CBOT Pilot Program - Algorithm In 2 Year Treasury Futures

The CBOT Board of Directors has approved on a pilot basis a modification to the current algorithm in outright Two-Year U.S. Treasury Note futures to Priority Pro-Rata with minimum volume and maximum volume cap requirements from the current Price/Time algorithm. The decision to implement this change was based on feedback from various Members and Member Firms that included a broad-based representation of market participants. This change will be implemented effective January 2, 2006 (trade date January 3).