TO:	ALL CLEARING MEMBERS
FROM:	BUSINESS SYSTEMS GROUP
DATE:	February 20, 2002
SUBJECT:	Margin Updates

The Board of Trade Clearing Corporation has authorized the following margin changes effective with the mid-day margin calculation on Friday, February 22, 2002:

CBOT Margin Rates	From	To
Soybean Meal	$450	$550
10 Year Agency Note	$1600	$1400

	From			To
CBOT Inter-Commodity Spread Credit Rates	Spread Margin %	Spread Savings %		Spread Margin %	Spread Savings %
U.S. Treasury Bond vs. 10-Year Treasury Note (1:1)	30%	70%		25%	75%
Mini U.S. Treasury Bond vs. 10-Year Treasury Note (2:1)	30%	70%		25%	75%
U.S. Treasury Bond vs. Mini 10-Year Treasury Note (1:2)	30%	70%		25%	75%
Mini U.S. Treasury Bond vs. Mini 10-Year Treasury Note (1:1)	30%	70%		25%	75%
U.S. Treasury Bond vs. 10-Year Treasury Note (1:2)	25%	75%		20%	80%
Mini U.S. Treasury Bond vs. 10-Year Treasury Note (1:1)	25%	75%		20%	80%
U.S. Treasury Bond vs. Mini 10-Year Treasury Note (1:4)	25%	75%		20%	80%
Mini U.S. Treasury Bond vs. Mini 10-Year Treasury Note (1:2)	25%	75%		20%	80%
U.S. Treasury Bond vs. 5-Year Treasury Note (1:1)	50%	50%		45%	55%
Mini U.S. Treasury Bond vs. 5-Year Treasury Note (2:1)	50%	50%		45%	55%
U.S. Treasury Bond vs. 5-Year Treasury Note (2:5)	30%	70%		25%	75%
Mini U.S. Treasury Bond vs. 5-Year Treasury Note (4:5)	30%	70%		25%	75%
10 Year Treasury Note vs. 5 Year Treasury Note (1:1)	25%	75%		20%	80%
Mini 10 Year Treasury Note vs. 5 Year Treasury Note (2:1)	25%	75%		20%	80%
10 Year Treasury Note vs. 5 Year Treasury Note (2:3)	20%	80%		15%	85%
Mini 10 Year Treasury Note vs. 5 Year Treasury Note (4:3)	20%	80%		15%	85%

For information purposes, please note that the following Mid-America Commodity Exchange margins will change to follow the primary markets:

MACE Margin Rates	From	To
Soybean Meal	$225	$275

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
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