TO:	ALL CLEARING PARTICIPANTS
FROM:	CLIENT SERVICES AND SUPPORT
DATE:	April 6, 2005
SUBJECT:	Eurex US Margin Rates

The following margin intervals and spread credit rates are effective with the mid-day calculation on Friday, April 8, 2005:

Eurex US Margin Rates	From	To
3-Year Treasury Notes	$750	$650
2-Year Treasury Notes	$450	Deleted
2-Year Jumbo Treasury Notes	$2250	$1850
Russell	$1650	$1500

:

Eurex US Inter-Commodity Spread Credit Rates	Spread Margin % From	Spread Savings % From	Spread Margin % To	Spread Savings %
US Treasury Bonds vs 10-Year Treasury Notes (1:1)	30%	70%	35%	65%
Us Treasury Bonds vs 10-Year Treasury Notes (1:2)	20%	80%	15%	85%
US Treasury Bonds vs 5-Year Treasury Notes (2:5)	30%	70%	25%	75%
3-Year Treasury Notes vs 2-Year Treasury Notes (3:1)	15%	85%	30%	70%
3-Year Treasury Notes vs 10-Treasury Notes (1:1)	20%	80%	35%	65%
3-Year Treasury Notes vs US Treasury Bonds (3:1)	25%	75%	35%	65%
3_Year Treasury Notes vs US Treasury Bonds (1:1)	35%	65%	50%	50%
Russell 1000 vs Russell 2000 (1:1)	30%	70%	35%	65%
2-Year Treasury Notes vs US Treasury Bonds (3:1)	35%	65%	Deleted	Deleted
2-Year Treasury Notes vs 10-Year Treasury Notes (3:2)	30%	70%	Deleted	Deleted
2-Year Treasury Notes vs 10-Year Treasury Notes (1:1)	40%	60%	Deleted	Deleted
2-Year Treasury Notes vs 5-Year Treasury Notes (1:1)	25%	75%	Deleted	Deleted

Euro Link Inter – Exchange Spread Credits	Spread Credit From	Spread Credit To
Euro-Bund vs US Treasury Bonds (1:1)	65%	0%
Euro-Bund vs 10 Treasury Notes (1:1)	70%	0%
Euro-Bund vs 5-Year Treasury Notes (1:1)	65%	0%
Euro-Bund vs 3-Year Treasury Notes (1:1)	70%	0%
Euro-Bund vs 2-Year Treasury Notes (1:1)	0%	Deleted
Euro-Bobl vs US Treasury Bonds (1:1)	55%	0%
Euro-Bobl vs 10 Treasury Notes (1:1)	65%	0%
Euro-Bobl vs 5-Year Treasury Notes (1:1)	65%	0%
Euro-Bobl vs 3-Year Treasury Notes (1:1)	70%	0%
Euro-Bobl vs 2-Year Treasury Notes (1:1)	0%	Deleted
Euro-Shatz vs US Treasury Bonds (1:1)	0%	0%
Euro-Shatz vs 10-Year Treasury Notes (1:1)	55%	0%
Euro-Shatz vs 5-Year Treasury Notes (1:1)	60%	0%
Euro Shatz vs 3-Year Treasury Notes (1:1)	55%	0%
Euro Shatz vs 2-Year Jumbo Treasury Notes (1;1)	60%	0%
Euro-Shatz vs 2-Year Treasury Notes (1:1)	65%	Deleted

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