Chapter 359A
Options on E-mini Nasdaq-100 Index® Futures
359A00.

SCOPE OF CHAPTER
This chapter is limited in application to options on E-mini Nasdaq-100 Index futures (“futures”). In
addition to this chapter, options on futures shall be subject to the general rules and regulations of the
Exchange as applicable.
Unless otherwise specified, times referenced herein shall refer to and indicate Chicago time.
359A00.A. Primary Listing Exchange
For the purposes of this chapter a Primary Listing Exchange shall be as defined in the “Plan to Address
Extraordinary Market Volatility Submitted to the Securities and Exchange Commission Pursuant to Rule
608 of Regulation NMS Under the Securities Exchange Act of 1934” approved 31 May 2012 by the U.S.
Securities and Exchange Commission (“SEC”), as amended from time to time (SEC, SRO Rulemaking,National Market System Plans, File 4-631).
359A00.B. Regulatory Halt
For the purposes of this chapter a Regulatory Halt shall be as defined in the “Plan to Address
Extraordinary Market Volatility Submitted to the Securities and Exchange Commission Pursuant to Rule
608 of Regulation NMS Under the Securities Exchange Act of 1934” approved 31 May 2012 by the
SEC, as amended from time to time (SEC, SRO Rulemaking, National Market System Plans, File 4631) and as implemented under New York Stock Exchange Rule 7.12 for Trading Halts Due toExtraordinary Volatility or under Nasdaq Stock Market Rule 4121 for Trading Halts Due to Extraordinary
Volatility.

359A01.

OPTIONS CHARACTERISTICS
359A01.A. Contract Months, Trading Hours, and Trading Halts
Options shall be listed for expiration on such dates and shall be scheduled for trading during such hours
as may be determined by the Exchange, provided that there shall be no trading in options when tradingis halted in the Primary Futures Contract Month pursuant to Rule 35902.I.
In accordance with Rule 35902.I. the Exchange shall determine, in its sole discretion, the futuresdelivery month that represents such Primary Futures Contract Month.
359A01.B. Trading Unit
The trading unit shall be an option to buy, in the case of a call, or to sell, in the case of a put, one E–mini Nasdaq-100Index futures contract (Chapter 359).
359A01.C. Minimum Fluctuations
Option prices shall be quoted in Nasdaq-100 Index (“Index”) points. Each Index point shall represent$20.00 per option contract.
Subject to Rule 359A01.C.1., the minimum price fluctuation shall be 0.25 Index points (equal to $5.00
per option contract), for trades executed on CME Globex electronic trading platform, provided that
trades at price levels equal to or less than 5.00 Index points may occur at price levels that are integer
multiples of 0.05 Index points (equal to $1.00 per option contract), and provided that trade may occur ata price level of 0.05 Index points irrespective of whether such trade results in the liquidation of positions
for both parties to such trade. For transactions submitted for clearing via CME ClearPort, the minimum
price increment shall be 0.05 Index points, regardless of the price level.

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1. Option Spreads and Combinations
Any option contract that trades as a component of a spread or combination shall be traded at a pricethat conforms to the applicable CME Globex minimum price fluctuation as set forth in this Rule,provided that for any option spread or combination that trades at a net premium of 5.00 Index points or
less, each option contract comprised within such spread or combination may trade in price incrementsof 0.05 Index points. For spread and combination transactions submitted for clearing via CME
ClearPort, the minimum price increment shall be 0.05 Index points, regardless of the price level.
359A01.D.

Underlying Futures Contract

1. American Style Options in the March Quarterly Cycle (“Quarterly options”)
For any American style option for which the expiration month is in the March quarterly cycle (i.e., March,June, September, or December), the Underlying Futures Contract shall be for delivery in such option’s
expiration month.
Example: For a given year, futures for delivery in March shall be the Underlying Futures
Contract for a March Quarterly option.
2. European Style Weekly Options
For any European style Weekly option, the Underlying Futures Contract shall be for delivery on the third
Friday of the March quarterly cycle month next following such option’s expiration, subject to Rule35903.A.
Examples: For a given year, futures for delivery in June shall be the Underlying Futures
Contract for third (3rd) March, fourth (4th) March, first (1st) April, second (2nd) April, third (3rd)April, fourth (4th) April, first (1st) May, second (2nd) May, third (3rd) May, fourth (4th) May, first(1st) June, and second (2nd) June European style Weekly options. Futures for delivery in
September shall be the Underlying Futures Contract for third (3rd) June and fourth (4th) June
European style Weekly options.
The Exchange shall not list a European style 4th Weekly option for trading in any instance where such
option’s expiration would occur on the last Business Day of a month.
3. European Style Monday Weekly Options
For any European style Monday Weekly option, the Underlying Futures Contract shall be for delivery on
the third Friday of the March quarterly cycle month next following such option’s expiration, subject toRule 35903.A.
The Exchange shall not list a European style Monday Weekly option for trading in any instance wheresuch option’s expiration would occur on the last Business Day of a month.
4. European Style Tuesday Weekly Options
For any European style Tuesday Weekly option, the Underlying Futures Contract shall be for delivery
on the third Friday of the March quarterly cycle month next following such option’s expiration, subject toRule 35903.A.
The Exchange shall not list a European style Tuesday Weekly option for trading in any instance wheresuch option’s expiration would occur on the last Business Day of a month.
5. European Style Wednesday Weekly Options
For any European style Wednesday Weekly option, the Underlying Futures Contract shall be fordelivery on the third Friday of the March quarterly cycle month next following such option’s expiration,subject to Rule 35903.A.
The Exchange shall not list a European style Wednesday Weekly option for trading in any instance
where such option’s expiration would occur on the last Business Day of a month.
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6. European Style Thursday Weekly Options
For any European style Thursday Weekly option, the Underlying Futures Contract shall be for delivery
on the third Friday of the March quarterly cycle month next following such option’s expiration, subject toRule 35903.A.
The Exchange shall not list a European style Thursday Weekly option for trading in any instance wheresuch option’s expiration would occur on the last Business Day of a month.
7. European Style End-of-Month Options
For any European style End-of-Month option, the Underlying Futures Contract shall be for delivery on
the third Friday of the March quarterly cycle month next following such option’s expiration, subject toRule 35903.A.
Examples: For a given year, futures for delivery in March shall be the Underlying Futures
Contract for a January European style End-of-Month option and for a February European styleEnd-of-Month option. Futures for delivery in June shall be the Underlying Futures Contract fora March European style End-of-Month option.
359A01.E. 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.
359A01.F. Position Limits, Exemptions, Position Accountability and Reportable Levels
The applicable position limits and/or accountability levels, in addition to the reportable levels, are set
forth in 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
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
359A01.G.

Nature of Options

Upon exercise of a put option by the buyer of such option, the seller of such option shall incur the
obligation to assume a long position in one Underlying Futures Contract (Rule 359A01.D.) at such
option’s exercise price (Rule 359A01.E.). Upon exercise of a call option by the buyer of such option,
the seller of such option shall incur the obligation to assume a short position in one Underlying Futures
Contract at such option’s exercise price.
1. Quarterly Options
The buyer of a Quarterly option (Rule 359A01.D.1.) may exercise such option at any time prior to its
expiration.
2. European Style Weekly Options, European Style Monday Weekly Options, European Style
Tuesday Weekly Options, European Style Wednesday Weekly Options, European Style Thursday
Weekly Options, and European Style End-of-Month Options

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The buyer of a European style Weekly option (Rule 359A01.D.2.), a European style Monday Weekly
option (Rule 359A01.D.3.), a European style Tuesday Weekly option (Rule 359A01.D.4.), a European
style Wednesday Weekly option (Rule 359A01.D.5.) a European style Thursday Weekly option (Rule359A01.D.6.), or a European style End-of-Month option (Rule 359A01.D.7.) may exercise such option
only at its expiration.
359A01.H.

[Reserved]

359A01.I.

Termination of Trading

1. Quarterly Options
Trading in any Quarterly option shall terminate on the same date and at the same time as thetermination of trading in such option’s Underlying Futures Contract (Rule 359A01.D.1.).
2. European Style Weekly Options
Trading in any European style Weekly option shall terminate at 3:00 p.m., or at noon in the case of anearly scheduled close of the Primary Listing Exchange (Rule 359A00.A.), on the Friday designated assuch option’s expiration date. For a given calendar month:
Trading shall terminate in European style 1st Weekly options, and such options shall expire, on thefirst Friday of such month.
Trading shall terminate in European style 2nd Weekly options, and such options shall expire, on thesecond Friday of such month
Trading shall terminate in European style 3rd Weekly options, and such options shall expire, on thethird Friday of such month
Trading shall terminate in European style 4th Weekly options, and such options shall expire, on the
fourth Friday of such month

If the market in the Underlying Futures Contract for such option does not open on the day scheduled fortermination of option trading and for option expiration, then trading in such option shall terminate, andsuch option shall expire, on the next day on which the market in such Underlying Futures Contract isopen for trading.
3. European Style Monday Weekly Options
Trading in any European style Monday Weekly option shall terminate at 3:00 p.m., or at noon in thecase of an early scheduled close of the Primary Listing Exchange (Rule 359A00.A.), on the Monday
designated as such option’s expiration date. For a given calendar month:
Trading shall terminate in European style 1st Monday Weekly options, and such options shall
expire, on the first Monday of such month.
Trading shall terminate in European style 2nd Monday Weekly options, and such options shall
expire, on the second Monday of such month
Trading shall terminate in European style 3rd Monday Weekly options, and such options shall
expire, on the third Monday of such month
Trading shall terminate in European style 4th Monday Weekly options, and such options shall
expire, on the fourth Monday of such month
Trading shall terminate in European style 5th Monday Weekly options, and such options shall
expire, on the fifth Monday of such month
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If the market in the Underlying Futures Contract for such option does not open on the day scheduled fortermination of option trading and for option expiration, then trading in such option shall terminate, andsuch option shall expire, on the next day on which the market in such Underlying Futures Contract isopen for trading.
4. European Style Tuesday Weekly Options
Trading in any European style Tuesday Weekly option shall terminate at 3:00 p.m., or at noon in thecase of an early scheduled close of the Primary Listing Exchange (Rule 359A00.A.), on the Tuesday
designated as such option’s expiration date. For a given calendar month:
Trading shall terminate in European style 1st Tuesday Weekly options, and such options shall
expire, on the first Tuesday of such month.
Trading shall terminate in European style 2nd Tuesday Weekly options, and such options shall
expire, on the second Tuesday of such month
Trading shall terminate in European style 3rd Tuesday Weekly options, and such options shall
expire, on the third Tuesday of such month
Trading shall terminate in European style 4th Tuesday Weekly options, and such options shall
expire, on the fourth Tuesday of such month
Trading shall terminate in European style 5th Tuesday Weekly options, and such options shall
expire, on the fifth Tuesday of such month
If the market in the Underlying Futures Contract for such option does not open on the day scheduled fortermination of option trading and for option expiration, then trading in such option shall terminate, andsuch option shall expire, on the next day on which the market in such Underlying Futures Contract isopen for trading.
5. European Style Wednesday Weekly Options
Trading in any European style Wednesday Weekly option shall terminate at 3:00 p.m., or at noon in thecase of an early scheduled close of the Primary Listing Exchange (Rule 359A00.A.), on the Wednesday
designated as such option’s expiration date. For a given calendar month:
Trading shall terminate in European style 1st Wednesday Weekly options, and such options shall
expire, on the first Wednesday of such month.
Trading shall terminate in European style 2nd Wednesday Weekly options, and such options shall
expire, on the second Wednesday of such month
Trading shall terminate in European style 3rd Wednesday Weekly options, and such options shall
expire, on the third Wednesday of such month
Trading shall terminate in European style 4th Wednesday Weekly options, and such options shall
expire, on the fourth Wednesday of such month
Trading shall terminate in European style 5th Wednesday Weekly options, and such options shall
expire, on the fifth Wednesday of such month.
If the market in the Underlying Futures Contract for such option does not open on the day scheduled fortermination of option trading and for option expiration, then trading in such option shall terminate, andsuch option shall expire, on the next day on which the market in such Underlying Futures Contract isopen for trading.
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6. European Style Thursday Weekly Options
Trading in any European style Thursday Weekly option shall terminate at 3:00 p.m., or at noon in thecase of an early scheduled close of the Primary Listing Exchange (Rule 359A00.A.), on the Thursday
designated as such option’s expiration date. For a given calendar month:
Trading shall terminate in European style 1st Thursday Weekly options, and such options shall
expire, on the first Thursday of such month.
Trading shall terminate in European style 2nd Thursday Weekly options, and such options shall
expire, on the second Thursday of such month
Trading shall terminate in European style 3rd Thursday Weekly options, and such options shall
expire, on the third Thursday of such month
Trading shall terminate in European style 4th Thursday Weekly options, and such options shall
expire, on the fourth Thursday of such month
Trading shall terminate in European style 5th Thursday Weekly options, and such options shall
expire, on the fifth Thursday of such month
If the market in the Underlying Futures Contract for such option does not open on the day scheduled fortermination of option trading and for option expiration, then trading in such option shall terminate, andsuch option shall expire, on the next day on which the market in such Underlying Futures Contract isopen for trading.
7. European Style End-Of-Month Options
Trading in any European style End-of-Month option shall terminate at 3:00 p.m., or at noon in the caseof an early scheduled close of the Primary Listing Exchange (Rule 359A00.A.), on the last Business
Day of such option’s expiration month.
If the market in the Underlying Futures Contract for such option does not open on the day scheduled fortermination of option trading, then trading in such option shall terminate, and such option shall expire,on the next day on which the market in such Underlying Futures Contract is open for trading.
8. Unscheduled Market Holiday
Notwithstanding the aforementioned, if the Primary Listing Exchange (Rule 359A00.A.) is closed inobservance of an unscheduled market holiday on a day previously scheduled as a Business Day, thentrading in option contracts that had been scheduled to expire on such day shall terminate, and such
option contracts shall expire, on the Business Day immediately preceding such unscheduled market
holiday.
359A01.J.

359A02.

[Reserved]

EXERCISE AND ASSIGNMENTIn addition to the applicable procedures and requirements of Chapter 7, the following shall apply to theexercise of options.
359A02.A. Exercise
1. Quarterly Options
Any Quarterly option (Rule 359A01.D.1.) may be exercised by the buyer on any Business Day on whichsuch option may be traded. To exercise such option, the clearing member representing the option

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Page 6 of 9buyer shall present an exercise notice to the Clearing House by 5:30 p.m., or by such other time as the
Exchange may designate, on the day of exercise.
Any unexercised option shall expire at 5:30 p.m. on the last day of trading in such option (Rule359A01.I.). Any option that is in the money, and that has not been liquidated or exercised prior to its
termination of trading, shall be exercised automatically upon expiration, in the absence of contrary
instructions. Such contrary instructions must be delivered to the Clearing House, by the clearing
member representing the buyer of such option, no later than 5:30 p.m., or such other time as may bedesignated by the Exchange, on the last day of trading in such option.
A call option shall be in the money if the settlement price of such option’s Underlying Futures Contract(Rule 359A01.D.) on the last day of trading in such option (Rule 359A01.I.) is strictly above such
option’s exercise price, and shall be out of the money if such settlement price is at or below such
option’s exercise price.
A put option shall be in the money if the settlement price of such option’s Underlying Futures Contract
on the last day of trading in such option is strictly below such option’s exercise price, and shall be out of
the money if such settlement price is at or above such option’s exercise price.
2. European Style Weekly Options, European Style Monday Weekly Options, European Style
Tuesday Weekly Options, European Style Wednesday Weekly Options, European Style Thursday
Weekly Options and European Style End-of-Month Options
Any European style Weekly option (Rule 359A01.D.2.), a European style Monday Weekly option (Rule359A01.D.3.), a European style Tuesday Weekly option (Rule 359A01.D.4.), a European style
Wednesday Weekly option (Rule 359A01.D.5.), a European style Thursday Weekly option (Rule359A01.D.6.), or European style End-of-Month option (Rule 359A01.D.7.) may be exercised only at,and not before, expiration of such option.
Following termination of trading in expiring options, any such option that is in the money shall be
automatically exercised by the Clearing House, and any such option that is out of the money shall beabandoned by the Clearing House. For the avoidance of doubt, no such option that expires in themoney may be abandoned, and no such option that expires out of the money may be exercised.
Whether an option expires in the money or out of the money shall be determined by the Exchange, in its
sole discretion, by reference to the Fixing Price of such option’s Underlying Futures Contract (Rule359A01.D.). The Exchange, in its sole discretion, shall set such Fixing Price on the last day of tradingin such option, as follows:
Tier 1
Such Fixing Price shall be based on the volume-weighted average price of transactions in such
futures on the CME Globex electronic trading platform during the interval (i) between 2:59:30
p.m. and 3:00:00 p.m., or (ii) in the case of an early scheduled close of the Primary Listing
Exchange, between 11:59:30 a.m. and noon, or (iii) in the event of an unscheduled early closeof the Primary Listing Exchange, the final thirty (30) seconds of the Primary Listing Exchange
trading day (“Reference Interval”).

Tier 2
If no such transaction occurs during the Reference Interval, then such Fixing Price shall bebased on the average of midpoints of bid/ask spreads for such futures quoted on CME Globex
during the Reference Interval, provided that the Fixing Price calculation shall exclude the
midpoint value for any such bid/ask spread that is wider than 0.50 Index points (equal to two(2) minimum price increments).
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Tier 3
If such Fixing Price cannot be determined pursuant to Tier 1 or Tier 2, then the Exchange, in
its sole discretion, shall set such Fixing Price by alternative means which may include, but are
not limited to, derivation by reference to the basis relationship between such futures contract’s
price and the Index, or application of Tier 1 and Tier 2 calculations to successive time intervalsof increasing length, in integer multiples of thirty (30) seconds, until suitable price data are
obtained.
The resultant Fixing Price value shall be rounded to the nearest integer multiple of 0.01 Index points.
Such Fixing Price, so rounded, shall be used to determine whether an option expires in the money orout of the money.
If, at the time such Fixing Price is scheduled to be calculated in respect of expiring options, the Primary
Listing Exchange (Rule 359A00.A.) is subject to a Regulatory Halt (Rule 359A00.B.), and the Primary
Futures Contract Month is limit offered at the maximum price limit permissible during such Regulatory
Halt pursuant to Rule 35902.I., then (a) such option shall expire at 8:31 a.m. on the next following
Business Day on which a Regulatory Halt is not in effect, and (b) the Fixing Price in respect of such
option shall be calculated in accordance with the corresponding provisions of this Rule, on the basis ofa reference interval beginning at 8:30:30 a.m. and concluding at 8:31:00 a.m. . If, during any portion of
the 30-second period from 8:30:30 a.m. – 8:31:00 a.m. CT, there is a Level 1 or Level 2 Regulatory Haltin effect, the Fixing Price shall be calculated using trades consummated during the 30-second period
commencing with the lifting of such Regulatory Halt. If a subsequent Regulatory Halt is declared during
this 30-second period, the calculation of the Fixing Price shall be based strictly on those trades
consummated prior to such subsequent Regulatory Halt.
For the avoidance of doubt, in the event there is a Level 1 or Level 2 Regulatory Halt during the time
period of 8:30:30 – 8:31:00 am CT, no trades during that time period (8:30:30 – 8:31:00 am CT) will be
used in the calculation of the Fixing Price.
An expiring call option shall be in the money if the corresponding Fixing Price is at or above such
option’s exercise price, and shall be out of the money if the corresponding Fixing Price is strictly below
such option’s exercise price.
An expiring put option shall be in the money if the corresponding Fixing Price is strictly below such
option’s exercise price, and shall be out of the money if the corresponding Fixing Price is at or above
such option’s exercise price.
359A02.B. Assignment
For a given option contract, an exercise notice accepted by the Clearing House in accordance with
Rules 359A02.A. shall be assigned by the Clearing House through a process of random selection toclearing members carrying open short positions in such option contract. A clearing member to whomsuch exercise notice has been assigned shall be notified thereof as soon as practicable following suchassignment.
The clearing member to whom such exercise notice has been assigned shall be assigned a shortposition in such option’s Underlying Futures Contract (Rules 359A01.D.) if such option is a call, or along position in such option’s Underlying Futures Contract if such option is a put. The clearing member
representing the option buyer making exercise shall be assigned a long position in such option’s
Underlying Futures Contract if such option is a call, or a short position in such option’s Underlying
Futures Contract if such option is a put.

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All such futures positions shall be assigned at a price equal to the exercise price of such option
contract, and shall be marked to market (in accordance with Rule 814) on the Business Day on which
the Clearing House accepts such exercise notice.

359A03.

[RESERVED]

359A04.

[RESERVED](End Chapter 359A)
INTERPRETATIONS AND SPECIAL NOTICES RELATING TO CHAPTER 359
E–mini Nasdaq-100 Index Futures and Options on Nasdaq-100 Index Futures (Products) are not sponsored,
endorsed, sold or promoted by the Nasdaq Stock Market, Inc. (including its affiliates) (Nasdaq, with its affiliates, arereferred to as the Corporations). The Corporations have not passed on the legality or suitability of, or the accuracy oradequacy of descriptions and disclosures relating to, the Products. The Corporations make no representation or
warranty, express or implied, to the holder of any position in the Products or any member of the public regarding theadvisability of investing in financial instruments generally or in the Products particularly, or the ability of the Nasdaq100 Index to track general stock market performance. The Corporations' only relationship to Chicago Mercantile
Exchange Inc. (Licensee) is in the licensing of certain trademarks, service marks, and trade names of the
Corporations and the use of the Nasdaq 100 Index, which is determined, composed and calculated by Nasdaq
without regard to Licensee or the Products. Nasdaq has no obligation to take the needs of the Licensee or the holder
of any position in the Products into consideration in determining, composing or calculating the Nasdaq-100 Index.
The Corporations are not responsible for and have not participated in the determination or calculation of the equationby which the Products are to be converted into cash, in the case of Nasdaq-100 Futures, or futures contracts, in thecase of Options on Nasdaq-100 Futures. The Corporations have no liability in connection with the administration,marketing or trading of the Products.
THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF
THE NASDAQ 100 INDEX OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO WARRANTY,
EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED BY ANY PERSON OR ENTITY FROM THE
USE OF THE NASDAQ 100 INDEX, ANY OPENING, INTRA-DAY, OR CLOSING VALUE THEREOF, OR ANYDATA INCLUDED THEREIN, OR RELATING THERETO, IN CONNECTION WITH THE TRADING OF E–MINI
NASDAQ 100 FUTURES OR OPTIONS ON E–MINI NASDAQ 100 FUTURES OR FOR ANY OTHER PURPOSE.
THE CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT
TO THE NASDAQ 100 INDEX, ANY OPENING, INTRA-DAY, OR CLOSING VALUE THEREOF, OR ANY DATAINCLUDED THEREIN OR RELATED THERETO, OR ANY E–MINI NASDAQ 100 FUTURES CONTRACT OR
OPTION ON A E–MINI NASDAQ 100 FUTURES CONTRACT. WITHOUT LIMITING ANY OF THE FOREGOING, IN
NO EVENT SHALL THE CORPORATIONS HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR
CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF
SUCH DAMAGES.

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