(FORTUNE Magazine) – The Chicago Mercantile Exchange has ordered its 2,500 members -- including the 24 indicted last year after a two-year FBI investigation into fraud in the trading pits -- to attend a two-hour lesson in ethics. Says Columbia business school professor Donna Sockell, who designed the course: ''They won't be talking about Kant, Plato, or Aristotle. The goal is to raise their consciousness.'' The traders will split into groups of 50 and debate with professors from Chicago's Kent College of Law about how they'd handle hypothetical moral dilemmas. Nobody will be graded, which removes any incentive to cheat. - M.A.