TO:	ALL CLEARING PARTICIPANTS
FROM:	CLIENT SERVICES AND SUPPORT
DATE:	May 4, 2005
SUBJECT:	Eurex US Margin Rates

The following margin intervals and spread credit rates are effective with the mid-day calculation on Friday, May 6, 2005:

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 (1:2)	15%	85%	20%	80%
US Treasury Bonds vs 2-Year Jumbo Treasury Notes (1:1)	40%	60%	45%	55%
5-Year Treasury Notes vs 2-Year Jumbo Treasury Notes (3:1)	20%	80%	25%	75%
3-Year Treasury Notes vs 2-Year Jumbo Treasury Notes (3:1)	30%	70%	50%	50%
3-Year Treasury Notes vs 5-Year Treasury Notes (1:1)	20%	80%	25%	75%
3-Year Treasury Notes vs 10-Year Treasury Notes (1:1)	35%	65%	30%	70%
3-Year Treasury Notes vs US Treasury Bonds (3:1)	35%	65%	40%	60%
3-Year Treasury Notes vs 10-Year Treasury Notes (3:2)	25%	75%	30%	70%
Russell 1000 vs Russell 2000 (1:1)	35%	65%	30%	70%

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