Chapter 401
S&P GSCI™ Commodity Index Futures
40100.

SCOPE OF CHAPTER
This chapter is limited in application to S&P GSCI Commodity Index futures. In addition to thischapter, S&P GSCI Commodity Index futures shall be subject to the general rules and regulationsof the Exchange insofar as applicable.
For purposes of this chapter, unless otherwise specified, times referred to herein shall refer to andindicate Chicago time.

40101.

CONTRACT SPECIFICATIONSEach futures contract shall be valued at $250.00 times the S&P GSCI Futures Price Index whichcorresponds to each contract. The S&P GSCI Commodity Index (GSCI) is a world-productionweighted, arithmetic average, of the prices of liquid exchange-traded physical commodity futurescontracts which satisfy specified criteria. The S&P GSCI Commodity Index Futures Price Index is
calculated as the fair value of the S&P GSCI Commodity Index futures for a specific contractmonth. The calculation of the futures price index is identical to the calculation of the GSCI, exceptthat the futures price index incorporates no rolling forward of futures contracts and is quoted only
until the expiration of the corresponding futures contract. For any January contract, the S&P GSCI
Futures Price Index shall be determined using the prior year's index specifications. February
through December contracts shall use the current year's specifications. The GSCI calculation androll procedures are defined in the S&P GSCI Index Methodology.

40102.

TRADING SPECIFICATIONS
40102.A.
Trading Schedule
Futures contracts shall be scheduled for trading during such hours and for delivery in such months
as may be determined by the Exchange.
40102.B.
Trading Unit
The unit of trading shall be $250.00 times the S&P GSCI Futures Price Index which corresponds toeach futures contract.
40102.C.
Price Increments
Bids and offers shall be quoted in terms of the S&P GSCI Futures Price Index which corresponds
to each futures contract. The minimum fluctuation of the futures contract shall be .05 index points,
equivalent to $12.50 per contract.
40102.D.

Position Limits, Exemptions, Position Accountability and Reportable

Levels
The applicable position limits and/or accountability levels, in addition to the reportable levels, areset forth in the Position Limit, Position Accountability and Reportable Level Table in theInterpretations & Special Notices Section of Chapter 5.
A Person seeking an exemption from position limits for bona fide commercial purposes shall apply
to the Market Regulation Department on forms provided by the Exchange, and the Market
Regulation Department may grant qualified exemptions in its sole discretion.
Refer to Rule 559 for requirements concerning the aggregation of positions and allowable
exemptions from the specified position limits.
40102.E.
[Reserved]
40102.F.
[Reserved]
40102.G.
Termination of Trading
Futures trading shall terminate on the eleventh Business Day of the contract month.
40102.H.
[Reserved]
40102.I.
[Reserved]

40103.

SETTLEMENT PROCEDURES
Delivery under the S&P GSCI Commodity Index Futures contract shall be by cash settlement.
40103.A.
Final Settlement Price
The Final Settlement Price shall be determined on the eleventh Business Day of the contract
month, or, if the S&P GSCI Futures Price Index which corresponds to the expiring contract is notscheduled to be published for that day, on the first preceding day for which the futures price index
is scheduled to be published. The Final Settlement Price shall be based on a special quotation of
the S&P GSCI Futures Price Index which corresponds to the expiring contract at the close ofbusiness on the eleventh Business Day of the contract month. This special quotation will consist of
the S&P GSCI Futures Price Index which corresponds to the expiring contract calculated using thesettlement prices of the component futures on that day, except as noted below.
If an exchange that a component or components of the futures price index is trading on is not open
on the day of the Final Settlement Price because of a scheduled closing, then the contribution tothe Final Settlement Price for the affected component or components shall be based on thesettlement quotation of the first preceding Trading Day.
If a component contract month's settlement price is limit bid or offer on the settlement day, then that
contract's contribution to the S&P GSCI Futures Price Index Final Settlement Price is deferred forup to ten additional Business Days. If subsequent to the settlement day the component commodity
contract originally at limit trades at a price other than a limit bid or offer and settles at a non-limit bidor offer, then the price that shall be used as that contract's contribution to the S&P GSCI Futures
Price Index Final Settlement Price shall be a price consistent with the minimum fluctuation for thecommodity contract and shall be the settlement price for that day. If in the ten Business Days
subsequent to the settlement day, the component commodity originally at limit fails to trade andsettle at a price other than a limit bid or offer, the contract's settlement price on the tenthsubsequent Business Day shall be used as the contract's contribution to the S&P GSCI Futures
Price Index Final Settlement Price.
If a component contract month's settlement price on the day of regular calculation of the Final
Settlement Price is unavailable because of an unanticipated and/or unannounced closure ofcomponent contract market, then the price of such component contract to be used in calculating theFinal Settlement Price shall be the next available official settlement price.
40103.B.
Final Settlement
Clearing members holding open positions in an S&P GSCI Commodity Index futures contract at thetime of termination of trading in that contract shall make payment to or receive payment from theClearing House in accordance with normal variation performance bond procedures based on asettlement price equal to the Final Settlement Price.

40104.

BASIS TRADE AT INDEX CLOSE (“BTIC”) TRANSACTIONSAll BTIC transactions must be executed in accordance with the requirements of Rule 524.B.
40104.A.
BTIC Block Trade Requirements
BTIC block trades must be executed in accordance with the requirements of Rule 526. For a BTIC
block trade executed on a given Trading Day on or before the scheduled close of the underlying
primary securities market, the corresponding futures price shall be made by reference to the Index
closing value for the current Trading Day. For a BTIC block trade executed on a given Trading Day
after the scheduled close of the underlying primary securities market, the corresponding futures
price shall be made by reference to the Index closing value for the next Trading Day.
40104.B.
BTIC Price Assignment Procedures
The price assignment procedures for BTIC transactions shall follow Rule 524.B.3.
40104.C.
BTIC Minimum Price Increment
The valid basis or price increment applied to the Index closing value to establish the BTIC futures
price must be stated in full tick increments of 0.010 index points.

40105. - 06. [RESERVED](End of Chapter 401)

INTERPRETATIONS & SPECIAL NOTICESRELATING TO CHAPTER 401
S&P Dow Jones Indices LLC directly or through one or more affiliates (collectively, "S&P") licenses theExchange to use various S&P stock indices ("S&P Stock Indices") in connection with the trading of futurescontracts and options on futures contracts based upon such indices. S&P shall have no liability for any
damages, claims, losses or expenses caused by any errors or delays in calculating or disseminating theS&P Stock Indices.
S&P Dow Jones Indices LLC and its affiliates (collectively, "S&P") do not guarantee the accuracy and/or
completeness of the S&P Stock Indices or any data included therein. S&P makes no warranty, express orimplied, as to the results to be obtained by any person or any entity from the use of the S&P Stock Indices orany data included therein in connection with the trading of futures contracts, options on futures contracts or
any other use. S&P makes no express or implied warranties, and expressly disclaims all warranties ofmerchantability or fitness for a particular purpose or use with respect to the S&P Stock Indices or any data
included therein. Without limiting any of the foregoing, in no event shall S&P have any liability for any
special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibilityof such damages.