Exhibit 10.20
Confidential Materials omitted and filed separately with the
Securities and Exchange Commission pursuant to a request for
confidential treatment. Asterisks denote omissions.
CONFIRMATION OF RIGHTS AGREEMENT
--------------------------------
THIS CONFIRMATION OF RIGHTS AGREEMENT (this "Agreement") is made and
entered into on July 27, 2000 (the "Effective Date") by and among Deutsche Borse
AG, a German Aktiengesellschaft with its registered office in Frankfurt am Main,
Federal Republic of Germany ("DBAG"), the Swiss Stock Exchange, a Swiss
association with its registered office in Zurich, Switzerland ("SWX"), Ceres
Trading Limited Partnership, a Delaware limited partnership having its principal
offices in Chicago, Illinois, U.S.A. ("Ceres"), and the Board of Trade of the
City of Chicago, an Illinois not-for-profit corporation ("CBOT").
WHEREAS, DBAG, SWX, Ceres and CBOT are parties to that certain
Alliance Agreement dated October 1, 1999 (the "Alliance Agreement") and that
certain Software License Agreement dated October 1, 1999 (the "Software License
Agreement");
WHEREAS, the Alliance Agreement and the Software License Agreement
govern the parties' rights in and to Programs (as defined in the Software
License Agreement) and Modifications (as defined in the Software License
Agreement), also referred to as the "Eurex Software;"
WHEREAS, DBAG and SWX have developed Modifications known as Eurex
Release 4.0 of the Eurex Software without the participation of Ceres or CBOT,
and are in the process of developing Modifications known as Eurex Release 4.1 of
the Eurex Software;
WHEREAS, pursuant to Section 3.4 of the Alliance Agreement, Ceres and
CBOT are required to reimburse DBAG and SWX for a portion of the research and
development costs incurred in developing certain components of Eurex Release
4.0 as further described in Exhibit A (the "4.0 Modifications") and of Eurex
Release 4.1 as further described in Exhibit A (the "4.1 Modifications," and
together with the 4.0 Modifications, the "4.0 and 4.1 Modifications") before
using the 4.0 and 4.1 Modifications;
WHEREAS, Ceres desires to pay such portion as set forth in this
Agreement and, in return, DBAG and SWX desire to confirm Ceres' right to use the
4.0 and 4.1 Modifications.
NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants herein set forth, and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged by the
parties hereto, the parties agree as follows:
1. 4.0 Modifications. Ceres shall reimburse DBAG and SWX for the
research and development costs for the 4.0 Modifications in accordance with the
terms and conditions set forth in Exhibit B. Subject to the limitations set
forth in Exhibit B, Ceres and any entity in which it may be merged or which
acquires all or substantially all of its assets and its successors and permitted
assigns (the "Ceres Licensee") shall, as of the Effective Date, have the right
to use the 4.0 Modifications, and to exercise all other rights Ceres Licensee
may have with respect to the 4.0 Modifications under the Alliance Agreement or
Software License Agreement. The parties acknowledge and agree that the 4.0
Modifications are Modifications (as defined in the Software License Agreement)
and that the ownership and use of the 4.0 Modifications shall be governed by the
provisions in the Alliance Agreement and Software License Agreement regarding
Modifications.
2. Current 4.1 Modifications. Ceres shall reimburse DBAG and SWX for the
research and development costs for the 4.1 Modifications incurred by DBAG and
SWX as of the Effective Date in accordance with the terms and conditions set
forth in Exhibit B. Subject to the limitations set forth in Exhibit B, Ceres
Licensee shall, as of the Effective Date, have the right to use the 4.1
Modifications, as such 4.1 Modifications exist as of the Effective Date (the
"Current 4.1 Modifications"), and to exercise all other rights Ceres Licensee
may have with respect to the Current 4.1 Modifications under the Alliance
Agreement or Software License Agreement. The parties acknowledge and agree that
the Current 4.1 Modifications are Modifications (as defined in the Software
License Agreement) and that the ownership and use of the Current 4.1
Modifications shall be governed by the provisions in the Alliance Agreement and
Software License Agreement regarding Modifications.
1
3. Future 4.1 Modifications. All further development of the 4.1
Modifications performed by Deutsche Borse Systems AG ("DBS") that takes place
after the Effective Date (the "Future 4.1 Modifications") shall be performed
under that certain Master Software Development Agreement dated July 20, 2000,
to which DBAG, SWX, Ceres, CBOT and DBS, among others, are parties (the
"Software Development Agreement") according to one or more Change Requests (as
defined in the Software Development Agreement). The rights and obligations of
the parties with respect to the Future 4.1 Modifications shall be governed by
the Software Development Agreement and such Change Requests, except that: (i)
the parties shall cause LLC (as defined in the Software Development Agreement)
to invoice DBAG and SWX for the portion of the research and development costs,
and any other costs incurred under the Software Development Agreement, for the
Future 4.1 Modifications for which a member of the CBOT Group would otherwise be
responsible, and DBAG shall be responsible for paying such invoices; and (ii)
Ceres shall reimburse DBAG and SWX for such costs in accordance with paragraph
(2) of Exhibit B.
4. No Other Payments. Except as expressly set forth in this Agreement,
no member of the CBOT Group (as defined in the Alliance Agreement) shall have
any other obligation to pay any other fees in order to use the 4.0 and 4.1
Modifications or to otherwise exercise its rights under the Alliance Agreement
or Software License Agreement with respect to the 4.0 and 4.1 Modifications.
SWX acknowledges and agrees that payments made by Ceres to DBAG, for the benefit
of both DBAG and SWX, as set forth in Exhibit B, shall satisfy Ceres' obligation
to pay SWX under this Agreement and that no member of the CBOT Group is
obligated to make any payment directly to SWX in connection with the 4.0 and 4.1
Modifications.
5. General Provisions. This Agreement hereby incorporates by reference
the terms and conditions of Article 9 of the Software License Agreement,
including the guarantee obligations of Section 9.7, and such terms and
conditions shall apply to this Agreement mutatis mutandis. For the avoidance of
doubt, the restructuring plan described in the May 16, 2000 "Restructuring
Report" of the CBOT constitutes a Reorganization, as that term is defined in the
Alliance Agreement.
6. Approval. This Agreement is subject to the approval of the Board of
Directors of each of DBAG, SWX and CBOT, as the Managing Partner of Ceres. If
any such party fails to provide notice to the other parties by August 10, 2000
that its Board of Directors has not approved this Agreement, then the Board of
Directors of such party shall be deemed to have approved this Agreement.
7. Other Modifications. For the avoidance of doubt, this Agreement does
not address the parties' respective rights and obligations with respect to
those components of Eurex Release 4.0 and Eurex Release 4.1 which are not 4.0
Modifications or 4.1 Modifications or the Modifications known as Eurex Release
3.0, JV Release 1.0 and JV Release 2.0 of the Eurex Software. The parties
acknowledge that Eurex Release 4.1 Change Request 016 is not a 4.1 Modification,
but that they will have further discussions regarding this Change Request.
* * * * *
2
CERES TRADING DEUTSCHE BORSE AG
LIMITED PARTNERSHIP
BY: Board of Trade of the
City of Chicago
BY: /s/ Xxxxxx X. Xxxxxxxx BY: /s/ Xxxxxxx Xxxxxx
---------------------------- ---------------------------
ITS: Pres. and CEO ITS: SVP Business Development
---------------------------- ---------------------------
BY: /s/ Xxxx X. Xxxxxx BY: /s/ Xxxx Xxxxxx
---------------------------- ---------------------------
ITS: Vice President and Secretary ITS: Member of the Board
---------------------------- ---------------------------
BOARD OF TRADE OF SWISS STOCK EXCHANGE
THE CITY OF CHICAGO
BY: /s/ Xxxxxx X. Xxxxxxxx BY: /s/ Illegible
---------------------------- ---------------------------
ITS: Pres. and CEO ITS: Corporate Secretary
---------------------------- ---------------------------
BY: /s/ Xxxx X. Xxxxxx BY: /s/ X.X. Xxxxx
---------------------------- ---------------------------
ITS: Vice President and Secretary ITS: Director International and
---------------------------- Research
---------------------------
3
Exhibit A
4.0 and 4.1 Modifications
4
EXHIBIT A
Eurex Release 4.0 Change Requests:
------------------------------------------------------------------------------------------------------------------------------------
Impact on
----------------
N (degrees) Name Affected Current Estimated Est. Date of Delivered
Release Decision Status Cost in EUR (WD) Signature by Shared Eurex Common
------------------------------------------------------------------------------------------------------------------------------------
000 P0-00891 Functional Fine
Specification [* *] R4 Steering Committee Closed [* *] [* *] 12/20/99 6/25/00
------------------------------------------------------------------------------------------------------------------------------------
000 P1-00891 Performance Fine
Specification [* *] R4 Steering Committee Closed [* *] [* *] 12/20/99 6/25/00
------------------------------------------------------------------------------------------------------------------------------------
000 P2-00891 [* *] Implementation.doc R4 Steering Committee Closed [* *] [* *] 12/20/99 6/25/00 [* *] [* *] [* *]
------------------------------------------------------------------------------------------------------------------------------------
001 Extend [* *] Stream R4 Steering Committee Closed [* *] [* *] 12/20/99 6/25/00 [* *]
------------------------------------------------------------------------------------------------------------------------------------
002 Send [* *] Information to BAWe R4 Steering Committee Closed [* *] - 12/20/99 6/25/00 -
------------------------------------------------------------------------------------------------------------------------------------
003 Block Trades [* *] R4 Steering Committee Closed [* *] [* *] 12/20/99 6/25/00 [* *]
------------------------------------------------------------------------------------------------------------------------------------
004 [* *] Detection R4 Steering Committee Closed [* *] [* *] 12/9/99 6/25/00 [* *]
------------------------------------------------------------------------------------------------------------------------------------
005 [* *] Enhancements R4 Steering Committee Closed [* *] [* *] 12/9/99 6/25/00 [* *]
------------------------------------------------------------------------------------------------------------------------------------
008 Extend [* *] Stream -
[* *] GUI (Java) changes R4 Steering Committee Closed [* *] [* *] 20/12/99 6/25/00 [* *]
------------------------------------------------------------------------------------------------------------------------------------
009 Merge [* *] R4 Steering Committee Closed [* *] [* *] 12/22/99 6/25/00 [* *]
------------------------------------------------------------------------------------------------------------------------------------
010 Functional Changes in [* *] R4 Steering Committee Closed [* *] [* *] 12/22/99 6/25/00 [* *]
------------------------------------------------------------------------------------------------------------------------------------
012 [* *] Assignment Performance
Amendments R4 Steering Committee Closed [* *] [* *] 12/22/99 6/25/00 [* *]
------------------------------------------------------------------------------------------------------------------------------------
013 [* *] Format Window R4 Steering Committee Closed [* *] [* *] 12/22/99 6/25/00 [* *]
------------------------------------------------------------------------------------------------------------------------------------
014 Improvement of [* *] R4 Steering Committee Closed [* *] [* *] 2/2/00 6/25/00 [* *]
------------------------------------------------------------------------------------------------------------------------------------
015 Compatibility Test [* *] R4 Steering Committee Closed [* *] [* *] 2/2/00 6/25/00 [* *]
------------------------------------------------------------------------------------------------------------------------------------
016 [* *] Enhancements R4 Steering Committee Closed [* *] [* *] 2/2/00 6/25/00 [* *]
------------------------------------------------------------------------------------------------------------------------------------
017 Enhance [* *] (Java) for [* *] R4 Steering Committee Closed [* *] [* *] 3/29/00 6/25/00 [* *]
------------------------------------------------------------------------------------------------------------------------------------
018 Add [* *] Button in [* *]
Application R4 Steering Committee Closed [* *] [* *] 4/12/00 6/25/00 [* *]
------------------------------------------------------------------------------------------------------------------------------------
019 Stop support of [* *] as new
front-end platform R4 Steering Committee Closed [* *] - 4/26/00 6/25/00 -
------------------------------------------------------------------------------------------------------------------------------------
020 Change name of [* *] into [* *] R4 Steering Committee Closed [* *] [* *] 5/10/00 6/25/00 [* *]
------------------------------------------------------------------------------------------------------------------------------------
021 Flow Control for [* *] R4 Steering Committee Closed [* *] [* *] 5/24/00 6/25/00 [* *]
------------------------------------------------------------------------------------------------------------------------------------
022 Reconcile [* *] Changes (March 1
to April 21, 2000) R4 Steering Committee Closed [* *] n/a 6/21/00 6/25/00
------------------------------------------------------------------------------------------------------------------------------------
*) Fixed price contract
------------------------------------------------------------------------------------------------------------------------------------
Total Planned Effort [* *] [* *] [* *] [* *] [* *]
------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Actual Effort spent [* *] [* *]
-----------------------------------------------------------------------------------------------------------
payments
2000 dbag [* *]
2000 swx [* *]
1999 dbag [* *]
1999 swx [* *]
[* *]
[* *]
Eurex 4.0 Implementation
------------------------------------------------------------------------------------------------------------------------------------
Total Total Total
planned actual Effort,
Effort, Effort, incl. Fine
incl. Fine incl. Fine spec phase
spec phase spec phase + Overhead
CR # Component (MD) Description in EUR in EUR
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Shared Enhancements [* *]
------------------------------------------------------------------------------------------------------------------------------------
proportional
Common [* *]
------------------------------------------------------------------------------------------------------------------------------------
000 [* *] [* *] Performance improvement of [* *]
------------------------------------------------------------------------------------------------------------------------------------
000 [* *] [* *] [* *] tests
------------------------------------------------------------------------------------------------------------------------------------
000 SLR [* *] Definition of service level requirements
------------------------------------------------------------------------------------------------------------------------------------
Enhance the performance of [* *]
000 XXX [* *] processes [* *] (e.g. [* *])
------------------------------------------------------------------------------------------------------------------------------------
000 Performance Architects [* *] [* *] model; [* *] study
------------------------------------------------------------------------------------------------------------------------------------
Improve [* *] processing on the [* *]
000 PIOS [* *] (accesses to the [* *])
------------------------------------------------------------------------------------------------------------------------------------
000 XXXX [* *] Tool for [* *] tests
------------------------------------------------------------------------------------------------------------------------------------
000 GATE [* *] Front End [* *] upgrade
------------------------------------------------------------------------------------------------------------------------------------
000 [* *] Test [* *]
------------------------------------------------------------------------------------------------------------------------------------
Application only needs to subscribe to the trade
001 Extend [* *] Stream [* *] confirmation broadcast stream
------------------------------------------------------------------------------------------------------------------------------------
Eliminate [* *] by ensuring that the [* *] message
and corresponding [* *] message are generated at
009 Merge [* *] [* *] the same time by the same server
------------------------------------------------------------------------------------------------------------------------------------
010 Functional changes in [* *] [* *] Apply valid [* *]
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total [* *] [* *] [* *]
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Clearing (100% Eurex)
------------------------------------------------------------------------------------------------------------------------------------
proportional
Common [* *]
------------------------------------------------------------------------------------------------------------------------------------
000 [* *] in JAVA [* *]
------------------------------------------------------------------------------------------------------------------------------------
000 VALUES API [* *]
------------------------------------------------------------------------------------------------------------------------------------
000 [* *] Clearing [* *]
------------------------------------------------------------------------------------------------------------------------------------
000 Clearing API [* *]
------------------------------------------------------------------------------------------------------------------------------------
000 [* *] [* *]
------------------------------------------------------------------------------------------------------------------------------------
003 Block Trades on [* *] [* *] Ability to [* *] or to [* *] when entering a table
------------------------------------------------------------------------------------------------------------------------------------
008 Extend [* *] Stream-[* *] [* *] and [* *] were added to the [* *] stream and must
GUI (JAVA) Changes [* *] be added to the Java Gui applications
------------------------------------------------------------------------------------------------------------------------------------
012 [* *] Assignment Performance Provide members with [* *] messages so [* *] process can
Amendments [* *] start earlier
------------------------------------------------------------------------------------------------------------------------------------
Date and number format will be entered in one window and
013 [* *] Format Window [* *] be effective on every window where these changes apply
------------------------------------------------------------------------------------------------------------------------------------
Create a more user-friendly field to represent a blank
016 [* *] Enhancements [* *] in a mandatory field
------------------------------------------------------------------------------------------------------------------------------------
017 Enhance [* *] (JAVA)
For [* *] [* *] Allow [* *] to send messages to the [* *]
------------------------------------------------------------------------------------------------------------------------------------
018 Add [* *] Button in [* *]
Application [* *] - no further description available -
------------------------------------------------------------------------------------------------------------------------------------
019 Stop support of [* *] as
new front-end platform [* *]
------------------------------------------------------------------------------------------------------------------------------------
020 Change name of [* *]
------------------------------------------------------------------------------------------------------------------------------------
into [* *] [* *] - no further description available -
------------------------------------------------------------------------------------------------------------------------------------
EXHIBIT A
------------------------------------------------------------------------------------------------------------------------------------
Total [* *] [* *] [* *]
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Common
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
000 Documentation [* *]
------------------------------------------------------------------------------------------------------------------------------------
000 Common Tasks [* *]
------------------------------------------------------------------------------------------------------------------------------------
000 Release Management [* *]
------------------------------------------------------------------------------------------------------------------------------------
Total CBOT
Contributions
000 Introduction Support [* *] in EUR
------------------------------------------------------------------------------------------------------------------------------------
000 Program Management/Office [* *]
------------------------------------------------------------------------------------------------------------------------------------
000 Architects Office [* *] [* *]
------------------------------------------------------------------------------------------------------------------------------------
000 Operational Readiness [* *]
------------------------------------------------------------------------------------------------------------------------------------
000 Work Deferred [* *]
------------------------------------------------------------------------------------------------------------------------------------
Publishes a gap notification message in Total Eurex
each required front and notifies with a VALUES Contributions
004 [* *] Detection [* *] API based application in Mio. EUR
------------------------------------------------------------------------------------------------------------------------------------
005 [* *] Enhancements [* *] Ongoing Production monitoring [* *]
------------------------------------------------------------------------------------------------------------------------------------
Introduce additional compression algorithms
014 Improvement of [* *] [* *] [* *]
------------------------------------------------------------------------------------------------------------------------------------
Must assure that all functionality of [* *]
015 Compatibility Test [* *] [* *] run properly
------------------------------------------------------------------------------------------------------------------------------------
021 Flow Control for [* *] [* *] - no further description available -
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Contingency [* *]
------------------------------------------------------------------------------------------------------------------------------------
[* *]
------------------------------------------------------------------------------------------------------------------------------------
Total [* *] [* *]
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
[* *] [* *] [* *] [* *]
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
To be paid after usage
[* *]
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
000 Trading [* *] [* *] [* *]
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
[* *] [* *]
------------------------------------------------------------------------------------------------------------------------------------
EXHIBIT A
Eurex Release 4.1 Change Requests:
------------------------------------------------------------------------------------------------------------------------------------
Impact on
-----------------
Estimated
Affected Current Cost in Est. Date of Delivery
N (degrees) Name Release Decision Status EUR (wd) Signature by Shared Eurex Common
------------------------------------------------------------------------------------------------------------------------------------
000 P3-00853 JAVA [* *] 4.1 Steering Accepted [* *] [* *] 12/6/99 10/30/00 [* *]
Committee
------------------------------------------------------------------------------------------------------------------------------------
000 P0-00928 [* *] 4.1 Steering Accepted [* *] [* *] 2/2/00 10/30/00 [* *]
Fine Specifications Committee
------------------------------------------------------------------------------------------------------------------------------------
000 P2-00928 [* *] 4.1 Steering Accepted [* *] [* *] 4/15/00 10/30/00 [* *] [* *] [* *]
Implementation Committee
------------------------------------------------------------------------------------------------------------------------------------
001 Implementation of new 4.1 Steering Accepted [* *] [* *] 3/15/00 10/30/00 [* *]
[* *] for the [* *] Committee
------------------------------------------------------------------------------------------------------------------------------------
002 Design [* *] Trading 4.1 Steering Accepted [* *] [* *] 3/15/00 10/30/00 [* *]
[* *] Committee
------------------------------------------------------------------------------------------------------------------------------------
003 [* *] Functionality in 4.1 Steering Accepted [* *] [* *] 3/29/00 10/30/00 [* *]
[* *] Committee
------------------------------------------------------------------------------------------------------------------------------------
006 [* *] - Implementation 4.1 Steering Accepted [* *] [* *] 4/12/00 10/30/00 [* *]
and Test Committee
------------------------------------------------------------------------------------------------------------------------------------
007 [* *] Overview - [* *] 4.1 Steering Accepted [* *] [* *] 4/12/00 10/30/00 [* *]
Committee
------------------------------------------------------------------------------------------------------------------------------------
008 Enhancement [* *] GUI Steering Accepted [* *] [* *] 4/12/00 11/27/00 [* *]
Committee
------------------------------------------------------------------------------------------------------------------------------------
009 [* *] Concept GUI Steering Accepted [* *] [* *] 4/12/00 11/27/00 [* *]
Committee
------------------------------------------------------------------------------------------------------------------------------------
013 [* *] Installation 4.1 Program Accepted [* *] [* *] 5/10/00 10/30/00 [* *]
Check Management
------------------------------------------------------------------------------------------------------------------------------------
014 Common Code for [* *] 4.1 Program Accepted [* *] [* *] 5/10/00 10/30/00 [* *]
(JAVA) for [* *] and Management
[* *]
------------------------------------------------------------------------------------------------------------------------------------
015 Stop Support of [* *] 4.1 Steering Accepted 10/30/00
as Platform for new Committee
Trading GUI
------------------------------------------------------------------------------------------------------------------------------------
016 Effort for separate 4.1 Steering Approved [* *] [* *] 5/24/00 11/27/00 [* *]
roll-out of Java [* *] Committee
------------------------------------------------------------------------------------------------------------------------------------
017 Enhance [* *] Handling 4.1 Steering Approved [* *] [* *] 5/10/00 10/30/00 [* *]
(SIR 9070) Committee
------------------------------------------------------------------------------------------------------------------------------------
018 Windows 2000 [* *] 4.1 Program Accepted [* *] [* *] 5/24/00 10/30/00 [* *]
Management
------------------------------------------------------------------------------------------------------------------------------------
019 [* *] Increase 4.1 Steering Approved [* *] [* *] 6/21/00 10/30/00 [* *]
Committee
------------------------------------------------------------------------------------------------------------------------------------
020 Eurex [* *] Application 4.1 Steering Approved [* *] [* *] 6/21/00 10/30/00 [* *]
for Eurex [* *] Committee
------------------------------------------------------------------------------------------------------------------------------------
021 Enhancement of [* *] 4.1 Steering Approved [* *] [* *] 6/21/00 10/30/00 [* *]
Committee
------------------------------------------------------------------------------------------------------------------------------------
022 Update Eurex Training 4.1 Steering Approved [* *] [* *] 7/5/00 10/30/00 [* *]
Documentation Committee
------------------------------------------------------------------------------------------------------------------------------------
023 Enhance [* *] 4.1 Steering Approved [* *] [* *] 7/5/00 10/30/00 [* *]
Committee
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Total [* *] [* *] [* *] [* *] [* *]
------------------------------------------------------------------------------------------------------------------------------------
EXHIBIT A
--------------------------------------------------------------------------------------------------------------------------------
Eurex 4.1 Implementation
--------------------------------------------------------------------------------------------------------------------------------
Total Total Effort
Effort Total Effort + Overhead
CR # Project (MD) Description in Mio. EUR in Mio. EUR
--------------------------------------------------------------------------------------------------------------------------------
Shared Components [* *]
proportional [* *]
Common
--------------------------------------------------------------------------------------------------------------------------------
Imp 000 Fine Specs [* *] [* *]
--------------------------------------------------------------------------------------------------------------------------------
000 Trading GUI on JAVA [* *] The GUI as it was delivered with [* *]
Eurex Release 3.1, modifications
included for Eurex Release 4.0,
for the CBOT/Eurex Joint Venture
Release 1.0 trading application,
[* *]
--------------------------------------------------------------------------------------------------------------------------------
Imp TS100 Options matcher (OPTIMA) [* *] With Eurex Release 4.1 the [* *] Not available
--------------------------------------------------------------------------------------------------------------------------------
Imp 000 Xxxx Automatic Options, [* *]
OCQ, Pro Rata
--------------------------------------------------------------------------------------------------------------------------------
000 XXXXXXX (Automatic [* *] performance tests Costs in
Performance Tests) Implementation
--------------------------------------------------------------------------------------------------------------------------------
Imp 000 Product Specific Holidays [* *]
--------------------------------------------------------------------------------------------------------------------------------
Imp FS220 [* *] Block Trades [* *] OTC Block Trade Entry enables Not in initial
for [* *] Eurex members to clear OTC scope
contracts through the
clearing system of Eurex.
--------------------------------------------------------------------------------------------------------------------------------
002 Design Product-Specific [* *] A derivative product and its [* *]
Trading [* *] underlying need to follow the
same holiday schedule.
However, for different products
there are different holidays to
consider, for example for
[* *] products.
--------------------------------------------------------------------------------------------------------------------------------
020 [* *] Application for [* *] With the introduction of the [* *]
Eurex R4.1 new client / server architecture
and the introduction of
Values API the printed trade
confirmations from the end
user device needed to be
replaced. A new Application was
been written to create the trade
confirmations (PTC Application)
In Eurex Release 4.0 this
application works for Windows NT
only.
This document describes the scope,
impact and costs of porting the
PTC Application to Sun Solaris
and adapting it to Eurex Release
4.1.
--------------------------------------------------------------------------------------------------------------------------------
021 Enhancement of [* *] [* *] This change request presents a [* *]
general concept of [* *] valid
for all matching scenarios.
As a consequence, the [* *]
against [* *] is ensured. In
addition, the changes imply an
enhancement toward a consistent
and transparent [* *]
--------------------------------------------------------------------------------------------------------------------------------
000 Xxxxxxx Xxxxx Xxx Inside [* *] Applications are terminating [* *]
Market Handling when [* *] caused by state
changes let a communication
queue [* *] (SIR 10462). The
problem will be fixed by
using [* *].
--------------------------------------------------------------------------------------------------------------------------------
Total [* *] [* *] [* *]
--------------------------------------------------------------------------------------------------------------------------------
100% Eurex
proportional [* *]
Common
--------------------------------------------------------------------------------------------------------------------------------
Imp FS030 Eurex Observer [* *] The Eurex Observer Back End [* *]
enhancements include:
. Performance improvements
. New [* *] products should be
processed and evaluated for
[* *] alerts
. New OTC Block trades on
futures should be
processed and evaluated for
Eurex Observer alerts
. Basis trades separated
from other trades and
evaluated for Eurex
Observer alerts
--------------------------------------------------------------------------------------------------------------------------------
Imp TS110 CEF Introduction [* *] Because CEF can only be accessed Not available
via a TCP/IP connection, the
[* *] has to be
modified due to the protocol
change and the interface
specifications of CEF.
--------------------------------------------------------------------------------------------------------------------------------
Imp 000 VALUES API [* *]
--------------------------------------------------------------------------------------------------------------------------------
Imp 000 GUI Clearing [* *]
Functionality II
--------------------------------------------------------------------------------------------------------------------------------
001 Implementation of new [* *] [* *] Subject of this change request [* *]
for the OTC-Basis Trade is the implementation of a
Facility [* *] in the Eurex [* *] in
order to figure out the correct
Hedge Ratio (Cash Bond/Future).
The description of the necessary
adjustments should serve as a
basis for a time/implementation
effort estimate. Depending on
the chosen hedge type in the [* *]
Entry the number of contracts of
the [* *] must be in a defined
proportion to the nominal value
of the cash asset. Corresponding
to the chosen hedge type, the
relation between the Future and
the cash asset is determined
through the [* *].
--------------------------------------------------------------------------------------------------------------------------------
003 Print Functionality [* *] The Users of the Eurex System [* *]
in GUI Applications currently have the possibility
to make [* *] in order to
document them. This function is
especially important in the [* *].
With the introduction of the [* *]
that function.
A [* *] functionality should be
[* *] in the [* *] and [* *]. It
should be possible to [* *] the
complete [* *] contained in the
actual window or to [* *] and
[* *] either rows or columns.
--------------------------------------------------------------------------------------------------------------------------------
007 Exercise Overview - [* *] In the current development [* *]
Entry of Expiration Month version of the [* *] it is
possible to filter the [* *]
either for [* *] or for a
[* *]. There should be a
possibility to filter a profile
plus the [* *] to inquire on all
[* *] (Issue 227).
--------------------------------------------------------------------------------------------------------------------------------
EXHIBIT A
--------------------------------------------------------------------------------------------------------------------------------
Eurex 4.1 Implementation
--------------------------------------------------------------------------------------------------------------------------------
Total Total Effort
Effort Total Effort + Overhead
CR # Project (MD) Description in Mio. EUR in Mio. EUR
--------------------------------------------------------------------------------------------------------------------------------
014 Common Code for Clearing [* *] Currently a code version for the [* *] Total CBOT
GUI (Java) [* *] [* *] application for the exchange Contributions
members and a separate version for in Mio. EUR
the [* *] exists. The [* *] for
[* *] is only available on Windows
NT, not on Solaris and AIX.
In Eurex Release [* *] all code
changes will be incorporated into
a "common" Eurex Release [* *] code
using [* *] (without backward
compatibility) and tested on all
supported platforms. This means
that there will be only [* *]
version of the [* *] comprising
the application for [* *] and for
the members.
------------------------------------------------------------------------------------------------------------------------------------
016 Effort for separate roll-out [* *] Eurex decided to roll out Eurex [* *]
of Java [* *] GUI Release [* *] together with the
related Project [* *] on 30
Oct 2000. The [* *] cannot be
delivered at that time and will
be rolled out separately about
[* *] after the introduction of
Eurex R [* *]. This leads to two
different introduction days for
Eurex R [* *] and consequently
additional effort arises for the
following project teams / line
departments
[* *]
[* *]
[* *]
[* *]
[* *]
[* *]
--------------------------------------------------------------------------------------------------------------------------------
Total [* *] [* *] [* *]
--------------------------------------------------------------------------------------------------------------------------------
Total Eurex
Contributions
in Mio. EUR
[* *]
--------------------------------------------------------------------------------------------------------------------------------
Common
--------------------------------------------------------------------------------------------------------------------------------
FS 000 Fine Specs Architecture [* *] With the increasing number of
transactions to be processed
the [* *] are more and more a
general [* *] of the system.
Performance activities will
overall reduce the [* *].
Architecture improvements cover
improvements of the [* *]
processing, architecture
improvements, and the [* *].
--------------------------------------------------------------------------------------------------------------------------------
FS 000 File [* *] Reduction [* *] [* *] [* *]
--------------------------------------------------------------------------------------------------------------------------------
IMP 000 Performance Improvement [* *] Improves the architecture on the Costs in
of Architecture and [* *] to reduce the [* *] to the Implementation
Monitoring (PIAMO) members and to allow detailed
[* *]
--------------------------------------------------------------------------------------------------------------------------------
Common Tasks (Doku, Taste, [* *]
etc.)
--------------------------------------------------------------------------------------------------------------------------------
IMP 000 SLR Definition of service level
requirements
--------------------------------------------------------------------------------------------------------------------------------
Imp 000 Regression Tests
--------------------------------------------------------------------------------------------------------------------------------
Imp 000 Management [* *]
--------------------------------------------------------------------------------------------------------------------------------
Imp 000 Service Implementations [* *]
--------------------------------------------------------------------------------------------------------------------------------
006 FS040 - Trading Calendars [* *] The operating schedule of the [* *]
Fine Specification exchange is determined by the
exchange [* *]. The conse-
quences of these conditions are
the necessity of [* *] in the
Eurex system, which are very
difficult and time consuming
for [* *].
--------------------------------------------------------------------------------------------------------------------------------
008 Enhancement for [* *] [* *] Feedback from the existing [* *]
users, working groups suggests
additional enhancements to the
[* *] include:
Additional [* *] capability,
Ability to [* *];
Additional [* *] capabilities [* *]
[* *] for certain product [* *] [* *]
--------------------------------------------------------------------------------------------------------------------------------
009 [* *] Concept [* *] The current version of [* *] has [* *]
no [* *] Users required various
events to be [* *]
--------------------------------------------------------------------------------------------------------------------------------
013 [* *] Check-Tool [* *] A [* *] should be introduced to [* *]
[* *] of the [* *] and [* *]
processes, the [* *] processing
and the [* *] flow of [* *] and
[* *]. This is done in order to
get fast and more comprehensive
online information about [* *]
e.g. allowing [* *].
--------------------------------------------------------------------------------------------------------------------------------
017 Enhance [* *] (SIR [* *] At the Moment, a member can [* *]
9070) access the [* *] only if at
least one [* *] and the [* *]
can build up a [* *]. At the
end of the [* *], the
front-ends are shut down by
the host (STOP) [* *]. After
the [* *] the recoverable [* *]
that are already [* *] can not
be accessed anymore [* *].
--------------------------------------------------------------------------------------------------------------------------------
018 Windows 2000 [* *] [* *] The objective of this change [* *]
Study request is to [* *] software
on Windows 2000.
--------------------------------------------------------------------------------------------------------------------------------
[* *] Some customers demand an
increase of the current [* *]
because they are [* *] in order
to reduce the per workplace
costs for their traders.
Furthermore, when supporting
[* *] the number of all [* *]
and [* *] sessions is now [* *].
This does in fact reduce the
possible [* *] for each service.
[* *] accepts currently up to
[* *] to run on a Workstation
device.
Additionally each application
is [* *].
The [* *] should be [* *]. Each
of this connection must support
the current value of [* *]
outstanding requests.
019 [* *] Increase [* *] A test is required on all
supported platforms if this [* *]
can be handled by [* *] to ensure
correct sizing of [* *].
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022 Updated Eurex Training [* *] With introduction Eurex Release [* *]
Documentation 4.1 an update of the Training
Documentation (functional and
technical) is necessary, because
of the introduction of new
functionality e.g. new Java
Trading GUI.
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--------------------------------------------------------------------------------------------------------------------------------
Contingency [* *]
--------------------------------------------------------------------------------------------------------------------------------
EXHIBIT A
--------------------------------------------------------------------------------------------------------------------------------
Eurex 4.1 Implementation
--------------------------------------------------------------------------------------------------------------------------------
Total Total Effort
Effort Total Effort + Overhead
CR # Project (MD) Description in Mio. EUR in Mio. EUR
--------------------------------------------------------------------------------------------------------------------------------
Total [* *] [* *]
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
[* *] [* *] [* *]
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
0.00
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Exhibit B
Payments in respect of the 4.0 and 4.1 Modifications
(1) Ceres shall pay a total amount [**] to DBAG, for the benefit of both DBAG
and SWX. The first [**] paid by Ceres under the schedule set forth below shall
be in exchange for all Rights (as defined in the Software License Agreement),
except as provided in (3) below, in the 4.0 Modifications and for related
training materials, and all subsequent payments by Ceres under such schedule
shall be in exchange for all Rights (as defined in the Software License
Agreement) in the Current 4.1 Modifications and for related training materials.
(a) [**] on or before April 30, 2001;
(b) [**] on or before May 31, 2001;
(c) [**] on or before June 30, 2001;
(d) [**] on or before July 31, 2001;
(e) [**] on or before August 31, 2001;
(f) [**] on or before September 30, 2001;
(g) [**] on or before October 31, 2001; and
(h) A final amount, which amount shall be determined as set forth
below, on or before the earlier of: (i) thirty (30) days after [**] days; and
(ii) June 30, 2002. The final amount will be calculated as the difference
between: (i) the total amount to be paid by Ceres using the actual amounts of
invoices paid by DBAG and/or SWX to DBS which are allocable to Ceres using the
methodology set forth in Exhibit A; and (ii) [**]. If the amount in (ii) is
greater than the amount in (i), then DBAG shall promptly refund to Ceres the
difference between (ii) and (i). In no event shall the final amount payable by
Ceres exceed [**]. DBAG and SWX shall provide Ceres with true and correct copies
of all such invoices and Ceres shall have the right to audit such invoices.
(2) Ceres shall reimburse DBAG, for the benefit of both DBAG and SWX, for the
costs paid on behalf of the CBOT Group pursuant to Section 3 of this
Agreement on or before the earlier of: (i) thirty (30) days after [**] days;
and (ii) June 30, 2002.
(3) Ceres may not use or otherwise exploit the "Trading--pro rata matcher
(integrated spreads)" component of the 4.0 Modifications unless and until it has
paid [**] to DBAG, for the benefit of both DBAG and SWX, provided that Ceres has
first made the payment under Par. (2) of Exhibit E of the Software License
Agreement with respect to the "distributed matching algorithm" component of the
Release 3.0 Modifications. Following these payments, Ceres will have all Rights
with respect to the "Trading--pro rata matcher (integrated spreads)" component
of the 4.0 Modifications.
(4) The payments described in each of paragraphs (1), (2) and (3) are separate
and distinct, and a payment under one paragraph will not be counted as a
payment under any other paragraph.
(5) At the time Ceres makes each of the payments set forth in (1), (2) or the
[**] Euro payment described in (3), Ceres shall also pay interest on the
amount of such payment. For the payments set forth in (1) and the [**]
payment described in (3), such interest shall be calculated at the rate of
[**] per annum from the Effective Date until the time of such payment by
Ceres. For the payments set forth in (2), such interest shall be calculated
at the rate of [**] per annum from the date on which DBAG and SWX pay DBS
for the Future 4.1 Modifications until the time of such payment by Ceres.
