Chapter 318A
Options on Chinese Renminbi/Euro (RMB/EUR) Cross Rate Futures
318A00.

SCOPE OF CHAPTER
This chapter is limited in application to options on Chinese renminbi/Euro cross rate futures. In addition
to this chapter, options on Chinese renminbi/Euro cross rate futures shall be subject to the general rules
and regulations of the Exchange insofar as applicable.
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:
CNY/EUR Monthly Options
CNY/EUR Weekly Friday Options

318A01.

OPTIONS CHARACTERISTICS
318A01.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.
318A01.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
Chinese renminbi/Euro futures contract as specified in Chapter 318.
318A01.C. Price IncrementsThe price of an option shall be quoted in Euro per Chinese renminbi. Each .00001 Euro per Chinese
renminbi (one point x €10.00 per point) shall represent 10 Euro. For example, a quote of .00065
represents an option price of €650.00 (65 points x €10.00 per point). The minimum fluctuation shall be
one point (also known as one tick). A trade may also occur at a price of €.000005 (€5.00, also known as
one-half tick), €0.000015 (€15.00), €0.000025 (€25.00), €0.000035 (€35.00), €0.000045 (€45.00), which
are less than 5 ticks of premium).
318A01.D. Underlying Futures Contract
1. Monthly Options
The underlying futures contract is the same as the option contract month (i.e., the January futures is thecontract underlying the January option).
2. Weekly Options
For weekly Chinese renminbi/Euro options that expire before the monthly option, the underlying futurescontract is the same as the option contract month. For weekly Chinese renminbi/Euro options that expire
after the monthly option, the underlying futures contract is the futures contract of the next consecutive
calendar month. For example, if Monday, May 19 th is the expiration of the monthly option (whoseunderlying futures contract is the May futures), then for the option expiring Friday, May 2 nd, May 9th andMay 16th, the underlying futures contract is the May futures. In this same example, for the options expiringon the Fridays, May 23rd and May 30th, the underlying futures contract is the June futures.
318A01.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.
318A01.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.
318A01.G. [Reserved]
Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

Page 1 of 2

318A01.H. Termination of Trading
1. Monthly Options
Trading in monthly options on Chinese renminbi/Euro futures contracts shall terminate at the same date
and time as the underlying futures contract.
2. Weekly Friday Options
Trading in weekly Friday options on the Chinese renminbi/Euro futures contract shall terminate at theclose of trading (usually 2:00 p.m.) on those Fridays that are not also the termination of trading of amonthly option as described in the immediately preceding paragraph. If the foregoing date for termination
is a scheduled Exchange holiday, trading in weekly Friday options shall terminate on the immediately
preceding Business Day. In the event that the underlying futures market does not open on the scheduled
expiration day, the option expiration shall be extended to the next day on which the underlying futures
market is open for trading.
318A01.I.
[Reserved]
318A01.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.

318A02.

RESERVED

318A03.

EXERCISE AND ASSIGNMENTIn addition to the applicable procedures and requirements of Chapter 7, the following shall apply to theexercise of option contracts on Chinese renminbi/Euro futures.
318A03.A. Exercise of Option by Buyer
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. 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 of a put.
318A03.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
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.

318A04.

[RESERVED](End Chapter 318A)

Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

Page 2 of 2