The following margin rate changes will become effective with the mid-day calculation on Friday, June 20, 2003:

CBOT Margin Rates	From	To
10-Year Agency Notes	$1,300	$1,100

	From			To
CBOT Inter-Commodity Spread Credit Rates	Spread Margin %	Spread Savings %		Spread Margin %	Spread Savings %
Soybeans vs. Soybean Meal (1:1)	35%	65%		30%	70%
Mini-Soybeans vs. Soybean Meal (5:1)	35%	65%		30%	70%
Soybeans vs. Soybean Meal, Soybean Oil (1:1:1)	20%	80%		15%	85%
Mini-Soybeans vs. Soybean Meal, Soybean Oil (5:1:1)	20%	80%		15%	85%
Soybeans vs. Soybean Meal, Soybean Oil (10:9:11)	20%	80%		15%	85%
Mini-Soybeans vs. Soybean Meal, Soybean Oil (50:9:11)	20%	80%		15%	85%
US Treasury Bonds vs. 10-Year Treasury Notes (1:1)	25%	75%		30%	70%
Mini-US Treasury Bonds vs. Mini-10-Year Treasury Notes (1:1)	25%	75%		30%	70%
Mini-US Treasury Bonds vs. 10-Year Treasury Notes (2:1)	25%	75%		30%	70%
US Treasury Bonds vs. Mini-10-Year Treasury Notes (1:2)	25%	75%		30%	70%
US Treasury Bonds vs. 5-Year Treasury Notes (1:1)	35%	65%		45%	55%
Mini-US Treasury Bonds vs. 5-Year Treasury Notes (2:1)	35%	65%		45%	55%
US Treasury Bonds vs. 10-Year Municipal Note Index (1:1)	30%	70%		35%	65%
Mini-US Treasury Bonds vs. 10-Year Municipal Note Index (2:1)	30%	70%		35%	65%
US Treasury Bonds vs. 10-Year Agency Notes (1:2)	20%	80%		25%	75%
Mini-US Treasury Bonds vs. 10-Year Agency Notes (1:1)	20%	80%		25%	75%
5-Year Interest Rate Swap vs. 5-Year Treasury Notes (1:1)	25%	75%		20%	80%

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
Marc MacQuarrie	786-5732	marc.macquarrie@clearingcorp.com
Molly McMahon	786-5731	molly.mcmahon@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.clearingcorp.com