Chapter 353A
Options on Micro E-mini Standard and Poor’s 500 Stock Price IndexTM Futures
353A00.

SCOPE OF CHAPTER
This chapter is limited in application to options on Micro E-mini Standard and Poor’s 500 Stock
Price IndexTM futures (“Micro E-mini S&P 500 Index futures” or “futures”). In addition to thischapter, options on futures shall be subject to the general rules and regulations of the Exchange asapplicable.
Unless otherwise specified, times referenced herein shall refer to and indicate Chicago time.
353A00.A. Primary Listing Exchange
For the purposes of this chapter a Primary Listing Exchange shall be as defined in the “Plan toAddress 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 totime (SEC, SRO Rulemaking, National Market System Plans, File 4-631).
353A00.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 toRule 608 of Regulation NMS Under the Securities Exchange Act of 1934” approved 31 May 2012by the SEC, as amended from time to time (SEC, SRO Rulemaking, National Market System
Plans, File 4-631) and as implemented under New York Stock Exchange Rule 80B for Trading
Halts Due to Extraordinary Volatility or under Nasdaq Stock Market Rule 4121 for Trading Halts
Due to Extraordinary Volatility.

353A01.

OPTIONS CHARACTERISTICS
353A01.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 trading is halted in the Primary Futures Contract Month pursuant to Rule 35802.I.
In accordance with Rule 35802.I. the Exchange shall determine, in its sole discretion, the futuresdelivery month that represents such Primary Futures Contract.
353A01.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 (1)Micro E-mini S&P 500 Index futures contract (Chapter 353).
353A01.C. Minimum Fluctuations
Option prices shall be quoted in Index points. Each Index point shall represent $5.00 per option
contract.
Subject to Rule 353A01.C.1., the minimum price fluctuation shall be 0.25 Index points (equal to$1.25 per option contract), for trades executed on CME Globex electronic trading platform,
provided that trades at price levels equal to or less than 10.00 Index points may occur at pricelevels that are integer multiples of 0.05 Index points (equal to $0.25 per option contract), andprovided that trade may occur at a price level of 0.05 Index points irrespective of whether suchtrade 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, regardlessof the price level.
1. Option Spreads and Combinations
Any option contract that trades as a component of a spread or combination shall be traded at a
price that conforms to the applicable minimum price fluctuation as set forth in this Rule, provided© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

Page 1 of 7that for any option spread or combination that trades at a net premium of 10.00 Index points or
less, each option contract comprised within such spread or combination may trade in priceincrements of 0.05 Index points.
353A01.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 insuch 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 thethird Friday of the March quarterly cycle month next following such option’s expiration, subject toRule 35303.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 fordelivery in September shall be the Underlying Futures Contract for third (3rd) June andfourth (4th) June European style Weekly options.
The Exchange shall not list a European style 4th Weekly option for trading in any instance wheresuch 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 fordelivery on the third Friday of the March quarterly cycle month next following such option’s
expiration, subject to Rule 35303.A.
The Exchange shall not list a European style Monday Weekly option for trading in any instance
where such 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 fordelivery on the third Friday of the March quarterly cycle month next following such option’s
expiration, subject to Rule 35303.A.
The Exchange shall not list a European style Tuesday Weekly option for trading in any instance
where such 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 35303.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.
6. European Style Thursday Weekly Options
For any European style Thursday 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 35303.A.
The Exchange shall not list a European style Thursday Weekly option for trading in any instance
where such option’s expiration would occur on the last Business Day of a month.
© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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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 to Rule 35303.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
style End of Month option. Futures for delivery in June shall be the Underlying Futures
Contract for a March European style End of Month option.

353A01.E. Exercise and 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.
353A01.F. 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 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.
353A01.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 353A01.D.) at such
option’s exercise price (Rule 353A01.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 353A01.D.1.) may exercise such option at any time prior toits 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
The buyer of a European style Weekly option (Rule 353A01.D.2.), a European style Monday
Weekly option (Rule 353A01.D.3.), a European style Tuesday Weekly option (Rule 353A01.D.4.), aEuropean style Wednesday Weekly option (Rule 353A01.D.5.), a European style Thursday Weekly
option (Rule 353A01.D.6.), or a European style End of Month option (Rule 353A01.D.7.) may
exercise such option only at its expiration.
353A01.H.

[Reserved]

353A01.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 353A01.D.1.).
2.

European Style Weekly Options© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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Trading in any European style Weekly option shall terminate at 3:00 p.m., or at noon in the case ofan early scheduled close of the Primary Listing Exchange (Rule 353A00.A.), on the Friday
designated by the Exchange as such option’s expiration date. For a given calendar month:
Trading shall terminate in European style First Weekly options, and such options shall
expire, on the first Friday of such month.
Trading shall terminate in European style Second Weekly options, and such options shall
expire, on the second Friday of such month.
Trading shall terminate in European style Third Weekly options, and such options shall
expire, on the third Friday of such month.
Trading shall terminate in European style Fourth 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 dayscheduled for termination of option trading and for option expiration, 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.
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 353A00.A.), on the
Monday designated as such option’s expiration date. For a given calendar month:
Trading shall terminate in European style 1 st 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 3 rd 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 5 th Monday Weekly options, and such options shall
expire, on the fifth Monday of such month
If the market in the Underlying Futures Contract for such option does not open on the dayscheduled for termination of option trading and for option expiration, 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.
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
the case of an early scheduled close of the Primary Listing Exchange (Rule 353A00.A.), on theTuesday designated as such option’s expiration date. For a given calendar month:
Trading shall terminate in European style 1 st 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 3 rd 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© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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If the market in the Underlying Futures Contract for such option does not open on the dayscheduled for termination of option trading and for option expiration, 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.
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
the case of an early scheduled close of the Primary Listing Exchange (Rule 353A00.A.), on the
Wednesday designated as such option’s expiration date. For a given calendar month:
Trading shall terminate in European style 1 st Wednesday Weekly options, and such options
shall expire, on the first Wednesday of such month.
Trading shall terminate in European style 2 nd Wednesday Weekly options, and such options
shall expire, on the second Wednesday of such month
Trading shall terminate in European style 3 rd Wednesday Weekly options, and such options
shall expire, on the third Wednesday of such month
Trading shall terminate in European style 4 th 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 dayscheduled for termination of option trading and for option expiration, 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.
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
the case of an early scheduled close of the Primary Listing Exchange (Rule 353A00.A.), on theThursday 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 3 rd Thursday Weekly options, and such options shall
expire, on the third Thursday of such month
Trading shall terminate in European style 4 th Thursday Weekly options, and such options shall
expire, on the fourth Thursday of such month
Trading shall terminate in European style 5 th 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 dayscheduled for termination of option trading and for option expiration, 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.
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 thecase of an early scheduled close of the Primary Listing Exchange (Rule 353A00.A.), on the lastBusiness Day of such option’s expiration month.
If the market in the Underlying Futures Contract for such option does not open on the dayscheduled for termination 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 isopen for trading.

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

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8. Unscheduled Market Holiday
Notwithstanding the aforementioned, if the Primary Listing Exchange (Rule 353A00.A.) is closed inobservance of an unscheduled market holiday on a day previously scheduled as a Business Day,
then trading in option contracts that had been scheduled to expire on such day shall terminate, andsuch option contracts shall expire, on the Business Day immediately preceding such unscheduled
market holiday.
353A01.J.

353A02.

[Reserved]

EXERCISE AND ASSIGNMENTIn addition to the applicable procedures and requirements of Chapter 7, the following shall apply tothe exercise of options.
353A02.A. Exercise
1. Quarterly Options
Any Quarterly option (Rule 353A01.D.1.) may be exercised by the buyer on any Business Day on
which such option may be traded. To exercise such option, the clearing member representing theoption buyer shall present an exercise notice to the Clearing House by 5:30 p.m., or by such othertime 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 (Rule353A01.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 ofcontrary instructions. Such contrary instructions must be delivered to the Clearing House, by theclearing member representing the buyer of such option, no later than 5:30 p.m., or at such othertime as may be designated by the Exchange, on the last day of trading in such option.
An expiring call option shall be in the money if the Final Settlement Price of such option’s
Underlying Futures Contract (Rule 353A01.D.) on such option’s Expiration Date 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.
An expiring put option shall be in the money if the Final Settlement Price of such option’s
Underlying Futures Contract on such option’s Expiration Date is strictly below such option’s
exercise price and shall be out of the money if such Final 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 353A01.D.2.), European style Monday Weekly option(Rule 353A01.D.3.), European style Tuesday Weekly option (Rule 353A01.D.4.), European style
Wednesday Weekly option (Rule 353A01.D.5.), European style Thursday Weekly option (Rule353A01.D.6.), or End of Month option (Rule 353A01.D.7.) may be exercised only at, and not
before, the 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 shallbe abandoned by the Clearing House. For the avoidance of doubt, no such option that expires in
the money 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(Rule 353A01.D.). The Exchange, in its sole discretion, shall set such Fixing Price on the last dayof trading in such option equal to the Fixing Price of the E-mini S&P 500 Index futures pursuant toRule 358A02.A as rounded to the nearest integer multiple of 0.01 Index points.
An expiring call option shall be in the money if the corresponding Fixing Price is at or above such
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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.
353A02.B. Assignment
For a given option contract, an exercise notice accepted by the Clearing House in accordance with
Rule 353A02.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 towhom such exercise notice has been assigned shall be notified thereof as soon as practicablefollowing such assignment.
The clearing member to whom such exercise notice has been assigned shall be assigned a shortposition in such option’s Underlying Futures Contract (Rule 353A01.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.
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.

353A03.

[RESERVED]

353A04.

[RESERVED](End Chapter 353A)© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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