CHAPTER 6
ARBITRATIONJURISDICTION600.

DISPUTES SUBJECT TO NYMEX ARBITRATION
600.A. Disputes Among Members
600.B. [Reserved]
600.C. Claims Against the Exchange
600.D. Permissive Arbitrations
600.E. Waiver of Any Objection to Jurisdiction
600.F. Hearing Panel601.

CUSTOMER CLAIMS AGAINST MEMBERS
601.A. Definitions
601.B. Refusal to Hear Certain Disputes
601.C. Initiation of Arbitration
601.D. Referral to Arbitration Panel or Mixed Panel
FILING PROCEDURES

602.

INITIATING AN ARBITRATION CLAIM

603.

ANSWERING AN ARBITRATION CLAIM

604.

FAILURE TO ANSWER

605.

COUNTERCLAIMS, CROSS-CLAIMS AND THIRD-PARTY CLAIMS

606.

REVIEW OF ARBITRABILITY

607.

CONSOLIDATION OF ARBITRATION DISPUTES

608.

WITHDRAWAL OF CLAIMS

609.

PERIOD OF ELIGIBILITY FOR ARBITRATION

610.

PARALLEL PROCEEDINGS
PRE-HEARING PROCEDURES

611.

REQUESTS FOR DOCUMENTS, INFORMATION OR TESTIMONY

612.

DOCUMENTS AND WITNESSES TO BE PRESENTED AT HEARING

613.

ADDITIONAL PROCEDURESHEARINGS

614.

ARBITRATION PANEL

614.A. Appointment of Arbitration Panel
614.B. Requests to Remove an Arbitrator
615.

HEARING PROCEDURES
615.A. Chairman
615.B. Arbitrators
615.C. Parties and their Representatives
615.D. Witnesses
615.E. Hearing Record
DECISIONS

616.

AWARDS
616.A. Decision by Panel
616.B. Decision by the Chairman
616.C. Limitations on Monetary Awards

617.

CORRECTION OF AWARD

618.

SATISFACTION OF AWARD
APPEALS

619.

APPEALS

620.

STANDARDS AND PROCEDURES FOR REVIEW UPON APPEALADDITIONAL CLAIMS621.

CERTAIN CLAIMS AGAINST THE EXCHANGE INVOLVING TRADINGSYSTEMS OR SERVICES
621.A. General
621.B. Initial Liability Claim and Demand for Arbitration
621.C. Selection of Arbitration Panel
621.D. Related Claims
621.E. Award
621.F. Satisfaction of Award by Exchange

622.

CLAIMS RELATING TO TRADE CANCELLATIONS OR PRICE
ADJUSTMENTS
622.A. General
622.B. Initiation of Claim
622.C. Related Claims

622.D. AwardMISCELLANEOUS
623.

RIGHT TO COUNSEL624.

COMPUTATION OF TIME

625.

SUBMISSIONS TO OR COMMUNICATIONS WITH THE PANEL

626.

ARBITRATION FEESARBITRATION COMMITTEE

627.

ARBITRATION COMMITTEE

Chapter 6
Arbitration

600.

JURISDICTIONDISPUTES SUBJECT TO NYMEX ARBITRATION
600.A. Disputes Among Members
It is contrary to the objectives and policy of the Exchange for members to litigate certain
Exchange-related disputes. Disputes between and among members that are described below
and that are based upon facts and circumstances that occurred at a time when the parties
were members shall be subject to mandatory arbitration in accordance with the rules of this
Chapter:
1. claims between members that relate to or arise out of any transaction on or subject to therules of the Exchange;
2. claims between or among members relating to ownership of, or interests in, trading rights
on the Exchange; and3. claims between members relating to the enforceability of:a. non-compete clauses to the extent they relate to the Exchange,b. terms of employment in the Trading Annex, andc. financial arrangements relating to the resolution of error trades in Exchange productsthat are included in any employment agreement.
Nothing in this rule, however, shall require a member employee to submit to arbitration any
claim that includes allegations of a violation of federal, state or local employment
discrimination, wage payment or benefits laws.
600.B. [Reserved]
600.C. Claims Against the Exchange
Claims against the Exchange pursuant to the provisions of Rule 578.C., Rule 578.D., Rule578.F., and/or Rule 579.C. shall be subject to mandatory arbitration in accordance with therules of this Chapter, provided the claimant has complied with all pre-filing requirements under
the applicable rule(s).
600.D. Permissive Arbitrations
The following may be submitted for arbitration at the Exchange and, in the event such a claim
is submitted against a member, that member is required to arbitrate the dispute under theserules, unless otherwise provided:
1. claims of a customer against a member that relate to or arise out of any transaction on or
subject to the rules of the Exchange;
2. claims against an Exchange clearing member and its Globex user pursuant to Rule
588.E., provided that any non-member Globex user has consented to arbitration of the
dispute at the Exchange within 21 days of receipt of a claim.
3-4. [Reserved]
5. claims of a non-member against a member that relate to or arise out of employment in the
Trading Annex;
6. claims by or against an entity whose majority ownership is held by Exchange members
and whose principal business relates to activity on or at the Exchange, where the disputehas a material connection to the business or purpose of the Exchange, provided such
entity has consented to arbitration of the dispute at the Exchange within 20 days of receipt
of a claim; and7. at the discretion of the Chief Regulatory Officer, any claim involving the interests of the
Exchange, its members, their business relations or commodity futures trading in general
not otherwise arbitrable under these rules, provided the parties have consented to such
arbitration.
600.E. Waiver of Any Objection to Jurisdiction
Any member or non-member who submits a claim or grievance to arbitration or any member
who appeals to a hearing committee of the Board from any panel decision, or who takes any

steps therein, shall be conclusively presumed to have voluntarily recognized and agreed to thejurisdiction of the panel or hearing committee of the Board to hear and determine the claim orappeal.
600.F. Hearing Panel
Any claim involving only members shall be heard by a Member panel and its decision shall berendered in accordance with the rules of this Chapter. A Member panel shall mean anarbitration panel consisting of a co-chairman of the Arbitration Committee and five Members as
defined in Rule 400.

601.

CUSTOMER CLAIMS AGAINST MEMBERS
601.A. Definitions
1. Customer. Customer shall mean any person, not a member of the Exchange, who places
an order or for whose account an order is placed for execution on the Exchange or who
otherwise executes a transaction on or subject to the rules of the Exchange.
2. Claim. Claim shall mean any dispute arising out of any transaction on or subject to therules of the Exchange.
3. Mixed Panel. Mixed Panel shall mean an arbitration panel consisting of a co-chairman of
the Arbitration Committee and five Arbitration Committee members, three of whom shallbe persons who are non-members and who are not associated with any member of acontract market, or employee thereof, and are not otherwise associated with a contract
market.
4. Member. Member as used in this Chapter shall mean 1) members and clearing membersof the Exchange, including individuals and entities described in Rule 106; 2) associatedpersons ("APs") and affiliates of clearing members and member firms of the Exchange; 3)
guaranteed introducing brokers of clearing members and member firms of the Exchange
and their APs; 4) regular firms; and 5) individuals and entities that have agreed in writing
to comply with the rules of the Exchange.
5. Punitive Damages. Punitive damages shall mean an award in excess of actual damages
suffered. Punitive damages shall be limited to twice the amount of actual damages andmay be awarded only to a customer after a determination that there has been willful andwanton misconduct in the execution or handling of an order by a member or an employee
acting on behalf of a member.
601.B. Refusal to Hear Certain Disputes
A chairman may, but shall not be required to, order that a dispute that is otherwise arbitrable
under these rules not be arbitrated hereunder if the dispute requires for adjudication thepresence of essential witnesses or third parties over whom the Exchange has no jurisdiction or
who are not otherwise available, or if the dispute requires the application of the rules ofanother exchange.
601.C. Initiation of Arbitration
In the event that a complaint is received by the Exchange from a customer, it shall be referredto the Market Regulation Department, which shall inform the customer of alternative disputesettlement forums and, when appropriate, forward to the customer a Consent Form forarbitration at the Exchange. Such form shall inform the customer, by attachment of all pertinent
rules, of the customer's rights and liabilities, including costs associated with arbitration, and theoption of selecting an arbitration panel consisting of Exchange members or a Mixed Panel todecide the claim and any counterclaims, cross-claims or third-party claims.
A customer who submits a claim for arbitration in accordance with these rules consents
thereby to the jurisdiction of the arbitrators and agrees to the arbitration of any counterclaims,
cross-claims or third-party claims by any respondent which arise out of the transaction that is
the subject of the customer's claim. The claim shall comply with the requirements of Rule 602,
and in the case of a request for punitive damages, the claim shall set forth the facts thecustomer intends to present in support of the claim that the misconduct was willful and wanton.
The customer shall file a completed Consent Form and deposit the arbitration fee with theMarket Regulation Department. Notice shall then be given to the member against whom theclaim is asserted, who shall respond to the claim in accordance with Rule 603.
601.D. Referral to Arbitration Panel or Mixed PanelA Customer claim against a member shall be heard by the type of panel selected by thecustomer and its decision shall be rendered in accordance with the rules of this Chapter.
Customer claims (and any counterclaims, cross-claims or third-party claims applicable thereto)that do not exceed $5,000 and do not include any claim for punitive damages may, in theinterests of efficiency and economy, be resolved without hearing. The panel shall render its
decision based upon the parties' written submissions and any other relevant information
obtained and provided to the panel and the parties at the direction of the chairman and/or thepanel.

602.

FILING PROCEDURES
INITIATING AN ARBITRATION CLAIM
A claimant may initiate a claim by submitting a written description of the dispute, a completed
Arbitration Cover Sheet and depositing the appropriate arbitration fee with the Market
Regulation Department within the period of eligibility for arbitration claims. The written claim
shall include a clear description of the facts and circumstances involved in the dispute,
including the transaction(s) or agreement(s) complained of, the names of the persons andfirms alleged to be responsible for any loss to the claimant, the dates of all acts or omissions
relevant to the claim, a detailed calculation of the amount claimed and any other informationnecessary to fully describe the dispute.
The Market Regulation Department shall reject for filing any claim that does not fully describe
the dispute, is clearly filed after the period of eligibility has expired or is clearly not arbitrable atthe Exchange. Such a claim will be promptly returned to the filing party with a notice describing
the deficiency. A claimant seeking to correct the deficiency and file an amended claim may do
so within 30 days of receiving notice describing the deficiency despite any expiration of theperiod of eligibility prescribed by Rule 609 during that 30-day period. The acceptance for filingby the Market Regulation Department shall not preclude a challenge to the arbitrability of theclaim nor create a presumption that the claim is arbitrable.

603.

ANSWERING AN ARBITRATION CLAIM
Each respondent shall file a written response within 21 days after receipt of the written claim.
However, if a party has timely filed a challenge to the arbitrability of the dispute, its responseshall be due 21 days after receipt of the written decision confirming the arbitrability of the
dispute.
The written answer must admit the claim or describe the respondent's basis for denying liability
to the claimant(s). The answer may include an admission or denial of each specific allegation
contained in the claim and/or the respondent's narrative description of the facts andcircumstances involved in the dispute. A respondent may assert in an answer any defense thatwould be available in a court of law or equity, including any affirmative defense.

604.

FAILURE TO ANSWER
A respondent's unexcused failure to file a timely answer shall constitute an admission of thefacts alleged in a claim.

605.

COUNTERCLAIMS, CROSS-CLAIMS AND THIRD-PARTY CLAIMSA respondent may assert any counterclaim, cross-claim and/or third-party claim to the extent
such claim would be allowable as an original claim under these rules and, in response toclaims by a customer against a member, the member may assert any counterclaim, crossclaim and/or third-party claim arising out of the same transaction or incident that is the subjectof the customer's claim. Each respondent must file any counterclaim, cross-claim or third-party
claim at the same time an answer to a claim is due. Initiating counterclaims, cross-claims,
third-party claims and answers thereto shall conform to the requirements for initiating andanswering original claims.
A respondent who believes that another member may have a claim to any money or property
which is the subject of a dispute in arbitration and that the failure of that other member toassert a claim in the pending arbitration could prejudice the interests of the respondent may
submit a request to the chairman to compel the participation of the other member. If a member
fails to file such claim after being ordered to assert that claim in the pending arbitration, thennotwithstanding any other rule, that member shall be barred from asserting in the future any
claim against the respondent that is based on the same transaction, occurrence or subject.

606.

REVIEW OF ARBITRABILITY

Any party may file a challenge to the arbitrability of a dispute submitted for arbitration at the
Exchange. A party's failure to file a timely challenge to arbitrability shall waive any right toobject thereafter to the arbitrability of the dispute.
A challenge to arbitrability by a claimant must be filed no later than 5 days after the claim is
submitted for arbitration. A challenge to arbitrability by a respondent must be filed no later than
10 days after the respondent has received notice of the claim. The request must be in writing
and state the reasons why the dispute is not arbitrable at the Exchange. Any other party may
file a written response in support of or opposition to the challenge no later than 10 days after
receiving notice of the challenge to arbitrability.
The chairman may decide the arbitrability of a dispute based on his consideration of the written
submissions of the parties. The chairman's decision shall be final and is not appealable.

607.

CONSOLIDATION OF ARBITRATION DISPUTES
If a chairman receives notice that two or more arbitration disputes pending at the Exchange
are related, the chairman may order that any or all of the disputes be consolidated for
purposes of conducting a hearing on the disputes. In determining whether to consolidate thedisputes the chairman may consider the efficiencies of consolidation as well as the burdens
and benefits to the parties in consolidating the disputes.

608.

WITHDRAWAL OF CLAIMS
A.

B.

C.

609.

A party may voluntarily withdraw its claim, counterclaim, cross-claim or third-party claim
without prejudice at any time before an answer thereto has been filed by notifying theMarket Regulation Department in writing of such withdrawal.
After an answer to any claim, counterclaim, cross-claim or third-party claim has been filed,the claimant seeking to withdraw the claim, counterclaim, cross-claim or third-party claim
must submit to the chairman a written request to withdraw with prejudice or upon suchterms and conditions as may be imposed by the chairman.
A withdrawal with prejudice under this rule shall bar the claimant from re-filing any claim
based on the same acts, transactions or omissions as the dismissed claim.

PERIOD OF ELIGIBILITY FOR ARBITRATION
An arbitration must be initiated within two years of the date the claimant knew or should have
known of the dispute on which the claim is based, except that claims filed pursuant to Rule
600.C. must be submitted within 10 days of receiving notice that the Exchange has refused tocompensate the claimant for the claimed loss.
Counterclaims, cross-claims and third-party claims must be submitted no later than the date on
which the answer is due.

610.

PARALLEL PROCEEDINGSNo claim will be accepted for arbitration at the Exchange if the Market Regulation Department
receives notice that another arbitration, reparations action or civil court proceeding based on
the same act, transaction or omission as the arbitration claim is pending at the time of filing.
No claim, counterclaim, cross-claim or third party-claim will be accepted for arbitration against
a respondent if the Market Regulation Department has received notice that a stay exists due tothe pendency of any bankruptcy proceeding against that respondent. If such a stay arises after
a claim is accepted for arbitration or if the Market Regulation Department subsequently learns
that such a stay is pending, the claim shall be dismissed without prejudice as to each
respondent who is the subject of the stay. Nothing in this rule shall prevent a claim in
arbitration from proceeding against any remaining respondent.

611.

PRE-HEARING PROCEDURESREQUESTS FOR DOCUMENTS, INFORMATION OR TESTIMONYA.

The initial schedule for document requests by parties and responses will be set by theMarket Regulation Department. The chairman may require any member, or any person
employed by or associated with a member to produce relevant documents in his
possession or control at any time after a claim has been filed.
Upon the failure of a party or member to voluntarily produce relevant documents in its
possession or control upon request by a party, the party seeking the documents may
submit a written request to the chairman for an order compelling the production of such

B.

C.
D.

E.

612.

documents.
1. Any request for an order compelling production of documents must:a. identify each document or type of document sought with as much specificity as
possible;b. explain the relevance of each document or type of document sought; andc. include a representation that the requesting party has attempted to obtain the
documents from the responding party before resorting to a request to thechairman.
2. The party or member against whom an order compelling production is sought shall:a. produce copies of the requested documents to the requesting party and the
Exchange; orb. represent in writing that the documents are not in his possession or control andexplain the basis for such representation, and, if applicable, identify who is inpossession or control of the requested documents; orc. object in writing to a request and provide the basis for each objection.
In connection with any claim, counterclaim, cross-claim or third-party claim that seeksrelief in excess of $50,000, any party may seek leave from the chairman to serve written
requests for information on any other party. The chairman shall have discretion todetermine whether and under what circumstances such requests may be permitted.
The chairman may require any member, or any person employed by or associated with amember, to appear and to testify at a hearing.
Whenever such production or appearance results from the request of a party, allreasonable costs and expenses incurred shall be borne by the party making the request,
unless directed otherwise by the panel. A party who incurs costs and expenses
recoverable under this rule may, no later than the close of the last hearing date in thematter, submit an application to the panel for such costs and expenses. Such application
shall contain a detailed explanation of amounts claimed. The panel may grant or deny allor any portion of the application.
Any member or employee thereof failing to appear, testify, produce documents or provide
information in accordance with this rule may be charged with a violation of Rule 432.

DOCUMENTS AND WITNESSES TO BE PRESENTED AT HEARING
No later than 10 business days prior to the first scheduled hearing, each party must provide
every other party and the Exchange with copies of all documents that the party intends to offer
into evidence and a list of the names of all witnesses, including party-witnesses, who the party
intends to call at the hearing in support of a claim or defense. Parties are not required under
this rule to provide copies of those documents that they may use, or to identify any witnesses
whom they may call, only in cross-examination or rebuttal.

613.

ADDITIONAL PROCEDURES
The chairman may establish any procedures not otherwise contemplated by these rules
necessary to establish a just, equitable and efficient method of resolving a particular dispute,
except that the chairman may not decide a motion to dismiss a claim, as motions to dismiss
are not permitted under these rules.

HEARINGS
614.

ARBITRATION PANEL
614.A. Appointment of Arbitration Panel
The Market Regulation Department shall select a panel of arbitrators from the Exchange's
Arbitration Committee to hear and decide a dispute. The panel shall consist of five arbitratorsand one chairman.
614.B. Requests to Remove an Arbitrator
1. Each party may request the removal of any arbitrator(s) from a panel for good cause
shown. Such request must be made no later than the start of testimony at the firstscheduled hearing. Failure of a party to timely request the removal of any arbitrator(s) will

2.

3.

4.

615.

be deemed a waiver of that party's right to any further objection to the arbitrator's
participation in the hearing and decision of the dispute.
The chairman, after considering a request to remove an arbitrator, another party's
objections thereto and/or the statements of an arbitrator whose removal is sought, may
deny the request or excuse the arbitrator. The chairman's decision shall be final and may
not be appealed.
If an arbitrator is excused prior to the date of the first scheduled hearing, the Market
Regulation Department shall select another Arbitration Committee member to replace theexcused arbitrator at the hearing. Parties may make any appropriate request for theremoval of the replacement arbitrator under this rule.
If an arbitrator is excused on or after the date of the first scheduled hearing, the dispute
may, at the election of the non-requesting party and with the consent of the chairman beheard and decided by the remaining arbitrators.

HEARING PROCEDURES
615.A. Chairman
The panel chairman shall preside over the proceeding and shall make such determinations on
relevancy and procedure as will promote a fair and expeditious adjudication of any claim. The
chairman may administer oaths or affirmations by witnesses. Upon request of the panel
chairman, the Market Regulation Department shall submit any documents to the panel andparties in the Exchange's possession that are relevant and readily available.
615.B. Arbitrators
The arbitration panel shall consider all relevant, probative testimony and documents submitted
by the parties. The panel shall be the sole judge of the law and the facts, but if the panel is in
doubt as to any questions of law, it may refer the question to Exchange legal counsel for an
opinion. The panel shall not be bound by the formal rules of evidence. The final decision of thepanel shall be by majority vote of the arbitrators, and the chairman shall vote only to resolve atie.
615.C. Parties and their Representatives
Each party and his representative has the right to examine all relevant documents prior to andduring the hearing, to present all relevant evidence in support of a claim or defense or as
rebuttal to a claim or defense, and to question during the hearing witnesses presented inconnection with a claim or defense. An entity may have one corporate representative of theentity, in addition to any counsel of record, attend the arbitration hearing. Such corporate
representative will not be precluded from testifying in the matter.
615.D. Witnesses
All testimony offered to the panel will be under oath or affirmation. Witnesses will be permitted
in the hearing room only while providing testimony to the panel. Witnesses shall testify inperson at the hearing, except that for good cause shown and in the discretion of the chairman,
a witness may be allowed to testify by telephone or other appropriate means.
615.E. Hearing Record

An audio recording of the proceeding shall be made by the Market Regulation Department.
Unless otherwise ordered by a chairman of the Arbitration Committee, Business Conduct
Committee or a duly appointed Hearing Panel of the Board of Directors, a copy of the audio
recording will be released to a party only for the purpose of perfecting an appeal of a decision
rendered by a Panel or upon application to confirm, vacate, modify or correct an award in acourt of law. The requesting party shall bear the cost of copying the recording.
DECISIONS
616.

AWARDS
616.A. Decision by Panel
After a hearing, or, on customer claims that do not exceed $5,000 upon consideration of thepleadings and other relevant information, the arbitration panel shall issue a written decision
signed by the panel chairman and at least a majority of the panel. The panel may decide any
matter in controversy and issue any order the panel deems necessary to fully resolve thedispute. The Market Regulation Department shall promptly serve copies on all parties. A

monetary award made by the panel may include the following:
1. actual damages;
2. interest thereon;
3. punitive damages of no more than two times the amount of actual damages in accordancewith Rule 601.A.5;
4. the arbitration fee incurred by a prevailing party, or a portion thereof; and5. all or any portion of the administrative costs of the proceeding and any other reasonable
and necessary expenses, including, but not limited to, attorneys' fees (a) incurred by aparty by reason of another party's frivolous or bad faith claim, defense, or conduct during
the arbitration or (b) where a statutory or contractual basis exists for awarding such fees.
Requests for attorneys' fees and costs incurred in the arbitration proceeding must be
raised in the proceeding or they are waived.
616.B. Decision by the Chairman
The chairman may order a party who fails to prosecute or defend a claim to pay to the
Exchange all or a portion of its administrative costs incurred in connection with the arbitration
claim.
616.C. Limitations on Monetary Awards
Monetary awards in claims filed pursuant to Rule 621 shall be limited as set forth in Rule 578.

617.

CORRECTION OF AWARD
Any party may, within three days after receipt of the notice of decision, request the arbitration
panel to modify or correct its decision where there has been an obvious material miscalculation
or misdescription or where the notice is imperfect in a matter of form not affecting the merits ofthe dispute or decision.

618.

SATISFACTION OF AWARD
A party directed to pay an award shall submit payment of the amount due directly to the party
receiving the award. An arbitration award must be satisfied within 15 days of receipt of thenotice of decision. If a request is made to correct an award pursuant to Rule 617, the award
must be satisfied within 15 days of receipt of the corrected notice of decision.
A party making payment must submit proof of payment to the Market Regulation Department
no later than the business day following payment. An individual member who fails to provide
proof of payment within the time prescribed will forfeit the following privileges until proof of
payment has been provided: 1) access to all CME Group markets; 2) access to the Globex
platform; and 3) access to any other electronic trading or clearing platform owned or controlled
by CME Group. An entity member that fails to provide proof of payment within the timeprescribed will forfeit preferred fee treatment for its proprietary trading. Any member that fails
to pay an arbitration award within the time prescribed may be subject to sanctions pursuant toRule 432.R and may be immediately removed from any trading floor or facility owned orcontrolled by CME Group.

APPEALS
619.

APPEALS
Any decision rendered in a dispute among members resulting in a non-cash award or involving
a claim, counterclaim, cross-claim or third-party claim that sought a recovery over $10,000
may be appealed to an appellate panel of the Board (“Appellate Panel”). All other decisions
rendered by an arbitration panel are final and may not be appealed. In order to appeal adecision, a party must, within 10 days of receipt of the notice of decision, file with the Market
Regulation Department a written request stating the grounds for the appeal and the specificerror or impropriety of the original decision based upon the standards set forth in Rule 620 anddeposit the applicable fee established by the Exchange. Within 15 days of receipt of the noticeof decision, the appellant must deposit with the Market Regulation Department a cashier’s orcertified check payable to CME Group in the amount of any monetary award against suchappellant.
Failure to timely comply with these requirements for appeal, when applicable, shall constitute a
waiver of any right to appeal and render the arbitrators’ decision final and binding.
Within 15 days after filing a request for an appeal, the appellant shall file with the Market
Regulation Department any argument and any documents or information that the appellant

intends to use in support of the appeal. The appellee shall have 15 days thereafter to filewhatever documents or information he intends to rely upon in opposition to the appeal. An
extension beyond the 15-day filing period may be granted by the Market Regulation
Department upon a showing of good cause. In the case of a non-cash award, the filing of thenotice of appeal shall not stay the decision appealed from unless the panel from which theappeal is taken or the Chief Regulatory Officer specifically directs that the decision be stayed.
The appeal will be determined by an Appellate Panel consisting of three directors appointed by
the Chairman of the Board, one of whom the Chairman of the Board shall designate aschairman of the Appellate Panel. No director may serve on an Appellate Panel if he has apersonal or financial interest in the matter under consideration. A party may strike any memberof the Appellate Panel for good cause shown as determined by the Chief Regulatory Officer, inwhich event that director shall be excused and the Chairman of the Board shall then select analternate director from the Board. Any meeting of the Appellate Panel shall require thepresence, either in person or by telephone, of each director appointed to the Appellate Paneland shall be conducted by the chairman of the Appellate Panel.
The Appellate Panel may, by unanimous vote, determine that the appeal will be decided based
solely upon the parties’ written submissions, the record from the arbitration proceeding andany other relevant information provided by the parties to the Appellate Panel. Any information
provided by one party must be provided to all parties to the appeal. Additionally, the parties
may, upon unanimous consent, request that the Appellate Panel consider the matter based
solely on the parties’ written submissions, subject to the approval of the Appellate Panel.

620.

STANDARDS AND PROCEDURES FOR REVIEW UPON APPEALIn the following cases, the hearing committee may enter an order amending or vacating theaward of the arbitration panel:
A. Where the award was procured by corruption, fraud or undue means;
B. Where there was evident partiality or corruption on the part of any of the arbitrators or thechairman;
C. Where the arbitrators were guilty of misconduct in refusing to hear relevant evidence; or of
any other behavior by which the rights of any party have been prejudiced;
D. Where the arbitrators exceeded their powers, or so imperfectly executed them that amutual, final, and definite award upon the dispute submitted was not made; or
E. Where the arbitrators acted in manifest disregard of the applicable law, including
Exchange rules.
The hearing committee shall consider only the record made before the panel and any otherevidence submitted by the parties relevant to A. through E. above. In the event that the hearing
committee determines to vacate the award, the matter shall be resubmitted to a new panel ofarbitrators for a rehearing. In the event that the hearing committee amends the award ordenies the appeal, such decision of the hearing committee shall be final and binding.

621.

ADDITIONAL CLAIMSCERTAIN CLAIMS AGAINST THE EXCHANGE INVOLVING TRADING SYSTEMSOR SERVICES
621.A. General
All claims arising out of or relating to the following matters shall be arbitrated in accordancewith the specific requirements of this Rule 621 and, to the extent not inconsistent with suchrequirements, the rules of this Chapter:
1. receipt of an incorrect order status or the failure to have received an appropriate orderstatus;2. the negligence of GCC personnel or any other Exchange staff; or
3. Phantom Orders, as defined in Rule 578.F.
Nothing in Rules 621 or 622 shall be construed to create a claim against the Exchange, to limit
a defense available to the Exchange, or to obviate or modify any limitation of Exchange liability
imposed by any other rule.
621.B. Initial Liability Claim and Demand for Arbitration
The initial claim of loss, including a detailed description of any loss suffered, must be made tothe Exchange within ten business days of the date of the incident that caused the loss. The
Exchange shall have 30 business days to pay or deny the claim in whole or in part. If the
Exchange denies the claim in whole or in part, the claimant must file a written demand forarbitration with the Market Regulation Department within ten business days after the Exchange
has notified the claimant of such denial. A claimant’s failure to pursue its claim within thesetime limits shall bar any recovery on such claim.
621.C. Selection of Arbitration Panel
The arbitration panel shall consist of three non-member arbitrators from the Exchange’s
Arbitration Committee. The panel shall choose a chairman.
621.D. Related Claims
All claims arising out of the same system failure, event or alleged negligent act shall, to theextent practicable in the determination of the chairman, be consolidated for a single hearing.
621.E. Award
Within 30 days of completion of the hearing, the panel shall issue a written decision. The
award shall be limited to the lesser of the actual loss or the loss that would have been incurred
if the claimant had used its best efforts to mitigate the loss. Punitive damages, loss of profits,
loss of use, and indirect, incidental or consequential damages shall not be awarded. The
decision of a majority of the panel shall be final and binding, and there shall be no appeal to ahearing committee of the Board of Directors. A party may move, within three business days of
the award, that the award be corrected to remedy any miscalculation or misdescription orwhere the award is otherwise imperfect in a matter of form not affecting the merits of theaward.
621.F. Satisfaction of Award by Exchange
The Exchange shall satisfy any award against it subject to its limitation of liability rules and therules respecting proration among claimants where damages allowed for a defined period oftime exceed any limit imposed by Exchange rules. The Exchange may delay paying any
award until such time as any applicable proration or limitation can be finally calculated.

622.

CLAIMS RELATING TO TRADE CANCELLATIONS OR PRICE ADJUSTMENTS
622.A. General
All claims relating to price adjustments or trade cancellations pursuant to Rule 588 shall be
arbitrated in accordance with the specific requirements of this Rule 622 and, to the extent notinconsistent with such requirements, the rules of this Chapter.
622.B. Initiation of Claim
Any claim for loss under Rule 588 must first be submitted to the Exchange as described inRule 588.E. Following a denial of liability by a party responsible for a trade cancellation or
price adjustment and by the clearing firm through which the trade was placed, the claimant
may file an arbitration claim with the Market Regulation Department. The Market Regulation
Department shall administer the arbitration and provide notice to all parties.
The party alleged to have made the trade that caused the trade cancellation or priceadjustment and the clearing firm through which that trade was placed both may be
respondents in the arbitration. Any party responsible for a trade cancellation or priceadjustment who is not otherwise subject to arbitration under these rules may voluntarily submit
to such arbitration by filing a submission agreement with the Market Regulation Department
within 21 days of that party’s receipt of notice of the referral to arbitration. In the absence ofthe voluntary submission to arbitration by such party, the arbitration shall proceed solely
against the clearing firm through which the trade was placed, and that firm shall be liable forany damages awarded by the panel.
622.C. Related Claims
All claims arbitrable under this rule that arise out of a trade cancellation or price adjustmentthat was caused by the same incident shall, to the extent practicable in the determination of
the chairman, be consolidated for a single hearing.
622.D. Award
Within 30 days of completion of the hearing, the panel shall issue a written decision signed bya majority of the arbitrators. Except as provided below, the claims shall be limited to realized
losses. Any award shall be made jointly and severally against the respondents. In the eventthe panel finds the respondent(s) liable for the full amount of the claim, the panel shall also

award the claimants their costs and attorneys fees incurred in connection with arbitrating theclaim.
Punitive damages, loss of profits, loss of use, and indirect, incidental or consequential
damages shall not be awarded. The decision of a majority of the panel shall be final and may
not be appealed. A party may move, within three business days of the award, for an ordercorrecting or modifying the award to remedy any miscalculation or misdescription or where theaward is otherwise imperfect in a matter of form not affecting the merits of the award.

MISCELLANEOUS
623.

RIGHT TO COUNSEL
Every person is entitled to represent his own interests, be represented by an attorney at law of
his choosing and at his own expense who is admitted to practice before the highest court inany State, or be represented by any other non-compensated representative at any stage of anarbitration proceeding at the Exchange. An entity must be represented by an officer or ownerof the entity or by an attorney at law. Notwithstanding the above, no person may be
represented by a member of the Arbitration Committee, a member of the Board, an employee
of CME Group or any person related to the arbitration.

624.

COMPUTATION OF TIME
For the purposes of this Chapter, when a period of time is prescribed by a number of days,
and not a specific date, the first day counted for the time prescribed is the day after notice isreceived or other event giving rise to the period of time occurs. Any submission is due or thetime to take action shall lapse by the close of business on the last day counted, unless the last
day is a weekend or Exchange holiday, in which case the due date shall be the next following
day the Exchange is open for business.
For time periods of five days or less only days the Exchange is open for business will becounted. For all other time periods calendar days will be counted.

625.

SUBMISSIONS TO OR COMMUNICATIONS WITH THE PANEL
Any submission for consideration by a chairman or panel must be submitted to the Market
Regulation Department with copies simultaneously served on each other party or designatedrepresentative of a party.
After a dispute has been submitted for arbitration, a person filing the claim or required torespond to the claim and any person asked to provide documents, information or testimony inconnection with such claim shall not contact any member of a panel appointed to hear theclaim for any purpose related to the dispute described by the claim.

626.

ARBITRATION FEES
Any person submitting an arbitration claim or appealing a decision of an arbitration panel shallremit the applicable fees as may be determined by the Exchange at the time of submission orappeal, in order for such action to be effective.

627.

ARBITRATION COMMITTEE
ARBITRATION COMMITTEE
Each member of the Arbitration Committee shall:
A. be appointed by the Board Chairman on an annual basis;
B. pledge to the Exchange that he will not publish, divulge, or make known in any manner
any facts or information which may come to his attention while performing his duties as amember of the Arbitration Committee, except when reporting to the Board, or to acommittee concerned with such information, or when called upon to respond in any
judicial or administrative proceeding;
C. comply with the standards of the American Bar Association-American Arbitration
Association's "Code of Ethics for Arbitrators in Commercial Disputes" which the Exchange
hereby adopts as its own code of ethics for arbitrators;
D. pledge to immediately disclose any matter, relationship or interest with any party or the
subject of a dispute which may affect the arbitrator's ability to be, or create theappearance that the arbitrator is not, impartial in deliberating and deciding a dispute; andE.

promptly give notice to the Market Regulation Department of any ex parte communication
directed to such Arbitration Committee member which is prohibited by Rule 625.

(End Chapter 6)