GOOD MORNING. ON BEHALF OF THE MEMBERS OF THE CHICAGO BOARD OF TRADE, IT IS AN HONOR FOR ME TO BE HERE TODAY, AND I WANT TO THANK KENDALL KEITH FOR EXTENDING THE INVITATION. I WANT YOU ALL TO KNOW THAT OUR EXCHANGE APPRECIATES THE BUSINESS THE MEMBERS OF THE NATIONAL GRAIN AND FEED ASSOCIATION BRING TO OUR MARKETS, AND FOR THAT I THANK YOU.
I ALSO WANT TO THANK YOUR CHAIRMAN RICK CALHOUN, AND TOM COYLE, CHAIRMAN OF YOUR RISK MANAGEMENT COMMITTEE, AS WELL AS TODD KEMP AND THE REST OF THE NGFA STAFF FOR THEIR WORK IN MAINTAINING A POSITIVE DIALOGUE BETWEEN OUR TWO ORGANIZATIONS.
AS YOU HAVE SOME VERY GOOD SPEAKERS ON TODAY'S PROGRAM, I WILL HEED THE WORDS OF A PRIEST WHO ONCE COMMENTED ON THE LENGTH OF AN EFFECTIVE SERMON; HE SAID NO SOULS ARE SAVED AFTER TWENTY MINUTES.
THE NGFA AND THE CHICAGO BOARD OF TRADE HAVE WORKED TOGETHER THROUGH GOOD TIMES AND BAD, BUMPER CROPS AND DROUGHTS, TO PROVIDE RISK MANAGEMENT PRODUCTS AND SERVICES FOR AGRICULTURAL PRODUCERS, AND TO HELP KEEP AMERICA'S AGRICULTURAL SECTOR STRONG.
THE NGFA HAS ITS FINGER ON THE PULSE OF U.S. AGRICULTURE, AND AT THE CHICAGO BOARD OF TRADE WE ARE PROUD TO WORK TOGETHER WITH YOU ON MANY KEY ISSUES IN WASHINGTON. IN MY ROLE AS PRESIDENT AND CEO OF THE CHICAGO BOARD OF TRADE, IT IS MY INTENTION TO STRENGTHEN THAT POSITIVE RELATIONSHIP TO THE BENEFIT OF BOTH ORGANIZATIONS.
UNDER THE LEADERSHIP OF OUR FORMER CHAIRMAN NICK NEUBAUER, OUR NEW CHAIRMAN CHARLIE CAREY AND OUR BOARD OF DIRECTORS, THE CHICAGO BOARD OF TRADE HAD ITS BEST YEAR EVER IN 2002, TRADING CLOSE TO 345 MILLION CONTRACTS, AN INCREASE OF 32 PERCENT OVER THE VOLUME OF CONTRACTS TRADED IN 2001. OUR ELECTRONIC AND OPEN AUCTION MARKETS ARE WORKING WELL TOGETHER UNDER OUR HYBRID BUSINESS STRATEGY OF PROVIDING MARKET USERS WITH THE BEST OF BOTH PLATFORMS. REGARDING OUR AGRICULTURAL PRODUCTS, WE CONTINUE TO EXPERIENCE GOOD GROWTH ACROSS OUR ENTIRE PRODUCT COMPLEX.
WE BELIEVE OUR CAPITAL INVESTMENTS ARE PAYING OFF NOT ONLY IN TERMS OF OUR ELECTRONIC PLATFORM, BUT ALSO IN TERMS OF IMPROVING THE EFFICIENCY AND THE ELECTRONIC ACCESSIBILITY OF OUR OPEN AUCTION MARKETS. AT THE END OF 2002, NEARLY 6.2 MILLION FUTURES AND OPTIONS ORDERS WERE SENT ELECTRONICALLY TO FLOOR BROKERS USING ORDER RECEIPT DEVICES. ON OUR AGRICULTURAL FLOOR, ABOUT 55 PERCENT OF FUTURES ORDERS AND 42 PERCENT OF OPTIONS ORDERS WERE FILLED THROUGH THE USE OF ELECTRONIC ORDER ROUTING LAST YEAR. WHILE WE WERE PLEASED THAT WE WERE ABLE TO ELIMINATE OVER 6 MILLION PIECES OF PAPER FROM OUR OPEN AUCTION MARKETPLACE, I BELIEVE WE CAN DO BETTER, AND WE WILL CONTINUE TO WORK WITH OUR MEMBER FIRMS TO MAKE FURTHER IMPROVEMENTS IN THE EFFICIENCY OF OUR MARKETS AND PROVIDE ADDITIONAL COST SAVINGS.
OUR 2003 TECHNOLOGY INITIATIVES INCLUDE THE PLANNED ROLL OUT OF HANDHELD DEVICES FOR FLOOR TRADERS. THESE DEVICES ENABLE TRADERS TO ELECTRONICALLY RECORD PIT TRADES AS WELL AS TO PARTICIPATE IN OUR SCREEN-BASED MARKETS. OUR FLOOR TRADERS HAVE ESTABLISHED THEMSELVES AS MAJOR SOURCES OF LIQUIDITY IN BOTH TRADING VENUES.
WE HAVE THE CAPABILITY TO MAKE SUCH INVESTMENTS, IN PART, BECAUSE THE BUSINESS DISCIPLINES WE HAVE INSTILLED OVER THE PAST TWO YEARS HAVE RESULTED IN A MORE STREAMLINED OPERATION AND A STRONGER BALANCE SHEET. AS A RESULT, I BELIEVE THE CHICAGO BOARD OF TRADE IS STRONGER FINANCIALLY AND IN A BETTER COMPETITIVE POSITION.
SINCE JOINING THE CHICAGO BOARD OF TRADE, I HAVE PROMOTED AND FURTHER DEFINED FOUR VALUE PROPOSITIONS THAT SERVE AS THE CORNERSTONES OF OUR BUSINESS STRATEGY. THEY ARE INTEGRITY, TRANSPARENCY, OPENNESS AND INNOVATION. I WANT TO BRIEFLY OUTLINE THEM FOR YOU.
INTEGRITY. THE CHICAGO BOARD OF TRADE WILL CONTINUE TO DEMAND THE HIGHEST STANDARDS AND PRINCIPLES THAT THE MARKETPLACE HAS COME TO EXPECT. WE BELIEVE THE COMBINED SELF-REGULATORY PRACTICES OF THE CHICAGO BOARD OF TRADE AND THE AAA-RATED BOARD OF TRADE CLEARING CORPORATION PROVIDE CUSTOMERS WITH THE HIGHEST LEVEL OF CONFIDENCE OF ANY MARKETPLACE; A LEVEL OF CONFIDENCE THAT HAS BEEN EARNED OVER TIME AND IS NOT EASILY REPLICATED.
THE CHICAGO BOARD OF TRADE HAS BEEN IN BUSINESS FOR NEARLY 155 YEARS AND OUR MARKET SURVEILLANCE PROGRAMS ARE UNSURPASSED. THESE PROGRAMS, COMBINED WITH OUR ACCESS POLICIES, PRODUCT DESIGN AND LIQUIDITY, ALL CONTRIBUTE TO THE CHICAGO BOARD OF TRADE'S INTERNATIONAL REPUTATION AS AN INSTITUTION THAT PROTECTS ITS MARKETS FROM MANIPULATION AND ITS MARKET PARTICIPANTS FROM ABUSIVE PRACTICES.
DERIVATIVE PRODUCTS HAVE MADE THE WORLD A SAFER PLACE, NOT A MORE DANGEROUS ONE. EXCHANGE-TRADED DERIVATIVES HAVE MADE IT POSSIBLE FOR BUSINESSES TO MORE EFFECTIVELY MANAGE THEIR FINANCIAL RISKS. SO WHILE THE ENRON DEBACLE CAUGHT EVERYONE'S ATTENTION, THERE IS A CLEAR DISTINCTION BETWEEN THEIR MARKETPLACE AND THAT OF THE CHICAGO BOARD OF TRADE. YOU REPRESENT SOME OF THE MANY ORGANIZATIONS THAT BENEFIT FROM THE USE OF REGULATED DERIVATIVES MARKETS, AND WE THANK YOU FOR THE BUSINESS YOU BRING TO OUR EXCHANGE.
TRANSPARENCY AND OPENNESS. THE CHICAGO BOARD OF TRADE IS ABOUT ENSURING THAT EVERY ORDER GETS THE OPPORTUNITY AND PRIVILEGE OF MARKET MAKERS COMPETING FOR THAT ORDER, EITHER IN THE OPEN AUCTION MARKET OR ON THE SCREEN. WE WILL MAINTAIN MARKET OPENNESS AND NOT ALLOW PRE-ARRANGEMENT OF TRADES, PRINCIPAL-AGENT CONFLICTS, OR OTHER PRACTICES THAT LEND THEMSELVES TO THE INTERNALIZATION OF ORDER FLOW.
INNOVATION. IF YOU CONSIDER THE HISTORY OF THE CHICAGO BOARD OF TRADE, WHICH IS ESSENTIALLY THAT OF A GRAIN-ONLY, PHYSICALLY DELIVERED MARKETPLACE, WE HAVE GROWN INTO A WORLD-RENOWNED GLOBAL MARKETPLACE THAT HAS INSTITUTIONALIZED THE RISK TRANSFER PROCESS. WE MUST BUILD OFF OUR HISTORY OF INNOVATION AND DO SO IN AN ENVIRONMENT THAT IS MARKED BY UNPRECEDENTED COMPETITION.
WHETHER THROUGH OUR PRODUCT DESIGN, OUR APPROACH TO SIDE-BY-SIDE TRADING, OUR PRICING MECHANIS, OUR BUSINESS DECISIONS TO BROADEN THE DISTRIBUTION OF OUR PRODUCTS, OR ANY OTHER MEANS OF PROMOTING OUR INTELLECTUAL PROPERTY, THE CHICAGO BOARD OF TRADE'S APPROACH TO THE CHANGING COMPETITIVE LANDSCAPE HAS BEEN DRIVEN BY INNOVATION. WE BELIEVE OUR FUTURE DEPENDS ON OUR ABILITY TO CONTINUE TO PROMOTE AND DEVELOP INNOVATIVE IDEAS AND DO SO IN ALIGNMENT WITH MEMBER OPPORTUNITY, CUSTOMER DEMAND AND COMPETITIVE FORCES.
A VALID CRITICI OF THE CHICAGO BOARD OF TRADE OVER THE YEARS HAS BEEN ITS LACK OF RECEPTIVENESS TO NEW IDEAS AND ITS RESISTANCE TO IMPROVE ITSELF AS AN INSTITUTION. ONE OF THE STRENGTHS I HAVE BROUGHT TO THE EXCHANGE IS MY EXPERIENCE AS HEAD OF A MEMBER FIRM AND AS A CUSTOMER OF THE CHICAGO BOARD OF TRADE. I KNOW WHAT OUR CUSTOMERS WANT; I UNDERSTAND THE COMPETITIVE THREATS THEY ARE FACING; AND I HAVE FACED SIMILAR FRUSTRATIONS OF INCORPORATING TECHNOLOGICAL ADVANCES INTO DAILY BUSINESS PRACTICES.
I BELIEVE IN STRONG CUSTOMER SERVICE. I KNOW CUSTOMER ORDERS ARE THE REASON THE CHICAGO BOARD OF TRADE EXISTS TODAY. I RECOGNIZE THE VALUE OF THOSE RELATIONSHIPS AND I AM COMMITTED TO DOING WHATEVER I CAN AS PRESIDENT AND CEO TO KEEP THEM AND STRENGTHEN THEM. IF WE CAN CONTINUE THE SUCCESS OF OUR ELECTRONIC ORDER ROUTING INITIATIVE I OUTLINED EARLIER, CONTINUE TO PROVIDE YOU WITH DEEP, LIQUID MARKETS, AND CONTINUE TO STRENGTHEN OUR ELECTRONIC MARKETPLACE, WHICH I BELIEVE WE HAVE DONE WITH THE SELECTION OF LIFFE CONNECTTM, WE CAN PROVIDE EVEN BETTER SERVICE FOR THE USERS OF OUR MARKETS.
I BELIEVE OUR SUCCESS AS AN EXCHANGE IS BASED IN LARGE PART ON PROVIDING CUSTOMERS WITH PRODUCTS THEY WANT IN A TRADING FORMAT THEY WANT. NOW, SOME FIRMS HAVE ASKED US TO CLOSE OUR TRADING FLOORS. OUR RESPONSE HAS BEEN THAT THEY CAN CHOOSE TO TRADE ONLY ON THE SCREEN-BASED PLATFORM. OTHER FIRMS HAVE ASKED US TO KEEP BOTH MARKETS OPEN, AS THEIR CUSTOMERS STILL WANT THEIR ORDERS EXECUTED IN THE OPEN AUCTION MARKET. RETAIL CUSTOMERS DEMAND ACCESS TO SCREEN TRADING BUT ALSO WANT INFORMATION ON WHAT PIT TRADERS ARE DOING AND SEEING. LARGE INSTITUTIONAL CLIENTS EXPECT FIRMS TO EXECUTE ORDERS IN THE MOST EFFICIENTLY PRICED VENUE WHILE CONTINUING TO DEMAND PIT TRADED MARKET COMMENTARY.
U.S. MARKET PARTICIPANTS LEAN TOWARDS SPREAD TRADING, USE OF COMPLEX OPTIONS STRATEGIES, AND STRATEGIES COMBINING BOTH OPTIONS AND FUTURES. CURRENTLY THESE TYPES OF TRANSACTIONS CAN THRIVE IN THE PIT TRADING ENVIRONMENT DUE TO TRANSPARENCY AND DEEP LIQUIDITY. THE CHICAGO BOARD OF TRADE IS THANKFUL THAT ITS LIQUIDITY PROVIDERS ARE SUPPORTING TRADING WITHIN AND BETWEEN BOTH ELECTRONIC AND OPEN AUCTION VENUES. OFFERING CUSTOMERS AND MARKET PARTICIPANTS A CHOICE IS A KEY PART OF OUR STRATEGY.
WITH RESPECT TO OUR AGRICULTURAL MARKETS, WE HAVE BEEN LISTENING TO YOU, AND WORKING WITH YOU TO ENSURE THAT OUR MARKETS ARE PROVIDING THE SERVICE THAT YOU EXPECT. LET ME TOUCH ON A FEW EXAMPLES.
IN JANUARY 2000, THE ILLINOIS WATERWAY DELIVERY SYSTEM WAS IMPLEMENTED FOR CORN AND SOYBEANS. THE SYSTEM SERVES A 204-MILE SECTION OF THE ILLINOIS RIVER FROM CHICAGO TO PEKIN, ILLINOIS FOR CORN AND A 403-MILE SECTION OF THE ILLINOIS AND MISSISSIPPI RIVERS FROM CHICAGO TO ST. LOUIS FOR SOYBEANS. THIS NEW DELIVERY SYSTEM INCLUDED CHANGES IN GRAIN LOADOUT PROCEDURES RELATED TO THE SPECIFICATION OF SHIPPING CERTIFICATES AS THE DELIVERY INSTRUMENT AND PREFERENCE IN THE LOAD-OUT LINEUP GIVEN TO TAKERS OF DELIVERY.
DURING THE TWO-YEAR PERIOD THAT THE NEW SYSTEM HAS BEEN IN PLACE, A RANGE OF MARKET CONDITIONS HAVE PROVIDED US WITH THE OPPORTUNITY TO OBSERVE THE PERFORMANCE OF THE LOADOUT PROCESS. WITH THIS EXPERIENCE IN HAND, A MEETING OF CHICAGO BOARD OF TRADE MEMBERS, GRAIN MERCHANTS, FUTURES COMMISSION MERCHANTS AND FEDERAL REGULATORY STAFF WAS HELD FEBRUARY 13 OF THIS YEAR TO REVIEW THE LOADOUT PROCEDURES FOR CORN AND SOYBEANS.
WE ALL AGREE THAT THE GOAL OF STANDARDIZED LOADOUT PROCEDURES IS TO PROVIDE CONSISTENT AND EQUITABLE TREATMENT TO ALL TRADING PARTICIPANTS. EXECUTING LOADOUT IN A TIMELY AND EFFICIENT MANNER ASSURES THE ECONOMIC INTEGRITY OF THE FUTURES MARKET. THE REVIEW RESULTED IN PROPOSED AMENDMENTS TO THE REGULATIONS THAT ADDRESS THE TIMELY SUBMISSION OF LOADING ORDERS, AN EQUITABLE DETERMINATION OF THE LINEUP, AND PENALTIES FOR LATE PLACEMENT OF TRANSPORTATION FOR LOADOUT. A PUBLIC POSTING OF BARGES CONSTRUCTIVELY PLACED AT DELIVERY LOCATIONS FOR LOADOUT IS ALSO BEING CONTEMPLATED. WE WILL CONTINUE TO WORK WITH THE NGFA ON THIS IMPORTANT MATTER.
WE RECENTLY INITIATED RESEARCH ON THE INTERNATIONAL WHEAT MARKET, THE FOCUS OF WHICH IS TO ANALYZE THE CHANGING STRUCTURE OF THE MARKET AND DETERMINE THE IMPLICATIONS OF THIS NEW STRUCTURE ON THE CHICAGO BOARD OF TRADE'S WHEAT CONTRACT. SPECIFICALLY, OUR RESEARCH IS LOOKING AT MARKET STRUCTURE ISSUES SUCH AS CHANGES IN PRODUCERS, IMPORTERS AND EXPORTERS AND COMPETITIVENESS; IN TRADE FLOWS; GOVERNMENT POLICIES; AND THE PERFORMANCE OF INTERNATIONAL CONTRACTS. YOU WILL BE KEPT INFORMED AS WE CONTINUE THIS REVIEW.
IN TRADE CALLS WITH ALL MAJOR U.S. SOYBEAN PROCESSING FIRMS, WE HAVE FOUND A HIGH LEVEL OF INTEREST IN AN OPTION ON THE CRUSH SPREAD. PENDING FINAL CONFIRMATION OF CONTRACT TERMS WITH THE INDUSTRY AND SUBJECT TO APPROVAL BY OUR BOARD OF DIRECTORS, IT IS POSSIBLE WE COULD LAUNCH SUCH A PRODUCT SOMETIME IN THE SECOND QUARTER OF THIS YEAR.
WE ALSO ARE SHARPENING OUR FOCUS ON LATIN AMERICA. DUE TO THE STRONG DEMAND FROM END USERS FOR TRAINING AND EDUCATIONAL PROGRAMS IN MEXICO, CENTRAL AMERICA AND SOUTH AMERICA, WE HAVE RETAINED A CONSULTANT BASED IN MEXICO CITY TO HELP INTRODUCE THE CHICAGO BOARD OF TRADE INTO THESE MARKETS. AS A RESULT, WE HAVE PROVIDED TRAINING PROGRAMS IN COOPERATION WITH FUTURES COMMISSION MERCHANTS AND THE GRAIN TRADE ASSOCIATION FOR THE GRAIN AND OILSEED PROCESSING INDUSTRIES, POULTRY PRODUCERS, FEED MANUFACTURERS, AND THE MILK AND DAIRY INDUSTRIES.
FINALLY, ON APRIL 7, THE CORN, WHEAT AND SOYBEAN FUTURES CONTRACTS NORMALLY TRADED AT THE MIDAMERICA COMMODITY EXCHANGE, AN AFFILIATE OF THE CHICAGO BOARD OF TRADE, WILL BE CONVERTED TO CBOT® MINI-SIZED CORN, WHEAT AND SOYBEAN CONTRACTS. BY TRANSFERRING THE OPEN INTEREST IN THESE CONTRACTS TO THE CORRESPONDING CBOT MINI-SIZED PRODUCTS, WE BELIEVE IT WILL RESULT IN ENHANCED MARKETING AND PROMOTION OF THESE PRODUCTS AND MORE EFFICIENT SPREAD TRADING WITH THE LARGER SIZED CBOT PRODUCTS. WE INTEND TO BE VERY AGGRESSIVE IN OUR PROMOTION AND DEVELOPMENT OF OUR COMMODITY PRODUCTS, AND WE WILL KEEP THE NGFA FULLY INFORMED ON THESE VARIOUS INITIATIVES.
IN ADDITION TO THE ORDER ROUTING AND TRADING TECHNOLOGY INITIATIVES I MENTIONED EARLIER, WE ARE EXPANDING THE USE OF TECHNOLOGY IN THE AGRICULTURAL MARKETS BY INCLUDING SOYBEAN MEAL AND SOYBEAN OIL IN THE EXCHANGE'S ELECTRONIC DELIVERY SYSTEM. THIS SYSTEM, WHICH WAS IMPLEMENTED FOR CORN AND SOYBEAN SHIPPING CERTIFICATES IN APRIL 2001, WAS EXPANDED TO INCLUDE SOYBEAN MEAL SHIPPING CERTIFICATES AND SOYBEAN OIL WAREHOUSE RECEIPTS EFFECTIVE WITH THE MARCH 2003 DELIVERY CYCLE.
WE HAVE TO KEEP PUSHING AGGRESSIVELY INTO NEW AREAS, AS EVERYONE IN THE AGRICULTURAL SECTOR IS FACING SIMILAR CHALLENGES THAT ARE DRIVEN PRINCIPALLY BY TECHNOLOGY, REGULATORY CHANGE AND COMPETITION. IF THE CHICAGO BOARD OF TRADE IS NOT FLEXIBLE IN TERMS OF HOW WE MEET CHANGING CUSTOMER NEEDS, WE WILL BE LEFT IN THE WAKE OF OUR COMPETITORS.
HAVING SAID THAT, I BELIEVE THE CHICAGO BOARD OF TRADE HAS RESPONDED VERY AGGRESSIVELY TO RECENT COMPETITIVE THREATS, AND UNDER MY WATCH WE WILL CONTINUE TO DO SO. OVER THE PAST YEAR I HAVE ASKED OUR EMPLOYEES TO EXAMINE EVERY BUSINESS PROCESS AND PROCEDURE UNDERTAKEN AT THE EXCHANGE. WE HAVE CHALLENGED MANY INTERNAL PROCESSES AND HAVE IDENTIFIED OPPORTUNITIES TO CHANGE; ALL IN THE INTEREST OF IMPROVING OUR MARKET MODEL. CONSEQUENTLY, WE BELIEVE THAT WE NOW ARE ABLE TO MAKE CHANGES THAT IMPACT CORE BUSINESS PRACTICES LIKE OUR MARKET DATA POLICIES, PRODUCT DESIGN AND MARKET ACCESS WITHOUT NEGATIVELY IMPACTING CUSTOMER SERVICE.
AND WE WILL IMPROVE THE LEVEL OF SERVICE WE PROVIDE TO AMERICA'S AGRICULTURAL SECTOR BY FOCUSING ON THE FOUR VALUE PROPOSITIONS THAT HAVE DEFINED THE CHICAGO BOARD OF TRADE THROUGHOUT ITS HISTORY: INTEGRITY, TRANSPARENCY, OPENNESS AND INNOVATION. THESE ARE THE PRINCIPLES THE MEMBERS OF THE NATIONAL GRAIN AND FEED ASSOCIATION HAVE COME TO EXPECT FROM THE CHICAGO BOARD OF TRADE, AND THESE QUALITIES ARE THE ONES I HAVE CHARGED MYSELF WITH UPHOLDING AS THE EXCHANGE AGGRESSIVELY PURSUES AN EXPANSIONARY BUSINESS STRATEGY.
IN ARIZONA, YOU CANNOT PICK UP A NEWSPAPER WITHOUT READING ABOUT THE ARIZONA WILDCATS BASKETBALL TEAM OR THE PHOENIX SUNS. I LOVE COACHING BASKETBALL, AND I SEE MANY ANALOGIES BETWEEN SPORTS AND BUSINESS. RECENTLY I READ WHERE THE PRESIDENT OF ONE NBA TEAM SAID TO ONE OF HIS PLAYERS WHO DID NOT SHOW UP FOR PRACTICE, "WHAT IS IT WITH YOU? IS IT IGNORANCE OR IS IT APATHY?" THE PLAYER RESPONDED, "I DON'T KNOW AND I DON'T CARE."
THAT PLAYER SPENT TIME ON THE BENCH, AND I BELIEVE ANY FUTURES EXCHANGE EXPRESSING THAT ATTITUDE ALSO WILL BE ON THE BENCH AS THE COMPETITION PASSES THEM BY. AS THE "COACH" OF THE CHICAGO BOARD OF TRADE, I CAN ASSURE YOU THAT WE WILL NOT BE SITTING ON THE BENCH. INSTEAD, I WILL BE WORKING AS HARD AS I CAN TO PROMOTE TEAMWORK AND TRUST IN MY RELATIONSHIPS WITH OUR CUSTOMERS, OUR MEMBERS, OUR EMPLOYEES, AND WITH THE NATIONAL GRAIN AND FEED ASSOCIATION.
THE CHICAGO BOARD OF TRADE VALUES THE RELATIONSHIP WE HAVE WITH YOU. OUR EXCHANGE IS HERE TO STAY, AND WE PLAN TO DO WHATEVER WE CAN TO MEET YOUR NEEDS AND THOSE OF AMERICA'S AGRICULTURAL SECTOR.
THANK YOU VERY MUCH FOR ALLOWING ME TO BE HERE WITH YOU TODAY AND FOR HAVING THE CHANCE TO UPDATE YOU ON THE ACTIVITIES AT THE CHICAGO BOARD OF TRADE.
