TO:	ALL CLEARING MEMBERS
FROM:	CLIENT SERVICES AND SUPPPORT
DATE:	August 21, 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, August 23, 2002:

CBOT Margin Rates	From	To
10 Year Agency Note	$1200	$1300
10 Year Treasury Note	$1200	$1300
5 Year Treasury Note	$900	$1000
2 Year Treasury Note	$800	$900
10 Year Swap	$1200	$1300
Mini 10 Year Treasury Note	$600	$650

	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)	20%	80%		25%	75%
Mini U.S. Treasury Bond vs. 10-Year Treasury Note (2:1)	20%	80%		25%	75%
U.S. Treasury Bond vs. Mini 10-Year Treasury Note (1:2)	20%	80%		25%	75%
Mini U.S. Treasury Bond vs. Mini 10-Year Treasury Note (1:1)	20%	80%		25%	75%
U.S. Treasury Bond vs. 10-Year Treasury Note (1:2)	15%	85%		20%	80%
Mini U.S. Treasury Bond vs. 10-Year Treasury Note (1:1)	15%	85%		20%	80%
U.S. Treasury Bond vs. Mini 10-Year Treasury Note (1:4)	15%	85%		20%	80%
Mini U.S. Treasury Bond vs. Mini 10-Year Treasury Note (1:2)	15%	85%		20%	80%
U.S. Treasury Bond vs. 5-Year Treasury Note (1:1)	30%	70%		35%	65%
Mini U.S. Treasury Bond vs. 5-Year Treasury Note (2:1)	30%	70%		35%	65%
U.S. Treasury Bond vs. 5-Year Treasury Note (2:5)	20%	80%		25%	75%
Mini U.S. Treasury Bond vs. 5-Year Treasury Note (4:5)	20%	80%		25%	75%
10 Year Treasury Note vs. Muni-Bond Index (1:1)	25%	75%		35%	65%
Mini 10 Year Treasury Note vs. Muni-Bond Index (2:1)	25%	75%		35%	65%
2 Year Treasury Note vs. 5 Year Treasury Note (1:1)	15%	85%		20%	80%
5 Year Treasury Note vs. Muni-Bond Index (1:1)	30%	70%		40%	60%
U.S. Treasury Bond vs. 10 Year Agency Note (1:2)	25%	75%		30%	70%
Mini U.S. Treasury Bond vs. 10 Year Agency Note (2:2)	25%	75%		30%	70%
10 Year Agency Note vs. 5 Year Treasury Note (2:3)	20%	80%		30%	70%
10 Year Agency Note vs. 2 Year Treasury Note (2:3)	20%	80%		30%	70%

Should you have any questions, please call or e-mail one of the following Client Services and Support Representatives:

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
Mark Steffen	786-5761	mark.steffen@botcc.com
Jill Turner	786-5718	jill.turner@botcc.com
Thomas Andrews	Director	thomas.andrews@botcc.com
Client Services and Support E-Mail Address		css@botcc.com
BOTCC Web Site		http://www.botcc.com