CME Reports Average Daily Volume Of More Than 3.2 Million Contracts In November, Up 40 Percent From Prior-Year Period - CME Globex® Volume Represents 68 Percent Of Total Exchange Volume,Equalling October 2004 Record

CME, the largest U.S. futures exchange, today reported that total volume for November averaged more than 3.2 million contracts per day, up 40 percent from the same period a year ago. This includes the Thanksgiving Day and Veterans Day holidays, when many CME markets were closed for certain periods. Average daily volume on CME Globex®, the exchange’s electronic trading platform, approached 2.2 million contracts, a 112 percent increase from November 2003. Electronic trading represented 68 percent of total CME volume in November, compared with 45 percent in the prior-year period.

Volume in CME foreign exchange (FX) products grew 67 percent in November, compared with the same period last year, to an average daily volume of more than 224,000 contracts – the highest average daily volume ever in a non-roll month. During November, electronic foreign exchange (eFX) products grew 131 percent from November 2003 to reach a record 172,000 contracts per day, exceeding the record set during the prior month of October. On November 5, the exchange set a new trading volume record of 270,648 contracts in its eFX markets on CME Globex – up from the prior record of 236,349 contracts on October 28.

CME total interest rate volume exceeded 1.8 million contracts per day in November, up 57 percent from the same period a year ago. Interest-rate products were nearly 55 percent electronic, up from 51 percent the prior month. This increase was driven by CME Eurodollar futures on CME Globex, which were 74 percent electronic in November compared with 15 percent in January. CME Eurodollar futures on Globex averaged 988,000 contracts perday in November.

Trading in CME E-mini(™) index products averaged more than 1 million contracts per day in November, up 14 percent compared with the same period last year.

Open interest for all CME products at month end was more than 37 million contracts, including 11 million Total Return Asset Contracts(SM) (TRAKRS). Additionally, Chicago Boardof Trade (CBOT) had approximately 10.5 million open contract positions at the CME Clearing House at the end of November. Open interest represents the number of contract positions which are not closed out at the end of a trading session. CBOT’s average daily volume in November exceeded 2.8 million contracts per day.

CME AVERAGE DAILY VOLUME (In Thousands)

	November 2004	November 2003	Percentage Change
PRODUCT GROUP
Interest Rates	1,835	1,173	+57%
E-Mini’s	1,012	888	+14%
Equity Standard	108	88	+23%
Foreign Exchange	224	134	+67%
Commodities	53	34	+55%
Sub Total	3,233	2,317	+40%
TRAKRS	85	33	+161%
Total	3,318	2,349	+41%
VENUE
Open Outcry	993	1,250	-21%
GLOBEX (Ex TRAKRS)	2,195	1,036	+112%
Privately Negotiated	45	30	+48%

Monthly Volume Reports

Chicago Mercantile Exchange Inc. (www.cme.com) is the largest futures exchange in the United States. As an international marketplace, CME brings together buyers and sellers on its trading floors and CME Globex® electronic trading platform. CME offers futures and options on futures primarily in four product areas: interest rates, stock indexes, foreign exchange and commodities. The exchange moved approximately $1.5 billion per day in settlement payments in the first nine months of 2004 and managed $39.8 billion in collateral deposits as of September 30, 2004. CME is a wholly owned subsidiary of Chicago Mercantile Exchange Holdings Inc. (NYSE: CME), which is part of the Russell 1000® Index.