Chapter 120
Micro Gold Futures
120100.

SCOPE OF CHAPTER
This chapter is limited in application to Micro Gold futures. The procedures for trading,clearing, delivery and settlement not specifically covered herein or in Chapter 7 shall begoverned by the general rules of the Exchange.
The provision of these rules shall apply to all gold bought or sold for future delivery on theExchange.
The terms “seller” and “buyer” shall mean the seller of the physical product and the buyer ofthe physical product, respectively.
For purposes of these rules, unless otherwise specified, times referred to herein shall refer toand indicate New York time.

120101.

CONTRACT SPECIFICATIONS
The contract unit shall be shall be ten (10) troy ounces. Gold delivered under this contract shallmeet all of the specifications in Exchange Chapter 7 and Chapter 113 (“Gold Futures”) as they
apply to the Exchange’s 100-troy ounce Gold futures contract.
Deliveries under the contract are restricted to multiples of ten (10) futures contracts on all dayson which deliveries may take place with the exception of the last intent day. On the last intent
day, there will be no restriction on the delivery quantity.
Upon delivery, the buyer’s clearing member receives and the seller’s clearing member delivers
an Accumulated Certificate of Exchange (“ACE”), issued by the Clearing House. An ACErepresents a 10% ownership in a 100-troy ounce gold bar held in the form of a Warrant.
A clearing member may request the issuance of ten (10) ACEs by electronically endorsing tothe Clearing House a Warrant representing one (1) 100-troy ounce gold bar.
ACEs may only be redeemed for a Warrant upon the accumulation of ten (10) such ACEs.
Upon presentation and endorsement to the Clearing House of ten (10) ACEs, the owner will
receive one (1) Warrant meeting the contract specifications in accordance with Rule 113101.
Tolerance adjustments for ounces received vs. ounces represented by the ACEs will be madethrough the Clearing House.
Storage charges are invoiced to the clearing member who owns the ACEs.

120102.

TRADING SPECIFICATIONSThe number of months open for trading at a given time shall be determined by the Exchange.
120102.A. Trading Schedule
The hours for trading shall be determined by the Exchange.
120102.B. Trading Unit
The contract unit shall be ten (10) troy ounces.
120102.C. Price Increments
The minimum price fluctuation shall be ten cents ($0.10) per troy ounce. Prices shall be quoted
in dollars and cents per troy ounce.
120102.D. Position Limits, Exemptions, Position Accountability andReportableLevels
The applicable position limits and/or accountability levels, in addition to the reportable levels,
are set 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 shallapply to the Market Regulation Department on forms provided by the Exchange, and theMarket 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.
120102.E. Termination of TradingNo trades in Micro Gold futures deliverable in the current month shall be made after the third
last business day of that month. Any contracts remaining open after the last trade date must beeither:(A) Settled by delivery which shall take place on any business day beginning on the firstbusiness day of the delivery month or any subsequent business day of the delivery month,
but no later than the last business day of the delivery month.
(B) Liquidated by means of a bona fide Exchange for Related Position (“EFRP”) pursuant toRule 538. An EFRP is permitted in an expired futures contract until 12:00 p.m. on thebusiness day following termination of trading in the expired futures contract. An EFRP
which establishes a futures position for either the buyer or the seller in an expired futurescontract shall not be permitted following the termination of trading of an expired futurescontract.
120102.F. Final Settlement
Each contract shall be valued as the contract unit multiplied by the settlement price of thecorresponding Gold futures contract.
120102.G. Special Price Fluctuation Limits
At the commencement of each trading day, the contract shall be subject to special fluctuation
limits as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in theInterpretations & Special Notices Section of Chapter 5.

120103.-107.

[RESERVED]

120108.

VALIDITY OF DOCUMENTS
The Exchange makes no representation respecting the authenticity, validity or accuracy of any
document or instrument delivered pursuant to these rules.