Exhibit 99.1

LOGO

For Immediate Release


Media Contact:		Investor Contact:
Maria Gemskie
Craig Grabiner (312) 435-3620 news@cbot.com		Debbie Koopman (312) 789-8532 investorrelations@cbot.com

CBOT Holdings Reports Record Quarterly Earnings and Revenues

—Achieves Record Quarterly Trading Volume

—Non-GAAP Operating Margin Expands to Nearly 55 Percent

CHICAGO, April 19, 2007 – CBOT Holdings, Inc. (CBOT), holding company for the Chicago Board of Trade, today announced record quarterly earnings and revenues. Net income was $55.4 million, or $1.05 per diluted share, for the first quarter ended March 31, 2007. Excluding merger-related expenses, net income was $68.4 million, or $1.29 per diluted share, a 95 percent increase from the first quarter of 2006. In last year’s first quarter, the company reported net income of $35.1 million, or $0.66 per diluted share. A reconciliation of all non-GAAP financial information to GAAP financial information is included following the financial statements.

Revenues for the quarter increased 34 percent to $187.7 million, driven by record trading volume and higher average exchange fee rates. Operating margin for the quarter, excluding merger-related expenses, rose nearly 15 percentage points to 54.6 percent, reflecting the effectiveness of the company’s operating model and its disciplined expense management.

Included in the first-quarter 2007 results are $13.0 million in merger-related expenses. These expenses are non-deductible for tax purposes and consist primarily of legal and advisory fees incurred in connection with the CBOT’s merger agreement with Chicago Mercantile Exchange Holdings Inc. (CME) and the previously-announced, unsolicited proposal from IntercontinentalExchange, Inc. (ICE).

“The positive momentum we built last year is carrying through into 2007, as we experience higher trading volume and continue to effectively manage expenses,” said CBOT President and CEO Bernard W. Dan. “I believe that the CBOT is better positioned than ever to provide market participants around the world with unique products, innovative risk management tools and deep, liquid markets.”

Dan continued, “This is a dynamic time for the CBOT and our industry, which is undergoing consolidation and intense global competition. We remain focused on driving growth, managing our day-to-day business and serving the diverse needs of our customers.”

Financial Highlights:


($s in millions, except per share)	Q1 FY07			Q1 FY06			Y/Y
Revenues	$	187.7		$	140.1		34	%
GAAP Operating Income	$	89.5		$	55.6		61	%
Non-GAAP Operating Income	$	102.5		$	55.6		84	%
GAAP Operating Margin %		47.7	%		39.7	%	8.0 pts
Non-GAAP Operating Margin %		54.6	%		39.7	%	14.9 pts
GAAP Net Income	$	55.4		$	35.1		58	%
Non-GAAP Net Income	$	68.4		$	35.1		95	%
GAAP Diluted EPS	$	1.05		$	0.66		59	%
Non-GAAP Diluted EPS	$	1.29		$	0.66		95	%

NOTE: Certain prior period amounts have been reclassified to conform to current period presentation.

The non-GAAP financial measures of operating performance exclude merger-related expenses of $13.0 million for the first quarter of 2007. The merger-related expenses are non-deductible for tax purposes, thus the pre-tax and after-tax impact is the same. Non-GAAP measures do not replace and are not a substitute for our GAAP financial results but are provided to improve overall understanding of our current financial performance and our prospects for the future.

Revenue growth for the quarter was primarily driven by higher exchange and clearing fees, which increased $45.3 million, or 43 percent. This growth was a result of a 24 percent increase in trading volume and a 15 percent increase in the average rate per contract in the first quarter of 2007 compared with 2006.

CBOT achieved record trading volume for the quarter with 239.7 million contracts traded, reporting volume increases across each of CBOT’s major product categories. Average daily volume (ADV) for the quarter was 3.9 million contracts, up 24 percent from the same period last year. Electronic trading volume increased 42 percent, boosting the percentage of trades executed on the CBOT’s electronic trading platform to 78 percent of total exchange ADV in 2007’s first quarter, up from 69 percent in the first quarter of 2006 and 73 percent in the fourth quarter of 2006. The higher level of electronic trading, in part, reflects the favorable reception by market participants to the electronic trading of Agricultural futures during daytime hours.

The average rate per contract was $0.633 for the quarter compared with $0.552 in the first quarter of 2006. The rate increase primarily resulted from changes in trading fees implemented in 2006, as part of the company’s strategy to further segment its pricing structure. The average rate per contract also benefited from increased electronic trading of Agricultural contracts following the August 1, 2006, introduction of electronic trading of Agricultural futures during daytime trading hours. The average rate per contract represents total exchange and clearing fee revenue divided by total reported trading volume.

Total operating expenses for the first quarter were $98.2 million, up 16 percent over the prior year’s first quarter. Excluding merger-related expenses of $13.0 million for the quarter, operating expenses were relatively flat compared with the prior year period. Volume-based expenses of $23.9 million rose 21 percent, in line with the growth in trading volume. Baseline and other costs, or non-volume based expenses, were $74.3 million this quarter compared with $64.7 million in the first quarter of 2006, a 15 percent increase. Excluding first quarter 2007 merger-related expenses, non-volume based expenses were down about 5 percent from last year’s first quarter.

Disciplined expense management was a key factor in delivering higher operating margins in the first quarter. The operating margin for the quarter increased to 47.7 percent from 39.7 percent in the same period last year. Excluding merger-related expenses, the operating margin for the quarter was 54.6 percent.

Other Financial Metrics

(in millions, except rate per contract)


	Q1 FY07		Q1 FY06
Average Daily Volume		3.9		3.1
Reported Trading Volume		239.7		192.7
Average Rate per Contract	$	0.633	$	0.552
Depreciation & Amortization	$	11.5	$	14.1
Non-Cash Stock Compensation	$	0.8	$	0.4
Capital Expenditures	$	2.9	$	4.2

CBOT First Quarter 2007 Operational Highlights

•

Launched a new stock index futures contract based on the Dow Jones U.S. Real Estate Index^SM (DJUSRE), designed to help market participants capitalize on changes in the real estate sector of the stock market and better manage commercial real estate exposure.

•

Expanded the CBOT Swap complex with a 30-year Interest Rate Swap futures contract, providing the swap market with a tradable reference point at the long end of the swap curve.

•

Announced plans to launch mini-sized Ag futures contracts on CBOT’s electronic trading platform on May 14, 2007. The CBOT mini-sized Corn, Soybeans and Wheat contracts will trade electronically during overnight hours, while continuing to trade by open auction during daytime hours.

Outlook

The guidance outlined below is based on the company’s current operating model as a standalone company and does not take into account merger-related expenses expected to be incurred in connection with the merger agreement between CBOT and CME or the unsolicited proposal from ICE. Given current market conditions and what is known today, CBOT currently expects the following:


	Fiscal Year 2007	Second Quarter 2007
	($s in millions, except per contract data)
Baseline and other expenses, which equal total operating expenses less volume-based expenses (excludes merger-related expenses)	$250 - $260	$	62 - $65

Non-cash stock compensation expense included in baseline expenses	$4.1 - $4.5	$	1.5 - $1.6


		Fiscal Year and Second Quarter 2007
Volume-based expenses, which include clearing costs and contracted license fees, per reported contract		Around $0.100 to $0.102

Absent changes in transaction mix, the average rate per contract should approximate the first quarter rate.

The company does not provide an outlook for trading volume or revenue but does report the trading volume daily on its website at http://www.cbot.com/cbot/pub/page/0,3181,834,00.html#daily


	1Q 2007		4Q 2006		3Q 2006		2Q 2006		1Q 2006		4Q 2005		3Q 2005		2Q 2005
	1Q 2007		4Q 2006		3Q 2006		2Q 2006		1Q 2006		4Q 2005		3Q 2005		2Q 2005
Trading Days		62		63		63		63		62		63		64		64

AVERAGE RATE PER CONTRACT (in dollars)
PRODUCT:
Interest Rate	$	0.552	$	0.569	$	0.568	$	0.523	$	0.517	$	0.537	$	0.469	$	0.467
Agriculture		0.966		0.931		0.790		0.680		0.673		0.666		0.631		0.643
Equity Index		0.799		0.803		0.779		0.712		0.760		0.789		0.672		0.630
Metals, Energy & Other		0.822		1.001		1.048		0.986		1.312		1.559		1.360		1.312
Overall average rate per contract		0.633		0.653		0.618		0.564		0.552		0.570		0.501		0.499
VENUE:
Open-Auction		0.516		0.522		0.524		0.515		0.515		0.507		0.485		0.483
Electronic		0.587		0.612		0.562		0.503		0.495		0.506		0.411		0.397
Off-Exchange		2.821		3.179		3.172		2.564		2.296		2.299		2.117		2.404
Overall average rate per contract		0.633		0.653		0.618		0.564		0.552		0.570		0.501		0.499

AVERAGE DAILY VOLUME (Round Turns, in thousands)


	1Q 2007	4Q 2006	3Q 2006	2Q 2006	1Q 2006	4Q 2005	3Q 2005	2Q 2005
	1Q 2007	4Q 2006	3Q 2006	2Q 2006	1Q 2006	4Q 2005	3Q 2005	2Q 2005
PRODUCT:
Interest Rate	3,032	2,480	2,507	2,588	2,561	1,951	2,123	2,368
Agriculture	631	611	490	529	412	331	350	404
Equity Index	138	112	110	131	113	112	103	115
Metals, Energy & Other	65	65	56	54	22	9	5	3

Total	3,866	3,269	3,163	3,302	3,108	2,404	2,582	2,889

VENUE:
Open-Auction	733	813	850	990	887	685	773	940
Electronic	3,031	2,375	2,232	2,220	2,132	1,633	1,707	1,843
Off-Exchange	102	81	81	91	88	86	102	106

Total	3,866	3,269	3,163	3,302	3,108	2,404	2,582	2,889

TRANSACTION FEES (in thousands)


	1Q 2007		4Q 2006		3Q 2006		2Q 2006		1Q 2006		4Q 2005		3Q 2005		2Q 2005
	1Q 2007		4Q 2006		3Q 2006		2Q 2006		1Q 2006		4Q 2005		3Q 2005		2Q 2005
PRODUCT:
Interest Rate	$	103,697	$	88,894	$	89,673	$	85,339	$	82,032	$	65,994	$	63,741	$	70,733
Agriculture		37,818		35,821		24,378		22,664		17,176		13,869		14,150		16,604
Equity Index		6,815		5,677		5,416		5,859		5,337		5,588		4,439		4,627
Metals, Energy & Other		3,323		4,116		3,699		3,360		1,805		908		393		252

Total	$	151,653	$	134,509	$	123,166	$	117,221	$	106,351	$	86,360	$	82,722	$	92,216

VENUE:
Open-Auction	$	23,468	$	26,730	$	28,060	$	32,136	$	28,356	$	21,885	$	23,979	$	29,085
Electronic		110,345		91,570		79,000		70,341		65,442		52,013		44,872		46,883
Off-Exchange		17,840		16,209		16,106		14,745		12,552		12,462		13,871		16,247

Total	$	151,653	$	134,509	$	123,166	$	117,221	$	106,351	$	86,360	$	82,722	$	92,216

Earnings Conference Call

CBOT Executives will host a conference call to review its first quarter results today, April 19, 2007, at 8:00 a.m. ET / 7:00 a.m. CT. The conference call and any accompanying slides will be publicly available via live webcast from the investor relations section of the CBOT Holdings website at http://www.cbot.com. The webcast will be available for replay at the same address approximately two hours following its conclusion. Those who wish to listen to the conference call via telephone should dial 888.396.2298 (U.S. callers) and 617.847.8708 (International callers) at least 10 minutes before the call begins. The verbal passcode for the call is “CBOT Holdings.” To listen to an archived recording after the call, please dial 888-286-8010 (U.S. callers) and 617-801-6888 (International callers). The passcode for the replay is 40764305.

Use of Non-GAAP Financial Information

In this press release, we use non-GAAP financial measures of operating performance. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure, calculated and prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Non-GAAP financial measures do not replace and are not a substitute for our GAAP financial results, but are provided to present the effects of expenses recorded by CBOT Holdings, Inc. in connection with our proposed merger with Chicago Mercantile Exchange Holdings, Inc. and the unsolicited offer from IntercontinentalExchange, Inc., and to improve overall understanding of our current financial performance and our prospects for the future. Specifically, we believe the non-GAAP financial results provide useful information to both management and investors regarding certain additional financial and business trends relating to financial condition and operating results. In addition, our management uses these measures for reviewing financial results and evaluating financial performance.

About the CBOT

As one of the leading global derivative exchanges, the Chicago Board of Trade provides a diverse mix of financial, equity, and commodity futures and options-on-futures products. Building on its 159-year history, the CBOT continues to advance into the future using the strength of deep liquidity, market integrity and member-trader expertise. Using superior trading technology in both electronic and open-auction trading platforms, the CBOT provides premier customer service to risk managers and investors worldwide. For more information visit our website at www.cbot.com.

Important Merger Information

In connection with the proposed merger of CBOT Holdings, Inc. (“CBOT”) and the Chicago Mercantile Exchange Holdings Inc. (“CME”), the parties have filed relevant materials with the Securities Exchange Commission (“SEC”), including a joint proxy statement/prospectus regarding the proposed transaction. INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION, BECAUSE IT CONTAINS IMPORTANT INFORMATION. Investors are able to obtain a free copy of the joint proxy statement/prospectus, as well as other filings containing information about CBOT and CME without charge, at the SEC’s website (http://www.sec.gov). Copies of the joint proxy statement/prospectus can also be obtained when available, without charge by directing a request to CBOT Holdings, Inc., Attention: Investor Relations, at 141 West Jackson, Chicago, Illinois 60604 or calling (312) 435-3500.

CBOT, CME and their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from CBOT shareholders in respect of the proposed transaction. Information regarding CBOT directors and executive officers is available in CBOT’s proxy statement for its 2007 annual meeting of stockholders, dated March 29, 2007. Additional information regarding the interests of such potential participants is included in the joint proxy statement/prospectus and the other relevant documents filed with the SEC. This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 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.

Forward-Looking Statements

Certain statements in this document and its attachments may contain forward-looking information regarding CBOT, CME and the combined company after the completion of the transactions that are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, the benefits of the business combination transaction involving CBOT and CME including future financial and operating results, the combined company’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the management of CBOT and CME and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements.

The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the ability to obtain governmental approvals of the transaction on the proposed terms and schedule; the failure of CBOT shareholders or CME shareholders to approve the transaction; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; competition and its effect on pricing, spending, third-party relationships and revenues; social and political conditions such as war, political unrest or terrorism; general economic conditions and normal business uncertainty. Additional risks and factors are identified in CBOT’s filings with the SEC, including its Report on Form 10-K for the fiscal year ending December 31, 2006 which is available on CBOT’s website at http://www.cbot.com.

You should not place undue reliance on forward-looking statements, which speak only as of the date of this document. Except for any obligation to disclose material information under the Federal securities laws, CBOT undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of this document.

Other Information

“Dow Jones,” and “Dow Jones U.S. Real Estate Index” are service marks of Dow Jones & Company, Inc., and have been licensed for use for certain purposes by CBOT. CBOT’s DJUSRE Index futures contract based on the Dow Jones U.S. Real Estate Index^SM, is not sponsored, endorsed, sold or promoted by Dow Jones, or any of its subsidiaries or affiliates, and none of Dow Jones, or any of its respective subsidiaries or affiliates make any representation regarding the advisability of investing in such contracts.

CBOT Holdings, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

(unaudited, in thousands)


	03/31/06		06/30/06		09/30/06		12/31/06			03/31/07
ASSETS
Current assets:
Cash and cash equivalents:
Unrestricted	$	99,882	$	60,629	$	92,950	$	177,664		$	181,077
Held under deposit and membership transfers		4,966		5,279		2,790		1,503			6,792

Total cash and cash equivalents		104,848		65,908		95,740		179,167			187,869

Restricted cash		29,203		9,182		9,220		975			3,115
Short term investments		253,979		327,956		338,426		312,411			362,366
Accounts receivable—net of allowance		50,962		55,959		60,099		62,451			79,280
Deferred income taxes		1,921		2,240		2,489		—			—
Prepaid expenses		23,233		20,778		19,020		9,492			15,355

Total current assets		464,146		482,023		524,994		564,496			647,985

Property and equipment:
Land		34,234		34,234		34,234		34,234			34,234
Buildings and equipment		335,415		340,113		341,171		343,271			345,473
Furnishings and fixtures		189,188		180,813		184,098		184,913			185,854
Computer software and systems		93,719		93,294		93,987		93,942			93,935
Construction in progress		4,469		4,145		4,853		1,906			1,539

Total property and equipment		657,025		652,599		658,343		658,266			661,035
Less accumulated depreciation and amortization		412,108		415,691		426,282		433,989			445,241

Property and equipment—net		244,917		236,908		232,061		224,277			215,794

Other assets—net		21,229		23,403		23,304		22,557			21,618

Total assets	$	730,292	$	742,334	$	780,359	$	811,330		$	885,397


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	12,965	$	12,291	$	13,125	$	11,149		$	20,256
Accrued clearing services		15,023		16,490		15,670		16,226			18,796
Accrued real estate taxes		6,078		8,108		5,605		7,473			5,500
Accrued payroll costs		2,966		4,931		7,739		9,859			3,996
Accrued exchange fee rebates		659		400		450		675			972
Accrued employee termination		1,755		1,141		786		624			31
Accrued liabilities		7,241		10,672		10,935		11,007			10,569
Funds held for deposit and membership transfers		33,220		13,532		11,088		1,562			8,991
Current portion of long-term debt		19,455		20,014		11,877		10,716			—
Income tax payable		24,425		6,001		10,325		10,428			35,371
Other current liabilities		432		412		278		562			493

Total current liabilities		124,219		93,992		87,878		80,281			104,975

Long-term liabilities:
Deferred income tax liabilities		14,872		12,200		8,680		2,984			833
Other liabilities		13,837		14,080		12,371		19,645			14,831

Total long-term liabilities		28,709		26,280		21,051		22,629			15,664

Total liabilities		152,928		120,272		108,929		102,910			120,639

Stockholders’ equity:
Common stock		53		53		53		53			53
Additional paid-in capital		487,404		488,651		489,195		489,817			490,664
Retained earnings		89,821		133,281		182,094		226,961			282,352
Accumulated other comprehensive income (loss)		86		77		88		(8,411	)		(8,311	)

Total stockholders’ equity		577,364		622,062		671,430		708,420			764,758

Total liabilities and stockholders’ equity	$	730,292	$	742,334	$	780,359	$	811,330		$	885,397

The current balance sheet presentation does not reflect the adoption of Financial Accounting Standards Board Interpretation (“Fin 48”) “Accounting for Uncertain Tax Positions”, which is currently being finalized. Any adjustment as a result of the adoption will not have an impact on the income statement, but rather will result in an adjustment to stockholders’ equity. Any potential impact from the adoption of Fin 48 will be reflected in the consolidated financial statements filed with the Securities Exchange Commission in the company’s first quarter 10-Q.

CBOT Holdings, Inc. and Subsidiaries

Consolidated Statements of Income

(unaudited, in thousands, except per share data)


	QUARTER ENDED
	06/30/06			09/30/06			12/31/06			03/31/07			03/31/06
Revenues:
Exchange fees	$	91,855		$	93,901		$	104,448		$	117,680		$	83,120
Clearing fees		25,366			29,265			30,061			33,973			23,231
Market data		26,286			23,709			24,970			25,082			23,643
Building		5,910			5,768			5,956			5,915			5,505
Services		4,299			4,431			3,280			4,234			4,236
Other		407			550			543			853			351

Total revenues		154,123			157,624			169,258			187,737			140,086

Expenses:
Clearing services		19,490			18,671			19,225			21,796			18,023
Contracted license fees		1,914			1,771			1,858			2,119			1,738
Salaries and benefits		19,028			18,955			18,820			20,487			19,102
Depreciation and amortization		14,789			13,671			12,252			11,520			14,086
Professional services		4,558			3,661			14,401			16,654			3,939
General and administrative expenses		4,546			3,885			4,837			4,477			5,076
Building operating costs		6,002			5,406			6,450			6,420			6,603
Information technology services		11,885			13,282			11,951			11,772			12,230
Programs		3,086			2,497			3,525			2,991			2,627
Severance and related costs		(22	)		67			133			(18	)		1,036

Operating expenses		85,276			81,866			93,452			98,218			84,460

Income from operations		68,847			75,758			75,806			89,519			55,626

Non-operating Income and Expense
Interest income		4,363			5,382			5,879			6,376			3,483
Interest expense		(388	)		(304	)		(236	)		(216	)		(585	)

Non-operating income		3,975			5,078			5,643			6,160			2,898

Income before income taxes		72,822			80,836			81,449			95,679			58,524

Income taxes
Current		32,168			35,460			33,585			41,992			25,466
Deferred		(3,042	)		(3,777	)		2,794			(2,122	)		(2,291	)

Total income taxes		29,126			31,683			36,379			39,870			23,175

Income before equity in unconsolidated subsidiary		43,696			49,153			45,070			55,809			35,349

Equity in loss of unconsolidated subsidiary—net of tax		(237	)		(340	)		(203	)		(418	)		(246	)

Net income	$	43,459		$	48,813		$	44,867		$	55,391		$	35,103


Earnings per share:
Basic	$	0.82		$	0.92		$	0.85		$	1.05		$	0.66
Diluted	$	0.82		$	0.92		$	0.85		$	1.05		$	0.66

Weighted average number of common stock shares:
Basic		52,792			52,794			52,795			52,798			52,787
Diluted		52,848			52,865			52,887			52,900			52,840

At December 31, 2006, the company changed the format of its income statement. The company reclassified interest income and interest expense from revenue and operating expense, respectively, to a non-operating income and expense section in the consolidated statements of income. Accordingly, prior period amounts have been reclassified to conform to current period presentation.

Operating expense makeup:
Volume-based		21,404			20,442			21,083			23,915			19,761
Baseline		63,894			61,357			72,236			74,321			63,663
Other		(22	)		67			133			(18	)		1,036

Total		85,276			81,866			93,452			98,218			84,460

CBOT Holdings, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(unaudited, in thousands)


	QUARTER ENDED
	06/30/06			09/30/06			12/31/06			03/31/07			03/31/06
Cash flows from operating activities:
Net income	$	43,459		$	48,813		$	44,867		$	55,391		$	35,103
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		14,789			13,671			12,252			11,520			14,086
Deferred income taxes (benefit)		(3,042	)		(3,777	)		2,794			(2,122	)		(2,291	)
Stock-based compensation		1,248			544			543			847			413
Change in allowance for doubtful accounts		85			20			(368	)		27			—
(Gain) / loss on foreign currency transaction		11			3			—			—			(2	)
(Gain) / loss on sale or retirement of fixed assets		—			21			38			10			7
Equity in loss of unconsolidated subsidiary		394			567			338			418			411
Amortization of short term investment discounts		(125	)		(2,674	)		2,545			(1,252	)		(1,094	)
Changes in assets and liabilities:
Accounts receivable		(2,150	)		(4,602	)		(651	)		(18,065	)		(16,654	)
Income tax receivable / payable		(18,424	)		4,324			103			24,943			18,674
Prepaid expenses		2,455			1,758			3,003			(5,863	)		(4,823	)
Other assets		(2,628	)		428			528			418			376
Accounts payable		(674	)		834			(1,976	)		9,107			(7,490	)
Accrued clearing services		1,467			(820	)		556			2,570			3,737
Accrued real estate taxes		2,030			(2,503	)		1,868			(1,973	)		(1,652	)
Accrued payroll costs		1,965			2,808			2,120			(5,863	)		(3,385	)
Accrued exchange fee rebates		(259	)		50			225			297			(541	)
Accrued employee termination		(614	)		(355	)		(162	)		(593	)		(1,308	)
Accrued liabilities		1,047			148			(1,877	)		771			(702	)
Funds held for deposit and membership transfers		(19,688	)		(2,444	)		(9,526	)		7,429			18,399
Other current liabilities		(20	)		(134	)		(105	)		(13	)		(4,751	)
Other long-term liabilities		243			(1,709	)		140			(4,814	)		253

Net cash flows from operating activities		21,569			54,971			57,255			73,190			46,766

Cash flows from investing activities:
Acquisition of property and equipment		(6,658	)		(8,721	)		(4,550	)		(2,929	)		(4,195	)
Purchase of short term investments		(275,633	)		(85,151	)		(265,940	)		(224,285	)		(124,483	)
Proceeds from short term investments		201,781			77,355			289,410			175,582			111,486
Restricted cash		20,021			(38	)		8,245			(2,140	)		(15,172	)
Proceeds from sale of property and equipment		—			(1	)		—			—			93
Investment in joint ventures		(20	)		(1,000	)		(10	)		—			(254	)

Net cash flows from (used in) investing activities		(60,509	)		(17,556	)		27,155			(53,772	)		(32,525	)

Cash flows from financing activities:
Repayments of borrowings		—			(7,583	)		(1,062	)		(10,716	)		(10,714	)
Excess tax benefit of stock compensation		—			—			79			—			—

Net cash flows used in financing activities		—			(7,583	)		(983	)		(10,716	)		(10,714	)

Net increase (decrease) in cash and cash equivalents		(38,940	)		29,832			83,427			8,702			3,527

Cash and cash equivalents—beginning of period		104,848			65,908			95,740			179,167			101,321

Cash and cash equivalents—end of period	$	65,908		$	95,740		$	179,167		$	187,869		$	104,848

Cash paid for:
Interest	$	110		$	550		$	10		$	377		$	736

Income taxes (net of refunds)	$	50,434		$	30,910		$	33,268		$	17,049		$	6,627

Non-cash activity:
FAS 159 pension adjustment	$	—		$	—		$	14,176		$	—		$	—

Reconciliation of GAAP to Non-GAAP Financial Measures

CBOT used non-GAAP financial measures of operating performance to eliminate merger-related expenses incurred in the first quarter of 2007. Non-GAAP measures do not replace and are not a substitute for our GAAP financial results but are provided to improve overall understanding of our current financial performance and our prospects for the future.

Quarter Ended March 31, 2007 ($s in millions, except per share)


	As Reported			Merger- related Expenses			Adjusted (Non-GAAP)
Income from Operations	$	89.5		$	13.0		$	102.5

Operating Margin %		47.7	%		6.9	%		54.6	%

Net Income	$	55.4		$	13.0		$	68.4

Diluted Earnings Per Share	$	1.05		$	0.24		$	1.29

CBOT HOLDINGS INC 8-K