TO:	ALL CLEARING PARTICIPANTS
FROM:	CLIENT SERVICES AND SUPPORT
DATE:	June 2, 2005
SUBJECT:	Eurex US Margin Rates

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

Eurex US Margin Rates	From	To
5-Year Treasury Notes	$550	$600
3-Year Treasury Notes	$650	$800
2-Year Jumbo Treasury Notes	$1850	$2600
Russell 2000	$1800	$1900

:

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

Euro Link Inter – Exchange Spread Credits	Spread Credit From	Spread Credit To
Euro-Bund vs 5-Year Treasury Notes (1:1)	0%	65%
Euro-Bund vs 10 Treasury Notes (1:1)	0%	70%
Euro-Bund vs US Treasury Bonds (1:1)	0%	65%
Euro-Bobl vs 10 Treasury Notes (1:1)	0%	65%
Euro-Bobl vs US Treasury Bonds (1:1)	0%	55%
Euro-Shatz vs 10-Year Treasury Notes (1:1)	0%	40%

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