Chapter 900
Interest Rate Products
90001. SCOPE OF CHAPTER
The scope of this Chapter is limited in application to IRS Products. The procedures for trading IRS
Products and for clearing and settling IRS Contracts and any other matters not specifically covered
herein shall be governed by the other Chapters of these Rules, including Chapter 8-G (Interest Rate
Derivative Clearing), to the extent applicable.
Capitalized terms in this Chapter that are not otherwise defined in this Chapter shall have the meanings
given to such terms in the other Chapters of the Rules. Capitalized terms in this Chapter that are nototherwise defined in either this Chapter or the other Chapters of the Rules shall have the meanings set
forth in the ISDA Definitions or the FX Definitions, as applicable.

90002. DEFINITIONS
90002.A.
Acceptance Conditions
With respect to an IRS Contract, the acceptance for clearing by both IRS Clearing Members of an IRS
Product submitted for clearing and the acceptance by the Clearing House of such IRS Product forclearing.
90002.B.
Acceptance Date
With respect to an IRS Contract, the date on which the Acceptance Conditions are satisfied.
90002.C.
Acceptance TimeWith respect to an IRS Contract, the time at which the Acceptance Conditions are satisfied.
90002.D.
Clearing Business Day
With respect to an IRS Contract, any day on which the Clearing House is open to process and settle
IRS Contracts.
90002.E.
Clearing Effective Date
With respect to an IRS Contract:(a)where the Acceptance Time for such IRS Contract is prior to 7.00 p.m. (Eastern Time) on a
Clearing Business Day, the Acceptance Date for such IRS Contract; and(b)where the Acceptance Time for such IRS Contract is on or after 7.00 p.m. (Eastern Time) on a
Clearing Business Day, the Clearing Business Day immediately following the Acceptance Datefor such IRS Contract.
90002.F.
Contract Elections for IRS Swaps
With respect to an IR Swap accepted for clearing by the Clearing House as an IR Swap Contract that is
not an Underlying IR Swap Contract, each of the following elections shall be made by an IRS
Participant for such IR Swap: Effective Date, Notional Amount(s) (which may be constant or variable,
including amortizing, accreting and roller coaster), Currency, Business Day(s), Business Day
Convention, Termination Date and any Business Day Convention adjustment, Payment Dates, FixedRate, Fixed Rate Day Count Fraction, Floating Rate Option, Designated Maturity, Spread, Floating Rate
Day Count Fraction, Compounding, Floating Rate for Initial Floating Rate Payer Calculation Period,Initial Exchange Amount (if any), Initial Exchange Amount payer (if any) and whether the IRS Clearing
Participant is acting as a Floating Amount Payer or a Fixed Amount Payer, whether the Clearing Houseis acting as a Floating Amount Payer or a Fixed Amount Payer, Cash Settlement Currency, Settlement
Currency (within the meaning of the FX Definitions) and Reference Currency (within the meaning of theFX Definitions) (if any).
Where IRS Participants elect a Reference Currency that is different to the Settlement Currency, IRS
Participants may elect any or all of the following: Reference Currency, Reference Currency Notional
Amount, Settlement Date, Valuation Date, and any Business Day Convention applicable to such
Valuation Date.
90002.G.
Contract Elections for IR Swaptions and Underlying IR Swap Contracts
With respect to an IR Swaption accepted for clearing by the Clearing House as an IR Swaption
Contract, each of the following elections shall be made by an IRS Participant for such IR Swaption:
Effective Date, whether such IR Swaption is a Put Swaption or a Call Swaption, whether such IRSwaption is part of an IR Swaption Straddle, IR Swaption Premium, Premium Payment Date (if© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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applicable), Business Day Convention for Premium Payment Date (if applicable), IR Swaption
Expiration Date, Business Day Convention for Expiration Date, whether Partial Exercise is applicable
and whether such IRS Participant is the Seller or Buyer of such IR Swaption.
With respect to an IR Swaption accepted for clearing by the Clearing House as an IR SwaptionContract, each of the following elections shall be made by an IRS Participant for the Underlying IR
Swap Contract: Effective Date, Notional Amount(s) (which may be constant or variable, including
amortizing, accreting and roller coaster), Currency, Business Day(s), Business Day Convention,
Termination Date and any Business Day Convention adjustment, Fixed Amount Payer Payment Dates,
Fixed Rate Day Count Fraction, Floating Amount Payer Payment Dates, Floating Rate Option,
Designated Maturity and Floating Rate Day Count Fraction. If the IR Swaption is part of an IR Swaption
Straddle, each of the foregoing elections shall be made by an IRS Participant with respect to bothUnderlying IR Swap Contracts.
90002.H.
Termination Date
In respect of (i) any IRS designated as an IRS Product, other than an IRS that is an Underlying IR Swap
Contract, the Termination Date of such IRS shall occur no later than 51 years and 10 calendar days
after the Clearing Business Day on which such IRS is submitted for clearing to the Clearing House and(ii) any IRS designated as an IRS Product that is an Underlying IR Swap Contract, the Termination Dateof such IRS shall occur no later than 30 years and 10 calendar days following the Effective Date forsuch Underlying IR Swap Contract.
90002.I.
IRS
An IR Swap or an IR Swaption.
90002.J.
Interest Rate Swap (“IR Swap”)
A contract that provides for the exchange, on specified payment dates, of cash payments (on a net orgross basis) determined by reference to a predetermined notional amount or notional amounts, one orboth of which payments is/are based on a floating or variable reference interest rate or interest rateindex.
90002.K.
Interest Rate Swap Option (“IR Swaption”)
A contract in which the Seller grants the Buyer the right, but not the obligation, to cause the Underlying
IR Swap Contract to become effective on the terms set out in accordance with this Chapter.
90002.LIR Swaption Straddle
An IR Swaption which comprises two Underlying IR Swap Contracts, one of which is a Put Swaption
and the other of which is a Call Swaption.
90002.M.
Put Swaption
An IR Swaption where the Buyer holds the right to cause the Underlying IR Swap Contract to beeffective, in respect of which Buyer is the Fixed Amount Payer and the Seller is the Floating AmountPayer.
90002.N.
Call Swaption
An IR Swaption where the Buyer holds the right to cause the Underlying IR Swap Contract to beeffective, in respect of which Buyer is the Floating Amount Payer and the Seller is the Fixed AmountPayer.
90002.O.
IRS Clearing Member
An IR Swap Clearing Member or an IRS Swaptions Clearing Member.
90002.P.
IR Swap Clearing Member
A Clearing Member of the Clearing House that is authorized to submit IR Swap Products for clearing
pursuant to these Rules.
90002.Q.
IR Swaption Clearing Member
A Clearing Member of the Clearing House that is authorized to submit IR Swaption Products for clearing
pursuant to these Rules.
90002.R.
IRS Contract
An IR Swap Contract or an IR Swaption Contract.
90002.S.
IR Swap Contract
An IR Swap Product that has been accepted for clearing by the Clearing House.
90002.T.
IR Swaption Contract© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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An IR Swaption Product that has been accepted for clearing by the Clearing House.
90002.U.
IRS Participant
A market participant on whose behalf an IRS Clearing Member holds a position in an IRS Contract.
90002.V.
IRS Product
An IR Swap Product or an IR Swaption Product.
90002.W.
IR Swap ProductAt any time, an IR Swap that the Clearing House has designated as eligible for clearing at such time.
90002.X.
IR Swaption ProductAt any time, an IR Swaption that the Clearing House has designated as eligible for clearing, and whichis exercisable into an IR Swap that the Clearing House has designated as eligible for clearing, in eachcase at such time.
90002.Y.
ISDAThe International Swaps and Derivatives Association, Inc.
90002.Z.
ISDA Definitions
The 2021 ISDA Interest Rate Derivatives Definitions, as published by ISDA from time to time.
References to the “2006 ISDA Definitions” shall be references to the 2006 ISDA Interest Rate
Derivatives Definitions, as published by ISDA from time to time.
90002.AA.
FX Definitions
The 1998 FX and Currency Option Definitions as published by ISDA, The Emerging Markets Trading
Association, Inc., and the Foreign Exchange Committee.
90002.BB.
Underlying IR Swap Contract
For a given IR Swaption, the IR Swap into which such IR Swaption is exercisable on the terms set out inaccordance with this Chapter.

90003. NOTICES
Any notice, document, communication, filing or form to be served on, filed with, made to or provided by
the Clearing House to an IRS Clearing Member pursuant to these Rules or in relation to any IRS
Contract or IRS Product shall be served, filed, made or provided in accordance with these Rules andthe relevant procedures set forth in the Clearing House Manual from time to time.
Any notice, document, communication, filing or form to be served on, filed with, made to or provided tothe Clearing House pursuant to these Rules or in relation to any IRS Contract or IRS Product shall beserved, filed, made or provided in accordance with these Rules and the relevant procedures set forth in
the Clearing House Manual from time to time.
Notwithstanding any other provision of these Rules, for so long as the Clearing House is unable toreceive or deliver, or an IRS Clearing Member is unable to deliver, any notice as a result of a failure,malfunction, suspension or termination of all or any part of any of the relevant Clearing House systems,
the time periods for delivery of any such notice will be tolled and any applicable delivery deadlines shallbe extended accordingly.

90004. ISDA DISCLAIMER
ISDA® bears no responsibility or liability arising from the reproduction, public display, incorporation,dissemination or reference to all or any of the ISDA Definitions or the 2006 ISDA Definitions. © 2021
International Swaps and Derivatives Association, Inc.
ISDA® and EMTA bear no responsibility or liability arising from the reproduction, public display,incorporation, dissemination or reference to all or any of the FX Definitions. © 1998 International Swaps
and Derivatives Association, Inc., Emerging Markets Traders Association, The Foreign Exchange
Committee.

90005. REGISTRATION
90005.A.
IRS Clearing Members
An IRS Clearing Member must register with CME in order to clear IRS Contracts through the Clearing
House. IRS Clearing Members and IRS Participants must complete all applicable on-boarding
agreements required by the Clearing House to satisfy the registration process.
90005.B.
IRS Participants© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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In order for an IRS Participant to participate in the clearing of IRS Contracts through the Clearing
House, such IRS Participant’s IRS Clearing Member must register the account of such IRS Participant
with CME prior to submitting IRS Products on behalf of such Participant for clearing by the Clearing
House and shall comply with any requirements of Rule 8G09.
90005.CEligible Contract Participant
In order to transact in IRS Contracts, an IRS Participant must be an "eligible contract participant"pursuant to at least one of the applicable limbs of the definition provided in Section 1a(18) of theCommodity Exchange Act ("ECP"). An IRS Clearing Member that clears IRS Contracts must obtain arepresentation from each IRS Participant for which it provides clearing services that such IRS
Participant is, and will be, an ECP at all times clearing services are provided for such IRS Participant. If
an IRS Clearing Member becomes aware that an IRS Participant for which it provides clearing services
no longer qualifies as an ECP, such IRS Clearing Member must notify the Clearing House and workwith such IRS Participant to close out such IRS Participant’s open IRS Contracts as soon as possible.
Violations of this Rule may subject the relevant IRS Clearing Member to fines and other disciplinary
action.
90005.D.
Identification of IRS Contracts
Each IRS Contract shall be identified with an account number which identifies the originator of suchIRS, and which specifies whether such IRS Contract is (i) a proprietary transaction of an IRS Clearing
Member duly registered with the Clearing House or (ii) a transaction by an IRS Participant duly
registered with the Clearing House.

90006. SUBMISSION OF INTEREST RATE PRODUCTS TO THE CLEARING HOUSE
90006.A.
IRS Product Submission Methods
IRS Products shall be submitted to the Clearing House for clearing through (a) the CME ClearPort GUIand API, (b) the Clearing House migration utility, or (c) any other facility or trade platform approved bythe Clearing House from time to time. To the extent not specified elsewhere in these Rules, the Clearing
House shall specify the terms and conditions under which IRS Products shall be submitted to theClearing House for clearing.
90006.B.
Acceptance of IRS by the Clearing House and Creation of IRS Contract
Any bilateral IRS (i) that is submitted to the Clearing House in accordance with the Rules and with all
required elections, (ii) that satisfies the conditions in Rule 8G05, (iii) that is within the IRS product scope
available on the Clearing House’s website and (iv) where both IRS Clearing Members have accepted
the resulting IRS Contracts, will be accepted for clearing and will result in two IRS Contracts inaccordance with Rule 8G05.
Notwithstanding any provision to the contrary in the Rules or in the Exchange User License Agreement(as may be amended from time to time), the parties to a bilateral IRS transaction submitted for clearing
and which has not been accepted for clearing by the Clearing House pursuant to these Rules may
separately agree that such trade is a valid, binding agreement between the parties which is un-cleared
and which has no affiliation with the Clearing House.

90007. INTERPRETATION
For the purposes of any IRS Contract, references in the ISDA Definitions or the 2006 ISDA Definitions
to:(a)a "Confirmation" shall be deemed to be references to the terms of the relevant IRS Contract;(b)a “Transaction” or "Swap Transaction", as applicable, shall be deemed to be references to therelevant IRS Contract, where such IRS contract is an IRS: and(c)a “Swaption” shall be deemed to be references to the relevant IR Swaption Contract.

90008. IRS COUPON BLENDING
In respect of eligible IRS Contracts only, the Clearing House will allow IRS Participants to elect to havethe Clearing House reduce the number of eligible IRS Contracts of each such IRS Participant through acompression process that will replace similar cleared IRS Contracts executed at the same or different
fixed rates with zero or more replacement IRS Contracts that have Fixed Rate(s) equal to the blendedrate(s) determined through the coupon blending process. The coupon blending process will result in acompression of the IRS Participant’s portfolio of eligible IRS Contracts by reducing the number oftransactions and/or the aggregate gross notional of the combined eligible IRS Contracts. The combined
cash flows of the replacement IRS Contracts will be the same as the combined cash flows of theoriginal eligible IRS Contracts.

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