TO:	ALL CLEARING PARTICIPANTS
FROM:	CLIENT SERVICES AND SUPPORT
DATE:	July 26, 2005
SUBJECT:	Eurex US & Euro Link Margin Rate Changes

The following margin intervals and spread credit rates are effective with the mid-day calculation on Wednesday, July 27, 2005:

Eurex US Margin Rates	From	To
2-Year Jumbo Treasury Notes	$2600	$2200
Russell 1000	$1350	$1100
Russell 2000	$1900	$1600

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

Euro Link Margin Rates	From	To
Euro-Bund	€1500	€1400
Euro- Bobl	€850	€800

Euro Link Inter – Exchange Spread Credits	Spread Credit From	Spread Credit To
Euro-Bund vs 3-Year Treasury Notes (1:1)	0%	60%
Euro-Bund vs 5-Year Treasury Notes (1:1)	65%	60%
Euro-Bund vs 10 Treasury Notes (1:1)	70%	60%
Euro-Bund vs US Treasury Bonds (1:1)	65%	55%
Euro-Bobl vs 3-Year Treasury Notes (1:1)	0%	60%
Euro-Bobl vs 5-Year Treasury Notes (1:1)	0%	60%
Euro-Bobl vs 10-Year Treasury Notes (1:1)	65%	60%
Euro-Bobl vs US Treasury Bonds (1:1)	55%	50%
Euro-Shatz vs 10-Year Treasury Notes (1:1)	40%	0%

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