The Chicago Board of Trade faces a crucial decision on Friday on its plan to move to for-profit status when a US judge decides whether the mutually-owned Chicago exchange can press ahead with its plans to demutualise.

Bernard Dan, president of the CBOT, the second-largest US futures exchange, is hoping to move to for-profit status by early 2005, ahead of a possible flotation. Over 1,000 of the exchange's class A members are said to be in support of the move, while a minority of close to 300 are opposing the measure.