There shall be no currency futures price limits for the first 15 minutes of trading during Regular Trading Hours (RTH ). A schedule of expanding price limits shall be in effect when this 15-minute period ends.

For purposes of this rule, the primary futures contract shall be defined as the futures contract trading in the lead month configuration in the individual currency futures pit, except for Brazilian Real futures, where the primary futures contract for price limit purposes is the third contract month.

Expanding price limits shall be determined as follows:

For the primary futures contract only, the first expanding price limits shall be determined by adding and subtracting the Expanding Price Limits Increment ("EPLI") from the table below from a reference price. When two prices constitute the Opening Range, the reference price shall be the Opening Range's second price. When one price constitutes the Opening Range, the reference price shall be the single price of the Opening Range. In the event the high and/or low during the first 15 minutes of RTH trading exceeds one times the EPLI listed below, then the first price limits for that day shall be determined using the smallest integer multiple of the EPLI that includes that day's high and low for the primary futures contract.

For all other futures contract months, the reference price shall be adjusted by the spread differential versus the primary futures contract based on the settlement prices for the previous trading day's RTH session. Then the first price limits for the day shall be determined in the same manner as for the primary futures contract.

Once the CME Trading Floor Department posts and disseminates to the market place the first price limits, these limits shall not be changed, even if the Opening Range for the primary futures contract is changed.

In the event the primary futures contract does not establish an Opening Range during the first 15 minutes of RTH trading, then the first price limits for the primary futures contract, and all other contract months, shall be determined by adding and subtracting the EPLI from each individual contract month's previous day's RTH settlement price. Further, in the event there is a higher bid and/or lower offer during the first 15 minutes of RTH trading that exceeds one times the EPLI, then the first price limits for all contract months shall be determined using the smallest integer multiple of the EPLI that includes that day's higher bid and/or lower offer.

In the event the primary futures contract is limit bid or offered at the first or any other expanding price limit, that expanding price limit shall be in effect for a 5-minute period. At the end of the 5-minutes period, the former expanding price limit shall expire and a new expanding price limit at the next larger integer multiple of the EPLI listed below shall become effective. If at the end of the 5-minute period, the primary futures contract is limit bid or offered, then the appropriate Pit Committee shall determine whether or not the market shall follow normal opening procedures to reopen trading.

For purposes of this rule, the individual currency futures Price Limit Committee shall have the responsibility of determining whether the primary futures contract is limit bid or offered.

This price limit rule shall not apply to (1) any contract month during the last 15 minutes of trading for that contract month and (2) expiring contract months on the termination of trading day.

A. Trading Units

The unit of trading shall be 500,000 Russian Rubles.

B. Price Increments

Minimum price fluctuations shall be in multiples of $.000025 per Russian Ruble, commonly referred to as two and one–half points (equivalent to $12.50).

C. Reserved

D. GLOBEX Price Limits

There shall be no trading of the Russian Ruble futures contract during Electronic Trading Hours (ETH) at a price more than $0.02000 above or below the Reference RTH Price.

E. Termination of Futures Trading

Futures trading shall terminate at 10:00 AM (Moscow Time)^* on the 15th calendar day of the contract month. If the foregoing date for termination is not a business day for the Moscow Interbank Currency Exchange (MICEX), futures trading shall terminate at the same time on the next business day for the MICEX.

 

All Russian Ruble futures contracts remaining open after the close of trading on the termination of trading day shall be liquidated by cash settlement at a price equal to the Final Settlement Price. The CME Russian Ruble futures contract Final Settlement Price shall be equal to the reciprocal of the exchange rate of Russian Rubles per U.S. Dollar determined by the 10:00 AM Moscow time spot market fixing at the Moscow Interbank Currency Exchange (MICEX), rounded to six decimal places. This rate is the same Russian Ruble per U.S. Dollar spot exchange rate determined and used by MICEX to cash settle its U.S. Dollar futures contract. All open positions shall be cash settled to the reciprocal of this rate on the termination of trading day.

A person shall not own or control more than 6,000 contracts net long or net short in any contract month or more than 10,000 contracts net long or short in all contract months combined. For positions involving options on the CME Russian Ruble currency futures, this rule is superseded by the option speculative position limit rule.

H. Accumulation of Positions

For purposes of this rule, the positions of all accounts directly or indirectly owned or controlled by a person or persons, and the positions of all accounts of a person or persons acting pursuant to an expressed or implied agreement or understanding, and the positions of all accounts in which a person or persons have a proprietary or beneficial interest, shall be cumulated.

I. Exemptions

The foregoing position limits shall not apply to bona fide hedge positions meeting the requirements of Regulation 1.3(z)(1) of the CFTC and the rules of the Exchange, and shall not apply to other positions exempted pursuant to Rule 543.

J. Emergencies, Acts of Government, Acts of God

If the Exchange President determines that the calculation of the Final Settlement Price is prevented by strike, fire, accident, act of government, or act of God, he shall call a special meeting of the Board of Directors and arrange for the presentation of evidence respecting the emergency condition. If the Board determines that an emergency exists, it shall take such action as it deems necessary under the circumstances and its decision shall be binding upon all parties to the contract. For example, and without in any way limiting the Board's power, it may: 1) accelerate or extend the Termination of Trading date, 2) set the Final Settlement Price equal to the previous day's settlement price, and/or 3) determine a Final Settlement Price based on information at its disposal.

A. Monthly Options in the March Quarterly Cycle ("Quarterly Options")

At the commencement of trading in a contract month, the Exchange shall list put and call options at the regular exercise price that is nearest the previous day's settlement price of the underlying futures contract. For options on Deutsche Mark Futures, options on Japanese Yen Futures, options on Swiss Franc Futures, and options on Pound Sterling Futures, the Exchange shall list put and call options at the next six higher and next six lower regular exercise prices. For options on Mexican Peso Futures, the Exchange shall list put and call options at the next twelve higher and the next twelve lower regular exercise prices. For all other options on a currency futures, the Exchange shall list put and call options at the next four higher and next four lower regular exercise prices.

When a sale, bid, offer, or settlement price in the underlying futures occurs within half a regular exercise price interval of the sixth highest or sixth lowest existing regular exercise prices for Options on Deutsche Mark Futures, Options on Japanese Yen Futures, Options on Swiss Franc Futures, or Options on Pound Sterling Futures, or the twelfth highest or twelfth lowest existing regular exercise price for Options on Mexican Peso Futures, or the fourth highest or fourth lowest existing regular exercise price for any other option on a currency futures, put and call options at the next higher or next lower regular exercise price respectively shall be listed for trading on the next trading day. New options may be listed for trading up to and including the termination of trading.

The Board may modify the provisions governing the establishment of exercise prices as it deems appropriate, subject to the provisions of Section 5a(a)(12)(A) of the Commodity Exchange Act and CFTC regulations thereunder.

B. Options Not in the March Quarterly Cycle ("Serial" and "Weekly Options")

Upon demand evidenced in the respective options pit, the Exchange shall list put and call options at any regular exercise price listed for trading in the next March quarterly cycle futures option that is nearest the expiration of the option. New options may be listed for trading up to and including the termination of trading.

C. Special Listings of Half-Interval Exercise Prices for Selected Options on Currency Futures Contracts

For the first seven expirations (i.e., four weekly option expirations, one monthly expiration in the March quarterly cycle and two monthly expirations not in the March quarterly cycle) for options on Deutsche mark futures, options on Japanese yen futures, options on Swiss franc futures, options on Australian dollar futures, options on Mexican peso futures, options on New Zealand dollar futures, options on European Currency Unit* futures, options on Russian ruble futures, and options on Pound Sterling futures, the Exchange shall list additional options with exercise prices at one-half the regular exercise price intervals ("half-interval exercise prices").

For options on Australian dollar futures, options on New Zealand dollar futures, options on European Currency Unit* futures, options on Russian ruble futures, and options on Mexican peso futures, options eligible for listing under this rule shall be the put and call options with the half-interval exercise price that is nearest the previous day 's settlement price of the underlying futures contract month and the two half-interval exercise prices above and the two half-interval exercise prices below the half-interval exercise price that is nearest the previous day's settlement price of the underlying futures contract. For options on Deutsche mark futures, Japanese yen futures, Swiss franc futures, and Pound Sterling futures, options eligible for listing under this rule shall be the put and call options with the half-interval exercise price that is nearest the previous day's settlement price of the underlying futures contract month and the six half-interval exercise prices above and the six half-interval exercise prices below the half-interval exercise price that nearest the previous day's settlement price of the underlying futures contract.

(Remainder of rule is unchanged.)

No person shall own or control a combination of options and underlying futures contracts that exceeds 6,000 futures-equivalent contracts net on the same side of the market in all contract months combined for Australian dollar futures and options, and Mexican peso futures and options, except that for Mexican peso futures and options only, no person shall own or control a combination of options and underlying futures contracts that exceeds 3,000 futures-equivalent contracts in the lead month on or after the day three weeks prior to the underlying futures contract termination of trading day.

No person shall own or control a combination of Brazilian real or Russian ruble options and underlying futures contracts that exceeds 6,000 futures–equivalent contracts net on the same side of the market in any contract month or exceeds 10,000 futures–equivalent contracts net on the same side of the market in all contract months combined.

A person owning or controlling a combination of options and underlying futures contracts that exceeds 10,000 futures-equivalent contracts net on the same side of the market in all contract months combined for each currency type for Pound Sterling, Deutsche Mark, Japanese Yen, Swiss Franc, and European Currency Unit* futures and options, and 6,000 futures-equivalent contracts net on the same side of the market in all contract months combined for Canadian Dollar and New Zealand dollar futures and options, and 2,000 futures-equivalent contracts net on the same side of the market in all contract months combined for French Franc futures and options shall provide, in a timely fashion, upon request by the Exchange, information regarding the nature of the position, trading strategy, and hedging information if applicable.

A person owning or controlling a combination of options and underlying futures contracts that exceeds 6,000 futures-equivalent contracts net on the same side of the market in all contract months combined for South African Rand futures and options shall provide, in a timely fashion, upon request by the Exchange, information regarding the nature of the position, trading strategy, and hedging information if applicable. In addition, the Exchange President or his designee or the Business Conduct Committee may require, at their discretion, that such positions not be further increased. However, in no event shall a person own or control more than 2,000 futures-equivalent contracts in the spot month.

For the purpose of this rule, the futures equivalent of an option contract is 1 times the previous business day's IOM risk factor for the option series. Also for purposes of this rule, a long call option, a short put option and a long underlying futures contract are on the same side of the market; similarly, a short call option, a long put option and a short underlying futures contract are on the same side of the market.

A. Monthly Options in the March Quarterly Cycle ("Quarterly Options")

Trading in monthly options in the March quarterly cycle (i.e., March, June, September and December) shall terminate at the close of trading on the second Friday immediately preceding the third Wednesday of the contract month, except for options on the Brazilian real futures contract as described in section D below, and except for options on the South African rand futures contract as described in section E below, and except for options on the Russian ruble futures contract as described in section F below. If the foregoing date for termination is an Exchange holiday, trading in monthly options shall terminate on the immediately preceding business day.

B. Monthly Options Not in the March Quarterly Cycle ("Serial Options")

Trading in monthly options not in the March quarterly cycle (i.e., January, February, April, May, July, August, October and November) shall terminate at the close of trading on the second Friday immediately preceding the third Wednesday of the contract month, except for options on the Brazilian real futures contract as described in section D below, and except for options on the South African rand futures contract as described in section E below, and except for options on the Russian ruble futures contract as described in section F below. If the foregoing date for termination is an Exchange holiday, trading in monthly options shall terminate on the immediately preceding business day.

C. Weekly Options

Trading in weekly options shall terminate at the close of trading on those Fridays that are not also the termination of trading of a monthly option as described in the preceding paragraphs A and B, except for options on the Brazilian real futures contract as described in section D below, and except for options on the South African rand futures contract as described in section E below, and except for options on the Russian ruble futures contract as described in section F below. If the foregoing date for termination is an Exchange holiday, trading in weekly options shall terminate on the immediately preceding business day.

D. Monthly and Weekly Options on Brazilian Real Futures

Trading in monthly options on the Brazilian real futures contract shall terminate at the same date and time as the underlying futures contract.

Trading in weekly options on the Brazilian real futures contract shall terminate at the close of trading on those Fridays that are not also the termination of trading of a monthly option as described in the immediately preceding paragraph. If the foregoing date for termination is an Exchange holiday, trading in weekly options shall terminate on the immediately preceding business day.

E. Monthly and Weekly Options on South African Rand Futures

Trading in monthly options on monthly South African rand futures contracts shall terminate at the close of trading on the second Friday immediately preceding the third Wednesday of the contract month. If the foregoing date for termination is an Exchange holiday, trading in monthly options shall terminate on the immediately preceding business day.

Trading in weekly options on the South African rand futures contract shall terminate at the close of trading on those Fridays that are not also the termination of trading of a monthly option as described in the immediately preceding paragraph. If the foregoing date for termination is an Exchange holiday, trading in weekly options shall terminate on the immediately preceding business day.

Trading in monthly options on the Russian ruble futures contract in the March quarterly cycle (i.e., March, June, September and December) shall terminate at the same date and time as the underlying futures contract.

Trading in monthly options not in the March quarterly cycle (i.e., January, February, April, May, July, August, October and November) shall terminate at the close of trading on the second Friday immediately preceding the third Wednesday of the contract month. If the foregoing date for termination is an Exchange holiday, trading in monthly options shall terminate on the immediately preceding business day.

Trading in weekly options shall terminate at the close of trading on those Fridays that are not also the termination of trading of a monthly option as described in the immediately preceding two paragraphs. If the foregoing date for termination is an Exchange holiday, trading in weekly options shall terminate on the immediately preceding business day.

In addition to the applicable procedures and requirements of Chapter 7, the following shall apply to the exercise of option contracts on currency futures.

A. Exercise of Option by Buyer

An option may be exercised by the buyer on any business day that the option is traded. To exercise an option the clearing member representing the buyer shall present an exercise notice to the Clearing House by 7:00 p.m. on the day of exercise.

A monthly option on the Brazilian Real and the Russian Ruble futures contract, that is in the money¹ and has not been liquidated or exercised prior to the termination of trading, shall, in the absence of contrary instructions delivered to the Clearing House by 7:00 p.m. on the business day following the termination of trading by the clearing member representing the option buyer, be exercised automatically.

All other currency options that are in the money² and have not been liquidated or exercised prior to the termination of trading, shall, in the absence of contrary instructions delivered to the Clearing House by 7:00 p.m. on the day of termination of trading by the clearing member representing the option buyer, be exercised automatically.

B. Assignment

Exercise notices accepted by the Clearing House shall be assigned through a process of random selection to clearing members with open short positions in the same series. A clearing member to which an exercise notice is assigned shall be notified thereof as soon as practicable after such notice is assigned by the Clearing House, but not later than 45 minutes before the opening of Regular Trading Hours in the underlying futures contract on the following business day.

The clearing member assigned an exercise notice shall be assigned a short position in the underlying futures contract if a call is exercised or a long position if a put is exercised. The clearing member representing the option buyer shall be assigned a long position in the underlying futures contract if a call is exercised and a short position if a put is exercised.

All such futures positions shall be assigned at a price equal to the exercise price of the option and shall be marked to market in accordance with Rule 814 on the trading day following acceptance by the Clearing House of the exercise notice.

(Rules 4610 through 4625 are unchanged.)

A. Trading Unit

The trading unit shall be an option to buy, in the case of the call, or to sell, in the case of the put, one Russian ruble futures contract as specified in Chapter 30.

B. Minimum Fluctuations

The price of an option shall be quoted in U.S. dollars per Russian ruble, except as provided in Rule 584 (GLOBEX Volatility Quotes). Each $.000025 per Russian ruble (two and one–half points) shall represent $12.50. For example, a quote of .000875 represents an option price of $437.50 (87.5 points x $5.00 per point). The minimum fluctuation shall be two and one–half points (also known as one tick). A trade may also occur at a price of $.0000125 ($6.25, also known as one-half tick), whether or not it results in the liquidation of positions for both parties to the trade.

If options are quoted in volatility terms, the minimum fluctuation shall be 0.05 percent.

C. Exercise Prices

Regular exercise prices shall be stated in terms of U.S. dollars per Russian ruble at intervals of $.01, e.g., $0.16, $0.17, $0.18, etc. For the first seven listed expirations only, additional exercise prices shall be stated at intervals of $.005, e.g., $0.165, $0.175, $0.185, etc.