exhibit 10. 3 portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the securities and exchange commission. the omissions have been indicated by asterisks ( “ * * * * * ” ), and the omitted text has been filed separately with the securities and exchange commission. matthew j. kelly chief intellectual property counsel 312 # # # - # # # - # # # # telephone 312 # # # - # # # - # # # # facsimile march 30, 2006 robert shakotko managing director standard & poor ’ s index services 55 water street, 42nd floor new york, new york 10041 re : first amendment to the s & p - cme 2005 license agreement dear mr. shakotko : s & p and cme have agreed to amend our license agreement to allow cme to list for trading bxy trakrs contracts. this letter amendment embodies our agreement. pursuant to section 2 ( e ) of the license agreement ( “ agreement ” ) between the chicago mercantile exchange ( “ cme ” ) and standard & poor ’ s ( “ s & p ” ), dated september 20, 2005, as amended, cme requests that the agreement be updated as specified below. the recitals of the agreement shall be amended by adding the following text : whereas, s & p has secured all necessary approvals and authorizations necessary from the chicago board of options exchange ( “ cboe ” ) and the cboe future exchange ( “ cfe ” ) for cme to list, trade, clear, market and promote trakrs contracts ( “ bxy trakrs contracts ” ) based on the cboe s & p 500 2 % otm buywrite index ( “ the bxy index ” ). section 1 of the agreement shall be amended by adding section 1 ( bb ) and section 1 ( cc ) at the end of the section which shall read as follows : ( bb ) “ trakrs contracts ” means any cash - settled futures contract ( i ) the final settlement price of which is calculated using the level of a broad - based, dynamic index of stocks, bonds, currencies, commodities or other financial instruments ; ( ii ) that can be held by “ non - institutional customers ” through broker dealers and registered representatives ; ( iii ) for which the establishment of a short position by a non - institutional customer requires a cash deposit equal to 50 % of the current market value of