Chapter 419
CME Metro Area Housing Index Futures
41900.

SCOPE OF CHAPTER
This chapter is limited in application to futures in S&P/Core Logic Case-Shiller® Metro Area HomePrice Indices (“SPCLCSIs”) based on residential housing values (“CME® Metro Area HousingIndex futures”). In addition to this chapter, CME Metro Area Housing Index futures shall be subject
to the 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.

41901.

CONTRACT SPECIFICATIONSEach futures contract shall be valued at $250.00 times the reference S&P/Core Logic Case-Shiller
Metro Area Home Price Index. The Exchange shall list futures based on SPCLCSIs representing
housing values in each of the following metropolitan areas: Boston, Chicago, Denver, Las Vegas,Los Angeles, Miami, New York, San Diego, San Francisco, and Washington D.C. For example, theBoston metro area is referenced by the S&P/Core Logic Case-Shiller Boston Home Price Index.

41902.

TRADING SPECIFICATIONS
41902.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.
41902.B.
Trading Unit
The unit of trading shall be $250.00 times the reference SPCLCSI.
41902.C.
Price Increments
Bids and offers shall be quoted in terms of the reference SPCLCSIs. The minimum fluctuation ofthe futures contract shall be 0.20 index points, equivalent to $50.00 per contract.
41902.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.
41902.E.
[Reserved]
41902.F.
[Reserved]
41902.G.
Termination of Trading
Futures trading shall terminate at 2:00 pm on the Business Day preceding the day of final
settlement price determination.
41902.H.
[Reserved]
41902.I.
[Reserved]

41903.

SETTLEMENT PROCEDURES
Delivery under the CME Metro Area Housing Index Futures contract shall be by cash settlement.
41903.A.
Final Settlement Price
The Final Settlement Price shall be the value of the reference S&P/Core Logic Case-Shiller Metro
Area Home Price Index as determined for the three-month period ending two calendar months prior
to the contract month. For the purpose of rule 41903.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 theAugust 2006 CME Metro Area Housing Index futures contract for Chicago metro will be the© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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S&P/Core Logic Case-Shiller Chicago Home Price Index as determined for the three-month Data
Period of April 2006 through June 2006, scheduled for release in August 2006.
The scheduled release date for the reference SPCLCSIs 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 contract month.
In the event that the reference SPCLCSI is not published on the scheduled release date, the Final
Settlement Price determination shall be postponed until the publication of the reference SPCLCSI.
In the event that the reference SPCLCSI cannot be determined for the relevant Data Period (the“Original Data Period”), for instance due to catastrophic events, the Final Settlement Pricedetermination shall be postponed until the earliest possible time when the reference SPCLCSI canbe determined. The Final Settlement Price shall be the first available subsequent SPCLCSI for theaffected Metro Area, regardless of the underlying Data Period.
For example, the Original Data Period for the December 2007 S&P/Core Logic Case-Shiller San
Francisco Home Price Index is the 3-month period October to December 2007. This is thereference SPCLCSI for the February 2008 CME San Francisco Housing Futures Index contract,and has not been determined due to a catastrophic event. The first available subsequent SPCLCSI
for the metro area is the March 2008 S&P/Core Logic Case-Shiller San Francisco Home PriceIndex, which covers a 3-month Data Period January to March 2008. The Final Settlement Price for
the February 2008 CME San Francisco Housing Index Futures contract shall be determined using
the March 2008 SPCLCSI for this metro area, despite the fact that this SPCLCSI has a different
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 SPCLCSI calculated using the old base period. The Final
Settlement Price for all subsequently listed contract months shall be determined by referencing theSPCLCSI calculated using the new base period.
41903.B.
Final Settlement
Clearing members holding open positions in a CME Metro Area 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.

41904.-05. [RESERVED](End Chapter 419)

INTERPRETATIONS & SPECIAL NOTICESRELATING TO CHAPTER 419

CME HOUSING FUTURES AND OPTIONS ARE NOT SPONSORED, ENDORSED, SOLD ORPROMOTED BY MACROMARKETS LLC, ITS OFFICERS, DIRECTORS, AFFILIATES OR EMPLOYEES(MACROMARKETS LLC, WITH ITS AFFILIATES, ARE REFERRED TO AS “MM”). MM HAS NOTPASSED ON THE LEGALITY OR SUITABILITY OF, OR THE ACCURACY OR ADEQUACY OFDESCRIPTIONS AND DISCLOSURES RELATING TO CME HOUSING FUTURES AND OPTIONS. MMMAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED TO THE HOLDERS OROWNERS OF CME HOUSING FUTURES AND OPTIONS OR ANY MEMBER OF THE PUBLICREGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN CME HOUSINGFUTURES AND OPTIONS PARTICULARLY, OR THE ABILITY OF THE S&P/CASE-SHILLER® HOME
PRICE INDICES (“SPCSIS”) TO TRACK GENERAL MARKET PERFORMANCE. “STANDARD & POOR’S”
AND “S&P” ARE TRADEMARKS OF THE MCGRAW-HILL COMPANIES, INC. AND HAVE BEENLICENSED FOR USE BY CME. NONE OF THE CME HOUSING FUTURES AND OPTIONS OR ANYOTHER FINANCIAL PRODUCTS BASED UPON ONE OR MORE SPCSIS ARE SPONSORED,© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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ENDORSED, SOLD OR PROMOTED BY S&P AND S&P MAKES NO REPRESENTATION REGARDINGTHE 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 HOUSING
FUTURES AND OPTIONS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATINGTHE SPCSIS. MM AND S&P (THE “PARTIES”) ARE NOT RESPONSIBLE FOR AND HAVE NOTPARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF CMEHOUSING FUTURES AND OPTIONS TO BE LISTED OR IN THE DETERMINATION OR CALCULATIONOF THE EQUATION BY WHICH CME HOUSING FUTURES AND OPTIONS ARE TO BE CONVERTEDINTO CASH. THE PARTIES HAVE NO LIABILITY IN CONNECTION WITH THE ADMINISTRATION,MARKETING OR TRADING OF CME HOUSING FUTURES AND OPTIONS.
THE PARTIES DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OFTHE SPCSIS OR ANY DATA INCLUDED THEREIN. THE PARTIES MAKE NO WARRANTY, EXPRESSOR IMPLIED, AS TO RESULTS TO BE OBTAINED BY CME, OWNERS OR HOLDERS OF CMEHOUSING FUTURES AND OPTIONS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THESPCSIS OR ANY DATA INCLUDED THEREIN. THE PARTIES MAKE NO EXPRESS OR IMPLIEDWARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESSFOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE SPCSIS OR ANY DATA INCLUDEDTHEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE PARTIES HAVEANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT, ORCONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

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

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