Press

Chicago, November 12, 1999 - Chicago Board of Trade and Eurex leaders announced today at the Futures Industry Association (FIA) conference in Chicago and announced that their alliance will bring significant new business from Europe, U.S. and in the future Asia to the world's leading derivatives exchanges. Implementation of the CBOT-Eurex alliance is under way, and the CBOT and Eurex plan to launch their alliance for trading in mid-2000.

Speaking to a group of international business journalists at a joint CBOT-Eurex media event, CBOT Chairman David P. Brennan, Eurex CEO Joerg Franke and CBOT President and CEO Thomas R. Donovan highlighted the many benefits the alliance will bring to exchange members and customers around the world.

Brennan said, "The CBOT and Eurex account for more than 40 percent of the world's futures volume. This alliance is a formidable force in global derivatives markets. CBOT members see the European appetite for CBOT products growing every day. Momentum continues to build among members of our exchange as we prepare for this alliance and the opportunities it will bring to our world-class open outcry and electronic business."

Franke said, "The alliance between CBOT and Eurex is a classic win-win situation. We will enhance the product range and increase liquidity in existing contracts, plus we will reduce costs for the users and the exchanges by sharing the investment with the CBOT. The alliance will serve our customers and improve the Eurex and CBOT positions in a highly competitive world."

Donovan said, "We are creating more than a traditional alliance. This global trading platform is a business venture that will change the face of futures trading as we know it. The CBOT-Eurex trading platform will bring the world's best electronic trading system to our exchange, while integrating electronic order routing with the capacity to send orders from 5,000 screens worldwide directly to our members in the pits."