies. Any controversy or claim arising out
of or relating to the Agreement or the validity, interpretation, enforceability
or breach thereof, which is not settled by agreement of the parties, shall be
settled by arbitration conducted in the City of Chicago, in accordance with the
Labor Rules and Procedures of the American Arbitration Association, and judgment
upon the award rendered in such arbitration may be entered in any court having
jurisdiction. The arbitration shall be conducted before a single arbitrator
selected by the parties. In the event the parties cannot agree on an arbitrator,
then the Association will supply both parties with a list of 7 names. The
parties will alternatively strike one name until only one remains. First choice
will be determined by a coin toss, the winning party having the option of
striking first. All expenses of arbitration shall be borne equally by the
parties, except for attorney's fees which shall be borne entirely by each party.
The arbitrator shall have no power to amend, alter, add to or delete from the
Agreement.

     Employee acknowledges that Employer would be irreparably injured by a
violation of Section 9 and he agrees that Employer, in addition to any other
remedies available to it for such breach or threatened breach, shall be entitled
to a preliminary injunction, temporary restraining order, or other equivalent
relief, restraining Employee from any actual or threatened breach of Section 9
pending and in aid of arbitration of the dispute. If a bond is required to be
posted in order for the

                                      15
<PAGE>

Employer to secure an injunction or other equitable remedy, the parties agree
that such bond need not be more than a nominal sum.

     14.  Return of Property. Upon his last day of active work, Employee hereby
agrees to immediately turn over to Employer any keys, credit cards, passes, and
all notes, memoranda, records, documents, computer disks, and all other
information, no matter how produced or reproduced, kept by Employee or in his
possession or control, used in or pertaining to the business of Employer, it
being hereby acknowledged that all of said items are the sole and exclusive
property of Employer.

     15.  Defense of Claims. During the period of his employment by Employer,
and for periods after the termination of his employment, Employee shall
reasonably cooperate with Employer at its request in the defense or prosecution
of any claim that may be made by or against Employer. Such cooperation shall
include, without limitation, serving as a witness at trial or hearing, being
deposed, and preparation for same. For the period after Employee terminates his
employment with Employer, Employer shall reimburse Employee for all reasonable
expenses in connection therewith, including travel expenses, and shall
compensate him at a daily rate equal to his annual Base Salary on the date his
employment with Employer terminates, divided by 260, with days used for
preparation, travel and other related matters being included for purposes of
determining the compensation due to Employee. Less than full days shall be paid
for by the hour, determined by dividing the daily rate by eight. To the extent
reasonably practicable, Employer shall provide Employee with notice at least 10
days prior to the date on which any such travel is required.

     16.  Waiver of Breach. No waiver of either party hereto of a breach of any
provision of the Agreement by the other party, or of compliance with any
condition or provision of the Agreement to be performed by such other party,
will operate or be construed as a waiver of any

                                      16
<PAGE>

subsequent breach by such other party or any similar or dissimilar provisions
and conditions at the same or any prior or subsequent time. The failure of
either party hereto to take any action by reason of such breach will not deprive
such party of the right to take action at any time while such breach continues.

     17.  Entire Agreement. The Agreement constitutes the entire agreement
between the parties concerning the subject matter hereof and supersedes all
prior and contemporaneous agreements, if any, between the parties relating to
the subject matter hereof.

     18.  Counterparts. The Agreement may be signed in multiple counterparts,
each of which shall be deemed to be an original for all purposes.

     19.  Acknowledgment by Employee. Employee represents that he is
knowledgeable and sophisticated as to business matters, including the subject
matter of the Agreement, that he has read the Agreement and that he understands
its terms. Employee acknowledges that, prior to assenting to the terms of the
Agreement, he has been given reasonable time to review it, to consult with
counsel of his choice, and to negotiate at arm's length with Employer as to the
contents. Employee and Employer agree that the language used in the Agreement is
the language chosen by the parties to express their mutual intent, and that no
rule of strict construction is to be applied against either party hereto.

     20.  Assignment, Survival of Agreement.

          (a)  The Agreement is personal to Employee and shall not be assigned
by him.

          (b)  Employer may assign the Agreement without the consent of Employee
to any other entity who in connection with such assignment acquires all or
substantially all of the assets of Employer or into or with which Employer is
merged or consolidated. In the event such acquisition,

                                 17
<PAGE>

merger or consolidation involves a change in control of Employer, Employee may
terminate the Agreement upon 30 days prior written notice to Employer. In the
event of a merger, sale, reorganization or other change in control of Employer,
the Agreement shall be binding upon and inure to the benefit of any successor to
Employer.

          (c)  Except as otherwise expressly provided in the Agreement, the
rights and obligations of the parties to the Agreement shall survive the
termination of Employee's employment with Employer.

     21.  Notice. All notices and communications required hereunder shall be in
writing and shall be deemed to have been given on the day of delivery if
personally delivered, or 2 days after mailing if mailed, postage prepaid,
certified or registered, return receipt requested, to the following addresses:

If to Employee:           T. Eric Kilcollin
                          23 E. Scott Street
                          Chicago, Illinois 60610

If to Employer:           Chicago Mercantile Exchange
                          30 South Wacker Drive
                          Chicago, Illinois 60606
                          Attention: Gerald D. Beyer

or to such other addresses as the respective parties may hereafter designate.

     22.  Severability. If any clause, phrase, provision or portion of the
Agreement, or the application thereof to any person or circumstance, shall be
invalid or unenforceable under any applicable law, such event shall not affect
or render invalid or unenforceable the remainder of the Agreement, and shall not
affect the application of any clause, provision or portion hereof to other
persons or circumstances.

                                      18
<PAGE>

     23.  Benefit. The provisions of the Agreement shall be binding upon and
inure to the benefit of Employer, its successors and assigns and upon and to
Employee, his heirs, personal representatives and successors, including without
limitation, the estate of Employee and the executors, administrators or trustees
of such estate.

     24.  Relevant Law: The Agreement shall be construed and enforced in
accordance with the laws of the State of Illinois without regard to the conflict
of law provisions of any state.

     IN WITNESS WHEREOF, the parties hereto have set their hands and seals the
day and date first above written.

EMPLOYER:                                  EMPLOYEE:

CHICAGO MERCANTILE EXCHANGE,
an Illinois not for profit
corporation                                /s/ T. Eric Kilcollin
                                           ----------------------
                                           T. Eric Kilcollin

By: /s/ John F. Sandner
    --------------------------
Its: Chairman
     -------------------------

                                      19

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