CHICAGO -- The Chicago Board of Trade announced that its Board of Directors has requested a special meeting of members to approve changes to the CBOT's rules to eliminate the member approval requirement for electronic trading of agricultural products during the day.

Currently, the CBOT's rules require approval of exchange members before agricultural products may be listed on the CBOT's electronic trading platform during the trading day. The changes approved by the Board today would allow the CBOT's Board of Directors to determine the best time and platform for trading CBOT agricultural products.



The changes to the rules, as well as certain related changes to the CBOT's charter, must be approved by the members of the CBOT. The Board has called a special meeting for this purpose to be held on March 8, 2006, and has established Feb. 1, 2006, as the record date for members entitled to notice of and to vote at the special meeting.



Approval of these changes requires the affirmative vote of the holders a majority of the votes cast at the special meeting by the Series B-1 (Full) members, who are entitled to one vote per B-1 membership, and the Series B-2 (Associate) members, who are entitled to one-sixth of one vote per B-2 membership, voting together as a single class.



As one of the leading global derivative exchanges, the Chicago Board of Trade provides a diverse mix of financial, equity, and commodity futures and options-on-futures products. Building on its 157-year history, the CBOT continues to advance into the future using the strength of deep liquidity, market integrity and member-trader expertise.



SOURCE: Chicago Board of Trade via PR Newswire.