TO:	ALL CLEARING PARTICIPANTS
FROM:	CLIENT SERVICES AND SUPPORT
DATE:	February 2, 2005
SUBJECT:	Eurex US and Euro Link Margin Rate Changes

The following margin intervals are effective with the mid-day calculation on Friday, February 4, 2005:

Eurex US Margin Rates	From	To
US Treasury Bonds	$1700	$1450

Eurex US Inter-Commodity Spread Credit Rates	Spread Margin% From	Spread Savings% From	Spread Margin% To	Spread Savings% To
US Treasury Bonds vs 10-Year Treasury Notes (1:1)	35%	65%	30%	70%
US Treasury Bonds vs 2-Year Treasury Notes (1:3)	40%	60%	35%	65%
10-Year Treasury Notes vs 5-Year Treasury Notes (1:1)	25%	75%	20%	80%
10-Year Treasury Notes vs 2-Year Treasury Notes (2:3)	30%	70%	25%	75%
10-Year Treasury Notes vs 2-Year Treasury Notes (1:1)	45%	55%	35%	65%
5-Year Treasury Notes vs 2-Year Treasury Notes (1:1)	25%	75%	20%	80%

Euro Link Inter-Exchange Spread Credits	Spread Credit From	Spread Credit To
Euro-Bund vs US Treasury Bonds (1:1)	55%	65%
Euro-Bund vs 10-Year Treasury Notes (1:1)	65%	70%
Euro-Bund vs 5-Year Treasury Notes (1:1)	65%	0%
Euro-Bund vs 2-Year Treasury Notes (1:1)	65%	0%
Euro- Bobl vs US Treasury Bonds (1:1)	45%	55%
Euro- Bobl vs 10-Year Treasury Notes (1:1)	60%	70%
Euro- Bobl vs 5-Year Treasury Notes (1:1)	55%	65%
Euro- Bobl vs 2-Year Treasury Notes (1:1)	60%	0%
Euro- Schatz vs US Treasury Bonds (1:1)	25%	40%
Euro- Schatz vs 10-Year Treasury Notes (1:1)	50%	55%
Euro- Schatz vs 5-Year Treasury Notes (1:1)	55%	0%
Euro- Schatz vs 2-Year Treasury Notes (1:1)	65%	0%

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