February 16, 2007
The CBOE has recognized that full members have the contract right to become CBOE members without having to purchase a CBOE membership seperately. CBOT members continue to have full membership privelages at the CBOE. Why is this? Because CBOT full members created the CBOE by providing time, money, and intellectual property.
Please do not allow the CBOE to usurp our rights without compensation, and unjustly enrich themselves. CBOT full members have full trading rights at the CBOE. It was set-up this way because the CBOT created the CBOE. CBOT full members must be allowed to participate in any CBOE public offerings and be justly compensated. The CBOE's proposal violates our contractual rights with the CBOE to take our valuable property interest and our access to the CBOE market.
I ask that you rule against any CBOE proposal eliminating the contract rights and privelages of CBOT members.