TO:	ALL CLEARING MEMBERS
FROM:	BUSINESS SYSTEMS GROUP
DATE:	December 13, 2000
SUBJECT:	Margin Updates

The Board of Trade Clearing Corporation has authorized the following margin changes effective with the mid-day margin calculation on Friday, December 15, 2000:

CBOT Commodities	From		To
Wheat	$500		$400
Long-Term Municipal Bond Index	$900		$800
CBOT Implied Volatility Scan	From		To
Soybean Oil	12%		20%
	From				To
CBOT Inter-Commodity Spread Credit Rates	Spread Margin %		Spread Savings %		Spread Margin %	Spread Savings %
Soybeans vs. Soybean Meal vs. Soybean Oil	15%		85%		20%	80%
(Crush 1:1:1)
Soybeans vs. Soybean Meal vs. Soybean Oil	15%		85%		20%	80%
(Crush 10:11:9)
CBOT Old Crop vs. New Crop Spread Margins	From		To
Soybean Meal vs. New Crop Soybean Meal	$200		$300
CBOT Financials	From		To
Medium Term Agency Notes	$400		$450
CBOT Inter-Commodity Spread Credit Rates	From				To
U.S. Treasury Bonds vs. Medium Term Agency Notes (2:5)	35%		65%		45%	55%
U.S. 10-Year notes v. Medium Term Agency Notes (2:3)	20%		80%		25%	75%
U.S. 5-Year Notes vs. Medium Term Agency Notes (1:1)	20%		80%		15%	85%
U.S. 2-Year Notes vs. Medium Term Agency Notes (1:1)	30%		70%		20%	80%
Medium Term Agency Notes vs. Long Term Agency Notes (2:3)	20%		80%		25%	75%
CBOT Implied Volatility Scan	From		To
Medium Term Agency Notes	--		15%
	From				To
CBOT vs. MACE Inter-Commodity Spread Credit Rates	Spread Margin %		Spread Savings %		Spread Margin %	Spread Savings %
Medium Term Agency Notes vs. U.S. Treasury Bonds (5:4)	35%		65%		45%	55%
Medium Term Agency Notes vs. U.S. 10-Year Notes (3:4)	20%		80%		25%	75%
Medium Term Agency Notes vs. U.S. 5-Year Notes (1:2)	20%		80%		15%	85%
MACE Commodities	From		To
Wheat	$100		$80
MACE Implied Volatility Scan	From		To
Soybean Oil	12%		20%
		From			To
MACE Inter-Commodity Spread Credit Rates	Spread Margin %		Spread Savings %		Spread Margin %	Spread Savings %
Soybean vs. Soybean Meal vs. Soybean Oil	15%		85%		20%	80%
(Crush 2:2:5)
Soybeans vs. Soybean Meal vs. Soybean Oil	15%		85%		20%	80%
(Crush 25:11:9)
MACE Old Crop vs. New Crop Spread Margins	From		To
Soybean Meal vs. New Crop-Soybean Meal	$100		$150

Should you have any questions, please call or e-mail one of the following Business Systems Analysts:

John Compall		john.compall@botcc.com
Shawn Gebbia	786-5748	shawn.gebbia@botcc.com
Marc MacQuarrie	786-5732	marc.macquarrie@botcc.com
Richard Scruggs	786-5739	richard.scruggs@botcc.com
Jill Turner	786-5718	jill.turner@botcc.com
Matt Walsh		matt.walsh@botcc.com
Kelli Wegener	786-5761	kelli.wegener@botcc.com
Thomas Andrews	Manager	thomas.andrews@botcc.com
Diane Schuering	Vice President	diane.schuering@botcc.com
Business Systems Group E-Mail Address		bsg@botcc.com
BOTCC Web Site		http://www.botcc.com