Chapter 296
Micro Indian Rupee/U.S. Dollar (INR/USD) Futures
29600.

SCOPE OF CHAPTER
This chapter is limited in application to Micro Indian rupee/U.S. dollar futures. In addition to thischapter, Micro Indian rupee/U.S. dollar futures shall be subject to the general rules and regulationsof the Exchange insofar as applicable.
Futures contracts covered by this chapter may be referred to as Micro INR/USD Futures.
For purposes of this chapter, unless otherwise specified, times referred to herein shall refer to andindicate Chicago time.

29601.

TRADING SPECIFICATIONS
29601.A.
Trading Schedule
Futures contracts shall be scheduled for trading and delivery during such hours and in such months
as may be determined by the Exchange.
29601.B.
Trading Unit
The unit of trading shall be 1,000,000 Indian rupees.
29601.C.
Price Increments
Minimum price fluctuations shall be in multiplies of 0.01 U.S. cents per 100 Indian rupees,equivalent to 1 U.S. dollar per contract. Trades may also occur in multiples of 0.005 U.S. cents per
100 Indian rupees (equivalent to 0.50 U.S. dollars per contract), commonly referred to as a one-halftick, for Indian rupee/U.S. dollar futures intra-currency spreads executed as simultaneoustransactions pursuant to Rule 542.
296.01.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.
29601.E.
[Reserved]
29601.F.
Special Price Fluctuation Limits
At the commencement of each trading day, the contract shall be subject to special price 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.
29601.G.
Termination of Trading
Futures trading shall terminate at 12:00 noon Mumbai time two Indian business days immediately
preceding the last Indian business day of the contact month.
29601.H.
[Reserved]29602.

SETTLEMENT PROCEDURES
29602.A.
[Reserved]29602.B.
Cash Settlement
The Final Settlement Price shall be equal to the reciprocal of “INR FIBL (INR01),” which is the“Indian rupee per U.S. dollar” spot exchange rate published by the Financial Benchmarks India(Pvt) Limited (FBIL) at approximately 1:30 p.m. Mumbai time. This rate is widely used by theinterbank foreign exchange market to cash settle non-deliverable forward contracts for Indian rupee
versus U.S. dollars. The FIBL quotes this USD/INR spot rate on its website www.fbil.org.in. TheFinal Settlement Price shall be rounded to two (2) decimal places. Open positions on the business
day following the termination of trading day will be marked to the Final Settlement Price. For© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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example, the Final Settlement Price based upon the reciprocal of a FIBL INR/USD rate of 54.8473
Indian rupees per one U.S. dollar is 182.32 U.S. cents per 100 Indian rupees.
However, in the event that the Exchange determines that the Clearing House is not able todetermine a Final Settlement Price pursuant to any of the preceding sections or the Interpretation
to Chapter 279, then Rule 812 shall apply to determine the Final Settlement Price.

29603.

[RESERVED](End Chapter 296)

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

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