Filed by CBOT Holdings, Inc.
                           Subject Company -- CBOT Holdings, Inc.
                           Pursuant to Rule 425 under the Securities Act of 1933
                           File No. 333-72184


The following communication was posted on the CBOT's TradeTalk internal
communication system and made available to members on June 19, 2003.

I hope the following Question & Answer is helpful in addressing some of the
questions raised by members concerning the upcoming ballot vote and Rule 100.00,
the registration statement related to the restructuring transactions and its
status, and the "core rights" as described in the most recent amendment to the
registration statement. Also, for your convenience, I have included in the
Question & Answer a description of our current petition process for rule
amendments.

QUESTION & ANSWER

Q:   Could the petition process be used to amend or repeal a Rule adopted by the
     board of directors pursuant to proposed Rule 100.00?

A:   Yes. Section 5 of Exhibit A to our current Certificate of Incorporation
     provides that the membership petition process may be used to amend or
     repeal our Bylaws and Rules, including a Rule adopted pursuant to proposed
     Rule 100.00.

Q:   Could we delay calling a special meeting to vote on a proposal to amend or
     repeal a Rule adopted by the board of directors pursuant to proposed Rule
     100.00 that was the subject of the petition process?

A:   Although there is not a specific requirement to do so, our practice has
     been to call for special meetings to vote on such propositions as soon as
     reasonably practicable following receipt of petition and/or board approval.
     Accordingly, it would be inconsistent with our past practices to delay a
     special meeting to vote on a proposition to amend or repeal a Rule adopted
     pursuant to proposed Rule 100.00 for any significant amount time, let alone
     until such Rule ceases to be effective in accordance with its terms (after
     twelve months).

Q:   Where can I find the most recent Registration Statement on Form S-4 related
     to the restructuring transactions?

A:   Amendment No. 6 to the Registration Statement on Form S-4 filed by CBOT
     Holdings, Inc. on May 16, 2003 is the most recent amendment to the
     Registration Statement related to the restructuring transactions. You can
     access Amendment No. 6 by visiting the website of the U.S. Securities and
     Exchange Commission at www.sec.gov. When searching by filers, please be
     sure to search by "CBOT Holdings, Inc." and not "Chicago Board of Trade" or
     "Board of Trade of the City of Chicago, Inc."

Q:   What do the restructuring transactions currently contemplate to be "core
     rights"?

A:   The restructuring transactions as described in Amendment No. 6 to the
     Registration Statement S-4 currently contemplate five "core rights." In
     particular, the holders of Series B-1 and Series B-2, Class B memberships
     in the CBOT subsidiary (equivalent to Full and Associate Members) will have
     the exclusive right to vote on proposals by the board of directors of the
     CBOT subsidiary to amend the bylaws of the CBOT subsidiary in a manner that
     would adversely affect the following rights:

..    the allocation of products that a holder of a specific series of Class B
     membership is permitted to trade on the exchange facilities of the CBOT
     subsidiary, e.g., the elimination of any product from a holder's trading
     rights and privileges;


                                                               Question & Answer
                                                                        Page Two

     .    the requirement that, subject to certain limited exceptions agreed to
          by the CBOT and CBOE, holders of Class B memberships in the CBOT
          subsidiary will be charged transaction fees for trades of the CBOT
          subsidiary's products for their accounts that are lower than the
          transaction fees charged to any participant who is not a holder of a
          Class B membership for the same products;

     .    the membership and eligibility requirements to become a holder of a
          Class B membership in the CBOT subsidiary or to exercise the
          associated trading rights or privileges;

     .    the commitment to maintain current open outcry markets so long as each
          such market is deemed liquid; and

     .    the requirement that any proposal to offer electronic trading between
          the hours of 6:00 a.m., Central Time, and 6:00 p.m., Central Time, of
          agricultural contracts or agricultural products currently traded on
          our open outcry markets be approved by the holders of Series B-1 and
          Series B-2, Class B memberships in the CBOT subsidiary.

Q.   What is the current Petition Process for Rule Amendments?

A.   1.   If twenty-five members or more petition for a vote on a rule proposal,
          "...the Board of Directors, within thirty days or at the next regular
          Board of Directors meeting, whichever is sooner, shall either approve
          and recommend the proposed amendment and call for a special meeting to
          vote upon such amendment, or report to the petitioners the reason for
          its disapproval."

     2.   If the Board of Directors disapproves the initial petition and
          "...within thirty days after such disapproval, one hundred members or
          more petition for a special meeting for the purpose of voting upon
          such proposed amendment, a special meeting shall be called for in
          accordance with the procedures set forth in this Section 5 of this
          Exhibit A as though the proposed amendment had been recommended by the
          Board of Directors."

     3.   With respect to the voting on a rule change proposal, "...the Chairman
          of the Board shall call for a special meeting of the membership to be
          held not less than ten days or more than sixty days after the proposed
          amendment shall have been posted upon the bulletin board...and notice
          thereof shall have been sent to the members." (In practice, CBOT
          membership votes normally are held within four weeks after the
          relevant proxy materials are sent to the membership.)

While CBOT Holdings, Inc. (CBOT Holdings) has filed with the SEC a Registration
Statement on Form S-4, including a preliminary proxy statement and prospectus,
relating to the restructuring of the Board of Trade of The City of Chicago, Inc.
(CBOT), it has not yet become effective, which means it is not yet final. CBOT
members are urged to read the final Registration Statement on Form S-4,
including the final proxy statement and prospectus, relating to the
restructuring of the CBOT referred to above, when it is finalized and
distributed to CBOT members, as well as other documents which CBOT Holdings or
the CBOT has filed or will file with the SEC, because they contain or will
contain important information for making an informed investment decision. CBOT
members may obtain a free copy of the final prospectus, when it becomes
available, and other documents filed by CBOT Holdings or the CBOT at the SEC's
web site at www.sec.gov. This communication shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any sale of
securities in any state in which offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such
state. No offering of securities shall be made except by means of a prospectus
meeting the requirements of Section 10 of the Securities Act of 1933, as
amended.


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