Document:

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                                                                   EXHIBIT 10.13

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

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

                               LICENSE AGREEMENT

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

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

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

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

          NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements contained herein, it is agreed as follows:
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          1.   Grant of License.
               ----------------

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

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

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

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

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

          (f) Dow Jones agrees that no person or entity other than the Licensee
shall need to obtain a license from Dow Jones with respect to the sale and
purchase of the Products.
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          (g) Subject only to Section 1(a), nothing contained in this Agreement
shall restrict Dow Jones from licensing any one or more of the Indexes or the
Dow Jones Marks to any other person or entity at any time.

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

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

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

          2.   Term.
               ----

          The term of this Agreement shall commence as of the Effective Date and
shall remain in full force and effect for five (5) years following the
Commencement Date (the first twelve months following the Commencement Date being
referred to herein as the "First Year," the next twelve months being referred to
as the "Second Year," and so on), unless this Agreement is terminated earlier as
provided herein (such term being referred to herein as the "Initial Term"). Upon
the expiration of the Initial Term (other than by reason of termination of this
Agreement as provided herein), this Agreement shall automatically be renewed for
an additional term of five (5) years (the "Renewal Term"); provided, however,
that the Initial Term shall not be renewed, and this Agreement shall
automatically terminate upon expiration of the Initial Term, unless, during the
Fourth
                                      -4-
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Year, the trading volume of the Products exceeded (a) in the case of the
Initial Product, an average of 100,000 contracts traded (round turn) per day and
(b) in the case of any five (5) Products based on any one or more of the Dow
Jones Transportation Average Index, the Dow Jones Utilities Average Index and
the Dow Jones Global Indexes, in the aggregate, an average number of contracts
traded (round turn) per day equal to (i) 3,000 times (ii) the number of Products
based on the Dow Jones Transportation Average Index, the Dow Jones Utilities
Average Index and the Dow Jones Global Indexes.  (The Initial Term and any
Renewal Term are referred to herein, together, as the "Term".)  For the purposes
of this Agreement, "per day" means any day on which the New York Stock Exchange
is open.

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

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

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

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

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

                                      -5-
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nature of the breach or the condition causing such damage or harm, as the case
may be, and including a statement as to such party's intent to terminate),
unless the other party shall correct such breach or the condition causing such
damage or harm, as the case may be, within such 30-day period.

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

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

                                      -6-
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necessary pursuant to law, rule, regulation or court order) if (i) any
legislation or regulation is finally adopted or any government interpretation is
issued that in Dow Jones' reasonable judgment materially impairs Dow Jones'
ability to license and provide the Indexes or the Dow Jones Marks under this
Agreement; (ii) any litigation or proceeding is commenced which relates,
directly or indirectly, to Dow Jones' licensing and providing the Indexes or the
Dow Jones Marks under this Agreement, or any such litigation proceeding is
threatened and Dow Jones reasonably believes that such litigation or proceeding
would be reasonably likely to have a material and adverse effect on the Indexes
or the Dow Jones Marks or on Dow Jones' ability to perform under this Agreement;
or (iii) Dow Jones elects (other than pursuant to Section 4(g)) to cease
compiling, calculating and publishing values of the Indexes.

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

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

                                      -7-
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          (f) Dow Jones may terminate this Agreement upon written notice to the
Licensee if any securities exchange ceases to provide data to Dow Jones
necessary for providing the Indexes, terminates Dow Jones' right to receive data
in the form of a "feed" from such securities exchange, materially restricts Dow
Jones' right to redistribute data received from such securities exchange, or
institutes charges of a type or to an extent applicable to Dow Jones (and not to
others generally) for the provision of data to Dow Jones or the redistribution
of data by Dow Jones.

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

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

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

                                      -8-
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without open interest which are farther out than the farthest contract month
with open interest shall be terminated. Notwithstanding the above, in the event
of a termination by Dow Jones under Section 4(a) by reason of any breach by the
Licensee relating to its obligations under this Agreement with respect to Dow
Jones' Intellectual Property, Section 6(g) shall continue to apply to the
Licensee. Notwithstanding the foregoing, in the event of a termination by reason
of discontinuance of any Index under Sections 4(f), (g), or (h), Dow Jones
shall, at the time the notice of termination is provided to the Licensee,
provide to the Licensee a non-exclusive, perpetual and royalty-free license
effective as of the date of the discontinuance and a list of companies, shares
outstanding and divisors for the terminated Index as of the date of
discontinuance. The Licensee shall not thereafter make any reference to the Dow
Jones Marks in respect of the discontinued Index (except as provided in the next
sentence) and Dow Jones shall have no further obligations to the Licensee with
respect to the discontinued Index, or any Product based thereon, after
furnishing the Licensee with the aforesaid information. In any such event, the
Licensee shall redesignate the Index and the Products based thereon as the
Licensee's and may continue to list for trading Pending Products as if no notice
of termination had been received, except that, until termination of the license,
such index shall be described as the "CBOT _____ Index" formerly "Dow Jones
_______ Index". Thereafter, upon termination of the license, the Licensee may
promote and list for trading indexed products based upon the securities index
designated by the name "CBOT _______ Index" or equivalent provided that the
Licensee prominently disclaims any relationship with Dow Jones in respect
thereto.

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

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

                                      -9-
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At the Licensee's request, Dow Jones will provide Licensee with all reasonable
cooperation in connection with Licensee obtaining and maintaining regulatory
approval for the Products.

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

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

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

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

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

                                      -10-
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               (c)  Dow Jones has, and shall maintain, a policy pursuant to
which its employees who are directly responsible for changes in the components
of the Indexes are prohibited from purchasing or beneficially owning any
interest in the Products. The Licensee shall have no responsibility for ensuring
that such Dow Jones employees comply with such Dow Jones policy and shall have
no duty to inquire whether any purchasers or sellers of the Products are such
Dow Jones employees. Dow Jones shall have no liability to the Licensee or its
affiliates with respect to Dow Jones' employees' adherence or failure of
adherence to such policy.

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

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

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

                                      -11-
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plant modifications to open the pit with the closest proximity to the Treasury
Bond pit for the Products.

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

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

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

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

                                      -12-
<PAGE>

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

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

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

                                      -13-
<PAGE>

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

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

                                      -14-
<PAGE>

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

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

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

                                      -15-
<PAGE>

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

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

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

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

                                      -16-
<PAGE>

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

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

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

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

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

                                      -17-
<PAGE>

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

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

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

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

                                      -18-
<PAGE>

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

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

                                      -19-
<PAGE>

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

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

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

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

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

                                      -20-
<PAGE>

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

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

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

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

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

                                      -21-
<PAGE>

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

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

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

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

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

                                      -22-
<PAGE>

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

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

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

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

                                      -23-
<PAGE>

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

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

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

                                      -24-
<PAGE>

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

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

                                      -25-
<PAGE>

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

                              DOW JONES & COMPANY, INC.

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

                              BOARD OF TRADE OF THE CITY OF CHICAGO

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

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

                                      -26-
<PAGE>

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

SCHEDULES:
---------

Schedule A          Indexes Being Licensed

Schedule B          Products Description

Schedule C          License Fees

EXHIBITS:
--------

Exhibit I           Disclaimer Language

                                      -27-
<PAGE>

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

 . Dow Jones Industrial Average Index

 . Dow Jones Transportation Average Index

 . Dow Jones Utilities Average Index

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

 (excluding the Dow Jones Taiwan Stock Index)

<PAGE>

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

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

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

     Licensee shall pay license fees in accordance with the following:

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

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

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

<PAGE>

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

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

                                      -1-
<PAGE>

                                   EXHIBIT I
                                   ---------

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

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

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

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

<TABLE>
<CAPTION>
Industry Group Performance

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

                                      -2-
<PAGE>

<TABLE>
<CAPTION>

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

<PAGE>

<TABLE>
<CAPTION>

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

<PAGE>

<TABLE>
<CAPTION>

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

                                                                   Exhibit 10.15

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

                     SECOND AMENDMENT TO LICENSE AGREEMENT

     This Second Amendment, dated as of February 18, 1998, amends that certain
License Agreement dated as of June 5, 1997 ("Agreement"), as amended by an
Amendment to License Agreement dated as of September 9, 1997 ("First
Amendment"), by and between Dow Jones & Company, Inc. ("Dow Jones"), having an
office at 200 Liberty Street, New York, New York 10281, and the Board of Trade
of the City of Chicago (the "Licensee"), having an office at 141 West Jackson
Boulevard, Chicago, Illinois 60604. Capitalized terms used but not otherwise
defined herein have the meanings ascribed to such terms in the Agreement.

     WHEREAS, Dow Jones compiles, calculates and maintains the Indexes, and Dow
Jones owns rights in and to the Indexes, the proprietary data contained therein,
and the Dow Jones Marks; and

     WHEREAS, Dow Jones and the Licensee entered into the Agreement and,
pursuant to the terms and conditions thereof, Dow Jones granted to the Licensee
a non-transferable, exclusive (subject to Section 1(d) of the Agreement) world-
wide license to use the Indexes and the Dow Jones Marks in connection with the
listing of Products for trading on or through the Licensee during the hours of
9:30 A.M. to 4:15 P.M. (Eastern time); and

     WHEREAS, Dow Jones and the Licensee entered into the First Amendment and,
pursuant to the terms and conditions thereof, Dow Jones granted to the Licensee
a non transferable, non-exclusive worldwide license to use the Dow Jones
Industrial Average ("DJIA") solely in connection with the listing of Products
based on the Dow Jones Industrial Average for trading on or through the Licensee
during the hours of 9:15 A.M. to 9:30 A.M. Eastern time; and

<PAGE>

                                                                               2

     WHEREAS, Licensee maintains an electronic trading system known as Project
A(R) ("Project A") and Licensee has represented to Dow Jones that it will pursue
the development of an "open architecture" for Project A to permit futures
exchanges outside of North American time zones to connect their trade execution
platforms with Project A, and that such systems will allow positions in Products
listed for trading on Project A which are opened outside of U.S. business hours
to be cleared directly by and maintained at Licensee's clearinghouse;

     WHEREAS, Dow Jones wishes to permit the Licensee to use the DJIA and the
Dow Jones Marks in connection with the listing of Products based on the DJIA
from 4:15 P.M. until 9:15 A.M. Eastern Time for trading on Project A, and to
make the license granted by the First Amendment between 9:15 A.M. and 9:30 A.M.
Eastern Time exclusive;

     WHEREAS, paragraph (c) of Section 12 of the Agreement provides that the
terms of the Agreement may be modified and amended by a written instrument
signed by duly authorized officers of both parties hereto.

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

1.  This Second Amendment shall be effective as of April 2, 1998, subject to all
necessary regulatory approvals and the payment by the Licensee to Dow Jones of
[**].

2.  When this Second Amendment becomes effective, the First Amendment shall be
revoked in its entirety.

3.  Grant of License
    ----------------

     Paragraph (a) of Section 1 of the Agreement is hereby amended and restated
in its entirety as follows:

<PAGE>

                                                                               3

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

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

     (2) Subject to the terms and conditions of this Agreement, and as of the
Project A Effective Date, Dow Jones hereby grants to the Licensee a non-
transferable (except to affiliates pursuant to Section 12(a)) exclusive (subject
to Sections 1(d) and 1(a)(3)) worldwide license (A) to use the DJIA solely in
connection with the listing for trading of the Products based on the DJIA on or
through the Licensee on Project A during the hours of 4:15 P.M. to 9:15 A.M.
Eastern Time, and (B) to use and refer to the Dow Jones Marks in connection with
such listing, and the marketing and promotion of the Products, in order to
indicate the source of the DJIA and as may otherwise be required by applicable
laws, rules or regulations or under this Agreement.

     (3)  (A)  The license granted by Section 1(a)(2) hereof shall be exclusive
for one year from the Project A Effective Date. At that time, the license will
be exclusive for a second one-year period if Average Daily Trading Volume (based
on total volume in open outcry and Project A trading sessions for the three
month period preceding the first anniversary date) for Products based on the Dow
Jones Industrial Average is at least [**].  In such event, the Licensee shall
pay to Dow Jones an additional fee of [**] on the first anniversary date.  If
the Average Daily Trading Volume does not meet the test set forth in this
paragraph, then, at the election of Dow Jones, by notice to the Licensee on or
before the first anniversary date, the license granted in Section l(a)(2) (i)
will continue on an exclusive basis for the second one-year period

<PAGE>

                                                                               4

(in which case the Licensee shall not be required to pay the additional fee of
[**]) or (ii) will become non-exclusive for the remainder of the Initial Term
(in which case Dow Jones shall pay to the Licensee the sum of [**] on the first
anniversary date).

          (B) If the license was exclusive for the second one-year period
pursuant to paragraph (A) above, then at the end of the second one-year period,
the license will be exclusive for a third one-year period if Average Daily
Trading Volume (based on total volume in open outcry and on Project A for the
three month period preceding the second anniversary date) for Products based on
the Dow Jones Industrial Average is at least [**]. In such event, the Licensee
shall pay to Dow Jones an additional fee of [**] on the second anniversary date.
If the Average Daily Trading Volume does not meet the test set forth in this
paragraph, then, at the election of Dow Jones, by notice to the Licensee on or
before the second anniversary date, the license granted in Section 1(a)(2) (i)
will continue on an exclusive basis for the third one-year period (in which case
the Licensee shall not be required to pay the additional fee of [**]) or (ii)
will become non-exclusive for the remainder of the Initial Term (in which case
Dow Jones shall pay to the Licensee the sum of [**] on the second anniversary
date).

          (C) If the license was exclusive for the third one-year period for the
third one-year period pursuant to paragraph (B) above, then at the end of the
third one-year period, the license will be exclusive for the remainder of the
Initial Term if Average Daily Trading Volume (based on total volume in open
outcry and on Project A for the three month period preceding the third
anniversary date) for Products based on the Dow Jones Industrial Average is at
least [**]. Otherwise, the license granted herein will become non-exclusive for
the remainder of the Initial Term.

     (4) The Project A Effective Date shall be April 2, 1998, subject to all
necessary regulatory approvals and the payment by the Licensee to Dow Jones of
[**] on or before such date.

     (5) Licensee will establish price limits for trading in Products based on
the Dow Jones Industrial Average on Project A between the hours of 4:15 P.M. and
9:15 A.M. Eastern time.  Subject to regulatory approval, such price limits shall
be set at levels agreed to by Dow Jones and shall not be greater than the
equivalent of the price limits applicable to comparable

<PAGE>

                                                                               5

U.S. stock index futures contracts traded during the same hours.

     (6) With respect to a Project A trading session to be conducted by the
Licensee in connection with the license granted by Section 1 (a)(2) hereof, (A)
Licensee shall not begin such trading session until at least fifteen (15)
minutes after the end of an open outcry session conducted by the Licensee in
connection with the license granted by Section 1 (a)( 1) hereof, but not earlier
than 4:30 P.M. Eastern Time, and (B) Licensee shall conclude such trading
session at least fifteen (15) minutes prior to the beginning of an open outcry
session conducted by the Licensee in connection with the license granted by
Section l(a)(l) hereof, but not later than 9:00 A.M. Eastern Time.

         *                    *                    *

     (7) Subject to the terms and conditions of this Agreement, including the
applicable time periods set forth in the license granted in section 1(a)(1) and
(2), the Products may be traded on or through the Licensee on each calendar day
that the Licensee is open for trading, and, in addition, subject to Section
1(a)(6) hereof, the Products based on the DJIA may be traded on Project A during
the period from 6:55 P.M. Eastern Time on Sunday through 9:15 A.M. Eastern Time
on Monday.

4. Section 5(e) of the Agreement is hereby amended to read as follows:

     (e) The Licensee will develop and implement a marketing program for the
Products. The Licensee will spend at least [**] during the period between the
Effective Date and the end of the First Year in implementing the marketing
program. During each subsequent Year of the Initial Term, the Licensee will
spend the greater of [**] in implementing the marketing program. In addition to
the foregoing, Licensee agrees to promote the trading of Products based on the
Dow Jones Industrial Average on Project A by purchasing [**] of media from Dow
Jones or its affiliates, including CNBC, prior to the first anniversary of the
Project A Effective Date (as defined in Section 1(a)(4) hereof).

5.  Paragraph 7(b) of the Agreement is hereby amended by amending the first
sentence thereof to

<PAGE>

                                                                               6

read as follows:

Dow Jones expressly acknowledges and agrees that: (i) Licensee has the exclusive
property rights in and to Market Data; (ii) Market Data constitutes valuable
Confidential Information and proprietary rights of Licensee; and (iii)
Licensee's trademarks and trade names, including but not limited to, Chicago
Board of Trade, Board of Trade, CBOT and Project A, are valuable assets of
Licensee.

6. Schedule C to the Agreement is amended and restated by amending the first
sentence of the third paragraph thereof to read as follows:
 . In addition, the Licensee will pay to the Dow Jones affiliate designated by
Dow Jones the amount, if any, by which (x) a fee (the "Per Transaction Fee")
equal to [**].

    *                         *                         *

7. Other Matters.
   -------------

     (a) This Second Amendment is intended by the parties to amend the Agreement
as set forth herein, to supersede the First Amendment, and to constitute a
written instrument pursuant to and in accordance with Section 12(c) of the
Agreement.

     (b) The Agreement, as amended by this Second Amendment, constitutes the
entire agreement of the parties hereto with respect to its subject matter, and
supersedes any and all previous agreements between the parties with respect to
its subject matter. There are no oral or written collateral representations,
agreements or understandings with respect to the subject matter of the
Agreement, as amended by this Second Amendment, except as provided in the
Agreement, as amended by this Second Amendment.

<PAGE>

                                                                               7

IN WITNESS WHEREOF, the parties have cause this Second Amendment to be executed
as of the date first set forth above.

                              DOW JONES & COMPANY, INC.

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

                              BOARD OF TRADE OF THE
                              CITY OF CHICAGO

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

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

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