February 12, 2007
To Whom It May Concern:
Since the creation of the CBOE by the CBOT, the CBOT has been granted by the CBOE, a right to become CBOE members, without buying a separate membership. Article Fifth(b) provides these privileges. This contract enables the CBOT to have trading rights and share in an equity distribution at the CBOE. The CBOE'S proposed rule change is clearly an effort by the CBOE, to void the contractual obligations owed to CBOT members, and to enrich CBOE members, to the detriment of CBOT members. This is a dispute of contract law that should remain and be decided in the Delaware Courts.
Thank you for consideration of my letter,