TO:	ALL CLEARING MEMBERS
FROM:	BUSINESS SYSTEMS GROUP
DATE:	November 14, 2001
SUBJECT:	Margin Updates

The Board of Trade Clearing Corporation has authorized the following margin changes effective with the mid-day margin calculation on Friday, November 16, 2001:

CBOT Margin Rates	From	To
Soybean	$700	$600
Soybean Meal	$700	$500
10-Year Treasury Note	$1200	$1000
Mini 10-Year Treasury Note	$600	$500
5-Year Treasury Note	$900	$700
2-Year Treasury Note	$850	$700
30-Day Fed Funds	$600	$400
10-Year Interest Rate Swap	$1200	$1000
Mini Eurodollar	---	$250

	From			To
CBOT Inter-Commodity Spread Credit Rates		Spread Savings %		Spread Savings %
U.S. Treasury Bond vs. 10-Year Treasury Note (1:1)		75%			70%
Mini U.S. Treasury Bond vs. 10-Year Treasury Note (2:1)		75%			70%
U.S. Treasury Bond vs. Mini 10-Year Treasury Note (1:2)		75%			70%
Mini U.S. Treasury Bond vs. Mini 10-Year Treasury Note (1:1)		75%			70%
U.S. Treasury Bond vs. 5-Year Treasury Note (1:1)		55%			50%
Mini U.S. Treasury Bond vs. 5-Year Treasury Note (2:1)		55%			50%
U.S. Treasury Bond vs. Long-Term Municipal Bond Index (1:1)		75%			70%
Mini U.S. Treasury Bond vs. Long-Term Municipal Bond Index (2:1)		75%			70%
10-Year Treasury Note vs. 2-Year Treasury Note (2:3)		75%			70%
Mini 10-Year Treasury Note vs. 2-Year Treasury Note (4:3)		75%			70%
U.S. Treasury Bond vs. Long-Term Agency Notes (1:2)		65%			75%
Mini U.S. Treasury Bond vs. Long-Term Agency Notes (1:1)		65%			75%
10-Year Interest Rate Swap vs. Long-Term Agency Notes (1:1)		60%			80%
10-Year Interest Rate Swap vs. 10-Year Treasury Note (1:1)		---			80%
10-Year Interest Rate Swap vs. Mini 10-Year Treasury Note (1:2)		---			80%
30-Day Fed Funds vs. Mini Eurodollar (3:5)		---			80%

MACE Margin Rates	From	To
Soybean	$140	$120
Soybean Meal	$350	$250

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
Ross McDonald	786-3804	ross.mcdonald@botcc.com
Molly McMahon	786-5731	molly.mcmahon@botcc.com
Richard Scruggs	786-5739	richard.scruggs@botcc.com
Jill Turner	786-5718	jill.turner@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