The following margin rate changes will become effective with the opening of business Monday, April 21, 2003:

CBOT Margin Rates	From	To
Wheat	$750	$650
Mini Wheat	$150	$130
Soybean Oil	$500	$400
10-Year Agency Notes	$1500	$1300
5-Year Agency Notes	$600	$800
5-Year Treasury Notes	$1000	$900
10-Year Municipal Note Index	$1400	$1200
5-Year Interest Rate Swap	$1000	$900

	From			To
CBOT Inter-Commodity Spread Credit Rates	Spread Margin %	Spread Savings %		Spread Margin %	Spread Savings %
U.S. Treasury Bond vs. 10-Year Municipal Note Index (1:1)	25%	75%		30%	70%
Mini U.S. Treasury Bond vs. 10-Year Municipal Note Index (2:1)	25%	75%		30%	70%
2-Year Treasury Notes vs. 10-Year Treasury Notes (1:1)	30%	70%		35%	65%
2-Year Treasury Notes vs. Mini 10-Year Treasury Notes (1:2)	30%	70%		35%	65%
2-Year Treasury Notes vs. 10-Year Treasury Notes (3:2)	25%	75%		30%	70%
2-Year Treasury Notes vs. Mini 10-Year Treasury Notes (3:4)	25%	75%		30%	70%
2-Year Treasury Notes vs. 5-Year Treasury Notes (1:1)	20%	80%		30%	70%
10-Year Agency Notes vs. 5-Year Treasury Notes (2:3)	30%	70%		25%	75%
10-Year Agency Notes vs. 2-Year Treasury Notes (2:3)	30%	70%		40%	60%
10-Year Treasury Notes vs. 5-Year Agency Notes (2:3)	25%	75%		30%	70%
Mini 10-Year Treasury Notes vs. 5-Year Agency Notes (4:3)	25%	75%		30%	70%
5-Year Treasury Notes vs. 5-Year Agency Notes (1:1)	15%	85%		30%	70%
2-Year Treasury Notes vs. 5-Year Agency Notes (1:1)	20%	80%		40%	60%
5-Year Agency Notes vs. 10-Year Agency Notes (3:2)	25%	75%		30%	70%

CBOT Old Crop vs. New Crop Spread Charge	From	To
Wheat Old Crop vs. Wheat New Crop	$450	$300
Mini Wheat Old Crop vs. Mini Wheat New Crop	$90	$60

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

John Compall		john.compall@clearingcorp.com
Shawn Gebbia	786-5748	shawn.gebbia@clearingcorp.com
Marc MacQuarrie	786-5732	marc.macquarrie@clearingcorp.com
Ross McDonald	786-3804	ross.mcdonald@clearingcorp.com
Molly McMahon	786-5731	molly.mcmahon@clearingcorp.com
Mark Steffen	786-5761	mark.steffen@clearingcorp.com
Jill Turner	786-5718	jill.turner@clearingcorp.com
Thomas Andrews	Director	thomas.andrews@clearingcorp.com
Client Services and Support E-Mail Address		css@clearingcorp.com
Clearing Corporation Web Site		http://www.botcc.com