The Board shall, subject to applicable provisions in the relevant corporate charter and bylaws:

a.     Be the governing body of the Exchange;

b.     Have charge and control of all property of the Exchange;

c.     Provide, acquire and maintain suitable Exchange quarters and facilities;

d.     Review and approve the appointment of a Chief Executive Officer and President upon recommendation of a special committee established for this purpose by the Board;

e.     Receive reports from the Executive Committee regarding the appointment, titles and responsibilities of all Exchange officers;

f.      Designate and authorize specific appointed officers to act on behalf of the Board to execute contracts within specified budgetary limits;

g.     Fix, determine and levy all membership dues, fees and assessments when necessary;

h.     Act in a judicial capacity in the conduct of hearings with respect to any charges proffered against members and, after such hearings, determine what disciplinary action, if any, should be taken by the Exchange with respect to those charges;

i.      Determine the commodities traded, the membership Series which shall be permitted to trade such commodities, the delivery months, hours of trading, the days of the contract month on which delivery may be made, and performance bond requirements;

j.      Make and amend the Rules of the Exchange; provided, the Board has also delegated such authority to make and amend the Rules of the Exchange to the Chairman and Vice Chairman of the Board and the Chief Executive Officer acting together, provided, further, that the CBOT Directors (as defined in the Certificate of Incorporation) retain their rights for advance notice of such new and amended Rules and their right to submit such new and amended Rules to the Rule Change Committee (as defined in the Certificate of Incorporation) as set forth in Article IV, Section D(2)(e) of the Certificate of Incorporation prior to approval by the Chairman and Vice Chairman of the Board and the Chief Executive Officer; and

k.     Have power to act in emergencies.  In the event that the Board or a hearing panel of the Board pursuant to Rule 410 determines that an emergency situation exists in which the free and orderly market in a commodity is likely to be disrupted, or the financial integrity of the Exchange is threatened, or the normal functioning of the Exchange has been or is likely to be disrupted, it may, upon a majority vote of the members present or upon a majority vote of the members who respond to a poll, take such action as may in the Board's sole discretion appear necessary to prevent, correct or alleviate the emergency condition. Board members who abstain from voting on a Significant Action as defined in Rule 234 shall not be counted in determining whether such action was approved by a majority vote, but such members can be counted for the purpose of determining whether a quorum exists. Without limiting the foregoing, the Board may: (1) terminate trading, (2) limit trading to liquidation of contracts only, (3) order liquidation of all or a portion of a member's proprietary and/or customers' accounts, (4) order liquidation of positions of which the holder is unable or unwilling to make or take delivery, (5) confine trading to a specific price range, (6) modify the trading days or hours, (7) alter conditions of delivery, (8) fix the settlement price at which contracts are to be liquidated, and (9) require additional performance bonds to be deposited with the Clearing House. All Exchange contracts shall be subject to the Board's emergency powers and the specifications of each shall be deemed subject to this rule.

        Any authority or discretion by these rules vested in the Chairman, Vice-Chairman, Chief Executive Officer, President or other officer or delegated to any committee shall not be construed to deprive the Board of such authority or discretion and in the event of a conflict, the determination of the matter by the Board shall prevail. (11/29/07)