Chapter 415A
S&P GSCI™ ER Index Swaps (Cleared OTC)
415A00.

SCOPE OF CHAPTER
This chapter is limited in application to the clearing of S&P GSCI™ ER Index Swaps (hereafter also
referred to as “S&P GSCI™ ER Swaps”) where the parties to the transaction are “eligible contractparticipants” as defined in Section 1a(18) of the Commodity Exchange Act and have obtained thelicenses required by Standard & Poor’s with respect to such transactions. The identities of allparties to transactions in S&P GSCI™ ER Swaps shall be disclosed on an annual basis by CME toStandard & Poor’s for the sole purpose of enabling Standard and Poor’s to confirm that the parties
have obtained the licenses required by Standard and Poor’s. Transactions in S&P GSCI™ ERSwaps shall also be subject to the general rules of the Exchange insofar as applicable. The
clearing and settlement of transactions in S&P GSCI™ ER Swaps shall also be subject to theprovisions of Chapter 8-F of the CME Rulebook.
For purposes of this chapter, unless otherwise specified, times referred to herein shall refer to andindicate Chicago time.

415A01.

CONTRACT SPECIFICATIONS
415A01.A. Unit of Clearing
The unit of clearing shall be $100.00 times the S&P GSCI™ ER Index. The S&P GSCI™ ER Index
is a world-production-weighted, arithmetic average of the prices of liquid exchange-traded physicalcommodity futures contracts which satisfy specified criteria. The S&P GSCI™ ER Index calculation
procedures are defined in the S&P GSCI™ Index Methodology.
415A01.B. Hours for Clearing Entry
The Exchange shall determine the hours during which S&P GSCI™ ER Swaps may be submitted
to the Clearing House.
Positions shall be initiated or closed out using off-exchange transactions.
415A01.C. Minimum Price Increments
Prices shall be quoted in terms of the S&P GSCI™ ER Index. The minimum fluctuation shall be0.0001 index points, equivalent to $0.01 per contract. Contracts shall not be cleared on any otherprice basis.
415A01.D. Months Cleared
Clearing of S&P GSCI™ ER Swaps shall be conducted in such months as may be determined by
the Exchange.
415A01.E. 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.
415A01.F. Last Day of Clearing
The last day of clearing of S&P GSCI™ ER Swaps shall be the final settlement day as prescribedin Rule 415A05.
415A01.G. [Reserved]

415A02.

SETTLEMENT
Settlement against S&P GSCI™ ER Swaps must be made through the Clearing House. Settlement
under these rules shall be on the final settlement day (as described in Rule 415A05.) and shall beaccomplished by cash settlement as hereinafter provided.

Clearing members holding open positions in an S&P GSCI™ ER Swaps contract at the time oftermination of clearing shall make payment to and receive payment through the Clearing House inaccordance with normal variation settlement procedures based on a settlement price equal to thefinal settlement price (as described in Rule 415A03.).

415A03.

FINAL SETTLEMENT PRICE
Final settlement shall be based on the official settlement of the S&P GSCI™ ER Index , subject toadjustment in accordance with the Market Disruption Event provisions as described below.
Payment will be on the second Business Day following the date on which the official settlement ofthe Index is determined, unless postponed due to a Market Disruption Event.
Market Disruption Event“Market Disruption Event” (“MDE”) shall mean (a) a contract included in the Index remains at a"limit price", which means that the price for such contract for a day has increased or decreased
from the previous day's settlement price by the maximum amount permitted under applicabletrading facility rules, during the entire closing range, irrespective of whether that contract is settled
by the applicable trading facility at the "limit price" or another price, (b) failure by the applicabletrading facility or other price source to announce or publish the settlement price for any contractincluded in the Index, or (c) trading in any contract included in the Index is suspended orinterrupted subsequent to the opening of trading and trading in such contract does notrecommence at least ten (10) minutes prior to the regular scheduled close of trading in suchcontract on the relevant trading facility.
If a Market Disruption Event relating to one or more of the contracts underlying the Index (each an“index contract”) occurs on any day relevant to calculating the settlement of the contract, thesettlement of the contract will be calculated by using a price (i) for each index contract that is notaffected by a Market Disruption Event on such date, the settlement price of such index contract onsuch date and (ii) for each index contract that is affected by a Market Disruption Event on suchdate, the settlement price of such index contract on the first succeeding Trading Day on which noMarket Disruption Event is existing with respect to such index contract; provided that, if a Market
Disruption Event occurs with respect to such index contract for eight Trading Days, the settlement
price for such index contract shall be determined by the Exchange notwithstanding that a MarketDisruption Event does or does not exist on such following Trading Day for such affected indexcontract.
Trading Day means a day when:
1) The Index Sponsor is open for business and the Index is calculated and published by the Index
Sponsor;
2) All trading facilities on which contracts are traded for the commodities included in the Index areopen for trading, provided however that upon a calculation pursuant to sub-clause (ii) of thesecond paragraph of the section headed “Market Disruption Event” above, only the trading
facility on which the relevant index contract that is affected by a Market Disruption Event istraded is required to be open for trading.
Business Day means:
Any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on whichbanking institutions are authorized or required by law or regulation to close in the City of New Yorkor London.

415A04.

BASIS TRADE AT INDEX CLOSE (“BTIC”) TRANSACTIONS
415A04.A. BTIC Price Assignment Procedures
The cleared swap price of a BTIC transaction shall be determined by the Exchange at 3:30 p.m.
Chicago time (4:30 p.m. Eastern time) (or according to the requirements of Rule 415A03 in thecase of final settlement). Such price determination shall be deemed final.
415A04.B. BTIC Minimum Price Increment
The valid basis or price increment applied to the Index closing value to establish the BTIC swap
price must be stated in full tick increments of 0.0001 index points.

415A05.

FINAL SETTLEMENT DAY
The final settlement day shall be defined as the last Business Day of the contract month, or if theS&P GSCI™ ER Index is not published for that day, the first preceding Business Day for which theS&P GSCI™ ER Index was published.

415A06.

DISPUTES
All disputes between interested parties may be settled by arbitration as provided in the Rules.
(End of Chapter 415A)

INTERPRETATIONS & SPECIAL NOTICES RELATING TO CHAPTER 415A
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.