Brennan Letter Updates Members on CBOT-Eurex Alliance

Dear Fellow Member: I am pleased to report that after two days of discussions in Burgenstock, Switzerland, with our Eurex counterparts, all parties have agreed that the CBOT-Eurex alliance will proceed with no material changes to the original agreement approved by the membership. The Burgenstock meetings were necessary to resolve some issues in question that had come to our attention in written correspondence we recently received from Eurex. These issues have been resolved: Control of the alliance remains 50-50 between each exchange. Each exchange retains the right to control its own products, pricing and access. Additionally, it was emphasized to our partners that the strategic plan of the Chicago Board of Trade calls for the operation and growth of both world class open outcry and electronic markets. The Alliance is moving forward and I will continue to keep you apprised of its progress. Sincerely, David P. Brennan