Chapter 257
Brazilian Real/U.S. Dollar (BRL/USD) Futures
25700.

SCOPE OF CHAPTER
This chapter is limited in application to Brazilian real/U.S. dollar futures. In addition to this chapter,
Brazilian real/U.S. dollar futures shall be subject to the general rules and regulations of theExchange insofar as applicable.
For purposes of this chapter, unless otherwise specified, times referred to herein shall refer to andindicate Chicago time.

25701.

TRADING SPECIFICATIONS
25701.A.
Trading Schedule
Futures contracts shall be scheduled for trading and final settlement during such hours and in suchmonths as may be determined by the Exchange.
25701.B.
Trading Unit
The unit of trading shall be 100,000 Brazilian reais (plural of “real”).
25701.C.
Price Increments
For trades executed on CME Globex electronic trading platform, minimum price fluctuations shallbe in multiples of $.00005 per Brazilian real, equivalent to $5.00 per contract. For transactions
submitted through CME ClearPort, the minimum price fluctuation shall be $.000005 per Brazilian
real.
25701.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 MarketRegulation 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.
25701.E.
[Reserved]
25701.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.
25701.G.
Termination of Trading
Futures trading shall terminate on the last Business Day of the month, immediately preceding thecontract month, on which the Central Bank of Brazil is scheduled to publish its final end-of-month(EOM) “Commercial exchange rate for Brazilian reais per U.S. dollar for cash delivery” (PTAX rate).
If the foregoing date for termination is a holiday for the Exchange and GLOBEX®, futures trading
shall terminate on the next preceding Business Day for either the Exchange or GLOBEX®.
25701.H.
[Reserved]

25702.

SETTLEMENT PROCEDURES
25702.A.
[Reserved]
25702.B.
Cash Settlement
All Brazilian real/U.S. dollar futures contracts remaining open after the close of trading on thetermination of trading day shall be liquidated by cash settlement at a price equal to the Final
Settlement Price. The CME Brazilian real/U.S. dollar currency futures contract Final Settlement
Price shall be equal to the reciprocal of the spot exchange rate for Brazilian real per U.S. dollar,defined as the average offered rate calculated by the Central Bank of Brazil on the last Business
Day of the month for the Central Bank of Brazil immediately preceding the contract month, to 5
decimal places (“BRL PTAX” or “BRL09” rate). This rate is reported by the Banco Central do Brasil© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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on its website at www.bcb.gov.br by approximately 1:15 p.m., São Paulo time. All open positions
shall be cash settled to the reciprocal of this rate on the Business Day following the last Business
Day of the month for the Central Bank of Brazil.
1. Procedures for a Price Source Disruption
In the event of a Price Source Disruption as defined by the 1998 FX and Currency Option
Definitions the Clearing House shall defer cash settlement to a subsequent day.
2. Procedures for the Cessation of a Price Source Disruption
Upon the cessation of a Price Source Disruption after a deferral period commences, CME shalldetermine the Final Settlement Price using the reciprocal of such Rate rounded to 5 decimal places
and the Brazilian real/U.S. dollar futures contract shall be settled on such day. If, however, 14consecutive calendar days pass without the cessation of the Price Source Disruption, CME shallotherwise determine the Final Settlement Price.
3. Procedures after 14-Day Deferral Period
After the lapse of 14 consecutive calendar days without the cessation of the Price Source
Disruption, CME Rule 812 shall apply to determine the Final Settlement Price.

25703.

[RESERVED](End Chapter 257)

© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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