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 issued on January 10, 2003.


FOR IMMEDIATE RELEASE                       Contact:  Maria C. Gemskie
                                                      312-341-3257
                                                      mgemskie@cbot.com

CBOT Announces Licensing Agreement to use LIFFE CONNECT/TM/
Euronext.liffe To Provide Software for CBOT Electronic Trading Platform

Chicago, IL - January 10, 2003 - The Chicago Board of Trade (CBOT(R)), the
world's oldest futures exchange, today announced a decision by its Board of
Directors to enter into a licensing agreement to use the LIFFE CONNECT/TM/
electronic trading platform. This will replace the CBOT's existing trading
platform, a/c/e, upon completion of the CBOT's licensing agreement with the
Eurex Group at the end of 2003.

CBOT Chairman Nickolas J. Neubauer said, "I have worked vigorously over the past
two years as Chairman on behalf of our members to secure a strong future for the
CBOT, and today's announcement provides us with a good foundation for future
growth. Our Board of Directors and management team reached a decision that
reflects the CBOT's long-term business objectives of continued independence and
growth. Our selection of LIFFE CONNECT will significantly enhance the CBOT's
competitive position. It will bring enormous benefits to our customers, and it
allows the CBOT to continue to offer markets of the highest integrity,
reliability, liquidity and flexibility for years to come."

CBOT President and CEO Bernard W. Dan added, "For the CBOT to remain a
successful enterprise, we must improve our ability to respond to our customers
and members; we must be flexible and adapt to the change that is occurring in
our industry; we must be able to integrate that change into our structure, and
we must continue to be innovative in terms of products and markets. This
decision meets those criteria, and with our diversified product mix and the deep
liquidity found in our markets, this new and improved functionality will provide
the Chicago Board of Trade with a competitive advantage in the rapidly growing
electronic trading marketplace.

"I want to thank Senior Vice President Mary McDonnell and her team for their
diligent and objective evaluation of all trading platforms. This was an
extremely difficult decision and I would like to personally thank Eurex for
their support through this process and throughout the remainder of the year. We
anticipate a seamless transition to the new platform over the next twelve months
as the majority of our current electronic trading volume comes from customers
and members who already are established users of LIFFE CONNECT and are familiar
with the functionality and benefits offered by the platform."

Hugh Freedberg, Chief Executive Officer of Euronext.liffe said, "Meeting
customer needs has been our priority throughout the development of LIFFE CONNECT
and we are delighted that the CBOT has chosen our trading platform. This is a
major achievement for Euronext.liffe and further confirms that our electronic
trading technology offers unrivaled performance and functionality to customers.



"While this is first and foremost a technology agreement, the CBOT and
Euronext.liffe have also agreed to cooperate on a variety of product and
distribution initiatives. The decision by the CBOT to adopt LIFFE CONNECT as
its electronic trading platform and the complementary nature of each exchange's
product sets provides the basis for product cooperation between them. The CBOT
and Euronext.liffe will make further announcements when research and development
of a number of identified joint product opportunities have been completed."

The selection of the LIFFE CONNECT solution represents a culmination of months
of extensive research and analysis by the CBOT that began in mid-2002 with a
Request for Proposal that contemplated several key business activities critical
to the CBOT attaining its strategic business objectives and to continuing the
growth of the exchange's electronic trading volume. The evaluation team
conducted extensive research and analysis of the CBOT's electronic needs and the
CBOT customer's trading needs. All potential electronic trading platforms were
evaluated from two general business perspectives: business functionality and
technical capability.

Mr. Dan noted, "While business functionality and technical capability are
interrelated at the point of execution, we felt strongly that business
functionality in the areas of trading, flexible matching algorithms, product
and market management had to be supported by a leading edge technical
architecture. This combination as provided by LIFFE CONNECT will assure our
customers and members that essential technical attributes such as reliability,
scalability, maintainability, usability and security are the foundation of the
CBOT's electronic trading system."

Mr. Neubauer added, "Users of our electronic trading system will have more
flexibility in trade matching and enhanced product development and product
maintenance capabilities, which translates into more innovative products and
faster improvements to our existing product mix."

For more information about this announcement as well as the CBOT's products
and markets, log on to the exchange web site at www.cbot.com

Reporter/Editor's Note:
1.  Attached is a fact sheet on the LIFFE Connect trading system.
2.  Euronext.liffe is the derivatives business of the Euronext N.V. Group.

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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                                                              LIFFE CONNECT/TM/

Designed and built by Euronext.liffe, LIFFE CONNECT/TM/ is the world's most
widely accessible electronic trading platform for derivatives, taking the
market direct to traders at 556 locations in 26 countries worldwide.

Widely recognized as the pre-eminent electronic trading platform, LIFFE
CONNECT/TM/ has been selected to operate the electronic marketplaces of the
Tokyo International Financial Futures Exchange (TIFFE), Nasdaq LIFFE Markets
(NQLX) and Euronext to trade a wide range of fixed income and equity derivatives
products. Offering unrivalled execution, speed and flexibility, LIFFE
CONNECT/TM/ is simply the world's most advanced electronic trading system.


Unrivalled execution

The functionality of LIFFE CONNECT/TM/ exceeds other trading systems, making it
well suited to trade the most complex short term interest rate futures and
options.

LIFFE CONNECT/TM/provides:

     . support for complex trading strategies, recognizing 36 types of
       strategies, each can be of up to 32 legs.

     . the calculation of "implied" pricing. This provides an instant price for
       complex strategy trades. LIFFE CONNECT/TM/ additionally ensures that
       traders are always quoted the best price and that there is no legging
       risk: customers can be certain of trading all the parts of a strategy or
       none at all.

     . Two options for market structure: price/time priority and pro-rata
       algorithms ensure that all players get to participate and prices are
       tight.

     . Dynamic price limits, which move automatically with the market, reduce
       the potential for mis-trades which periodically affect other markets.


Unrivalled speed

LIFFE CONNECT/TM/ combines unparalleled functionality with high speed. 99.9% of
all orders are processed by LIFFE CONNECT/TM/ in under half a second.

LIFFE CONNECT/TM/ can handle very high volumes. LIFFE CONNECT/TM/ regularly
handles a million contracts daily, surpassing the 2 million contracts per day
mark on a number of occasions during the course of 2002.

The scalability of LIFFE CONNECT/TM/ supports business growth and product
innovation. LIFFE CONNECT/TM/ can handle growing volumes and the listing of
additional contracts. LIFFE CONNECT/TM/ currently lists over 250 diverse
products.


Unrivalled flexibility

No other electronic trading platform offers its users such diversity and choice.

LIFFE CONNECT/TM/ has a robust and widely accepted application programming
interface (API) making it easy and economical for independent software vendors
and member developers to build front-ends for users. 15 independent software
vendors (ISVs) have built front-end trading applications specific to the
requirements of brokers, market makers and proprietary traders.

Customers can choose from a variety of connection options to access the market.

For further information contact Strategics on 312 346 2000 or Euronext.liffe on
+44 20 7379 2789