TO:	ALL CLEARING MEMBERS
FROM:	BUSINESS SYSTEMS GROUP
DATE:	January 11, 2001
SUBJECT:	Margin Updates

The Board of Trade Clearing Corporation has authorized the following margin rates effective with the start of trading of the CBOT 5-Year Agency Notes on Friday, January 12, 2001:

CBOT Margin Rates

Margin Rate

5-Year Agency Notes

$ 450

CBOT Inter-Commodity Spread Credit Rates

Spread Savings %

U.S. Treasury Bonds vs. 5-Year Agency Notes (2:5)

55%

U.S 10-Year Notes vs. 5-Year Agency Notes (2:3)

75%

U.S. 5-Year Notes vs. 5-Year Agency Notes (1:1)

85%

U.S. 2-Year Notes vs. 5-Year Agency Notes (1:1)

80%

5-Year Agency Notes vs. 10-Year Agency Notes (2:3)

75%

CBOT Implied Volatility Scan

Volatility Scan

5-Year Agency Notes

15%

CBOT vs. MACE Inter-Commodity Spread Credit Rates

Spread Savings %

5-Year Agency Notes vs. U.S. Treasury Bonds (5:4)

55%

5-Year Agency Notes vs. 10-Year Notes (3:4)

75%

5-Year Agency Notes vs. U.S. 5-Year Notes (1:2)

85%

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