TO:	ALL CLEARING PARTICIPANTS
FROM:	CLIENT SERVICES AND SUPPORT
DATE:	August 16, 2006
SUBJECT:	Spread Credits for OTC Benchmark Treasury Futures

The following spread credit rates are effective immediately:

Intra Commodity Spreads	Spread Margin	Spread Savings
2 Yr Treasury: 2F - 5.125 06/08 vs. 2G – 5.00 07/08	5%	95%
3 Yr Treasury: 3E – 4.875 05/09 vs.3H – 4.875 09/09	5%	95%
5 Yr Treasury: 5F – 5.125 06/11 vs. 5G – 4.875 07/11	2.5%	97.50%
10 Yr Treasury: 1E – 5.125 05/16 vs. 1H – 4.875 08/16	2.5%	97.50%

Inter Commodity Spreads	Spread Margin	Spread Savings
2 Yr Treasury - 2F 5.125 06/08 vs. 3 Yr Treasury 3E 4.875 08/09	20%	80%
2 Yr Treasury - 2F 5.125 06/08 vs. 3 Yr Treasury 3H 4.875 09/09	20%	80%
2 Yr Treasury - 2G 5.00 07/08 vs. .3 Yr Treasury 3E 4.875 08/09	20%	80%
2 Yr Treasury - 2G 5.00 07/08 vs. 3 Yr Treasury 3H 4.875 09/09	20%	80%
2 Yr Treasury - 2F 5.125 06/08 vs. 5Yr Treasury 5F 5.125 06/11	15%	85%
2 Yr Treasury - 2F 5.125 06/08 vs. 5Yr Treasury 5G 4.875 07/11	15%	85%
2 Yr Treasury - 2G 5.00 07/08 vs. 5Yr Treasury 5F 5.125 06/11	15%	85%
2 Yr Treasury - 2G 5.00 07/08 vs. 5Yr Treasury 5G 4.875 07/11	15%	85%
2 Yr Treasury - 2F 5.125 06/08 vs. 10 yr Treasury 1E 5.125 06/16	20%	80%
2 Yr Treasury - 2F 5.125 06/08 vs. 10 yr Treasury 1H 4.875 08/16	20%	80%
2 Yr Treasury - 2G 5.00 07/08 vs. 10 Yr Treasury 1E 5.125 06/16	20%	80%
2 Yr Treasury - 2G 5.00 07/08 vs 10 Yr Treasury 1H 4.875 08/16	20%	80%
2 Yr Treasury - 2F 5.125 06/08 vs. 30 Yr Bond SB 4.50 02/36	25%	75%
2 Yr Treasury - 2G 5.00 07/08 vs. 30 Yr Bond SB 4.50 02/36	25%	75%
3 Yr Treasury - 3E 4.875 05/09 vs. 5 Yr Treasury 5F 5.125 06/11	15%	85%
3 Yr Treasury - 3E 4.875 05/09 vs. 5Yr Treasury 5G 4.875 07/11	15%	85%
3 Yr Treasury - 3H 4.875 09/09 vs. 5 Yr Treasury 5F 5.125 06/11	15%	85%
3 Yr Treasury - 3H 4.875 09/09 vs. 5Yr Treasury 5G 4.875 07/11	15%	85%
3 Yr Treasury - 3E 4.875 05/09 vs. 10 Yr Treasury 1E 5.125 06/16	20%	80%
3 Yr Treasury - 3E 4.875 05/09 vs. 10 Yr Treasury 1H 4.875 08/16	20%	80%
3 Yr Treasury - 3H 4.875 09/09 vs. 10 Yr Treasury 1E 5.125 06/16	20%	80%
3 Yr Treasury - 3H 4.875 09/09 vs. 10 Yr Treasury 1H 4.875 08/16	20%	80%
3 Yr Treasury - 3E 4.875 05/09 vs. 30 Yr Bond SB 4.50 02/36	25%	75%
3 Yr Treasury - 3H 4.875 09/09 vs. 30 Yr Bond SB 4.50 02/36	25%	75%
5 Yr Treasury - 5F 5.125 06/11 vs. 10 Yr Treasury 1E 5.125 06/16	10%	90%
5 Yr Treasury - 5F 5.125 06/11 vs. 10 Yr Treasury 1H 4.875 08/16	10%	90%
5 Yr Treasury - 5G 4.875 07/11 vs. 10 Yr Treasury 1E 5.125 06/16	10%	90%
5 Yr Treasury - 5G 4.875 07/11 vs. 10 Yr Treasury 1H 4.875 08/16	10%	90%
5 Yr Treasury - 5F 5.125 06/11 vs. 30 Yr Bond SB 4.50 02/36	15%	85%
5 Yr Treasury - 5G 4.875 07/11 vs. 30Yr Bond SB 4.50 02/36	15%	85%
10 Yr Treasury - 1E 5.125 06/16 vs. 30 Yr Bond SB 4.50 02/36	20%	80%
10 Yr Treasury - 1H 4.875 08/16 vs. 30 Yr Bond SB 4.50 02/36	20%	80%

Note: All spreads are a 1:1 ratio long vs. a short.

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