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AMENDMENT TO EMPLOYMENT AGREEMENT

Employment Agreement Amendment

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This Employment Agreement Amendment involves

CHICAGO MERCANTILE EXCHANGE HOLDINGS INC | James Krause

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Title: AMENDMENT TO EMPLOYMENT AGREEMENT
Date: 3/6/2006
Industry: BROKER     Sector: FINANC

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Amendment to Employment Agreement

Exhibit 10.23

AMENDMENT TO EMPLOYMENT AGREEMENT

This is the First Amendment to the Employment Agreement (the “Agreement”) between James Krause (“Employee”) and Chicago Mercantile Exchange Inc. (“Employer”), which became effective on November 21, 2003.

This First Amendment is effective June 1, 2004. Except as set forth herein, all other provisions of the Agreement shall remain unchanged and in full force and effect.

Paragraph 1:

Paragraph 1 of the Agreement is hereby amended as follows to reflect Employee’s new position as Chief Information Officer:

Employment. Subject to the terms of the Agreement, Employer hereby agrees to employ Employee during the Agreement Term as Managing Director, Chief Informa

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