To whom it may concern,

I am totally opposed to the CBOEs proposal to extinguish the exercise rights of CBOT Full seat holders. When I purchased my Full CBOT seat it was with the understanding that in doing so I would gain certain privileges. Those privileges included; a full voting share at the CBOT, the ability to trade every CBOT contract at member rates and the ability to exercise my right to become a member of the CBOE.

The CBOTs merger with the MERC should in no way affect any of those rights. The CBOE would never have been created if it werent for the expense and the efforts of the CBOT and its members.

The CBOE is using the excuse of the CBOT/MERC merger to break an agreement that has stood since the creation of the CBOE. The only goal of the CBOE in breaking this long standing agreement is to further line the pockets of their members who would not even have an exchange had it not been for the efforts of the CBOT.

The CBOT and its members as well as the CBOE and its members have known of this agreement for as long as the CBOE has been in existence. The SEC should disapprove the CBOEs proposed rule change to break an agreement that has stood since the CBOT created the CBOE.


David G. Northey
M & N Trading
Chicago, IL