The Chicago Board of Trade (CBOT), the futures exchange, has refined its restructuring proposals to make the transition from being owned by its members to a shareholder structure.

The changes involve providing additional voting rights to CBOT members, with the CBOT continuing to execute electronic derivatives business through Ceres Trading throughout the term of the exchange's technology arrangement with Eurex, which lasts until 2004. Ceres Trading controls the technology rights and software to the exchange's electronic trading system, Project A.