Chapter 420
CME Composite Housing Index Futures
42000.

SCOPE OF CHAPTER
This chapter is limited in application to futures in S&P/Core Logic Case-Shiller® Composite Home
Price Index (“Composite Index”) based on residential housing values (CME ® Composite Housing
Index futures). In addition to this chapter, CME Composite House Index futures shall be subject tothe general rules and regulations of the Exchange insofar as applicable.
For purposes of this chapter, unless otherwise specified, times referred to herein shall refer to andindicate Chicago time.

42001.

CONTRACT SPECIFICATIONSEach futures contract shall be valued at $250.00 times the reference S&P/Core Logic Case-Shiller
Composite Home Price Index. The Exchange shall list futures based on the Composite Index thatrepresents a weighted-average of 10 metro area indices: the S&P/Core Logic Case-Shiller Metro
Area Home Price Indices (“SPCLCSIs”) that represent housing values in Boston, Chicago, Denver,
Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, and Washington D.C.

42002.

TRADING SPECIFICATIONS
42002.A.

Trading Schedule

Futures contracts shall be scheduled for trading during such hours and for delivery in such months
as may be determined by the Exchange.
42002.B.
Trading Unit
The unit of trading shall be $250.00 times the reference Composite Index.
42002.C.
Price Increments
Bids and offers shall be quoted in terms of the reference Composite Index. The minimum
fluctuation of the futures contract shall be 0.20 index points, equivalent to $50.00 per contract.
42002.D.
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 MarketRegulation 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.
42002.E.
[Reserved]
42002.F.
[Reserved]
42002.G.
Termination of TradingFutures trading shall terminate at 2:00 p.m. on the Business Day preceding the day of final
settlement price determination.
42002.H.
[Reserved]
42002.I.
[Reserved]

42003.

SETTLEMENT PROCEDURES
Delivery under the CME Composite Housing Index Futures contract shall be by cash settlement.
42003.A.
Final Settlement Price
The Final Settlement Price shall be the value of the reference S&P/Core Logic Case-Shiller
Composite Home Price Index as determined for the three-month period ending two calendar
months prior to the contract month. For the purpose of rule 42003.A., the period for which the index
calculation is performed shall be referred to as the Data Period. For example, the Final Settlement
Price for the August 2006 CME Composite Housing Index futures contract will be the S&P/Core© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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Logic Case-Shiller Composite Home Price Index as determined for the three-month Data Period ofApril 2006 through June 2006, scheduled for release in August 2006.
The scheduled release date for the reference Composite Index is the last Tuesday of the contract
month. If the last Tuesday of the contract month is not a Business Day, then the final settlement
price will be determined on the Business Day immediately after the last Tuesday of the contractmonth.
In the event that the reference S&P/Core Logic Case-Shiller Composite Home Price Index is not
published on the scheduled release date due to the fact that one of the S&P/Core Logic CaseShiller Metro Area Home Price Indices has not been published on the scheduled release date, theFinal Settlement Price determination shall be postponed until the publication of the reference
S&P/Core Logic Case-Shiller Composite Home Price Index.
In the event that the SPCLCSI for one of the metro areas (the “Affected Metro Area”) cannot bedetermined for the relevant Data Period (the “Original Data Period”), for instance due tocatastrophic events, the Final Settlement Price determination for the CME Composite Housing
Index futures shall be postponed until the earliest possible time when the SPCLCSI for the Affected
Metro Area can be determined. The Final Settlement Price for the CME Composite Housing Index
futures shall be determined using the Composite Index determined using the first available
subsequent SPCLCSI for the Affected Metro Area regardless of the underlying Data Period.
For example, the Original Data Period for the December 2007 S&P/Core Logic Case-Shiller
Composite Home Price Index is the 3-month period October to December 2007. This is thereference Composite Index for the February 2008 CME Composite Housing Index Futures contract,and has not been determined, as due to a catastrophic event in San Francisco the December 2007
S&P/Core Logic Case-Shiller San Francisco Home Price Index has not been determined. The firstavailable subsequent SPCLCSI for San Francisco is the March 2008 S&P/Core Logic Case-Shiller
San Francisco Home Price Index, which covers a 3-month Data Period January to March 2008.
The Final Settlement Price for the February 2008 CME Composite Housing Index Futures contract
shall be the value of the S&P/Core Logic Case-Shiller Composite Home Price Index determinedusing the March 2008 SPCLCSI for San Francisco and the previously published December 2007
SPCLCSI for the other 9 metro areas, despite the fact that this SPCLCSI for San Francisco has adifferent Data Period than the Original Data Period.
In the event of a change to the base period, the Final Settlement Price for all listed contract months
shall be determined by referencing the Composite Index calculated using the old base period. The
Final Settlement Price for all subsequently listed contract months shall be determined byreferencing the Composite Index calculated using the new base period.
42003.B.
Final Settlement
Clearing members holding open positions in a CME Composite Housing Index futures contract at
the time of termination of trading in that contract shall make payment to or receive payment fromthe Clearing House in accordance with normal variation performance bond procedures based on asettlement price equal to the final settlement price.

42004.-05. [RESERVED]
INTERPRETATIONS & SPECIAL NOTICESRELATING TO CHAPTER 420CME HOUSING FUTURES AND OPTIONS ARE NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY
MACROMARKETS LLC, ITS OFFICERS, DIRECTORS, AFFILIATES OR EMPLOYEES (MACROMARKETSLLC, WITH ITS AFFILIATES, ARE REFERRED TO AS “MM”). MM HAS NOT PASSED ON THE LEGALITY ORSUITABILITY OF, OR THE ACCURACY OR ADEQUACY OF DESCRIPTIONS AND DISCLOSURESRELATING TO CME HOUSING FUTURES AND OPTIONS. MM MAKES NO REPRESENTATION ORWARRANTY, EXPRESS OR IMPLIED TO THE HOLDERS OR OWNERS OF CME HOUSING FUTURES ANDOPTIONS OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING INSECURITIES GENERALLY OR IN CME HOUSING FUTURES AND OPTIONS PARTICULARLY, OR THEABILITY OF THE S&P/CASE-SHILLER® HOME PRICE INDICES (“SPCSIS”) TO TRACK GENERAL MARKETPERFORMANCE. “STANDARD & POOR’S” AND “S&P” ARE TRADEMARKS OF THE MCGRAW-HILLCOMPANIES, INC. AND HAVE BEEN LICENSED FOR USE BY CME. NONE OF THE CME HOUSING© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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FUTURES AND OPTIONS OR ANY OTHER FINANCIAL PRODUCTS BASED UPON ONE OR MORE SPCSISARE SPONSORED, ENDORSED, SOLD OR PROMOTED BY S&P AND S&P MAKES NO REPRESENTATIONREGARDING THE ADVISABILITY OF INVESTING IN SUCH PRODUCTS.
FISERV CSW, INC., ITS LICENSEES AND SUBLICENSEES, INCLUDING MM AND S&P HAVE NOOBLIGATION TO TAKE THE NEEDS OF CME OR THE OWNERS OR HOLDERS OF CME HOUSINGFUTURES AND OPTIONS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THESPCSIS. MM AND S&P (THE “PARTIES”) ARE NOT RESPONSIBLE FOR AND HAVE NOT PARTICIPATEDIN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF CME HOUSING FUTURESAND OPTIONS TO BE LISTED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BYWHICH CME HOUSING FUTURES AND OPTIONS ARE TO BE CONVERTED INTO CASH. THE PARTIESHAVE NO LIABILITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR TRADING OF CMEHOUSING FUTURES AND OPTIONS.
THE PARTIES DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF THESPCSIS OR ANY DATA INCLUDED THEREIN. THE PARTIES MAKE NO WARRANTY, EXPRESS ORIMPLIED, AS TO RESULTS TO BE OBTAINED BY CME, OWNERS OR HOLDERS OF CME HOUSINGFUTURES AND OPTIONS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE SPCSIS ORANY DATA INCLUDED THEREIN. THE PARTIES MAKE NO EXPRESS OR IMPLIED WARRANTIES, ANDEXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULARPURPOSE OR USE WITH RESPECT TO THE SPCSIS OR ANY DATA INCLUDED THEREIN. WITHOUT
LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE PARTIES HAVE ANY LIABILITY FOR ANYLOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES, EVENIF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

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

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