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

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The following communication was distributed to CBOT members on October 11, 2002.

October 11, 2002

                                   N O T I C E
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TO:  MEMBERS
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RE:  TIMING OF CBOT(R) ANNUAL ELECTION
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The following is provided for your information, in response to member inquiries
about the timing of the next CBOT Annual Election for members of the Board of
Directors:

     1)   The current CBOT Bylaws, and the governance provisions proposed in the
          CBOT Restructuring Plan, both specify that the Board of Directors will
          set the Annual Election date.

     2)   The Board has not yet set a date for the next Annual Election.

     3)   Under the current CBOT Bylaws, the next Annual Election must be held
          within 13 months of the previous Annual Election (which took place on
          March 28, 2002).

     4)   Assuming membership approval of the CBOT restructuring before year end
          2002 and subsequent completion of the restructuring, it is anticipated
          that the Board of Directors would schedule the initial election of
          directors under the revised structure to be held during the first
          quarter of 2003.

Further questions in this regard may be directed to the Secretary's Office
(telephone 312-435-3605).



                                                    Paul J. Draths
                                                    Vice President and Secretary

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.