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FIA presentation November 7, 2002 Chicago Board of Trade Exchange Fees

This presentation discusses the fee changes at the Chicago Board of Trade (CBOT) in 2002 and provides a review of the Dashboard functionality. It covers the reduction of fees for non-member financial transactions, surcharge waivers for Dow products, fee credits for like contracts, and more. The presentation also highlights the benefits of the Dashboard, including more accurate billing processes and detailed billing information.

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FIA presentation November 7, 2002 Chicago Board of Trade Exchange Fees

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  1. FIA presentationNovember 7, 2002Chicago Board of TradeExchange Fees Chicago Board of Trade The World’s Leading Futures Exchangesm

  2. Fee Changes in 2002 • non-member financial (open outcry) has been reduced to $0.30 (waiver extended through 2003) • Dow products surcharge - waived beginning June 1, 2002 • Dow products - all fees waived for the 4th quarter • Dow products surcharge - waived for 2003 • Member fees will be reduced to $0.02 for 2003 • Providing fee credits on a/c/e for like contracts based on trades done in open outcry. • A/c/e member fees have been reduced • Technology service fee waived for 3rd, 4th quarter of 2002 and for 2003.

  3. Dashboard functionality • Internet access to Exchange fee billing web site • Maintenance of Accounts for billing purposes • Non-Trade Allocations will be performed within the Exchange Fee Billing System • Invoices will be calculated based upon the status of the account, not the fee indicator entered by the clearing firm • Trade Detail report displaying trade volume and charges will be available for viewing and printing on a daily basis

  4. Dashboard and Exchange Fee Billing: A Review • Firms were granted access to Dashboard on August 2nd to review and update the Account Tracking information. • In August, July data was available in the Simulation environment for review, non-trade allocations, and report generation. • In September, August data was available in the Simulation environment. September data was available in Production. • On September 18, the CBOT met with the FIA to discuss the progress of Dashboard. At the request of our member Clearing firms, the CBOT agreed to delay the launch of Dashboard in Production until November 1st (October activity). • Dashboard Production began November 1st • The CBOT has continued to troubleshoot and correct issues and problems.

  5. Dashboard benefits • Will Provide: • More Accurate Billing Processes • Fewer Manual Adjustments • Reduce Firm Reconciliation Effort • More Detailed Billing Information More Frequently • More Accurate Billing Information

  6. Project timeline • November 1st in Production for Dashboard • Production cut over included functionality to calculate the a/c/e credit program • We have begun work on our enhancement list. Enhancement included in November roll-out for non-trade allocations: • futures from assignments and exercises will be defaulted based on information entered for assignments and exercises. These will no longer need to be entered as a separate allocation.

  7. Additional enhancements in 2003 • On-line corrections of account information • On-line adjustments - no more Excel spreadsheet submissions • addition of non-trade allocations to all trade reports (summary and detail) • additional reporting enhancements

  8. Additional Training • We will be scheduling additional classes on the following Fridays from 1:30 to 3:30: • October 11 • November 8 • December 13 • January 10 • The schedule will be posted on our web page along with a registration form. • A self-paced Tutorial will be available early next week on the Clearing Firm billing page at cbot.com. This tutorial covers account tracking, non-trade allocations and reporting. This will allow any new staff to take the class as their schedules permit. In addition, this will be a great refresher for those who have been through training. • A self-paced CD/Rom Tutorial will be available with the same information as above upon request. • Help functionality was added to Dashboard in September

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