- eliminate the requirement that, in order to be eligible for membership in BTEX, either the applicant or one of its affiliates must own at least one B Share in BTEX (Rule 202(a)(v));
- eliminate the restriction on the allocation of additional B Shares to a member where such allocation would result in ownership by a Class B Shareholder of more than 9.9% of the profits, losses or capital of the Exchange or more than 9.9% of the voting rights of the Class B Shareholders (Bylaw Sections 3.4(e)(i), 3.20(d) and the proviso to Bylaw Section 3.13(b)),
- redeem and cancel all outstanding Non-Participating B Shares in the Exchange immediately, upon which redemption and cancellation the Non-Participating B Shareholder shall receive the then positive balance, if any, in its capital account and shall cease to be a "member" of BTEX within the meaning of the Delaware Limited Liability Company Act (the Delaware Act) (new Bylaw Section 3.20(f)(i));
- accelerate from January 1, 2004 to November 26, 2003 the date of determination of the allocation of additional B shares to Participating B Shareholders based upon their trading volume on BTEX since January 31, 2003 (Bylaw Section 3.4(d)(ii)); and
- after the allocation of additional B Shares on November 26, 2003, redeem and cancel all outstanding Participating B Shares of BTEX where the Shareholder thereof owns only a single Participating B Share on November 26, 2003, upon which redemption and cancellation the Participating B Shareholder shall receive the then positive balance, if any, in its capital account and shall cease to be a member of BTEX within the meaning of the Delaware Act (new Bylaw Section 3.20(f)(ii).
Copies of the revised BTEX Bylaws and Rules are available on the website - www.btecfutures.com.
