I am a full member of the Chicago Board of Trade and am writing to express my opposition to File No. SR-CBOE-2006-106.
I purchased my full seat with the contractual knowledge that CBOT full members would have trading rights to the CBOE. These rights were not to be extinguished when found financially convenient for the CBOE. The CBOT created the CBOE and now the CBOE would like to compensate its members for the time, money and efforts put forth by the CBOT.
As eligible full members of the CBOT we have the right to share equally in any distribution of the CBOE's planned demutualization.
For these reasons, I recommend the Committee to deny the Proposed Rule Change.
Thank you for your time and consideration.
Rose G. Schneider
CBOT full member