Chapter 123
Aluminum Option
123100.

123101.

SCOPE OF CHAPTER

This chapter is limited in application to put and call average price options on the Aluminum futurescontract. In addition to the rules of this chapter, transactions in options on Aluminum Futures shallbe subject to the general rules of the Exchange insofar as applicable

OPTION CHARACTERISTICS

The number of contract months open for trading at a given time shall be determined by the Exchange.
For each Aluminum Option month traded on the Exchange, the underlying Aluminum Futurescontract into which the option contract month will exercise is as follows:
Option Contract Month

Exercise into Underlying Futures

JanMarFeb

AprMarMay

AprJunMayJulJunAugJulSepAug

Oct

SepNov

OctDecNovJanDec

Feb123101.A. Trading Schedule
The hours of trading for this contract shall be determined by the Exchange.
123101.B. Trading Units
An Aluminum put or call option contract traded on the Exchange represents an option to assume ashort or long position in the underlying futures contract traded on the Exchange.
123101.C. Price Increments
Prices shall be quoted in dollars and cents per metric ton. The minimum price fluctuation shall be$0.25 per metric ton.
123101D. Position Limits, Exemptions, Position Accountability and Reportable Levels
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 the Interpretations& 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.
123101.E. Termination of Trading
An Aluminum option shall expire at the close of trading four business days prior to the end of themonth preceding the option contract month; provided, however, that (1) if such day is a Friday, theexpiration date shall be the preceding business day or (2) if such day is the day immediately prior toan Exchange holiday, the expiration date shall be the preceding business day. In the event that theofficial Exchange holiday schedule changes subsequent to the listing of an Aluminum futures option,
the originally listed expiration date shall remain in effect. In the event that the originally listed
expiration day is declared a holiday, expiration will move to the business day immediately prior.

123101.F. Type of Option
The option is an American-style option which can be exercised on any business day prior to and until
expiration day.

123102.
123103.

EXERCISE PRICES AND CHARACTERISTICS

Transactions shall be conducted for option contracts as set forth in Rule 300.20.

SPECIAL PRICE FLUCTUATION LIMITSAt 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 the Interpretations &Special Notices Section of Chapter 5.