From: Brian Cassidy
Sent: February 20, 2007
Subject: File No. SR-CBOE-2006-106

I am writing in regard to the CBOE"s proposed rule change by which the CBOE wishes to extingish my CBOE "exercise right ". When I purchased my Chicago Board of Trade membership in 1980 I paid a premium for a Chicago Board of Trade membership which entitled me to all priveleges of a " full " member of the CBOT which included an " exersise right " at the CBOE. Over the last twentyseven years the CBOT membership has continued to trade ( price basis ) at a premium to the CBOE. This was not because of income opportunity at the respective exchanges but because the buyer of a CBOT membership was buying or investing into two exchanges. As it turns out I made a very good investment. Both exchanges have prospered. The proposed merger of the CME and the CBOT does nothing to change my status. I am entitled to reap the benefits of the investment I made in 1980. The CBOE HAS NO BASIS TO DENY ME THAT.