Effective February 24, 2003, the Board of Trade Clearing Corporation ("Clearing Corporation") amended Clearing Corporation Bylaw 605. The purpose of amending Bylaw 605 is to facilitate expansion of the types of instruments the Clearing Corporation accepts in lieu of cash as original margin. However, before an additional instrument is accepted as original margin collateral, it will need to meet specific criteria established by the Clearing Corporation's Risk Committee and will need to be approved by the Clearing Corporation's President or its Risk Committee.

The Clearing Corporation is currently reviewing additional financial instruments to be accepted as original margin collateral, but has not yet approved any of those instruments. (A bulletin will be circulated to members as soon as any additional instruments are approved.)

You can view this change by clicking on the Clearing Corporation website below:

http://www.botcc.com/bylaws/bylaws-05.html

If you have any questions regarding the amendment to Bylaw 605, please contact Nancy Brooks at (312) 786-5711 or Robert Hertel at (312) 786-5743.