Chapter 260A
Options on Russian Ruble/U.S. Dollar (RUB/USD) Futures
260A00.

SCOPE OF CHAPTER
This chapter is limited in application to options on Russian ruble/U.S. dollar futures. In addition to thischapter, options on Russian ruble/U.S. dollar 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 and indicate
Chicago time.
For purposes of this chapter, unless otherwise specified, times referred to herein shall refer to and indicate
Chicago time.
Options contracts covered by this chapter may also be referred to as:
RUB/USD Monthly Options
RUB/USD Weekly Friday Options

260A01.

OPTIONS CHARACTERISTICS
260A01.A. Contract Months, Trading Hours, and Trading Halts
Options contracts shall be listed for such contract months (i.e., expirations) and scheduled for trading
during such hours, except as indicated below, as may be determined by the Exchange.
260A01.B 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/U.S. dollar futures contract as specified in Chapter 260.
260A01.C. Price Increments
The price of an option shall be quoted in U.S. dollars per Russian ruble. The minimum price increment
shall be $.000002 per Russian ruble and represent $5.00 (contract size of RUB2,500,000*$0.000002).
For example, a quote of .000302 represents an option price of $755.00 (2,500,000*0.000302).
260A01.D. Underlying Futures Contract
1. Monthly Options
The underlying futures contract is the nearest futures contract in the March quarterly cycle (i.e., March,June, September and December) that has not yet terminated trading.
2. Weekly Options
For weekly Russian ruble/U.S. dollar option contract listings, the underlying futures contract is the nearest
futures contract in the March quarterly cycle (i.e., March, June, September and December) that has not
yet terminated trading.
260A01.E. Position Limits, Exemptions, Position Accountability and Reportable Levels
The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forthin the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special
Notices Section of Chapter 5.
A person seeking an exemption from position limits for bona fide commercial purposes shall apply to theMarket 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.
260A01.F. Special Price Fluctuation Limits
At the commencement of each trading day, the contract shall be subject to special price fluctuation limits
as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the Interpretations & Special
Notices Section of Chapter 5.
260A01.G. [Reserved]
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260A01.H. Termination of Trading
1. Monthly Options
Trading in monthly options on the Russian ruble/U.S. dollar futures contract shall terminate at 10:00 a.m.
London time two Exchange Business Days prior to the 15th of the month. If the foregoing date termination
is not a business day for the London interbank foreign exchange market, trading shall terminate on theimmediately preceding business day for the London interbank foreign exchange market. In the event thatthe underlying futures market does not open on the scheduled expiration day, the option expiration shallbe extended to the next day on which the underlying futures market is open for trading.
2. Weekly Friday Options
Trading in weekly Friday options shall terminate at 10:00 a.m. London time on those Fridays that are notin the same week as the termination of trading of a monthly option as described in the immediately
preceding paragraph. If the foregoing date for termination is a scheduled Exchange holiday, trading inweekly Friday options shall terminate on the immediately preceding Business Day. In the event that theunderlying futures market does not open on the scheduled expiration day, the option expiration shall beextended to the next day on which the underlying futures market is open for trading.
260A01.I.
[Reserved]
260A01.J. Exercise Prices and Listing of Exercise Prices
Transactions and exercise of options shall be conducted for options contracts as set forth in the Strike
Price Listing and Exercise Procedures Table.
The Exchange may modify the provisions governing the establishment of exercise prices as it deems
appropriate.

260A03.

EXERCISE AND ASSIGNMENTIn addition to the applicable procedures and requirements of Chapter 7, the following shall apply to theexercise of option contracts on Russian ruble/U.S. dollar futures.
260A03.A. Exercise of Options
All in-the-money options are automatically exercised by the Clearing House on the day of expiration forthe option. All out-of-the-money options are abandoned by the Clearing House on the day of expiration
for the option. To determine whether an option is in or out of the money on this day, the Exchange shallcalculate the relevant “CME currency fixing price” from CME Globex-traded underlying futures contracts
as follows:
Tier 1 Take the 60-second average of sale (trade) prices, weighted by volume from 09:59:00 to 09:59:59
a.m. London time on the day of determination of the CME currency fixing price.
Tier 2 If less than twenty or no sales (trades) occurred during the 60-second interval noted above, takethe midpoint of each bid & ask spread where available and average the resulting midpoints over the 60second interval.
Tier 3 If no sales (trades) and no bid and ask prices occurred during the 60-second interval, thenExchange staff shall derive the CME currency fixing price (as a synthetic futures price) from quote vendor
spot rates and appropriate maturity forward points.
An option is in-the-money if the settlement price of the underlying futures contract at termination lies
above or is equal to the exercise price in the case of a call, or lies below the exercise price in the case ofa put.
260A03.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 assignedby the Clearing House, but not later than 45 minutes before the opening of Regular Trading Hours in theunderlying 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
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representing the option buyer shall be assigned a long position in the underlying futures contract if a callis 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 shallbe marked to market in accordance with Rule 814 on the Trading Day of acceptance by the Clearing
House of the exercise notice.

260A04.

[RESERVED](End Chapter 260A)

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