CBOT® X-Funds Futures To Be Launched February 1, 2002

The Chicago Board of Trade (CBOT®) announced today it will launch CBOT® X-Funds, a futures index product, on February 1, 2002, pending approval from the Commodity Futures Trading Commission (CFTC). CBOT® X-Fund futures will enable rapid entry into a low-cost futures index product that provides enhanced leverage, market transparency, and creative trading opportunities.

CBOT® Chairman Nickolas J. Neubauer said, "By bringing together the expertise of futures professionals with the integrity and unmatched liquidity of the CBOT® markets, CBOT® X-Funds will generate additional trading opportunities for our members and customers. This is another example of our continuing efforts to create liquid markets and bring innovative products to the futures marketplace for every variety of investor."

CBOT® X-Funds are short-duration futures contracts based on the performance of a professionally selected futures index. Initially, CBOT® X-Funds will be comprised of up to four CBOT® futures contracts, with each contract designated as either a long or short position. The components remain fixed throughout the contract trading cycle.

An unique feature of CBOT® X-Fund futures is the trading cycle of two weeks. At expiration all positions are cash-settled and closed out, and the CBOT® X-Fund administrator then introduces a new selection of underlying components for the next trading cycle. CBOT® officials will designate the CBOT® X-Fund administrator.