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 letter was sent to the Chicago Tribune on November 19, 2002 for
publication as an editorial. The letter was published in the November 29th
edition of the Chicago Tribune.


                                November 19, 2002


Voice of the People
Chicago Tribune
435 N. Michigan Avenue
Chicago, IL  60611

Dear Editor:

Unlike the November 15 editorial ("Dimming futures in Chicago"), the Chicago
Board of Trade is on the path to a bright future.

The CBOT's restructuring proposal contains many elements of today's post-Enron
thinking on corporate governance, all designed to further modernize our business
structure to better meet the needs of our customers. Reflecting the views of
forward-thinking business experts such as the Dean of the Yale School of
Management and The McKinsey Quarterly, our proposal provides for critical
standards such as a balance between management and the board of directors,
active and engaged directors with minimum required holdings, creation of a
transparent nomination process led by a board-governance committee, and
shareholder rights that make Boards `responsive.'

Our record trading volume in 2002 is the result of the tremendous pool of
liquidity and flexible access to our markets that we provide to customers
worldwide. Our strategy of providing the best of both open auction and
electronic trading platforms and letting our customers choose where they put
their business will continue because, quite simply, it is working.

The business disciplines instituted in the past 18 months by Chairman Nick
Neubauer and former President David Vitale will be carried forward by David's
successor, Bernard Dan. Our business model is much stronger, our cash position
has greatly improved, and the discipline that our employee team has placed on
itself to work more efficiently on behalf of the institution all are assets that
will continue to grow.

The CBOT recognizes that the financial services industry continues to evolve,
driven by technology, consolidation and regulatory changes. Our exchange is
cognizant of what is occurring in the world, and we are determined to position
the CBOT to uphold our value propositions of integrity, transparency, openness
and innovation. By delivering on these propositions to our customers, members
and member firms, the CBOT's position in the marketplace will be strengthened.

The Tribune's editorial failed to note the new era of openness that exists among
the CBOT, Chicago Mercantile Exchange and the Chicago Board Options Exchange, as




evidenced by the business alliance created the three exchanges, called
OneChicago, for the trading of single stock futures. While it is too early to
predict an outcome for this marketplace, the exchanges through the OneChicago
alliance have demonstrated to the global derivatives industry what can happen
when this enormous pool of talent and resources are brought together. Other
cost-saving initiatives between these institutions in this new era have
benefited exchange memberships and customers alike.

The Chicago Board of Trade, like the City's other financial exchanges,
recognizes its value to Chicago as an anchor of the local economy in terms of
revenue generation and job growth, and we plan to keep that mantle of
leadership. Our strong business discipline and sound financial planning has
allowed us to reduce fees to our customers, keep a healthy bank balance, and
make strategic investments to both trading platforms so that our products and
markets can continue to grow. With our new management team, we plan to complete
the many important projects we have started so that we can continue to build on
the strong foundation necessary for a successful future for the CBOT.


                                            Sincerely,


                                            /s/ David P. Prosperi

                                            David P. Prosperi


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.