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CBOT to change rules for electronic trading of agricultural products

Agriculture.com Staff 01/25/2006 @ 7:39am

The Chicago Board of Trade (CBOT(R)) (NYSE:BOT) , one of the world's leading derivatives exchanges, announced today 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, according to a CBOT press release.

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 February 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.

The Chicago Board of Trade (CBOT(R)) (NYSE:BOT) , one of the world's leading derivatives exchanges, announced today 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, according to a CBOT press release.

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