Date:                                          July 24, 2006

Recipients:                                Members and Independent Software Vendors

Authorized by:                           Jeffrey S. Hersh

Title:                                          Revisions to the e-cbot Error Trade Policy and Dynamic

                                                   Price Limits

Action Date:                              Monday, July 31, 2006 (trade date August 1, 2006)

Document Recommended for: All Departments

Related Bulletins:                     n/a

Attachment:                               n/a

SUMMARY:

The Board of Directors has approved revisions to the Exchange’s e-cbot® Error Trade Policy (CBOT ® Rulebook Appendix 9B.2) and Dynamic Price Limits.  These revisions will be effective as of Monday, July 31, 2006 (trade date August 1, 2006).

The CBOT Notice summarizing changes to the Error Trade Policy and Dynamic Price Limits has been distributed.  The revised Error Trade Policy is available by clicking here.

Questions regarding these policy revisions may be directed to e-cbot Market Operations (telephone 312-347-4600).

If you have any questions about this Bulletin, please contact your Key Account Manager.