Chapter 393A
Options on E-mini® Russell 2000® Index Futures
393A00. SCOPE OF CHAPTER
This chapter is limited in application to options on E-mini® Russell 2000® Index futures (“futures”). In
addition to this chapter, options on futures shall be subject to the general rules and regulations of the
Exchange as applicable.
Unless otherwise specified, times referenced herein shall refer to and indicate Chicago time.
393A00.A. Primary Listing Exchange
For the purposes of this chapter a Primary Listing Exchange shall be as defined in the “Plan to Address
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 to time (SEC, SRO Rulemaking,National Market System Plans, File 4-631).
393A00.B. Regulatory Halt
For the purposes of this chapter a Regulatory Halt shall be as defined in the “Plan to Address ExtraordinaryMarket 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 SEC, as amended fromtime to time (SEC, SRO Rulemaking, National Market System Plans, File 4-631) and as implemented under
New York Stock Exchange Rule 7.12 for Trading Halts Due to Extraordinary Volatility or under Nasdaq
Stock Market Rule 4121 for Trading Halts Due to Extraordinary Volatility.

393A01. OPTIONS CHARACTERISTICS
393A01.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 ishalted in the Primary Futures Contract Month pursuant to Rule 39302.I
In accordance with Rule 39302.I. the Exchange shall determine, in its sole discretion, the futures delivery
month that represents such Primary Futures Contract Month and when such Primary Futures Contract
Month is limit bid or limit offered.
393A01.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 E-mini
Russell 2000 Index futures contract (Chapter 393).
393A01.C. Minimum Fluctuations
Option prices shall be quoted in Index points. Each Index point shall represent $50.00 per option contract.
Subject to Rule 393A01.C.1., the minimum price fluctuation shall be 0.1 Index points (equal to $5.00 per
option contract), for trades executed on CME Globex electronic trading platform , provided that trades atprice levels equal to or less than five (5) Index points may occur at price levels that are integer multiples
of 0.05 Index points (equal to $2.50 per option contract), and provided that trade may occur at a price levelof 0.05 Index points irrespective of whether such trade 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, regardless of 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 CME Globex minimum price fluctuation as set forth in this Rule, provided thatfor any option spread or combination that trades at a net premium of five (5) Index points or less, each
option contract comprised within such spread or combination may trade in price increments of 0.05 Index
points. For spread and combination transactions submitted for clearing via CME ClearPort, the minimum
price increment shall be 0.05 Index points, regardless of the price level.

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393A01.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 in such 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 the third
Friday of the March quarterly cycle month next following such option’s expiration, subject to Rule 39303.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 for delivery in September shall be the Underlying Futures Contract
for third (3rd) June and fourth (4th) June European style Weekly options.
The Exchange shall not list a European style Fourth Weekly option for trading in any instance where such
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 for delivery on
the third Friday of the March quarterly cycle month next following such option’s expiration, subject to Rule39303.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 for delivery on
the third Friday of the March quarterly cycle month next following such option’s expiration, subject to Rule39303.A.
The Exchange shall not list a European style Tuesday Weekly option for trading in any instance wheresuch 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 for delivery
on the third Friday of the March quarterly cycle month next following such option’s expiration, subject toRule 39303.A.
The Exchange shall not list a European style Wednesday Weekly option for trading in any instance wheresuch 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 for delivery on
the third Friday of the March quarterly cycle month next following such option’s expiration, subject to Rule39303.A.
The Exchange shall not list a European style Thursday Weekly option for trading in any instance wheresuch option’s expiration would occur on the last Business Day of a month.
7. European Style End-of-Month Options
For any European style End-of-Month 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 to Rule39303.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-ofMonth option.
393A01.E. 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
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appropriate.
393A01.F. 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 fromthe specified position limits.
393A01.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 393A01.D.) at such option’s exercise
price (Rule 393A01.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 393A01.D.1.) may exercise such option at any time prior to its
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 393A01.D.2.), a European style Monday Weekly option(Rule 393A01.D.3.), a European style Tuesday Weekly option (Rule 393A01.D.4.), a European style
Wednesday Weekly option (Rule 393A01.D.5.), a European style Thursday Weekly option (Rule393A01.D.6.) or a European style End-of-Month option (Rule 393A01.D.7.) may exercise such option only
at its expiration.
393A01.H. [Reserved]
393A01.I. Termination of Trading
1. Quarterly Options
Trading in any Quarterly option shall terminate on the same date and at the same time as the terminationof trading in such option’s Underlying Futures Contract (Rule 393A01.D.1.).
2. European Style Weekly Options
Trading in any European style Weekly option shall terminate at 3:00 p.m., or at noon in the case of an earlyscheduled close of the Primary Listing Exchange (Rule 393A00.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 thesecond 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.
The Exchange shall not list European style Fourth Weekly options for any month wherein the fourth Friday
is the last Business Day of such month.
If the market in the Underlying Futures Contract for such option does not open on the day scheduled fortermination 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 fortrading.
3. European Style Monday Weekly Options

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Trading in any European style Monday Weekly option shall terminate at 3:00 p.m., or at noon in the caseof an early scheduled close of the Primary Listing Exchange (Rule 393A00.A.), on the Monday designatedas such option’s expiration date. For a given calendar month:
Trading shall terminate in European style First Monday Weekly options, and such options shall expire, on
the first Monday of such month.
Trading shall terminate in European style Second Monday Weekly options, and such options shall expire,on the second Monday of such month.
Trading shall terminate in European style Third Monday Weekly options, and such options shall expire, on
the third Monday of such month.
Trading shall terminate in European style Fourth Monday Weekly options, and such options shall expire,on the fourth Monday of such month.
Trading shall terminate in European style Fifth 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 day scheduled fortermination 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 fortrading.
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 caseof an early scheduled close of the Primary Listing Exchange (Rule 393A00.A.), on the Tuesday designatedas such option’s expiration date. For a given calendar month:
Trading shall terminate in European style First Tuesday Weekly options, and such options shall expire, on
the first Tuesday of such month.
Trading shall terminate in European style Second Tuesday Weekly options, and such options shall expire,on the second Tuesday of such month.
Trading shall terminate in European style Third Tuesday Weekly options, and such options shall expire,on the third Tuesday of such month.
Trading shall terminate in European style Fourth Tuesday Weekly options, and such options shall expire,on the fourth Tuesday of such month.
Trading shall terminate in European style Fifth Tuesday Weekly options, and such options shall
expire, on the fifth Tuesday of such month.
If the market in the Underlying Futures Contract for such option does not open on the day scheduled fortermination 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 fortrading.
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 thecase of an early scheduled close of the Primary Listing Exchange (Rule 393A00.A.), on the Wednesday
designated as such option’s expiration date. For a given calendar month:
Trading shall terminate in European style First Wednesday Weekly options, and such options shall expire,on the first Wednesday of such month.
Trading shall terminate in European style Second Wednesday Weekly options, and such options shall
expire, on the second Wednesday of such month.
Trading shall terminate in European style Third Wednesday Weekly options, and such options shall expire,on the third Wednesday of such month.
Trading shall terminate in European style Fourth Wednesday Weekly options, and such options shall
expire, on the fourth Wednesday of such month.
Trading shall terminate in European style Fifth 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 day scheduled fortermination 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 fortrading.
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 caseof an early scheduled close of the Primary Listing Exchange (Rule 393A00.A.), on the Thursday designatedas such option’s expiration date. For a given calendar month:

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Trading shall terminate in European style First Thursday Weekly options, and such options shall expire,on the first Thursday of such month.
Trading shall terminate in European style Second Thursday Weekly options, and such options shall expire,on the second Thursday of such month.
Trading shall terminate in European style Third Thursday Weekly options, and such options shall expire,on the third Thursday of such month.
Trading shall terminate in European style Fourth Thursday Weekly options, and such options shall expire,on the fourth Thursday of such month.
Trading shall terminate in European style Fifth 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 day scheduled fortermination 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 fortrading.
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 the case ofan early scheduled close of the Primary Listing Exchange (Rule 393A00.A.), on the last Business Day ofsuch option’s expiration month.
If the market in the Underlying Futures Contract for such option does not open on the day scheduled fortermination 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 is open for trading.
393A01.J. [Reserved]

393A02.

EXERCISE AND ASSIGNMENTIn addition to the applicable procedures and requirements of Chapter 7, the following shall apply to theexercise of options.
393A02.A. Exercise of Option by Buyer
1. Quarterly Options
Any Quarterly option (Rule 393A01.D.1.) may be exercised by the buyer on any Business Day on whichsuch option may be traded. To exercise such option, the clearing member representing the option buyer
shall present an exercise notice to the Clearing House by 5:30 p.m., or by such other time 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 (Rule 393A01.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 of contrary instructions. Suchcontrary instructions must be delivered to the Clearing House, by the clearing member representing thebuyer of such option, no later than 5:30 p.m., or such other time as may be designated by the Exchange,on the last day of trading in such option.
A call option shall be in the money if the settlement price of such option’s Underlying Futures Contract(Rule 393A01.D.) on the last day of trading in such option (Rule 393A01.I.) 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.
A put option shall be in the money if the settlement price of such option’s Underlying Futures Contract on
the last day of trading in such option is strictly below such option’s exercise price, and shall be out of themoney if such 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 393A01.D.2.), European style Monday Weekly option (Rule393A01.D.3.), European style Tuesday Weekly option (Rule 393A01.D.4.), European style Wednesday
Weekly option (Rule 393A01.D.5.), European style Thursday Weekly option (Rule 393A01.D.6.), or
European style End-of-Month option (Rule 393A01.D.7.) may be exercised only at, and not before,
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 shall be

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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 (Rule393A01.D.). The Exchange, in its sole discretion, shall set such Fixing Price on the last day of trading insuch option, as follows:
Tier 1
Such Fixing Price shall be based on the volume-weighted average price of transactions in such Underlying
Futures Contract on the CME Globex electronic trading platform between 2:59:30 p.m. and 3:00:00 p.m.
(or between 11:59:30 a.m. and noon in the case of an early scheduled close of the Primary Listing
Exchange) (“reference interval”).
Tier 2
If no such transaction occurs during the reference interval, then such Fixing Price shall be based on the
average of midpoints of bid/ask spreads for such futures quoted on CME Globex during the reference
interval, provided that the Fixing Price calculation shall exclude the midpoint value for any such bid/ask
spread that is wider than 0.20 Index points.
Tier 3
If such Fixing Price cannot be determined pursuant to Tier 1 or Tier 2, or if an unscheduled nonregulatory
halt in CME Globex trading in such Underlying Futures Contract occurs between 2:58:00 p.m. and 3:00:00
p.m., then such Fixing Price shall be based on the average transaction price during the reference intervalof the CME E-mini® Russell 2000® Index Futures contract (Chapter 393) for the same delivery month assuch option’s Underlying Futures Contract (Rule 393A01.D.).
Tier 4
If such Fixing Price cannot be determined pursuant to Tier 1, Tier 2, or Tier 3, then the Exchange, in its
sole discretion, shall set such Fixing Price by alternative means which may include, but are not limited to,derivation by reference to the basis relationship between such futures contract’s price and the Index, orapplication of Tier 1, Tier 2, or Tier 3 calculations to successive time intervals of increasing length, in
integer multiples of thirty (30) seconds, until suitable price data are obtained.
The resultant Fixing Price value shall be rounded to the nearest integer multiple of 0.01 Index points. Such
Fixing Price, so rounded, shall be used to determine whether an option expires in the money or out of themoney.
If, at the time such Fixing Price is scheduled to be calculated in respect of expiring options, the Primary
Listing Exchange (Rule 393A00.A.) is subject to a Regulatory Halt (Rule 393A00.B.), and the Primary
Futures Contract Month is limit offered at the maximum price limit permissible during such Regulatory Halt
pursuant to Rule 39302.I., then (a) such option shall expire at 8:31 a.m. on the next following Business
Day on which a Regulatory Halt is not in effect, and (b) the Fixing Price in respect of such option shall becalculated in accordance with the corresponding provisions of this Rule, on the basis of a reference interval
beginning at 8:30:30 a.m. and concluding at 8:31:00 a.m. If, during any portion of the 30-second period
from 8:30:30 a.m. – 8:31:00 a.m. CT, there is a Level 1 or Level 2 Regulatory Halt in effect, the Fixing Priceshall be calculated using trades consummated during the 30-second period commencing with the lifting ofsuch Regulatory Halt. If a subsequent Regulatory Halt is declared during this 30-second period, thecalculation of the Fixing Price shall be based strictly on those trades consummated prior to such
subsequent Regulatory Halt.
For the avoidance of doubt, in the event there is a Level 1 or Level 2 Regulatory Halt during the time periodof 8:30:30 – 8:31:00 am CT, no trades during that time period (8:30:30 – 8:31:00 am CT) will be used in
the calculation of the Fixing Price.
An expiring call option shall be in the money if the corresponding Fixing Price is at or above such 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.
393A02.B. Assignment
For a given option contract, an exercise notice accepted by the Clearing House in accordance with Rules
393A02.A. shall be assigned by the Clearing House through a process of random selection to clearing

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members carrying open short positions in such option contract. A clearing member to whom such exercise
notice has been assigned shall be notified thereof as soon as practicable following such assignment.
The clearing member to whom such exercise notice has been assigned shall be assigned a short positionin such option’s Underlying Futures Contract (Rules 393A01.D.) if such option is a call, or a long positionin such option’s Underlying Futures Contract if such option is a put. The clearing member representing theoption 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.

393A03.

[RESERVED]

393A04.

[RESERVED]

393A05.-29. [RESERVED](End Chapter 393A)
INTERPRETATIONS & SPECIAL NOTICES RELATING TO CHAPTER 393A
Neither Frank Russell Company’s publication of the Russell Indexes nor its licensing of its trademarks for use inconnection with securities or other financial products derived from a Russell Index in any way suggests or implies a
representation or opinion by Frank Russell Company as to the attractiveness of investment in any securities or otherfinancial products based upon or derived from any Russell Index. Frank Russell Company is not the issuer of any suchsecurities or other financial products and makes no express or implied warranties of merchantability or fitness for any
particular purpose with respect to any Russell Index or any data included or reflected therein, nor as to results to beobtained by any person or any entity from the use of the Russell Index or any data included or reflected therein.

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